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 announced early tender results for its Tender Offers to purchase certain outstanding notes for cash. The company increased the Pool 1 Maximum Amount from C$700 million to C$1 billion and maintained the Pool 2 Maximum Amount at C$100 million. As of the early tender date, significant amounts of various notes have been tendered. For Pool 1, Suncor expects to accept all 6.50% Notes due 2038 and 6.80% Notes due 2038 on a prorated basis. For Pool 2, it will accept all 3.10% Series 6 Medium Term Notes due 2029, 3.00% Series 5 Medium Term Notes due 2026, and 5.35% Notes due 2033, with 5.95% Notes due 2035 accepted on a prorated basis. The Tender Offers will expire on October 18, 2024. Suncor plans to fund the purchases with cash on hand and expects to make payments on October 7, 2024. All accepted notes will be retired and canceled.
Suncor Energy (TSX: SU) (NYSE: SU) has announced tender offers to purchase for cash certain outstanding series of notes for an aggregate purchase price of up to C$800 million, excluding accrued interest. The tender offers are divided into two pools:
Pool 1 (max C$700 million): 6.50% Notes due 2038 and 6.80% Notes due 2038
Pool 2 (max C$100 million): Various series of notes due between 2026 and 2042
The tender offers will expire on October 18, 2024. Holders tendering before the Early Tender Date of October 2, 2024, will be eligible for the Total Consideration, which includes an Early Tender Payment. The purchase price will be determined based on a fixed spread plus the yield of the applicable reference security on October 3, 2024. Suncor intends to fund the purchases with cash on hand.
Suncor Energy reported its Q2 2024 results, highlighting key financial and operational performance metrics.
The company generated $3.4 billion in adjusted funds from operations and $1.4 billion in free funds flow. Shareholder returns totaled over $1.5 billion through $825 million in share repurchases and $698 million in dividends.
Key production metrics included a strong upstream production of 771,000 barrels per day (bbls/d) and refinery throughput of 431,000 bbls/d. Record first half production included 803,000 bbls/d upstream and 443,000 bbls/d refinery throughput.
Financial highlights showed net earnings of $1.568 billion ($1.22 per share) and adjusted operating earnings of $1.626 billion ($1.27 per share).
Suncor executed $800 million in turnaround activities ahead of schedule and reduced net debt by $498 million to $9.054 billion.
Suncor forecasts growth in free funds flow by $3.3 billion per year by 2026 and plans to grow upstream production by 100,000 bbls/d from 2023 to 2026.
Suncor Energy (TSX: SU) (NYSE: SU) has announced a quarterly dividend of $0.545 per share on its common shares, payable September 25, 2024 to shareholders of record at the close of business on September 4, 2024. Suncor, Canada's leading integrated energy company, operates in oil sands development, offshore oil production, petroleum refining, and retail distribution through Petro-Canada™. The company is also investing in lower-emissions power, renewable fuels, and emissions reduction projects as part of its transition strategy. Suncor's common shares are listed on both the Toronto and New York stock exchanges under the symbol SU.
Suncor Energy (TSX: SU) (NYSE: SU) has announced the release of its second quarter 2024 financial results on August 6, 2024, before 5:00 p.m. MT. A webcast to review the results will be held on August 7, 2024, at 7:30 a.m. MT. Rich Kruger, President and CEO, and Kris Smith, CFO, will represent management, with Troy Little, VP of Investor Relations, hosting the call. The webcast will include a Q&A session with analysts.
Suncor, headquartered in Calgary, Alberta, is an integrated energy company with operations in oil sands development, offshore oil production, and petroleum refining. The company is also investing in lower-emissions power, renewable fuels, and emissions reduction projects as part of its transition strategy.
Petro-Canada, a Suncor Energy (TSX: SU) (NYSE: SU) business, has extended its partnerships with the Canadian Olympic Committee and Canadian Paralympic Committee through 2032. This extension covers the next four Games, including Milano Cortina 2026, Los Angeles 2028, Winter 2030, and Brisbane 2032.
The partnership includes the Fuelling Athlete and Coaching Excellence (FACE) program, which annually provides $10,000 grants to 55 up-and-coming athletes and their coaches. Since 1988, FACE has supported over 3,500 athletes and coaches with $14 million in funding.
Petro-Canada has also launched its 2024 Olympic and Paralympic Games campaign, inviting Canadians to share their best cheers on social media for a chance to win prizes, including a trip to the 2026 Olympic Winter Games in Milano Cortina, Italy.
Suncor Energy (TSX: SU, NYSE: SU), a major Canadian oil sands company, has expressed concerns about recent amendments to the Competition Act under Bill C-59, which affect environmental and climate disclosures. The new legislation mandates that businesses substantiate their environmental claims using undefined 'internationally recognized methodology,' creating risks of legal challenges and financial penalties. As a result, Suncor has removed its environmental performance data from public channels. The company urges the federal government to clarify these amendments to allow transparent communication about environmental actions. Suncor underscores its ongoing commitment to environmental sustainability and operational emissions reduction.
Suncor Energy's CEO, Rich Kruger, addressed the House of Commons Standing Committee on Environment and Sustainable Development, urging Canada to leverage its energy resources for economic growth and climate change mitigation. Kruger dispelled myths that suggest oil and gas prosperity harms the planet, asserting that profitability and environmental responsibility are interlinked. He highlighted Suncor's investments in reducing GHG emissions, renewable energy projects, and carbon capture initiatives. Kruger emphasized the need for government-industry collaboration to develop sound policies and regulatory frameworks to support Canada's leadership in responsible energy production and global energy security.
Suncor Energy Inc. reported strong first-quarter 2024 results with $3.2 billion in adjusted funds from operations and $1.8 billion in adjusted operating earnings. Record upstream production and refined product sales were achieved. Net debt decreased to $13.485 billion. The company returned $1.0 billion to shareholders. Suncor launched a loyalty partnership with Canadian Tire No changes were made to the corporate guidance.
Suncor Energy's Board of Directors has approved a quarterly dividend of $0.545 per share on its common shares, payable on June 25, 2024, to shareholders of record on June 4, 2024. Suncor Energy is a leading integrated energy company in Canada, involved in oil sands development, production and upgrading, offshore oil production, petroleum refining, and energy trading activities. The company is focusing on advancing the transition to a low-emissions future through investments in power and renewable fuels. Suncor's common shares are listed on the Toronto and New York stock exchanges.