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Suncor Energy Inc. (SU) CEO Mark Little on Q1 2021 Results - Earnings Call Transcript

May 04, 2021 2:53 PM ETSuncor Energy Inc. (SU), SU:CA7 Comments
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Suncor Energy Inc. (NYSE:SU) Q1 2021 Earnings Conference Call May 4, 2021 9:30 AM ET

Company Participants

Trevor Bell - Vice President of Investor Relations

Mark Little - President and Chief Executive Officer

Alister Cowan - Chief Financial Officer

Conference Call Participants

Greg Pardy - RBC Capital Markets

Neil Mehta - Goldman Sachs Group, Inc.

Philip Gresh - JPMorgan Chase & Co.

Manav Gupta - Credit Suisse AG

Christopher Tillett - Barclays Bank PLC


Good day, and thank you for standing by, and welcome to the Suncor Energy First Quarter 2021 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Mr. Trevor Bell, VP, Investor Relations. Please go ahead.

Trevor Bell

Thank you, operator, and good morning. Welcome to Suncor's first quarter earnings call. With me this morning are Mark Little, President and Chief Executive Officer; and Alister Cowan, Chief Financial Officer.

Please note that today's comments contain forward-looking information. The actual results may differ materially from the expected results because of various risk factors and assumptions and they are described in our first quarter earnings release as well as our current annual information form. Both of these are available on SEDAR, EDGAR and our website, suncor.com. Certain financial measures referred to in these comments are not prescribed by Canadian GAAP. For a description of these financial measures, please see our first quarter earnings release. Following formal remarks, we'll open the call up to questions.

Now I'll hand it over to Mark for his comments.

Mark Little

Great. Thanks, Trevor and good morning. Thank you for joining us. Before I get into

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Comments (7)

@Toronto1023 and those of you in Canada. Can you add some color to your government's perspective on oil? The Biden administration few it disfavorably, is that the case in Canada as well?
I'll take the buybacks...$230M in April alone... which implies massive debt repayments too given their stated adherence to 2/3 ; 1/3 debt repayment to buybacks. This is one of the few Canadian oil stocks still significantly below pre-Covid levels - ie: its cheap! Given this, it is exactly the right move to buy back stock now... after all Suncor may not ever get a chance to buyback at $27 again, but can turn on dividends anytime. Buying back at these levels is the right financial decision and turn on dividends when/if the stock is back to normal ($40ish at least) levels.
VWBusman profile picture
I guess another interesting question would have been when the heck are they going to start increasing the dividend payments again? Canadian Natural Resources never even cut theirs. The 50% decrease in dividend and directly-related damage to the stock price (compared to Canadian Natural Resources) is hurting the shareholders a lot!!!
@VWBusman They've said buybacks and debt payback are a priority this year. I wouldn't imagine anything will come this year.

Now is your chance to add to your position with a long term view.
Long Time Running profile picture
@11thstreetkid , VWBusman, WHY would you increase your dividend to boost share price when you are buying back shares at a depressed price????

Buy more shares on bargain, raise the dividend later.

Think about it.

The share price will rise soon enough, be long SU.
sonicted profile picture
@VWBusman I would prefer them to get back to $ 15bn net debt first. Then the company can think about raising the dividend.
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