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 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.
Suncor Energy has declared a quarterly dividend of $0.21 per share, scheduled for payment on June 25, 2021, to shareholders on record by June 4, 2021. The company is recognized as Canada's leading integrated energy provider, focusing on oil sands development, offshore production, and refining, while also expanding its renewable energy portfolio. Suncor is part of various sustainability indexes, emphasizing its commitment to responsible resource development.
Suncor will announce its first quarter financial results on May 3, 2020, before 8:00 p.m. MT (10:00 p.m. ET). An investor webcast will take place on May 4 at 7:30 a.m. MT (9:30 a.m. ET), featuring CEO Mark Little and CFO Alister Cowan. The Annual Meeting is also scheduled for May 4 at 10:30 a.m. MT (12:30 p.m. ET) and will be held online. Additionally, an Investor Day is planned for May 26, 2021, starting at 8:00 a.m. MT (10:00 a.m. ET). Shareholders can register for these events via Suncor's website.
Suncor Energy has boosted its investment in Svante Inc. by contributing $25 million to a Series D funding round, bringing the total to $100 million. This financing aims to accelerate the commercialization of Svante's innovative CO2 capture technology, crucial for reducing industrial emissions and hydrogen production. The investment represents the largest private funding in point source carbon capture globally. Svante plans to capture over 40 million tonnes of CO2 annually by 2030, driven by federal incentives and corporate net-zero commitments.
Suncor Energy has announced the issuance of US$750 million in 2051 senior unsecured notes at a 3.750% coupon and CAD$500 million of 2051 medium-term notes at a 3.950% coupon. The proceeds will be used to repay commercial paper and for general corporate purposes. Additionally, Suncor has canceled $2.8 billion in bi-lateral credit facilities and will redeem US$220 million and CAD$750 million in notes due in 2021 by March 31, 2021. These moves reflect Suncor's focus on financial health amid improving commodity prices.
Suncor has filed its 2020 Annual Report, Annual Information Form, and 2021 Management Proxy Circular, providing essential updates for shareholders and investors. These documents can be accessed through Suncor’s profile on sedar.com and the SEC. Suncor, a major player in Canada's energy sector, is engaged in oil sands development, offshore production, and petroleum refining. It is committed to sustainable practices and is a recognized member of various sustainability indexes.
Suncor announced that Russ Girling will stand for election to its Board of Directors at the Annual General Meeting on May 4, 2021. Girling, with 35 years in the energy sector, previously served as President and CEO of TC Energy, achieving a 12% average annual shareholder return over two decades. His extensive experience in governance and financial acuity aligns well with Suncor's values, making him a valuable addition to the Board. Suncor, a leading integrated energy company in Canada, focuses on responsibly developing petroleum resources and expanding its renewable energy portfolio.
Suncor reported strong operational results in Q4 2020, achieving funds from operations of $1.221 billion ($0.80/share), up from $1.166 billion in Q3 2020. Operating costs were reduced by $1.3 billion (12%) in 2020. However, the company incurred a net loss of $168 million ($0.11/share) due to a $423 million impairment charge related to the West White Rose Project. Suncor plans to pay down $1-$1.5 billion in debt and repurchase $500 million to $1 billion in shares in 2021. The company also approved a quarterly dividend of $0.21/share, continuing its commitment to shareholder returns.
Suncor Energy has declared a quarterly dividend of $0.21 per share on its common shares, with payment scheduled for March 25, 2021. Shareholders of record by the close of business on March 4, 2021 will receive this dividend. As an integrated energy company based in Canada, Suncor's operations encompass oil sands, offshore oil and gas production, refining, and marketing through Petro-Canada. The company is recognized on several sustainability indices and is committed to responsibly developing petroleum resources while enhancing its renewable energy portfolio.
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