Welcome to our dedicated page for Suncor Energy news (Ticker: SU), a resource for investors and traders seeking the latest updates and insights on Suncor Energy stock.
Suncor Energy reports news as a Canadian integrated energy company with operations across oil sands mining and in situ production, upgrading, offshore production, petroleum refining in Canada and the U.S., marketing and trading, and Petro-Canada retail and wholesale networks.
Recurring company updates cover quarterly financial and operating results, upstream production, refining throughput, refined product sales, dividends, normal course issuer bid activity, investor day materials, contingent resources reporting, and annual meeting governance matters such as auditor appointment, executive compensation votes, director elections, and climate-related risk oversight proposals.
Suncor Energy reported significant challenges in its second quarter of 2020 due to the COVID-19 pandemic and OPEC+ supply issues, resulting in a net loss of $614 million ($0.40 per share) compared to net earnings of $2.729 billion in the prior year quarter. Funds from operations plummeted to $488 million ($0.32 per share) from $3.005 billion. However, the company is on track to meet its operating cost reduction target of $1 billion and is implementing measures to enhance operational flexibility and digital transformation. Refinery utilization averaged 76%, with total upstream production dropping to 655,500 boe/d.
Suncor Energy has announced a quarterly dividend of $0.21 per share, payable on September 25, 2020, to shareholders recorded as of the close of business on September 4, 2020. As a leading integrated energy company in Canada, Suncor operates in oil sands development, offshore oil and gas production, and petroleum refining under the Petro-Canada brand. Suncor is committed to sustainable practices and is listed on notable indexes including the Dow Jones Sustainability Index and FTSE4Good.
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Suncor announced the pricing of two offerings totaling US$1 billion in senior unsecured notes: US$450 million due May 15, 2023, at 2.800% interest, and US$550 million due May 15, 2025, at 3.100%. The offering is set to close on May 13, 2020. Funds will be used to repay short-term debt and for general corporate purposes, while maintaining financial health. RBC Capital Markets and J.P. Morgan are acting as joint book-running managers.
The offering complies with US regulations and does not allow sales in Canada.
Suncor's Annual General Meeting took place on May 6, 2020, in Calgary, with about 76.05% of shares represented. Shareholders elected ten board members, with Patricia M. Bedient receiving 99.85% support. KPMG LLP was reappointed as auditors, and the executive compensation approach was approved with 94.64% approval. Suncor is recognized for its integrated energy operations, including oil sands and petroleum refining. The company is listed on the Dow Jones Sustainability indexes and is symbolized as SU on the Toronto and New York stock exchanges.
On May 5, 2020, Suncor announced significant strategic adjustments due to the ongoing impacts of COVID-19 and an oil supply shock. To enhance financial health, the company has reduced operating costs by $1 billion (10%) and capital expenditures by $1.9 billion (33%). Additionally, the quarterly dividend has been cut by 55% to $0.21 per share, effective June 25, 2020. These actions are aimed at achieving a cash breakeven price of US$35 per barrel and maintaining long-term value creation amid volatile market conditions.
Suncor Energy reported a net loss of Cdn$3.525 billion ($2.31 per share) in Q1 2020, significantly down from net earnings of Cdn$1.470 billion ($0.93 per share) in Q1 2019.
Funds from operations also declined to Cdn$1.001 billion ($0.66 per share) from Cdn$2.585 billion ($1.64 per share) the previous year due to substantial declines in oil prices and demand amid the COVID-19 pandemic. The company secured Cdn$2.5 billion in credit facilities and adjusted its capital expenditure guidance down to Cdn$3.6 billion to Cdn$4 billion. Quarterly dividend was reduced from Cdn$0.465 to Cdn$0.21 per share.
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