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.
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.
ExxonMobil Corporation (XOM) is considering expanding its refinery in Beaumont, Texas, which has a current production capacity of 365,000 barrels-per-day (bpd). The expansion plan will transform this refinery into the country’s largest by 2020. The multi-billion dollar plan is among the first in the list of major US refinery investments, which can reinforce the position held by the Gulf Coast, as the top exporter of fuels.
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.
Malaysian Prime Minister Najib Razak asked his Canadian counterpart Stephen Harper to reverse the initial rejection of Petroliam Nasional Bhd.’s $5.2-billion takeover of Progress Energy Resources Corp., correspondence between the two leaders shows.
Shares of Suncor Energy Inc. took a hit on Wednesday after the company’s fourth quarter earnings missed analyst estimates and it took a $1.5-billion charge related to the Voyageur upgrader project.
The selling pressure is also likely due to Suncor’s announcement that it recently received a letter from the Canada Revenue Agency relating to the income tax treatment of losses incurred in 2007 on the settlement of old Petro-Canada derivatives contracts.