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Suncor posts strong earnings beat, hikes cost of Fort Hills project by ~$1.5B

Feb. 09, 2017 8:24 AM ETSuncor Energy Inc. (SU) Stock, SU:CA StockSUBy: Carl Surran, SA News Editor3 Comments
  • 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

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