15.73 0.00 (0.00%)
After hours: 4:54PM EDT
|Bid||15.77 x 3200|
|Ask||15.77 x 3100|
|Day's range||15.65 - 16.33|
|52-week range||9.61 - 34.56|
|Beta (5Y monthly)||1.65|
|PE ratio (TTM)||6.94|
|Forward dividend & yield||0.62 (3.76%)|
|Ex-dividend date||03 Jun 2020|
|1y target est||42.83|
(Bloomberg) -- This week’s escalation of American pipeline setbacks is heightening concerns among Canadian oil producers who export almost all of their crude to the U.S.Alex Pourbaix, the chief executive officer of Cenovus Energy Inc., called a ruling temporarily shutting down the Dakota Access pipeline on Monday “pretty disturbing” in its implications that existing conduits may now be at risk. His concerns were echoed by the CEOs of Suncor Energy Inc. and Exxon Mobil Corp.’s Imperial Oil Ltd.“If that would be the new standard, I think it’s going to be incredibly difficult for anybody to invest in any kind of infrastructure,” Pourbaix, who formerly served as chief operating officer of pipeline giant TransCanada Corp., said Tuesday during a Toronto-Dominion Bank conference. “If there’s an opportunity to come back on those regulatory decisions years after the fact, I think that’s a real significant problem.”Crude from the oil sands, a landlocked area of northern Alberta that holds the world’s third-largest crude reserves, is almost entirely shipped through U.S. pipelines to refineries in the Midwest and Gulf Coast. The lack of enough shipping capacity has been the dominant problem facing the industry for the past several years.On Sunday, U.S. power company Dominion Energy Inc. and partner Duke Energy Corp. said they’re killing the controversial Atlantic Coast gas pipeline, citing ongoing delays and uncertainty on costs. The next day, a U.S. district court ruled that Energy Transfer LP’s Dakota Access pipeline will have to shut down in about a month because a federal permit for the line fell short of environmental requirements. Later that day, the U.S. Supreme Court left in force a lower court order that blocks construction on TC Energy Corp.’s Keystone XL pipeline.Also See: Grim Day for Pipelines Shows They’re Almost Impossible to BuildCanada’s oil-sands industry was counting on recent momentum on key projects like the Trans Mountain expansion that links the oil sands to the Pacific Coast, and the replacement and expansion of Enbridge Inc.’s Line 3, which links Hardisty, Alberta, to Superior, Wisconsin. While producers had grown used to delays on new projects, the ruling on the Dakota Access line was particularly worrying because it had already been operating for three years.Similarly, Canadian producers have also had to deal with a temporary shutdown of Enbridge’s Line 5, which helps carry crude and natural gas liquids to refineries in eastern Canada. A Michigan judge ordered the full line shut down last month after damage was found on a portion of it running through the Great Lakes. While Enbridge was allowed to restart the line a week later, Michigan’s governor and attorney general still are working to force the line to cease operations.Imperial has been looking at using ships and rail to supply Ontario refineries in case the line has an extended shutdown, CEO Brad Corson said Tuesday at the TD Securities conference.“The team worked quite proactively over the last couple of weeks to make sure we had adequate contingency plans in place should Line 5 be interrupted for an extended period of time,” he said.Suncor CEO Mark Little said his company also relies on Line 5 to supply its refineries in Sarnia, Ontario, and Montreal. The company can use rail, ships or a Maine pipeline to supply those facilities, but those are costlier methods, and a shutdown of the line would be a “huge potential threat” and could increase the price of oil products like gasoline in the U.S. and Canada, Little said.“This is something that would impact consumers in all of those markets,” he said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
As the world faces crises from all sides, one small company is leveraging technology to try and tackle some of the biggest problems on the planet
Over a 15-year stretch, LanzaTech has developed technologies that can turn carbon emissions into ethanol that can be used for chemicals and fuel. Today, the company announced the spin-out of LanzaJet, alongside its corporate partners Mitsui, Suncor and All Nippon Airways, to bring sustainable aviation fuel to the commercial market. The new company has launched with commitments from the Japanese trading and investment company, Mitsui & Co. and Canadian oil and gas producer Suncor Energy to invest $85 million to back the first pilot and development-scale facilities that LanzaJet will be constructing.
LanzaTech, a leading biotech company and carbon recycler, has successfully launched LanzaJet, Inc., a new company that will produce sustainable aviation fuel (SAF) for a sector requiring climate friendly fuel options as it starts to recover from the impacts of COVID-19. With its approach to commercialization of SAF, LanzaJet is creating regional jobs while enabling global decarbonization of the aviation sector. Canada's leading integrated energy company, Suncor Energy Inc., and leading Japanese trading and investment company, Mitsui & Co., Ltd. (Mitsui), are investing $15 million and $10 million, respectively, to establish LanzaJet.
Low-carbon technologies could disrupt global oil demand in the not-too-distant future the way COVID-19 crushed demand during the lockdowns worldwide
Suncor announced today that it has priced an offering of US$450 million in aggregate principal amount of senior unsecured notes due on May 15, 2023 (the “2023 Notes”) and US$550 million in aggregate principal amount of senior unsecured notes due on May 15, 2025 (the “2025 Notes” and, together with the “2023 Notes”, the “Notes”). The offering is expected to close on May 13, 2020, subject to customary closing conditions. Suncor intends to use the net proceeds from the sale of the Notes to repay short-term indebtedness and for general corporate purposes.
Thank you for standing by and welcome to the Suncor Energy First Quarter 2020 Financial Results Call. With me this morning are Mark Little, President and Chief Executive Officer; and Alister Cowan, Chief Financial Officer.
CALGARY, Alberta, May 06, 2020 -- Suncor held its Annual General Meeting in Calgary today. A total of approximately 1.16 billion shares (approximately 76.05% of outstanding.
Suncor Energy (SU) delivered earnings and revenue surprises of 21.05% and -31.90%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
The COVID-19 pandemic and the associated rapid demand reduction and the crude oil supply shock as a result of the OPEC+ production decisions are expected to keep crude oil prices lower for at least the next 12-24 months. In order to maintain the financial health and resiliency of the company to navigate the current market conditions, the company has reduced operating costs by $1 billion (10%) compared to 2019 levels. In addition, we have reduced 2020 capital expenditures by $1.9 billion (33%) compared to the original 2020 plan.
Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$), 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. References to Oil Sands operations exclude Suncor Energy Inc.’s interests in Fort Hills and Syncrude. CALGARY, Alberta, May 05, 2020 (GLOBE NEWSWIRE) -- “The COVID‑19 pandemic has led to an unprecedented decline in demand for transportation fuels and a significant oversupply of crude oil resulting in a substantial decline in crude oil prices,” said Mark Little, president and chief executive officer.
Teck Resources (NYSE: TECK), one of Canada's largest and most diversified miners, looked to move into the oil space to further increase its diversification. Although its massive Fort Hills oil sands project managed to stay alive through the last deep energy market downturn, the COVID-19-related oil plunge may be more than Teck and its Fort Hills partners can handle. In the fourth quarter of 2019, Teck's energy business had a gross profit margin of just 1%.
CALGARY, Alberta, April 27, 2020 -- Suncor will release its first quarter financial results on May 5, 2020 before 8:00 p.m. MT (10:00 p.m. ET). A webcast to review the first.
Suncor Energy (TSE:SU) shareholders are no doubt pleased to see that the share price has bounced 33% in the last month...
Petro-Canada, a Suncor business, is contributing $3 million to help meet the needs of Canadians and their communities. Over the coming days and weeks, at Petro-Canada locations across the country, our associates and their teams will acknowledge Canadians, who are supporting all essential work, through small acts of kindness. From fuel discounts, to meals, showers, or a small token of appreciation for our customers, these gestures are our way to say Thank You to all Canadians who are doing their part during this time of COVID-19.
Suncor announced today that its upcoming Annual General Meeting (AGM) will be held in a virtual-only format in light of public health concerns regarding COVID-19. Suncor believes in safety above all else. The decision to move to a virtual meeting was made in response to the recent health measures enacted by the federal and provincial governments, and to protect the health and safety of Suncor’s shareholders, employees, directors and other stakeholders.
Suncor announced today that it will issue $1.25 billion of senior unsecured Series 7 Medium Term Notes due on April 9, 2030 (the “Notes”). Suncor intends to use the net proceeds from the sale of the Notes to repay short-term indebtedness and for general corporate purposes. Pending any such use of the net proceeds, Suncor will invest the net proceeds in bank deposits and short-term marketable securities.
The analysts covering Suncor Energy Inc. (TSE:SU) delivered a dose of negativity to shareholders today, by making a...
Suncor released a corporate update today, including revised 2020 corporate guidance for capital, operating costs and production outlook, reflecting the significant decline in the crude oil price and uncertainty surrounding the economic impact of COVID-19. “Our business model and financial strategy are designed to withstand volatile environments.” Suncor’s business model is built on long life, low decline assets and capturing the full value of the barrel through integration.
Unfortunately for some shareholders, the Suncor Energy (TSE:SU) share price has dived 61% in the last thirty days...
Investors who take an interest in Suncor Energy Inc. (TSE:SU) should definitely note that the Executive Vice President...
CALGARY, Alberta, Feb. 27, 2020 -- Suncor has filed its 2019 Annual Report, 2019 Annual Information Form and 2020 Management Proxy Circular. To view the company’s annual.