‘‘Suncor generated $2.4 billion in cash in the fourth quarter thanks to strong contributions from all of our assets and our focus on cost management,’’ said Steve Williams, president and chief executive officer. ‘‘Reliable performance throughout the year has helped us overcome challenging crude pricing and the major production outage associated with the Fort McMurray forest fires, resulting in annual cash flow significantly exceeding our annual sustaining capital and dividend commitments.’’

The collapse of oil prices has forced Canadian and global producers to slash costs and curtail investment over the past two years. Even after a rebound from a 12-year low earlier this year, oil futures in New York are still about 60 percent down from their 2014 peak. Prices have been mostly stuck in the $40-$50 range for the past four months.

Oil sands are one of the world’s most expensive and are also among the most carbon dioxide-intensive forms of crude-oil extraction.

Suncor recorded a second quarter 2016 operating loss of $565 million ($0.36 per common share) and cash flow from operations of $916 million ($0.58 per common share), compared to operating earnings of $906 million ($0.63 per common share) and cash flow from operations of $2.155 billion ($1.49 per common share) in the prior year quarter. A net loss of $735 million ($0.46 per common share) was recorded in the second quarter of 2016, compared with net earnings of $729 million ($0.50 per common share) in the prior year quarter.

Operating losses were $500 million ($0.33 per common share), driven by low commodity prices, wider bitumen differentials to Western Canadian Select (WCS), weak benchmark refining margins and a Refining and Marketing first-in, first-out (FIFO) loss of $192 million. Net earnings were $257 million ($0.17 per common share).

Net loss of $2.007 billion ($1.38 per common share), due to non-cash asset writedowns, which were a result of the depressed commodity cycle, and a foreign exchange loss on U.S. dollar denominated debt.

Suncor Energy today announced that it is sending a letter to shareholders of Canadian Oil Sands Limited ("COS"). The letter outlines the value of Suncor's offer to purchase all of the shares of COS against the poor performance and track record of COS and what Suncor believes are the severe risks facing COS as an independent company both now and in the future. Suncor strongly encourages COS shareholders to tender to its offer.

A net loss of $376 million ($0.26 per common share) was recorded in the third quarter of 2015, compared with net earnings of $919 million ($0.63 per common share) in the prior year quarter. The net loss for the third quarter of 2015 included an unrealized after-tax foreign exchange loss of $786 million on the revaluation of U.S. dollar denominated debt. Net earnings in the prior year quarter included an after-tax gain of $61 million on the disposal of the Wilson Creek assets in the E&P segment, offset by a $54 million income tax and interest charge related to a prior period in the Oil Sands segment, and the impact of an unrealized after-tax foreign exchange loss of $394 million.