Suncor stock drops after oil and gas producer misses analyst profit estimate

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CALGARY - Suncor Energy shares are down slightly following a big writedown and loss for Canada's largest oil and gas company.

The stock dropped $1.18 or 3.43 per cent to $33.20 shortly after the Toronto Stock Exchange opened Wednesday.

The Calgary-based company (TSX:SU) said after markets closed Tuesday that its fourth-quarter net loss was $562 million, or 37 cents per share.

That included a $1.49 billion charge related to its long-shelved and economically "challenged" Voyageur oilsands upgrader.

Without the Voyageur charge, Suncor’s operating earnings were $1 billion in the quarter, or 65 cents per share.

That missed the average analyst estimate of 76 cents per share, according to Thomson Reuters.

The fourth-quarter loss contrasted with Suncor's net earnings of $1.43 billion, or 91 cents per share, in the same period of 2011.

Organizations: Suncor Energy, Toronto Stock Exchange, TSX

Geographic location: CALGARY, Canada

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