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 , Canada’s largest integrated oil company, said on Thursday that its 130,000 barrel per day Montreal refinery will be able to process up to 15,000 bpd of Western Canadian oil by year end.
Steve Williams, Suncor’s chief executive, said facilities at the refinery to allow crude by rail shipments will be complete by December.
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. on Monday announced a 54% dividend hike, a $2-billion share buyback and better first-quarter operating earnings that were boosted by strong oil sands production and refining margins.
Canada’s largest energy company says its quarterly dividend will rise to 20 cents per share from 13 cents. The dividend is payable June 25 to shareholders of record at the close of business June 4.
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.
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.
Until recently, oil sands opponents have been able to count on one thing: that their attention-grabbing, politically intimidating hyperbole would be met by a generally measured, sometimes-apologetic industry response.
Backed by groundbreaking progress to reduce their environmental impacts through Canada’s Oil Sands Innovation Alliance (COSIA), and in the face of escalating political pushback in both the United States and Canada, Canada’s oil sands industry is going on the offensive.
Suncor Energy Inc. (SU) Barclays CEO Energy-Power Conference Call September 11, 2013 1:05 pm ET
Steve Williams – President and Chief Executive Officer
Paul Cheng – Barclays Capital, Inc.
Paul Cheng – Barclays Capital, Inc.
British Columbia’s deep-rooted environmentalism is about to get a much stronger counterpoint as a growing number of energy giants establish a corporate presence on the West Coast.
Chevron Corp., Royal Dutch Shell PLC, Petronas, BG Group, Enbridge Inc., TransCanada Corp., Kinder Morgan have opened offices, are expanding or are planning to set up offices in Vancouver or nearby to oversee the planning of liquefied natural gas (LNG) plants on the northern coast, build pipelines, talk up the benefits of energy development to policy makers, communities and First Nations.
This article appears in the June edition of the Financial Post Magazine. Visit the iTunes store to download the iPad edition of this month’s issue.
Nearly one year after taking the helm of Suncor Energy Inc., Steve Williams delivered a humble message to shareholders at the company’s annual meeting in Calgary.