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Suncor CEO Williams says he will protect dividend

Feb. 04, 2016 2:33 PM ETSuncor Energy Inc. (SU) Stock, SU:CA StockSUBy: Carl Surran, SA News Editor14 Comments
  • Suncor Energy (SU +0.2%) CEO Steve Williams says he will protect the company’s dividend and avoid further job cuts, and would shed non-core assets if cash flow is weighed by lower crude oil prices.
  • In today's earnings conference call, Williams said some non-core assets have been identified for possible sale to raise cash but did not offer specifics.
  • SU also has no plans to cut its workforce further after 1,700 jobs last year, the CEO said; the reductions were higher than the 1,000-person cut the company had previously announced.
  • SU's reduced capex plan will not affect forecast 2016 production of 525K-565K boe/day; Williams said "we certainly don’t see ourselves shutting-in” production, with the company's cash operating costs below $20/bbl.
  • Earlier: Suncor posts surprise loss, cuts spending by another 10%

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