Seeking Alpha

Suncor Energy Inc. (SU)

  • Thu, Oct. 29, 6:25 PM
    • Canadian Oil Sands (OTCQX:COSWF) reiterates its rejection of Suncor Energy's (NYSE:SU) hostile takeover offer, and says it is considering alternatives including a potential sale of the company or a merger or partnership with a strategic or financial partner.
    • In its Q3 earnings, COSWF says cash flow from operations fell 73% Y/Y to C$82M, or C$0.17/share, from C$302M, or C$0.62/share, a year ago, partly due to a 41% drop in realized selling prices for synthetic crude oil from Syncrude to C$60.20/bbl from C$102.58/bbl.
    • The company cuts its full-year cash flow from operations forecast to C$340M from a July estimate of C$474M, as it expects continued low crude oil prices.
    • COSWF says its overall Q3 total sales volumes fell partly because of an August fire at Syncrude’s main oil sands plant, which reduced output by 7M barrels Q/Q to 86,687 bbl/day and by 2.6M barrels Q/Q net to the company.
    • COSWF holds the largest stake in the Syncrude oil sands project, while joint venture partner SU owns 12%.
    | Thu, Oct. 29, 6:25 PM | 33 Comments
  • Wed, Oct. 28, 10:22 PM
    • Suncor Energy (NYSE:SU) is the first major Canadian energy producer to post Q3 earnings, and its weak results are expected to be replicated by the others when they report later this week.
    • SU's unadjusted Q3 loss totaled C$376M, including a C$786M unrealized foreign exchange loss on the revaluation of U.S. dollar-denominated debt; a year ago, the company recorded a C$919M profit.
    • Cash flow from operations fell to C$1.88B from C$2.28B a year ago, which the company said reflected “the lower upstream crude oil price environment.”
    • SU says overall Q3 production rose to 566.1K boe/day from 519.3K boe/day a year ago, primarily the result of increased production in the U.K.; oil sands output rose to 430.3K bbl/day from 411.7K bbl/day a year ago.
    • SU's average Q3 sales prices for its oil sands output was C$47.93/bbl, down from $60.81 in Q2 and $89.38 in Q3 2014.
    • SU maintains its full-year production forecast of 550K-595K boe/day and keeps its full-year capex outlook unchanged at C$5.8B-C$6.4B, although its original spending target was C$7.8B; the dividend is maintained at $0.29/share.
    • The company touts its oil sands performance in support of its hostile bid for Canadian Oil Sands (OTCQX:COSWF), saying it has managed to run its upgrading operations that process bitumen into light crude at more than 90% of capacity this year, compared with an average 70% for Syncrude.
    | Wed, Oct. 28, 10:22 PM | Comment!
  • Wed, Oct. 28, 9:37 PM
    | Wed, Oct. 28, 9:37 PM | 8 Comments
  • Tue, Oct. 27, 5:35 PM
  • Thu, Jul. 30, 2:59 PM
    • Suncor (SU +5.7%) CEO Steve Williams says prices for oil and gas asset have fallen enough to make acquisitions more attractive, but that his company is not actively pursuing any specific targets.
    • Williams says SU is focused on developing its own assets and buying back shares, but that strategic acquisitions are a third option for making use of its growing cash reserves, especially as asking prices decline.
    • SU's Q2 earnings fell to C$0.63 on lower oil prices, but the result was well above analyst expectations; the company cut another C$400M from its 2015 capital spending budget, and now plans to spend C$5.8B-$6.4B as it lowers its range from up to C$6.8B previously and an original target of up to C$7.8B.
    • With a C$4.9B war chest, Williams says SU would consider boosting its 40.8% interest in the 180K bbl/day Fort Hills oil sands project in Alberta to assure its startup by 2017.
    | Thu, Jul. 30, 2:59 PM | 8 Comments
  • Wed, Jul. 29, 11:07 PM
    | Wed, Jul. 29, 11:07 PM | 8 Comments
  • Wed, Apr. 29, 10:48 PM
    • Suncor Energy (NYSE:SU): Q1 EPS of $0.12 beats by $0.03.
    • Revenue of $7.39B (-29.5% Y/Y) beats by $470M.
    • Press Release
    | Wed, Apr. 29, 10:48 PM | 8 Comments
  • Thu, Feb. 5, 8:19 AM
    • Suncor Energy (NYSE:SU) -1.3% premarket after reporting an 81% drop in Q4 earnings that also fell short of expectations, hurt by lower crude prices and reduced output at its oil sands mining operations due to unplanned maintenance.
    • Profit also was hit by a C$302M forex loss on U.S. dollar-denominated debt due to a weakening of the Canadian currency.
    • SU says Q4 oil and gas production totaled 557.6K boe, flat Y/Y, but oil sands output fell 6.2% to 384.2K bbl/day from 409.6K bbl/day due to maintenance issues affecting upgrader equipment.
    • For FY 2014, SU's oil sands production volume was 421.9K bbl/day, up 7% from 392.5K in 2013, while total oil and gas production was 534.9K boe/day, down 4.9% from 562.4K in 2013; SU plans to produce up to 585K boe/day in 2015.
    • SU maintains its latest spending plan for this year, which was revised lower last month at C$6.2B-C$6.8B; final 2014 capex came in C$300M below the planned budget of C$6.8B.
    • SU says it will move forward with its planned Fort Hills oil sands project.
    • Says it will maintains a quarterly dividend of C$0.28/share, but plans no share repurchases in light of the lower oil price environment.
    | Thu, Feb. 5, 8:19 AM | Comment!
  • Thu, Feb. 5, 5:10 AM
    • Suncor Energy (NYSE:SU): Q4 EPS of $0.27 misses by $0.09.
    • Revenue of $9.09B (-10.8% Y/Y) beats by $730M.
    • Press Release
    | Thu, Feb. 5, 5:10 AM | Comment!
  • Oct. 31, 2014, 8:39 AM
    • Canadian Oil Sands (OTCQX:COSWF) reports Q3 net profit fell 65% Y/Y to C$0.18/share, citing lower revenue and foreign exchange-related losses.
    • Q3 sales volume rose to 87,787 bbl/day, up4% Y/Y, but average crude prices fell to C$102.58/bbl from C$112.55 a year earlier, and operating expenses rose to to C$47.73/bbl, up from $46.15.
    • Cuts its annual maximum output target to 100M barrels of oil, down from a previous 104M barrels and an initial forecast of up to 110M barrels.
    • Canadian Oil Sands owns a 37% stake in its main operating asset, Syncrude, with six other companies owning the remainder, including lead operator Exxon Mobil (NYSE:XOM) unit Imperial Oil (NYSEMKT:IMO) and Suncor Energy (NYSE:SU).
    | Oct. 31, 2014, 8:39 AM | 6 Comments
  • Oct. 30, 2014, 9:58 AM
    • Suncor Energy (SU +0.4%) reported a 46% Y/Y drop in Q3 earnings but the bottom line still easily beat analyst expectations.
    • Q3 total production fell 12.7% Y/Y to 519.3K boe/day due to asset sales, maintenance work at some of its operations and lower production from Libya, reflecting the sale of the conventional natural gas business, planned E&P maintenance, and reduced production in Libya.
    • However, oil sands output rose 3.8% to a record 411.7K boe/day, as SU cites the full ramp up of Firebag following the commissioning of hot bitumen infrastructure assets in Q3 a year ago.
    • SU says benchmark prices for its oil sands bitumen fell 13% Y/Y to $77/bbl.
    • Cash flow from operations fell almost 10% to C$2.28B, or C$1.56/share.
    • Maintains FY 2014 capital spending guidance at C$6.8B.
    | Oct. 30, 2014, 9:58 AM | 1 Comment
  • Oct. 29, 2014, 11:47 PM
    • Suncor Energy (NYSE:SU): Q3 EPS of $0.89 beats by $0.15.
    • Revenue of $10.27B (-1.0% Y/Y) misses by $130M.
    • Press Release
    | Oct. 29, 2014, 11:47 PM | Comment!
  • Oct. 29, 2014, 11:28 AM
    • Teck Resources' (TCK +2.4%) Q3 earnings tumbled 69% Y/Y, hurt by weak coal prices and a drop in copper production, but results beat analyst expectations, helped in part by improved results from its zinc operations.
    • TCK's realized coal sales price in Q3 was US$110/metric ton vs. US$139 in the year-ago period, but unit cash costs in coal were just US$84, consistent with recent quarters, and says all six of its coal mines had positive cash margins.
    • Q3 coal production rose 2% Y/Y; coal sales of 6.7M metric tons were the second highest on record for the period and follow record high sales for H1.
    • Says construction of the Fort Hills oil sands project in Alberta, which it owns with Suncor (NYSE:SU) and Total (NYSE:TOT), is progressing according to plan and expects first oil as early as Q4 2017; TCK expects its share of Fort Hills' costs this year to total ~C$800M.
    | Oct. 29, 2014, 11:28 AM | 2 Comments
  • Jul. 31, 2014, 11:21 AM
    • Suncor Energy (SU -2.3%) is sharply lower despite reporting Q2 earnings that rose 18% Y/Y but failed to meet analyst expectations.
    • SU took a $718M writeoff to account for its share in the Joslyn oil sands project, which was mothballed by partner Total earlier this year, wrote down the value of its Libyan assets by $297M, and booked a $223M charge for oil sands assets that no longer fit into its future plans.
    • SU cut its FY 2014 capital spending plan to C$6.8B from a previous target of C$7.8B in a bid to further reduce costs.
    • Q2 production totaled 518.4K boe/day, up 3.6% Y/Y; output from Alberta operations rose 37% to 378.8K boe/day due to less maintenance in the quarter and increasing production from its Firebag thermal oil sands operations.
    • Cash flow rose to $2.41B ($1.64/share) from $2.25B ($1.49/share).
    | Jul. 31, 2014, 11:21 AM | 1 Comment
  • Jul. 31, 2014, 12:21 AM
    • Suncor Energy (NYSE:SU): Q2 EPS of $0.77 misses by $0.24.
    • Revenue of $10.65B (+9.7% Y/Y) beats by $140M.
    • Press Release
    | Jul. 31, 2014, 12:21 AM | Comment!
  • Apr. 29, 2014, 8:32 AM
    • Suncor Energy (SU) +1.5% premarket after reporting its Q1 earnings rose 36% Y/Y, which CEO Steve Williams calls the company's best-ever financial quarter.
    • Results were helped by higher prices for North American crudes and a more profitable portfolio comprised of nearly 100% crude oil weighted production vs. 92% in the prior-year quarter.
    • Total Q1 production fell 8.5% Y/Y to ~545K boe/day, which SU attributes to the sale of its natural gas assets and the shut-in of its Libya operations.
    • Oil sands output rose 8.8% to ~389 bbl/day, but operating costs per barrel from those operations rose to C$35.60 from C$34.80 due to higher natural gas costs.
    | Apr. 29, 2014, 8:32 AM | 1 Comment
Company Description
Suncor Energy Inc is an integrated energy company. Its operations include developing petroleum resource basin, Canada's Athabasca oil sands. It explores for, acquires, develops, produces & markets crude oil & natural gas in Canada and internationally.
Country: Canada