Suncor Energy, Inc. - SU STOCK NEWS

Suncor Energy will announce its second quarter financial results on July 28, 2021, before 8:00 p.m. MT (10:00 p.m. ET). A webcast reviewing these results is scheduled for July 29 at 7:30 a.m. MT (9:30 a.m. ET), featuring management representatives and a subsequent Q&A session.

Suncor is a leading integrated energy company in Canada, engaged in various sectors including oil sands development and renewable energy initiatives. Its common shares trade under the ticker SU on the Toronto and New York stock exchanges.

Suncor has reached an agreement in principle to restructure the ownership of the Terra Nova FPSO facility, increasing its stake from 38% to 48%. This restructuring aims to secure short-term funding for the Asset Life Extension Project and is expected to lead to a sanction decision in the Fall. The agreement requires approval from all co-owners and relies on financial backing from the Government of Newfoundland & Labrador. Despite setbacks, Suncor aims to achieve economic returns while supporting local employment.

On June 9, 2021, major Canadian oil companies, including Suncor Energy, announced the Oil Sands Pathways to Net Zero initiative. This collaborative effort aims to achieve net zero greenhouse gas emissions from oil sands operations by 2050, aligning with Canada's climate commitments. Supported by both federal and Alberta governments, the initiative focuses on developing a Carbon Capture, Utilization, and Storage (CCUS) infrastructure. Companies stress that significant investment, technological innovation, and collaboration with Indigenous communities are essential to realize this ambitious goal and secure long-term shareholder value.

Suncor will hold an Investor Day online on May 26, 2021, at 8:00 a.m. MT. During the event, the company will present its medium-term corporate outlook and an update on its $2B free funds flow generation. The session will feature a two-hour presentation followed by a one-hour Q&A. Participants must have internet access. The event will be archived for 90 days. Suncor is a leading integrated energy company in Canada, involved in various sectors including oil sands and renewable energy.

Suncor Energy and ATCO Ltd. are collaborating on a clean hydrogen project near Fort Saskatchewan, Alberta. This initiative aims to produce over 300,000 tonnes of clean hydrogen annually and reduce Alberta's CO₂ emissions by more than 2 million tonnes per year, equivalent to removing 450,000 cars from the road. Approximately 65% of the hydrogen will support refining processes at Suncor's Edmonton Refinery, cutting emissions by 60%. The project requires regulatory and fiscal support to proceed, with a target operational date as early as 2028.

Suncor held its Annual Meeting in Calgary, with approximately 1.05 billion shares represented, accounting for 68.83% of outstanding common shares. Shareholders voted overwhelmingly in favor of eleven board members, with Patricia M. Bedient receiving 99.78% support. KPMG LLP was appointed as auditors, and a resolution to increase stock options by 15 million shares gained 90.24% approval. Management’s executive compensation plan was also approved with 93.03% in favor. Suncor continues to be a leader in integrated energy, focusing on responsible petroleum development and renewable energy growth.

Suncor reported strong financial performance in Q1 2021, generating $2.1 billion in funds from operations, significantly exceeding capital expenditures and dividends. The company achieved net earnings of $821 million compared to a $3.525 billion loss the previous year. Total upstream production increased to 785,900 boe/d, with operational improvements reflected in lower cash operating costs. Suncor repurchased $318 million worth of shares and reduced debt by $1.1 billion. The company anticipates continued financial resilience supported by strategic investments and improved market conditions.