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50.26
-0.45
(-0.89%)
Closed June 15 4:12PM

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Key stats and details

Current Price
50.26
Bid
50.15
Ask
50.26
Volume
12,368,668
49.91 Day's Range 50.52
37.09 52 Week Range 56.69
Market Cap
Previous Close
50.71
Open
50.46
Last Trade
15700
@
50.26
Last Trade Time
Financial Volume
-
VWAP
-
Average Volume (3m)
8,371,230
Shares Outstanding
1,290,100,000
Dividend Yield
-
PE Ratio
7.82
Earnings Per Share (EPS)
6.43
Revenue
50.75B
Net Profit
8.3B

About Suncor Energy Inc

Sector
Petroleum Refining
Industry
Oil And Gas Extraction
Website
Headquarters
Calgary, Alberta, Can
Founded
1991
Suncor Energy Inc is listed in the Petroleum Refining sector of the Toronto Stock Exchange with ticker SU. The last closing price for Suncor Energy was $50.71. Over the last year, Suncor Energy shares have traded in a share price range of $ 37.09 to $ 56.69.

Suncor Energy currently has 1,290,100,000 shares outstanding. The market capitalization of Suncor Energy is $64.83 billion. Suncor Energy has a price to earnings ratio (PE ratio) of 7.82.

SU Latest News

3 Issues To Watch For This Week: Fed, Economic Data, Earnings

Investors this week will look to the US Federal Reserve’s (Fed) minutes from last month’s meeting, due to be released on the 16th, for clues about the future outlook for US interest...

PeriodChangeChange %OpenHighLowAvg. Daily VolVWAP
1-1.98-3.7901990811652.2453.5149.911332110852.01234225CS
4-4.15-7.6272743980954.4156.6949.911241723653.6373533CS
121.22.4459845087649.0656.6948.72837123052.97555343CS
268.1819.439163498142.0856.6941.3846838748.78492873CS
529.9424.652777777840.3256.6937.09851139646.10175645CS
15619.7364.624959056730.5356.6921.9979204841.06308515CS
2608.9421.636011616741.3256.6914.02897657435.88718003CS

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SU Discussion

View Posts
ernie44 ernie44 6 months ago
the oilsands was once a boom to FT. MCMURRAY



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ernie44 ernie44 7 months ago
THE RUSSANS are capitalizing on NATURAL GAS


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ernie44 ernie44 9 months ago
need to call the number one guy

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ernie44 ernie44 1 year ago
Trouble in Brazil ----

Senior Oil and Gas Trader and Brazil-Based Intermediary Charged in Bribery and Money Laundering Scheme
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ernie44 ernie44 1 year ago
Kazakhstan has delayed the startup of crude oil exports from its giant Tengiz oilfield by way of the Baku-Tbilisi-Ceyhan pipeline, four sources told Reuters on Friday.

Kazakhstan energy company Kazmunaigaz (KMG) has pushed back the restart of crude oil exports from the giant Tengiz oilfield after BP declared force majeure on crude oil loadings from the Ceyhan port.

"Force majeure was declared in Ceyhan, and (Tengiz) crude supplies to BTC were put on hold," a market source told Reuters.
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ernie44 ernie44 2 years ago
heard it on BNN reports-----that the company will buy back or lots of shares
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Bayguy Bayguy 2 years ago
It’s good to hear. I need more shares to round out my position
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ernie44 ernie44 2 years ago
Suncor has management issues---- chart says it will/wants to go lower
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MrRCD MrRCD 3 years ago
Yes no kidding. They’re making tons of $$ and buying back their stock. This is a safe investment with quite a bit of upside.
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pennysoldier pennysoldier 3 years ago
This stock is a no brainer. We'll see $30/s before years end.
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thesnail420 thesnail420 3 years ago
Not many people here. Seems like free money at this point with the lag behind other oil companies.
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Cat dog Cat dog 3 years ago
Loading Here
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Wolfe64 Wolfe64 3 years ago
Picked up 700 $SU today.
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ernie44 ernie44 3 years ago
News was not good---caused lots to sell---this was a mini - sQueeze
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nowwhat2 nowwhat2 4 years ago



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W3Research W3Research 4 years ago
Happy Holidays and Merry Christmas.

Here's to a 2020 with Health, Wealth and Happiness.

God Bless America.

Cheers!
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eddy2 eddy2 5 years ago
I may have the wrong spot to bring out a grievance with this company. I live in a community in Southen Alberta and not far from me there is a beautiful coulee setting where a reservoir was constructed some time ago. The North end of the reservoir has a very industrial look due to the dam that was built. The south end had a very natural look when looking up from the waters edge along its coulee walls last year. Can’t say the same anymore.

Suncor and partners and I don’t understand the actual structure or interest in the groups has decided to build an energy wind farm to the east of the Forty Mile coulee walls. I’m not opposed to industry it’s something we live and see every where we go on the prairies but there are those few sanctuaries tucked down in between coulee walls that takes you away from work and the site of industry being every where you go on the prairies.

If they had made a buffer zone for there wind farm from the edge of the coulee so the industrial wind farm would of been out of site from the waters edge I wouldn’t be writing this. We don’t have many special areas like the Forty Mile reservoir and why would Suncor and there interested groups want to ruin that for so many living along the number three corridor from Medicine Hat too Lethbridge Alberta.

I’m asking the south end of the reservoir to be free of the site of the wind mills from the bottom of the coulee while relaxing on the water. It’s a very special escape for me and close to home. To find another like it I would having to make a two hour drive. I can only speak for my self but what is happening there at the Forty Mile reservoir is in my opinion a real shame.

Maybe the voice of the shareholders could bring notice to what is happening there.
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nowwhat2 nowwhat2 6 years ago
Is possibly (likely ?) just ALL algorithms . . . . taking advantage of.....circumstances.









Artificial Intelligence - knows what to look for - (as well as what to CREATE)....

Of course it's been programmed by "technical analysts" - by humans such as myself.


A Sewer worker / Ironworker / Groundskeeper Analyst
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eFinanceMarkets eFinanceMarkets 6 years ago
$SU Suncor Energy (NYSE:SU) announces better than expected Q4 earnings and a 12.5% increase in its quarterly dividend to $0.36/share.

SU reports Q4 operating profit of C$0.79/share, ahead of the C$0.72 analyst consensus estimate and above C$0.38 in the same quarter a year ago, and funds from operations hit a quarterly record $3B, well above the $2.4B in Q4 2016.

SU says Q4 production from Alberta’s oil sands rose 3.1% Y/Y to 446.8K bbl/day while operating cash costs fell to C$24.20/bbl vs. C$24.95/bbl in the year-ago period, and the company's share of production at the Syncrude joint venture fell 6.7% to 174.4K bbl/day while operating cash costs edged up to C$32.80/bbl vs. C$32.55/bbl a year ago.

"With Fort Hills and Hebron both successfully commissioned and now producing oil, the safe and steady ramp-up of production is proceeding as planned," CEO Steve Williams says.
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eFinanceMarkets eFinanceMarkets 7 years ago
Syncrude starts crude shipments from Mildred Lake upgrader

Suncor Energy (SU +0.3%) says the Syncrude Canada oil sands project has resumed shipping crude from its Mildred Lake upgrader after cutting production due to a fire at the plant in March.

SU says shipments are currently at 140K bbl/day and should ramp up to full rates of 350K bbl/day in June, which is in line with its previous forecasts, as maintenance on other units wraps up.
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eFinanceMarkets eFinanceMarkets 7 years ago
Suncor maintains 2017 production guidance despite Syncrude outage

Suncor Energy (NYSE:SU) says it does not expect a change to overall 2017 production guidance from the current outage at the Syncrude plant in Alberta, as strong production from oil sands and offshore operations should offset the impact.

SU says the damage at Syncrude largely was isolated to a piperack adjacent to the hydrotreater, and it has developed an accelerated repair schedule to achieve restart of pipeline shipments at ~50% capacity in early May and full production rates by the end of June.

Syncrude has the capacity to produce 350K bbl/day, but production in April was cut to zero and brought forward planned maintenance after a fire that damaged the facility.
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eFinanceMarkets eFinanceMarkets 7 years ago
Suncor Energy added to Conviction Buy List at Goldman
Suncor Energy (SU +1.7%) is higher after Goldman Sachs adds the stock to its Conviction Buy List and assigns a $38 price target, forecasting that revenue from its new Hebron field and Fort Hills projects will mean more production and cash flow.
Goldman believes SU has the ability to not just break even, but generate "strong" free cash flow, perhaps even at lower oil prices following the company's strides in lowering its cost of production in recent years; the firm thinks SU would apply the cash to stock buybacks and dividend hikes.
Even with the cost advantage, Goldman believes investors are undervaluing SU shares, and that the stock trades at an attractive discount to peers.
Other Goldman favorites among oil and gas producers and refiners are Marathon Petroleum, Valero Energy, Husky Energy and Chevron.
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eFinanceMarkets eFinanceMarkets 7 years ago
Syncrude cuts April production to zero, opens door for Mexico
Canadian crude shipments to the U.S. are poised to shrink after the Syncrude oil sands project tells customers they will not receive any supply during April from its 350K bbl/day upgrader, Bloomberg reports.
Syncrude has cut its production to zero for all of April following a fire last month, according to the report, yesterday sending Western Canadian Select crude to its highest level since June 2015, when wildfires in Alberta disrupted production.
The loss of the Canadian shipments comes as U.S. refiners are returning from seasonal maintenance and shipments from the Middle East are declining; analysts say Mexico stands to benefit from the disruption, as the higher heavy Canadian crude prices make Mexico's similar Maya grade more attractive to U.S. Gulf Coast refiners.
Syncrude is majority owned by Suncor Energy (SU +0.4%), with other partners including Imperial Oil (IMO +1.2%), Canadian Oil Sands (OTCQX:COSWF), Murphy Oil (MUR +1.4%), Sinopec (SNP +0.8%) and Cnooc's (CEO +0.8%) Nexen.
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nowwhat2 nowwhat2 8 years ago
Key Levels charted (as it trades on Toronto)

The 34 level had earned some attention....








This chart from a year ago :



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ernie44 ernie44 8 years ago
meanwhile---back at the ranch-----

SMOKEY THE BEAR , is putting up thousands of no smoking signs
that says 'DON'T GIVE FIRE A PLACE TO START'
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Timothy Smith Timothy Smith 8 years ago
Consolidation here is critical to emerge a leader in next upcycle.
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Grasshopper Grasshopper 8 years ago
Agreed looks like Suncor is trying to get as much of the market share as possible while oil is down. Should pay off big when prices come back up.
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Timothy Smith Timothy Smith 8 years ago
Very positive step in my opinion.
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Grasshopper Grasshopper 8 years ago
Sounds like they shook hands on that deal today.
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Timothy Smith Timothy Smith 9 years ago
Suncor Energy (NYSE:SU) says it has offered to acquire all outstanding shares of Canadian Oil Sands (OTCQX:COSWF) for ~C$4.3B ($3.3B), a 43% premium over Friday's closing price.

Including the company’s estimated outstanding net debt of C$2.3B as of June 30, the total transaction value would be ~C$6.6B.

The offer for CPSWF, which owns 37% of the Syncrude oil sands consortium, comes as the company struggles with a slumping stock price due partly to low crude prices.

For SU, the deal would give it a growing presence in the Canadian oil sands after recently boosting its stake in the Fort Hills oil sands project in Alberta to just over 50% by buying a 10% stake from project partner Total.
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Timothy Smith Timothy Smith 9 years ago
A coalition of Canadian First Nations, environmentalists and companies including Suncor Energy (NYSE:SU) calls for industry and government to seek aboriginal consent when working with indigenous groups.

The report from the Boreal Leadership Council says Canada's principle of free, prior and informed consent - the right of native people to offer or withhold consent to development that might impact their territories - is crucial to ensuring the country's vast natural resources can be extracted.

Disputes with First Nations groups have contributed to delays on some major energy infrastructure projects, such as Enbridge's (NYSE:ENB) Northern Gateway pipeline to Canada's Pacific coast.
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Timothy Smith Timothy Smith 9 years ago
Suncor Energy (SU -0.5%) says it expects greenhouse gas emissions from its operations to rise 28% to 26.2M metric tons in 2019, from 20.5M last year, according to the company's latest annual sustainability report.

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~Nautical~ ~Nautical~ 9 years ago
$SU

I am so watching this one closely.......
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Timothy Smith Timothy Smith 9 years ago
Suncor (SU +5.7%) CEO Steve Williams says prices for oil and gas asset have fallen enough to make acquisitions more attractive, but that his company is not actively pursuing any specific targets.
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RickNagra RickNagra 9 years ago
We are golden here. I am making a lot of bank.
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Enterprising Investor Enterprising Investor 9 years ago
The Keystone Pipeline, Panama Canal And Warren Buffett (3/08/15)

http://seekingalpha.com/article/2982566-the-keystone-pipeline-panama-canal-and-warren-buffett
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Enterprising Investor Enterprising Investor 9 years ago
Suncor: A Leveraged Bet On Rising Oil (2/27/15)

http://seekingalpha.com/article/2959076-suncor-a-leveraged-bet-on-rising-oil
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Enterprising Investor Enterprising Investor 9 years ago
Is Suncor Energy Inc. Really a Good Investment? (3/06/15)

Suncor Energy Inc. (TSX:SU)(NYSE:SU) is one of the most popular stocks in Canada, and investors could be forgiven for thinking the company is the holy grail of stock picks in the energy patch.

After all, Warren Buffett just added to his sizeable Suncor position, and you would be hard pressed to find anyone saying the stock should be avoided.

Let’s take a look at Suncor to see what all the excitement is about.

Performance

Shareholders get returns through stock price appreciation and dividend payments.

Investors who bought Suncor’s stock 20 years ago have enjoyed a 1,500% increase in the share price. On the dividend side, the company has increased the quarterly payout by more than 800% in the last 10 years, from three cents to 28 cents per share.

Not too shabby.

Repurchasing shares is also an effective way a company can reward investors because every share that is purchased and cancelled gives the remaining shareholders a bigger slice of the pie.

Back in September 2011, there were 1.574 billion Suncor shares outstanding. At the end of 2014, that number was 1.444 billion. That means the company bought back and cancelled 130 million shares, or more than 8% of the outstanding stock in just three years.

Share buybacks also suggest the company’s leaders are making disciplined capital-allocation choices. Choosing to return cash to stockholders instead of investing it means the company is sticking to its return on capital objectives.

Note: Suncor’s buyback program is currently on hold, and its 2015 capital program has been reduced by $1 billion to accommodate weakness in the oil market.

Risks

Suncor’s shares are actually trading higher than they were 12 months ago, but oil prices are still 50% below their levels at this time last year. This is a bit concerning. A weak Canadian dollar offsets the drop a bit, but the stock was either undervalued then, or is fully valued now.

Another issue to consider is the global movement to divest holdings in fossil fuel stocks. Last September, the Rockefeller Brothers Fund joined a group of 800 governments, institutions, and private investors who have said they will exit fossil fuel investments in the next five years. At this point, I think the threat to Suncor is minimal. More than 60% of Suncor is owned by institutional investors, but they are unlikely to divest as long as Suncor remains a profitable holding.

The threat of new climate change regulations is also coming onto the radar. In order to keep global warming below the critical two-degrees point, energy companies could be forced to permanently abandon reserves. For political and economic reasons, that’s unlikely to happen anytime soon.

So, should you buy Suncor?

The company’s integrated business model offers investors a hedge against falling oil prices. Suncor has four world-class refineries and a great retail network of service stations. These bring in reliable revenues that help offset lower income from the upstream operations. Oil prices could take another run at $40 or even go lower, but analysts tend to believe prices will eventually move back to $70 or $80 per barrel.

Suncor is a solid long-term holding. Given the current volatility in the oil market, the stock is probably a hold right now. New investors might get a shot at a better entry point in the next few months.

http://www.fool.ca/2015/03/06/is-suncor-energy-inc-really-a-good-investment/
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Enterprising Investor Enterprising Investor 9 years ago
Alberta likely to face recession because of low oil prices (1/13/15)

TORONTO — Alberta’s oil-heavy economy will likely dip into recession as oil prices plunge, according to a report by a Canadian economic think-tank.

In another sign of trouble, Canada’s largest oil sands company, Suncor Energy Inc, announced massive layoffs Tuesday.

The Conference Board of Canada said the western Canadian province’s latest employment and new housing start numbers are holding steady, but that Alberta will slip into recession if oil prices stay low. Alberta has the world’s third-largest oil reserves after Venezuela and Saudi Arabia, and Canadian oil is the single largest source of U.S. oil imports.

“It’s going to be very hard for Alberta to avoid a recession this year,” said Glen Hodgson, the think tank’s chef economist.

The price of a barrel of oil has plummeted from $105 as recently as June to $45.89 on Tuesday — its lowest price in six years.

“Going forward, the province is certain to suffer, especially on the employment front, from the drop in oil prices — and it is likely to slip into recession,” Daniel Fields, an economist at the not-for-profit research organization, said in the report released late Monday.

Suncor announced after markets closed Tuesday that it is reducing its workforce by 1,000 and cutting $1 billion from its capital budget in response to plummeting crude oil prices.

The Calgary-based oil sands giant said the job cuts will mainly affect contractors, but include some employee positions as well.

In November, Suncor predicted capital spending for 2015 would range between $7.2 billion and $7.8 billion.

Projects that haven’t yet been given a final go-ahead by Suncor’s board are being deferred, such as expansions to the MacKay River project in northeastern Alberta and the White Rose development off the east coast.

But major projects under construction such as the $13.5-billion Fort Hills mine north of Fort McMurray, Alberta are moving ahead as planned.

However, Alberta’s premier disputed the Conference Board’s predictions that his province could slip into recession.

“I didn’t find their analysis to be particularly cogent to be frank, and the opinion that they put forward is an outlier among all of the other opinions that have been put forward by every one of Canada’s chartered banks,” Jim Prentice said during a press conference Tuesday. “And by other respected forecasters.”

Prentice, however, warned Albertans they face several difficult years in response to low oil prices. He said it’s a very different situation than the 2008 global financial crisis, when Canada avoided the worst effects because of a strong financial system.

The deputy head of Canada’s central bank, Timothy Lane, said if crude prices persist, they will significantly discourage investment in the oil sector, which he said accounts for about 3 percent of Canada’s gross domestic product. The central bank said that low oil and commodity prices are putting the Canadian economy’s post-recession recovery at risk.

His remarks follow Bank of Canada governor Stephen Poloz’s statement last month that low oil prices could knock 0.3 percentage points off the pace of economic growth.

Last year, Alberta’s economy grew by 3.9 percent, according the province’s website. Alberta has led all of Canada’s provinces in GDP growth over the past two decades, due in large part to its oil industry revenues.

But Hodgson said that could easily change. Even if oil prices rebound to $65 per barrel, he forecasts that investment, profits and consumer spending will be down.

Already, Calgary-based Canadian Natural Resources Limited, an oil and gas exploration, development and production company, announced this week that it will spend $2.4 billion less than expected this year. Other Canadian energy companies such as Cenovus and Husky Energy have also recently announced reduced capital budgets.

http://fuelfix.com/blog/2015/01/13/alberta-likely-to-face-recession-because-of-low-oil-prices/
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Enterprising Investor Enterprising Investor 9 years ago
Canadian oil firm to cut 1,000 jobs, curb spending (1/13/15)

HOUSTON – Canadian oil sands firm Suncor Energy said Tuesday it plans to cut 1,000 jobs, primarily contract positions, as it trims $1 billion out of its investment plans this year.

It’s also gutting its operational expenses by $600 million to $800 million over the next two years. Suncor is the latest to burn off budget fat as petroleum prices crash, joining peers like Canadian Natural Resources, which said this week it anticipates a $2 billion spending cut of its own.

“Cost management has been an ongoing focus, with successful efforts to reduce both capital and operating costs well underway before the decline in oil prices,” Suncor CEO Steve Williams said in a written statement. “However, in today’s low crude price environment, it’s essential we accelerate this work.”

That involves deferring some oil projects and implementing a hiring freeze for non-critical jobs. The Calgary-based firm said it expects to produce from its oil sands operations 540,000 to 585,000 barrels of oil a day this year. Despite the budget cut, Suncor’s projections for its oil production remains unchanged from prior estimates, it said.

http://fuelfix.com/blog/2015/01/13/canadian-oil-firm-to-cut-1000-jobs-curb-spending/
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WallWeeD WallWeeD 9 years ago
When it hits 25$ ps i will jump in here.
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Andrew21330 Andrew21330 9 years ago
Thanks a lot
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Stock-n-Seeds Stock-n-Seeds 9 years ago
Andrew the price of oil will eventually come back (it always does) and Suncor along with the other energy stocks will rise again. Put your shares on a shelf and forget about them for the time being. I originally bought in to SU back when it was $27.70 CDN and I still have those shares, if this dips down to near those levels again I will double down.

Look back at my posts... I have been working for Suncor Energy off and on for the past 5 years on various contract roles, this Wednesday I will be leaving Suncor and moving over to help Husky startup their Sunrise SAGD project.

The small players are shelving expansion plans in the Athabasca Oilsands region right now, but the big boys are forging on with current plans.

Suncor Fort Hills $14.7 billion project is still a go and construction is moving ahead as planned.

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WallWeeD WallWeeD 9 years ago
Yes sell
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Andrew21330 Andrew21330 10 years ago
In at 35.25 any advice
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Vegas Matt Vegas Matt 10 years ago
thanks...
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BottomBounce BottomBounce 10 years ago
$SU Suncor Energy Why This Resource-Rich Country Should Be in Your Portfolio http://www.barchart.com/headlines/story/84283/why-this-resource-rich-country-should-be-in-your-portfolio
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Vegas Matt Vegas Matt 10 years ago
Suncor Energy shareholders approve all resolutions at Annual General Meeting
Date : 04/29/2014 @ 9:04PM
Source : Marketwired
Stock : Suncor Energy Inc. (SU)
Quote : 38.377 -0.563 (-1.45%) @ 10:29AM

Suncor Energy shareholders approve all resolutions at Annual General Meeting
Print
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Suncor (NYSE:SU)
Intraday Stock Chart

Today : Wednesday 30 April 2014
Click Here for more Suncor Charts.
Suncor Energy shareholders approve all resolutions at Annual General Meeting

EDMONTON, ALBERTA--(Marketwired - Apr 29, 2014) - Suncor Energy held its Annual General Meeting in Edmonton today. A total of approximately 985 million shares (approximately 66.95% of outstanding common shares) were represented in person or by proxy.

During the regular business proceedings at the meeting, shareholders approved the following resolutions:

The appointment of 13 board members (12 of whom are independent), with shares represented at the meeting voting in favour of individual directors as follows:


Mel E. Benson 96.89%
Dominic D'Alessandro 99.41%
W. Douglas Ford 96.05%
John Gass 99.78%
Paul Haseldonckx 99.28%
John R. Huff 95.97%
Jacques Lamarre 99.61%
Maureen McCaw 97.20%
Michael W. O'Brien 99.33%
James W. Simpson 97.18%
Eira M. Thomas 97.34%
Steven W. Williams 99.74%
Michael M. Wilson 99.78%

The appointment of PricewaterhouseCoopers LLP as Suncor's auditors.

Management's approach to executive compensation (say on pay) disclosed in Suncor's management proxy circular, with 93.53% of shares represented at the meeting voting in favour of the advisory resolution.

Note: The biographies of Board members and further details about Suncor's corporate governance practices are available on suncor.com.

The text of remarks by Steve Williams, president and chief executive officer, and Steve Reynish, interim chief financial officer, are available in the newsroom section of suncor.com. An archive of the video webcast of the meeting will be available for the next 90 days at suncor.com/webcasts.

Suncor Energy is Canada's leading integrated energy company. Suncor's operations include oil sands development and upgrading, conventional and offshore oil and gas production, petroleum refining, and product marketing under the Petro-Canada brand. While working to responsibly develop petroleum resources, Suncor is also developing a growing renewable energy portfolio. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.

For more information about Suncor Energy visit our web site at suncor.com, follow us on Twitter @SuncorEnergy, read our blog, OSQAR or come and See what Yes can do.

Media inquiries:
403-296-4000
media@suncor.com
Investor inquiries:
800-558-9071
invest@suncor.com
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Vegas Matt Vegas Matt 10 years ago
Suncor Energy SU declares $0.23 dividend • 5:34 PM

Suncor Energy Inc. (SU) declares $0.23/share quarterly dividend, in line with prior.
Forward yield 2.46%
Payable June 25; for shareholders of record June 4; ex-div June 2.
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Vegas Matt Vegas Matt 10 years ago
Suncor Energy reports first quarter results
Date : 04/28/2014 @ 10:00PM
Source : Marketwired
Stock : Suncor Energy Inc. (SU)
Quote : 37.43 0.33 (0.89%) @ 8:00PM
Free Suncor Energy Inc. Annual Company Report

Suncor Energy reports first quarter results
Print
Alert
Suncor (NYSE:SU)
Intraday Stock Chart

Today : Monday 28 April 2014
Click Here for more Suncor Charts.
Suncor Energy reports first quarter results

EDMONTON, ALBERTA--(Marketwired - Apr 28, 2014) -

Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$), and have been prepared in accordance with International Financial Reporting Standards (IFRS), specifically International Accounting Standard (IAS) 34 Interim Financial Reporting as issued by the International Accounting Standards Board. Production volumes are presented on a working interest basis, before royalties, unless noted otherwise. Certain financial measures referred to in this document (operating earnings, cash flow from operations, free cash flow, return on capital employed (ROCE) and Oil Sands cash operating costs) are not prescribed by Canadian generally accepted accounting principles (GAAP). See the Non-GAAP Financial Measures section of this news release. References to Oil Sands operations, production and cash operating costs exclude Suncor's interest in Syncrude's operations.

"We delivered the best financial quarter on record," said Steve Williams, president and chief executive officer. "Investments made at Oil Sands increased our operational flexibility, allowing us to produce higher margin barrels. Our integrated model combined with improved market access allowed us to maximize the value of every barrel we produced."

Record operating earnings of $1.793 billion ($1.22 per common share), including record operating earnings for Refining and Marketing, and net earnings of $1.485 billion ($1.01 per common share).
Record cash flow from operations of $2.880 billion ($1.96 per common share).
Free cash flow of $3.226 billion for the twelve months ended March 31, 2014.
Strong upgrader reliability drove a quarterly production record for synthetic crude oil (SCO) of 312,200 barrels per day (bbls/d), including a strong sweet mix and overall production of 389,300 bbls/d for Oil Sands operations.
Increased pipeline and rail capacity has further strengthened our integrated model and access to better market prices.

Financial Results

Suncor Energy Inc. delivered record-breaking financial results in the first quarter of 2014, including record operating earnings of $1.793 billion ($1.22 per common share) and record cash flow from operations of $2.880 billion ($1.96 per common share), compared to $1.367 billion ($0.90 per common share) and $2.284 billion ($1.50 per common share), respectively, in the first quarter of 2013. These results were led by strong upstream price realizations driven in part by favourable foreign exchange and increased inland crude pricing. In addition, strong upgrader reliability and operational flexibility contributed to record SCO production and a favourable production mix at Oil Sands operations. Suncor's integrated model and increased market access enabled the company to optimize upstream price realizations and capture record refining margins, despite a decrease in benchmark crack spreads. These factors were partially offset by lower production in the Exploration and Production segment and higher natural gas prices.

For the twelve months ended March 31, 2014, free cash flow increased to $3.226 billion, compared to $2.638 billion for the twelve months ended March 31, 2013.

Net earnings were $1.485 billion ($1.01 per common share) for the first quarter of 2014, compared with net earnings of $1.094 billion ($0.72 per common share) for first quarter of 2013. Net earnings for the quarter were impacted by the inclusion of an after-tax foreign exchange loss on the revaluation of U.S. denominated debt of $308 million, compared to $146 million in the prior year quarter, in addition to the factors that affected operating earnings. Net earnings for the first quarter of 2013 also included an after-tax charge of $127 million as a result of not proceeding with the Voyageur upgrader project.

Operating Results

Suncor's strong quarterly results were supported by a more profitable portfolio comprised of nearly 100% crude-oil weighted production, compared to 92% in the prior year quarter. Suncor's total upstream production was 545,300 barrels of oil equivalent per day (boe/d) in the first quarter of 2014, a decrease from 596,100 boe/d in the first quarter of 2013, reflecting the sale of the conventional natural gas business and the shut-in of production in Libya, which was partially offset by higher production in Oil Sands.

Production volumes for Oil Sands operations increased to 389,300 bbls/d in the first quarter of 2014, compared to 357,800 bbls/d in the prior year quarter. The company reached a SCO production record of 312,200 bbls/d in the first quarter of 2014, which included a 21% increase in sweet production compared to the prior year quarter due to improved upgrader reliability. Bitumen supply from the company's mining and in situ operations increased over the prior year quarter due to completion of the Firebag ramp up and commissioning of hot bitumen infrastructure assets that enabled the company to unlock previously constrained mining capacity. However, production was tempered by unplanned maintenance in mining, extraction and at MacKay River, planned six-week coker maintenance that began in March and, to a lesser extent, continued third-party natural gas curtailments. Suncor took advantage of its operational flexibility by redirecting Firebag bitumen to the upgrader during the unplanned maintenance to maximize the production of higher value barrels.

Cash operating costs per barrel (bbl) for Oil Sands operations in the first quarter of 2014 increased to an average of $35.60/bbl, compared to $34.80/bbl in the first quarter of 2013, primarily due to a $2.10/bbl increase in natural gas costs.

"We continue to deliver on our commitment to operational excellence through improved reliability at our Oil Sands upgraders," said Williams. "This quarter, we achieved nearly 90% utilization at our upgraders which drove a SCO production record, all while performing planned maintenance activities in the latter part of the quarter. We will continue to focus on reliability improvements at our extraction operations and across our full suite of assets to drive additional value."

Suncor's share of Syncrude production increased to 35,100 bbls/d in the first quarter of 2014 from 31,200 bbls/d in the first quarter of 2013, due to improved reliability in the first quarter of 2014.

Production volumes for the Exploration and Production segment decreased to 120,900 boe/d in the first quarter of 2014, compared to 207,100 boe/d in the same period of 2013, primarily due to the sale of the company's conventional natural gas business and the shut-in of production in Libya, partially offset by higher production from East Coast Canada and Buzzard.

The Refining and Marketing segment continued to demonstrate strong reliability in the first quarter of 2014 with refinery utilization of 96%, consistent with the prior year quarter. The company completed a four-week planned maintenance event at the Commerce City refinery in the first quarter of 2014.

Strategy Update

The company allocates its capital according to a clear set of priorities: ensuring sustainable and reliable operations, investing in profitable growth and delivering strong returns to shareholders through dividends and share repurchases. In the first quarter of 2014, Suncor delivered value to shareholders through $384 million in share repurchases and $338 million in dividends ($0.23 per common share), representing an increase of greater than 70% over dividends paid in the prior year quarter.

Suncor also received approval in the first quarter of 2014 to purchase for cancellation an additional $1.0 billion worth of common shares under its share repurchase program. As at April 21, 2014, the total amount remaining for repurchase under the current program was $1.4 billion.

Investing in Integration and Market Access

"The successful implementation of our long-term market access strategy positions us well for the future," said Williams. "We secured new pipeline capacity to the U.S. Gulf Coast and increased our ability to transport inland priced crude by rail to the Montreal refinery. The anticipated reversal of Enbridge's Line 9, combined with increased rail access is expected to further improve profitability of the Montreal refinery by increasing the company's flexibility to transport 100% inland crudes to the refinery."

Suncor's strong financial quarter was in part due to further integration and market access initiatives that ramped up in the first quarter of 2014. Refining and Marketing increased rail shipments of inland priced crudes to the Montreal refinery and rail shipments are expected to reach capacity of approximately 35,000 bbls/d in the second quarter of 2014. The company also started transporting heavy crude on its capacity on TransCanada's Gulf Coast pipeline which has provided more than 70,000 bbls/d of increased access to U.S. Gulf Coast pricing for both light and heavy crudes. The company's integrated model and strong market access position resulted in Suncor capturing global-based pricing on almost 96% of its upstream production in the first quarter of 2014.

On March 6, 2014, Enbridge's Line 9 pipeline received regulatory approval to reverse a portion of the pipeline that starts in northern Ontario and ends in Montreal. The anticipated reversal of Line 9 combined with increased rail access to the East is expected to provide the company with the flexibility to supply its Montreal refinery with a full slate of inland priced crude in 2015.

Oil Sands Operations

At Oil Sands, upgrader reliability has improved following the Upgrader 1 turnaround in 2013 and other recent maintenance activities. Planned maintenance activity in 2014 is expected to be minimal in comparison to previous years, with a focus on sustaining and steadily improving asset reliability.

Investment in the tailings management process and water management strategy continues to be an area of focus. As part of the water management strategy, Suncor plans to commission a water treatment plant in the second quarter of 2014, which is expected to reduce freshwater withdrawal, increasing the reuse and recycling of waste water.

In April 2014, the company reached a milestone by achieving first steam on the well pads associated with the MacKay River facility debottleneck project, with first oil expected in the third quarter of 2014. The project is intended to increase production capacity by approximately 20% for a total capacity of 38,000 bbls/d by the end of 2015. Suncor also continues to work towards a 2014 sanction decision of the MacKay River expansion project, which is targeted to have an initial design capacity of approximately 20,000 bbls/d, with first oil expected in 2017. In addition, Suncor continues to advance further debottlenecking initiatives of logistics infrastructure and Firebag facilities.

Oil Sands Ventures

Fort Hills project activities were focused on detailed engineering, procurement and the ramp up of field construction activities. The project is expected to provide Suncor with approximately 73,000 bbls/d of bitumen, with first oil expected in the fourth quarter of 2017 and 90% of its planned capacity achieved within twelve months.

Exploration and Production

Building on the major milestones reached in 2013, drilling activities began at the Golden Eagle project in the first quarter of 2014. The project remains on track to achieve first oil in late 2014 or early 2015. Detailed engineering and construction of the gravity-based structure and topsides continued for the Hebron project in the first quarter of 2014; the project is expected to achieve first oil in 2017.

The company has multiple extension projects underway, which leverage existing facilities and infrastructure. Following the completion of subsea installation for the Hibernia Southern Extension Unit in 2013, drilling activities began in the first quarter of 2014. Fabrication continued for the second phase of the South White Rose Extension project in the first quarter of 2014. Collectively, these extension projects are expected to increase overall production and extend the productive life of the existing fields starting in 2015. A sanction decision for further expansion into the West White Rose field is targeted for late 2014.

Operating Earnings Reconciliation (1)
Three months ended
March 31
($ millions) 2014 2013
Net earnings 1 485 1 094
Unrealized foreign exchange loss on U.S. dollar denominated debt 308 146
Net impact of not proceeding with the Voyageur upgrader project(2) - 127
Operating earnings 1 793 1 367
(1) Operating earnings is a non-GAAP financial measure. All reconciling items are presented on an after-tax basis. See the Non-GAAP Financial Measures Advisory section of the MD&A.

(2) Represents the expected cost of not proceeding with the project, including costs related to decommissioning and restoration of the Voyageur site, and contract cancellations.

Corporate Guidance

Suncor has updated its previously issued 2014 corporate guidance to revise its assumption for natural gas price (AECO - C spot) to Cdn$4.50/gigajoule from Cdn$3.86/gigajoule. For further details regarding Suncor's 2014 revised corporate guidance, as well as the related assumptions and risk factors, see suncor.com/guidance.

Non-GAAP Financial Measures

Operating earnings and Oil Sands cash operating costs are defined in the Non-GAAP Financial Measures Advisory section of the management's discussion and analysis dated April 28, 2014 (the "MD&A") and reconciled to GAAP measures in the Segment Results and Analysis section of the MD&A. Cash flow from operations, free cash flow and ROCE are defined and reconciled to GAAP measures in the Non-GAAP Financial Measures Advisory section of this MD&A.

These non-GAAP financial measures are included because management uses this information to analyze operating performance, leverage and liquidity. These non-GAAP measures do not have any standardized meaning and therefore are unlikely to be comparable to similar measures presented by other companies and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

Legal Advisory - Forward-Looking Information

This news release contains certain forward-looking information and forward-looking statements (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements are based on Suncor's current expectations, estimates, projections and assumptions that were made by the company in light of its information available at the time the statement was made and consider Suncor's experience and its perception of historical trends, including expectations and assumptions concerning: the accuracy of reserves and resources estimates; commodity prices and interest and foreign exchange rates; capital efficiencies and cost savings; applicable royalty rates and tax laws; future production rates; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour and services; and the receipt, in a timely manner, of regulatory and third-party approvals. In addition, all other statements and information about Suncor's strategy for growth, expected and future expenditures or investment decisions, commodity prices, costs, schedules, production volumes, operating and financial results and the expected impact of future commitments are forward-looking statements. Some of the forward-looking statements and information may be identified by words like "expects", "anticipates", "will", "estimates", "plans", "scheduled", "intends", "believes", "projects", "indicates", "could", "focus", "vision", "goal", "outlook", "proposed", "target", "objective", "continue", "should", "may" and similar expressions.

Forward-looking statements in this news release include references to: the company's capital allocation plans and its clear set of priorities around same; the anticipated reversal of Enbridge's Line 9 pipeline, combined with increased rail access to the East, is expected to increase the profitability of the Montreal refinery by increasing the company's flexibility to supply the Montreal refinery with a full slate of inland priced crude in 2015; the company expects that rail shipments of inland crudes to the company's Montreal refinery are expected to reach capacity of approximately35,000 bbls/d in the second quarter of 2014; the company expects planned maintenance at Oil Sands to be minimal in comparison to previous years, with a focus on sustaining and steadily improving upgrader reliability in 2014; the company expects to commission a water treatment plant at Oil Sands Base in the second quarter of 2014, which is expected to reduce freshwater withdrawal, increasing the reuse and recycling of waste water; the debottlenecking project at the MacKay River facilities is expected to increase production capacity by approximately 20% by the end of 2015 for a total capacity of 38,000 bbls/d, with first oil expected in the third quarter of 2014; the company expects to continue to work towards a 2014 sanction decision of the MacKay River expansion project, which is targeted to have an initial design capacity of approximately 20,000 bbls/d with first oil in 2017; the expectation that the Fort Hills project will provide Suncor with approximately 73,000 bbls/d of bitumen, with first oil expected in the fourth quarter of 2017 and 90% of its planned capacity achieved within twelve months; the Golden Eagle project is expected to achieve first oil in late 2014 or early 2015; the Hebron project is expected to achieve first oil in 2017; the Hibernia Southern Extension Unit and South White Rose extension project are expected to increase the overall production and extend the productive life of the existing fields starting in 2015; and a sanction decision for further expansion into the West White Rose field is targeted for late 2014.

Forward-looking statements and information are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Suncor. Suncor's actual results may differ materially from those expressed or implied by its forward-looking statements, so readers are cautioned not to place undue reliance on them.

Additional risks, uncertainties and other factors that could influence the financial and operating performance of all of Suncor's operating segments and activities include, but are not limited to, changes in general economic, market and business conditions, such as commodity prices, interest rates and currency exchange rates; fluctuations in supply and demand for Suncor's products; the successful and timely implementation of capital projects, including growth projects and regulatory projects; competitive actions of other companies, including increased competition from other oil and gas companies or from companies that provide alternative sources of energy; labour and material shortages; actions by government authorities, including the imposition or reassessment of taxes or changes to fees and royalties, such as Suncor's current disagreement with the Canada Revenue Agency relating to the settlement of certain derivative contracts, including the risk that Suncor may not be able to successfully defend its original filing position if it is reassessed and ultimately be required to pay increased taxes as a result, and changes in environmental and other regulations; the ability and willingness of parties with whom we have material relationships to perform their obligations to us; outages to third-party infrastructure that could cause disruptions to production; the occurrence of unexpected events such as fires, equipment failures and other similar events affecting Suncor or other parties whose operations or assets directly or indirectly affect Suncor; the potential for security breaches of Suncor's information systems by computer hackers or cyberterrorists, and the unavailability or failure of such systems to perform as anticipated as a result of such breaches; our ability to find new oil and gas reserves that can be developed economically; the accuracy of Suncor's reserves, resources and future production estimates; market instability affecting Suncor's ability to borrow in the capital debt markets at acceptable rates; maintaining an optimal debt to cash flow ratio; the success of the company's risk management activities using derivatives and other financial instruments; the cost of compliance with current and future environmental laws; risks and uncertainties associated with closing a transaction for the purchase or sale of an oil and gas property, including estimates of the final consideration to be paid or received, the ability of counterparties to comply with their obligations in a timely manner and the receipt of any required regulatory or other third-party approvals outside of Suncor's control that are customary to transactions of this nature; and the accuracy of cost estimates, some of which are provided at the conceptual or other preliminary stage of projects and prior to commencement or conception of the detailed engineering that is needed to reduce the margin of error and increase the level of accuracy. The foregoing important factors are not exhaustive.

The MD&A and Suncor's Annual Information, Form 40-F and Annual Report to Shareholders, each dated February 28, 2014, and the First Quarter Report and other documents it files from time to time with securities regulatory authorities describe the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors are incorporated herein by reference. Copies of these documents are available without charge from Suncor at 150 6th Avenue S.W., Calgary, Alberta T2P 3E3, by calling 1-800-558-9071, or by email request to info@suncor.com or by referring to the company's profile on SEDAR at www.sedar.com or EDGAR at www.sec.gov. Except as required by applicable securities laws, Suncor disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Legal Advisory - BOEs

Certain natural gas volumes have been converted to barrels of oil equivalent (boe) on the basis of one barrel to six thousand cubic feet. Any figure presented in boe may be misleading, particularly if used in isolation. A conversion ratio of one bbl of crude oil or natural gas liquids to six thousand cubic feet of natural gas is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

Suncor Energy is Canada's leading integrated energy company. Suncor's operations include oil sands development and upgrading, conventional and offshore oil and gas production, petroleum refining, and product marketing under the Petro-Canada brand. While working to responsibly develop petroleum resources, Suncor is also developing a growing renewable energy portfolio. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.

For more information about Suncor Energy visit our web site at suncor.com, follow us on Twitter @SuncorEnergy, read our blog, OSQAR or come and See what Yes can do.

A full copy of Suncor's first quarter 2014 Report to Shareholders and the financial statements and notes (unaudited) can be downloaded at suncor.com/financialreporting.

To listen to the conference call discussing Suncor's first quarter results, visit suncor.com/webcasts.

Media inquiries:
403-296-4000
media@suncor.com
Investor inquiries:
800-558-9071
invest@suncor.com
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