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.
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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