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, 5:10 AM
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. 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. 29, 2014, 11:47 PM
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.
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, 12:21 AM
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, 1:19 AM
Apr. 27, 2014, 5:35 PM
Feb. 4, 2014, 9:59 AM
- Suncor Energy (SU -1.2%) opens lower after its Q4 operating earnings rose by a penny to C$0.66/share, but the result was well below analyst expectations.
- Q4 production from SU’s oil sands operations increased to a record 409.6K bbl/day from 342.8K in the year-earlier period, mostly due to the ramp-up of the Firebag project; for 2014, sees average production from all its operations at 525K-570K boe from an earlier estimate of 565K-610K boe after suspending guidance for production in Libya due to political unrest in the country.
- Cash flow from operations in the quarter rose 5% to C$2.35, or C$1.58/share.
- SU's capex budget for 2014 remains at C$7.8B.
Feb. 4, 2014, 12:18 AM
Feb. 3, 2014, 12:10 AM
Feb. 2, 2014, 5:35 PM
Oct. 31, 2013, 9:57 AM
- Suncor (SU +0.8%) says it will proceed with the C$13.5B ($12.9B) Fort Hills oil sands project.
- The venture with Total (TOT -0.7%) and Teck Resources (TCK -1.4%) will begin producing crude in 2017, adding 180K bbl/day of output in Alberta; SU’s share of the costs will be C$5.5B.
- In its Q3 results, SU also cut its full-year production target to 545K-590K boe/day from an earlier outlook of 570K-620K because of disruptions in Libya, planned outages at Syncrude Canada and the sale of part of its natural gas business in western Canada.
SU vs. ETF Alternatives
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.
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