Welcome to our dedicated page for Suncor Energy news (Ticker: SU), a resource for investors and traders seeking the latest updates and insights on Suncor Energy stock.
Suncor Energy Inc. (symbol: SU) is a premier Canadian integrated energy company headquartered in Calgary, Alberta. Suncor is best known for its strong position in the Canadian oil sands, where it engages in extensive development, production, and upgrading activities. Beyond its core oil sands operations, Suncor has diverse business interests including offshore oil production, North American natural gas production, and petroleum refining in both Canada and the U.S. The company’s extensive Petro-Canada™ retail and wholesale distribution network includes Canada's Electric Highway™, a coast-to-coast network of fast-charging electric vehicle stations.
Suncor is a leader in the energy sector, consistently investing in innovative technologies to enhance efficiency and sustainability. The company is actively advancing its transition to a low-emissions future through significant investments in power and renewable fuels. Suncor also conducts energy trading activities primarily focused on the marketing and trading of crude oil, natural gas, byproducts, refined products, and power.
Suncor’s operations are organized into three main segments: Oil Sands, Exploration and Production, and Refining and Marketing. These segments allow the company to have a broad and balanced portfolio, ensuring robust performance across various market conditions. Financially, Suncor continues to perform strongly, with recent achievements including record-high quarterly oil sands production and exceptional downstream performance with refining utilization at 98%.
The company is committed to safety, operational reliability, and the well-being of the communities where it operates. It has a long-standing partnership with Indigenous communities and recently signed a Memorandum of Understanding with Fort McKay First Nation on a significant oil sands lease development opportunity. Suncor also announced a renewed Normal Course Issuer Bid to purchase up to 128.7 million common shares, reflecting confidence in its long-term strategy and shareholder value.
As of the latest updates, Suncor's fourth quarter and annual results for 2023 highlighted strong performance and strategic growth initiatives. The company’s President and CEO, Rich Kruger, emphasized the focus on safety, reliability, and profitability, setting a robust foundation for continued success in 2024. Suncor's shares are listed on the Toronto Stock Exchange and the New York Stock Exchange, providing ample opportunities for investors to participate in its growth.
For more detailed information and the latest news, visit Suncor's official website.
Suncor Energy has signed agreements with eight Indigenous communities to acquire a 15% stake in the Northern Courier Pipeline from TC Energy for approximately $1.3 billion. This partnership will provide a stable revenue stream, generating about $16 million annually, enhancing economic reconciliation and supporting community initiatives. The deal, expected to close in Q4 2021, follows Suncor’s rights acquisition in 2019 and aims to foster lasting relationships with Indigenous Peoples in the Regional Municipality of Wood Buffalo.
Suncor announced a conditional agreement to increase its interest in the White Rose asset, pending a restart decision for the West White Rose project. The operator, Cenovus, is set to evaluate the restart by mid-2022. If the project proves economically viable, Suncor will boost its stake from 27.5% to 40% for a cash payment while assuming capital commitments for the additional interest only moving forward. No significant spending is anticipated before 2023, with both companies aiming to enhance asset efficiency.
Suncor has announced a restructuring agreement for the Terra Nova Floating Production, Storage and Offloading (FPSO) facility, resulting in its increased ownership to 48%. Cenovus holds 34%, and Murphy Oil 18%. This Asset Life Extension Project anticipates extending production by 10 years, adding 70 million barrels of resources. Support from the Government of Newfoundland and Labrador includes up to $205 million in funding. The FPSO will undergo maintenance work before returning to operations by late 2022, positively impacting local employment and the economy.
Suncor reported a robust financial performance in Q2 2021, generating $2.4 billion in funds from operations, a significant increase from $488 million in the previous year. Net earnings reached $868 million per share, contrasting with a net loss of $614 million a year ago. The company completed major turnaround activities, achieving a refinery utilization rate of approximately 94%. Suncor also repurchased 23 million shares for $643 million and announced plans for increased shareholder returns through buybacks and dividends, reinforcing its commitment to reducing debt.
All financial figures are in Canadian dollars.
Suncor Energy's Board of Directors declared a quarterly dividend of $0.21 per share payable on September 24, 2021, to shareholders on record as of September 3, 2021. As a top integrated energy company in Canada, Suncor operates in various sectors including oil sands, offshore oil and gas, and refining, and is a member of sustainability indices like FTSE4Good and CDP. The company emphasizes responsible development and renewable energy growth.
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.
FAQ
What is the current stock price of Suncor Energy (SU)?
What is the market cap of Suncor Energy (SU)?
What are Suncor Energy's main business segments?
Where is Suncor Energy headquartered?
What is the focus of Suncor's Petro-Canada™ network?
How is Suncor advancing sustainability?
What recent milestone did Suncor achieve with Fort McKay First Nation?
What are some of Suncor's recent financial achievements?
On which stock exchanges are Suncor's shares listed?
How does Suncor support Indigenous communities?
What is the significance of Suncor's Normal Course Issuer Bid?
How can investors get the latest updates on Suncor's performance?
