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 has received a gold-level re-certification in the Progressive Aboriginal Relations (PAR) program from the Canadian Council for Aboriginal Business. This recognition underscores Suncor's commitment to Indigenous collaboration, having invested $6 billion in Indigenous businesses since 1999. In 2019 alone, Suncor spent $836 million on Indigenous procurement, accounting for 8% of its total supply chain spend. The PAR certification evaluates corporate performance in Aboriginal relations across leadership, employment, business development, and community relationships.
Suncor has provided an operational update following a fire incident at its Base Plant, reporting restored production of 165,000 bbls/d and anticipating full rates of 300,000 bbls/d by Q4. Despite challenges from low oil prices and the pandemic, Suncor focuses on enhancing performance and cutting costs. The revised 2020 production guidance is set to 680,000 – 710,000 bbls/d. Capital expenditure guidance is adjusted to C$3,600 – C$4,000 million. The company expects insurance to cover most repair costs from the incident, highlighting its strategic maintenance and production ramp-ups at various facilities.
On August 14, 2020, a fire occurred in the secondary extraction area of Suncor's Base Plant mining operations, impacting bitumen production. The fire was contained without injuries, and all personnel were evacuated safely. Current operations are being adjusted, with both upgraders online processing in situ bitumen. Suncor expects to resume mined bitumen production by early September and will provide further operational updates as necessary.
Suncor Energy reported significant challenges in its second quarter of 2020 due to the COVID-19 pandemic and OPEC+ supply issues, resulting in a net loss of $614 million ($0.40 per share) compared to net earnings of $2.729 billion in the prior year quarter. Funds from operations plummeted to $488 million ($0.32 per share) from $3.005 billion. However, the company is on track to meet its operating cost reduction target of $1 billion and is implementing measures to enhance operational flexibility and digital transformation. Refinery utilization averaged 76%, with total upstream production dropping to 655,500 boe/d.
Suncor Energy has announced a quarterly dividend of $0.21 per share, payable on September 25, 2020, to shareholders recorded as of the close of business on September 4, 2020. As a leading integrated energy company in Canada, Suncor operates in oil sands development, offshore oil and gas production, and petroleum refining under the Petro-Canada brand. Suncor is committed to sustainable practices and is listed on notable indexes including the Dow Jones Sustainability Index and FTSE4Good.
Suncor announced the pricing of two offerings totaling US$1 billion in senior unsecured notes: US$450 million due May 15, 2023, at 2.800% interest, and US$550 million due May 15, 2025, at 3.100%. The offering is set to close on May 13, 2020. Funds will be used to repay short-term debt and for general corporate purposes, while maintaining financial health. RBC Capital Markets and J.P. Morgan are acting as joint book-running managers.
The offering complies with US regulations and does not allow sales in Canada.
Suncor's Annual General Meeting took place on May 6, 2020, in Calgary, with about 76.05% of shares represented. Shareholders elected ten board members, with Patricia M. Bedient receiving 99.85% support. KPMG LLP was reappointed as auditors, and the executive compensation approach was approved with 94.64% approval. Suncor is recognized for its integrated energy operations, including oil sands and petroleum refining. The company is listed on the Dow Jones Sustainability indexes and is symbolized as SU on the Toronto and New York stock exchanges.
On May 5, 2020, Suncor announced significant strategic adjustments due to the ongoing impacts of COVID-19 and an oil supply shock. To enhance financial health, the company has reduced operating costs by $1 billion (10%) and capital expenditures by $1.9 billion (33%). Additionally, the quarterly dividend has been cut by 55% to $0.21 per share, effective June 25, 2020. These actions are aimed at achieving a cash breakeven price of US$35 per barrel and maintaining long-term value creation amid volatile market conditions.
Suncor Energy reported a net loss of Cdn$3.525 billion ($2.31 per share) in Q1 2020, significantly down from net earnings of Cdn$1.470 billion ($0.93 per share) in Q1 2019.
Funds from operations also declined to Cdn$1.001 billion ($0.66 per share) from Cdn$2.585 billion ($1.64 per share) the previous year due to substantial declines in oil prices and demand amid the COVID-19 pandemic. The company secured Cdn$2.5 billion in credit facilities and adjusted its capital expenditure guidance down to Cdn$3.6 billion to Cdn$4 billion. Quarterly dividend was reduced from Cdn$0.465 to Cdn$0.21 per share.
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