Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars , 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. Production volumes are presented on a working interest basis, before royalties, except for Libya, which is [...]
Suncor Energy’s Board of Directors has approved a quarterly dividend of $0.36 per share on its common shares, payable March 26, 2018 to shareholders of record at the close of business on March 5, 2018. This dividend represents a 12.5% increase over the prior quarter and marks 16 years of consecutive annualized dividend increases. Suncor Energy is Canada's leading integrated energy company. Suncor's operations [...]
CALGARY, Alberta, Feb. 02, 2018 -- Suncor will release its fourth quarter financial results on Wednesday, Feb. 7, 2018 before 8:00 p.m. MT . A webcast to review the fourth quarter will be held on Thursday, Feb. 8, 2018 at 7:30 a.m. MT . Representing management will be Steve Williams, president and chief executive officer and Alister Cowan, executive vice president and chief financial officer. A question and answer period [...]
Suncor today announced it will proceed with the phased implementation of autonomous haulage systems at company-operated mines, starting with the North Steepbank mine. Over the next six years, the company expects to deploy more than 150 autonomous haul trucks in the full program, which will be one of the largest investments in electric autonomous vehicles in the world. Following thorough evaluations over the past four [...]
Suncor today announced that the Fort Hills project is continuing its steady ramp up of production following the safe startup of secondary extraction on Jan. 27, 2018. Fort Hills, which is located approximately 90 kilometres north of Fort McMurray, has a capacity of approximately 194,000 barrels per day , approximately 103,000 bbls/d net to Suncor. As expected, the first of three trains from secondary extraction is now [...]
Suncor today provided a business update for the fourth quarter of 2017, highlighting upstream production of 736,000 barrels of oil equivalent per day , which is in line with record production from the third quarter of 2017. Oil sands operations produced approximately 447,000 barrels per day including 6,000 bbls/d from Fort Hills. Syncrude produced 325,000 bbls/d for the quarter, 174,000 bbls/d net to Suncor. Production [...]
Michael Wilson, chair of the board of directors of Suncor is pleased to announce the appointment of Dennis Houston to the company's board. Mr. Houston's appointment is effective Jan. 1, 2018. "It's a pleasure to welcome Dennis Houston to the Suncor board of directors," said Mr. Wilson. "He joins us, having extensive experience in the downstream sector of the oil and gas industry, including refinery optimization, crude oil [...]
Suncor today took its first steps in the regulatory process to replace coke-fired boilers with two cogeneration units at its Oil Sands Base Plant as a part of its plan to remain globally cost and carbon competitive. In addition to providing the facility with steam needed for its operations, the cogeneration units are expected to export approximately 700 megawatts of electricity to the provincial grid, equivalent to [...]
Suncor today confirmed that it has been advised by the operator of the Hebron project, ExxonMobil Canada, that Hebron produced its first barrel of oil on Nov. 27, 2017. At peak, Hebron is expected to produce up to 150,000 barrels of oil per day with approximately 31,000 barrels of oil per day net to Suncor. Suncor holds a 21 per cent interest in the project. "I'd like to acknowledge the co-venturers and the operator [...]
As announced earlier today, Suncor successfully closed the sale of a 49% equity interest in the East Tank Farm Development project for aggregate proceeds of $503 million. Suncor is directing the proceeds from this sale, together with the proceeds from the issuance earlier this month of US$750 million in aggregate principal amount of 4.000% senior unsecured notes due 2047, towards the early redemption of outstanding US$600 [...]
Suncor, Fort McKay First Nation and Mikisew Cree First Nation today announced the completion of the acquisition by FMFN and MCFN of a 49 per cent partnership in Suncor's East Tank Farm Development for total proceeds of $503 million. The two First Nations independently financed the acquisition through the issuance of $545 million, 4.136 per cent senior secured notes due December 31, 2041. The offering was structured and [...]
Suncor released its 2018 corporate guidance today which includes a capital program of between $4.5 and $5.0 billion and average upstream production of 740,000 to 780,000 barrels of oil equivalent per day . The midpoints of these ranges represent a year over year production increase of more than 10 per cent and a capital spending reduction of approximately $750 million. Suncor's Oil Sands operations cash operating costs [...]
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