- Suncor Energy (NYSE:SU) -0.2% premarket, despite easily beating Q4 earnings expectations and achieving a new quarterly crude production record.
- SU says it produced a record 738.5K boe/day in Q4, up 27% Y/Y, reflecting additional Syncrude working interests acquired during the year and significantly improved Syncrude reliability; average refinery crude throughput was down slightly at 427.3K boe/day.
- SU raises the estimated cost of its Fort Hills oil sands mining project, which was ~75% complete at year-end 2016, to $16.5B-$17B from its previous estimate of $15.1B, citing delays caused by last spring’s Fort McMurray wildfire and construction changes to boost capacity to 194K bbl/day from 180K.
- SU also raises its quarterly dividend to C$0.32/share from C$0.29.
- Finally, the company appoints board member Michael Wilson as chair to replace the retiring Jim Swimpson effective April 27