CALGARY – Oilsands producers Suncor Energy Inc. and MEG Energy Corp. operate different types of projects, but both companies said Thursday they could make them work in the current low oil price environment by pushing down costs.
Suncor, Canada’s largest integrated energy company, is moving ahead with two growth projects despite the decline in prices and despite posting lower-than-expected year-end financial results, including an 81% drop in fourth-quarter net earnings compared with the year before.
Suncor Energy Inc. (USA) (NYSE:SU) said yesterday that it is not going to delay its long-term projects despite the falling oil price. Since June crude price which was hovering around $115 per barrel has fallen over 50%. Much of the decline is associated with higher production in the US and to the Organization of Petroleum Exporting Countries’ decision to maintain production at 30 million barrels of oil equivalent per day.
CALGARY — Suncor Energy Inc. has hiked its dividend by 15% to 23 cents per share — nine months after a 54-per-cent bump its quarterly payout.
Its board of directors has also approved additional share buybacks of up to $1 billion, subject to regulatory approval.
Canada’s largest energy company made the announcement as it reported quarterly operating earnings that were slightly lower year-over-year, but missed analyst estimates.
Suncor’s operating earnings during the last three months of 2013 were $973 million, down from $988 million during the same 2012 period.
As investors hit the panic button and dump Canadian energy stocks amid the sharp downturn in oil prices, it appears that producers are doing the same thing by slashing their budgets.
Suncor Energy Inc. on Tuesday decided to cut $1 billion from its 2015 capital spending program, which was set at $7.8 billion just two months ago. Of course, oil was trading at US$75 a barrel on Nov. 18. Now it’s at US$45.
Canadian Natural Resources Ltd. trimmed $2.4 billion from its capital budget a day earlier, and Husky Energy Inc. trimmed its spending plans in December.
Suncor Energy Inc., Canada’s largest energy company by market value, will proceed with the $13.5 billion Fort Hills oil sands project as it seeks to increase production.
The venture with Total SA and Teck Resources Ltd. will begin producing crude in 2017, adding 180,000 barrels a day of output in northern Alberta, the company said yesterday in a statement. Calgary-based Suncor’s share of the costs will be $5.5 billion.
Qatar may raise its exposure to Western Canadian natural gas as the gas giant targets North American assets to offset plateauing domestic natural gas production and participate in one of the world’s biggest oil and gas plays.
U.K.-based Centrica Plc and state-owned Qatar Petroleum International’s joint venture bought Suncor Energy Inc.’s conventional gas assets for $1-billion on Monday. The deal is the first of Centrica’s 60:40 agreement with the world’s largest natural gas producer to pursue international assets in 2011.
Canada’s largest oil sands company is cleaning up its act by pulling dangerous waste away from the environment and back into its operations.
In what is seen as an industry first, Suncor Energy Inc. is recycling tailings water from surface mining at its oil sands plant to feed its nearby in situ operations in northern Alberta. The question is whether the rest of the industry will follow suit.
CALGARY – Rival plans to pipe Alberta crude east would safeguard jobs and encourage investment in Quebec’s struggling refinery sector, the president and chief executive of Suncor Energy Inc. said Tuesday.
Steve Williams said TransCanada Corp.’s proposed Energy East pipeline and Enbridge Inc.’s Line 9 reversal and expansion would improve the profitability of Suncor’s 137,000-barrel-per-day Montreal refinery, securing a “long-term” future for the plant in a region that has witnessed several closures.
CALGARY – Canada’s largest oil company has added its voice to those playing down the importance of Keystone XL, as the U.S. government weighs approval of the contentious pipeline.
“The belief is that the industry will get access to markets” with or without the pipeline, Suncor Energy Inc. chief executive Steve Williams said Wednesday.