Current global unrest and ongoing impacts from the pandemic have brought the security of supply of energy and resource products into sharp focus, not just for Canadians but our allies around the world. This priority was reinforced at the highest political levels with Deputy Prime Minister Chrystia Freeland saying in a recent speech that "Canada must - and will - show similar generosity in fast-tracking, for example, the [...]
Suncor Energy As the saying goes, if you're planning effectively, you'll always be changing your plans. So, what happens when your business plan, and the world around us, changes? Since the early 1980s, Petro?Canada has held three legacy exploration permits off the coast of British Columbia. These licenses cover an area of 23,000 square kilometres, or about two thirds of the size of Vancouver Island. Parts of these [...]
Suncor Energy: Suncor hit a major milestone this month as our in situ oil sands operations produced their combined one billionth barrel of oil. The milestone was 20 years in the making for our MacKay River and Firebag facilities, which began producing in 2002 and 2004 respectively. The achievement represents our commitment to ingenuity, innovation and investment in improving technology. "One billion barrels is an exciting [...]
Suncor Energy released its 2023 corporate guidance today. "Over the past several months, our new mining leadership has done an in-depth review of our assets and developed a multi-year plan that will deliver marked improvements in safety, reliability and operational performance," said Kris Smith interim president and chief executive officer. "In addition, we will continue to optimize our assets to drive value and future [...]
Suncor Energy's Board of Directors, today announced that following a comprehensive review, it has decided to retain and continue to improve and optimize the Petro-Canada retail business, increasing its EBITDA contribution and strengthening Suncor's integrated refining & marketing business. This will include continued optimization of the Petro-Canada retail sites across the network as well as continued expansion of [...]
Suncor will hold an investor presentation on November 29, 2022 from 11:00 a.m. to 1:00 p.m. MT . The presentation will focus on the results of the previously announced review of the company's retail assets, provide updates on production and operational actions and plans to ensure safe and reliable performance, and a discussion of 2023 guidance. Presenters will include: Kris Smith, Interim President and Chief Executive [...]
Suncor Energy's Board of Directors has approved a quarterly dividend of $0.52 per common share representing an 11% increase over the prior quarter dividend. Sustained operational improvements across the asset base, realization of free funds flow improvements together with continued capital discipline and share buybacks have driven stronger free funds flow per share. The Board of Directors' confidence in sustained [...]
Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars , and have been prepared in accordance with International Financial Reporting Standards , specifically International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board. Production volumes are presented on a working-interest basis, before royalties, except for production [...]
Suncor will release its third quarter financial results on November 2, 2022 before 8:00 p.m. MT . A webcast to review the third quarter will be held on November 3, 2022 at 7:30 a.m. MT . Representing management will be Kris Smith, Interim President and Chief Executive Officer and Alister Cowan, Chief Financial Officer. A question and answer period with analysts will follow brief remarks from management. Troy Little, Vice [...]
All financial figures are in Canadian dollars Suncor Energy today announced that it has agreed to purchase an additional 21.3% working interest in the Fort Hills Project and associated sales and logistics agreements from Teck Resources Ltd., for consideration of $1 billion. Upon closing, Suncor's aggregate share in the project will increase to 75.4%. The acquisition will be funded by cash from asset sale processes [...]
Suncor will hold an investor presentation on November 29, 2022 from 11:00 a.m. to 1:00 p.m. MT . The presentation will focus on the results of the previously announced review of the company's retail assets, provide updates on production and operational actions and plans to ensure safe and reliable performance, and a discussion of 2023 guidance. Presenters will include: Kris Smith, Interim President and Chief Executive [...]
All financial figures are in Canadian dollars. Suncor today announced it has reached an agreement to sell its wind and solar assets for $730 million to Canadian Utilities Limited, an ATCO company. As previously announced, Suncor is divesting its wind and solar assets to focus on areas of energy expansion, hydrogen and renewable fuels, that are more complementary to its core business as the company progresses to net-zero [...]
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