Suncor Energy, Inc. - SU STOCK NEWS

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.

Suncor will announce its fourth quarter financial results on February 3, 2021, at 8:00 p.m. MT. A subsequent webcast is scheduled for February 4 at 7:30 a.m. MT, featuring management including Mark Little, CEO, and Alister Cowan, CFO. Analysts will have an opportunity to engage in a Q&A session after management remarks. Suncor, symbol SU, is a leader in Canada's energy sector with diversified operations, including oil sands, refining, and renewable energy initiatives. Details on participation are available on suncor.com/webcasts.

Suncor announced it will incur a non-cash after-tax impairment charge of approximately $425 million related to the White Rose asset and the West White Rose Project in Q4 2020. Despite production continuing from the White Rose field, the project's future is uncertain due to the recent operator acquisition. Discussions with the operator and government are ongoing, with the Government of Newfoundland and Labrador agreeing to provide support in 2021. Suncor's 2021 operational guidance remains unchanged, with no major capital expenditures planned for the West White Rose Project.