- 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%