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Suncor unlikely to start any new major growth projects, CEO says

Apr. 28, 2016 12:57 PM ETSuncor Energy Inc. (SU) Stock, SU:CA StockSUBy: Carl Surran, SA News Editor
  • Suncor Energy (SU +3.8%) CEO Steve Williams says the company is not likely to start any new major growth projects given the current economic environment.
  • SU is working towards finishing two multibillion-dollar growth projects in the oil sands, but once those are complete, the company will be “taking a breath around growth projects," the CEO says.
  • Williams says SU will continue to focus on lowering costs as it ramps up daily production from 691K boe/day during Q1, which was 602K boe/day in the year-ago quarter, to ~800K by 2019; the Q1 gain stemmed largely from the increased stake in Syncrude and higher oil sands output.
  • SU raises its FY 2016 production guidance to 620K-665K boe/day from its previous forecast of 525K-565K boe/day (Q1 earnings report).
  • Williams says SU is considering selling off $1B-$1.5B in assets during the next year or so, with the sale of its retail gas business a possibility.
  • SU also is keeping its spending plans for the year unchanged at C$6B-C$6.5B.
  • Now read Suncor takes extra 5% stake in Syncrude for $937M

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