Suncor Energy's (SU) total expenses in the first quarter escalate to C$12.1 billion from C$7.39 million a year ago.

(Bloomberg) -- Suncor Energy Inc. electing to cut its quarterly dividend 55% is causing analysts to question the timing of the move, however most see it as a necessary step to preserve liquidity.“The surprise is less that the dividend was reduced, and more the timing,” UBS analyst Lloyd Byrne told clients in a note.Suncor’s dividend reduction comes on the back of Royal Dutch Shell Plc’s actions in lowering its payout to shareholders for the first time since at least the Second World War.See More: Shell’s Dividend Cut Shows This Time is Different for Big OilMeanwhile, investors may also turn their focus to peer Canadian Natural Resources Ltd.’s dividend, according to Morgan Stanley, with the company’s earnings report due Thursday morning.Here’s what analysts are saying:UBS, Lloyd ByrneByrne expected Suncor to further cut capex (which occurred) and reassess its dividend in July.“We understand that if oil prices and margins rebound, SU can grow back the dividend, and the decision to cut was made out of an abundance of caution.”Maintains a buy rating and PT C$24.50Eight Capital, Phil SkolnickSuncor’s dividend cut may be “priced into the stock” after Shell announced a similar action last week, with shares of Suncor lagging in a similar fashion.“Ultimately, the dividend cut saves SU roughly C$1.5 billion per year, which is on top of a C$400 million cut in its capex.”Sees Suncor’s action as “ultimately the right thing to do.”Maintains neutral rating, PT C$30Morgan Stanley, Benny Wong“We were surprised by the timing of the dividend cut and thought SU would have waited to see” how the second-quarter and second-half of 2020 shapes up.“Despite the potential of a negative knee jerk reaction on the news, we believe the announcement prudently preserves the balance sheet and resets the bar for investors.”Maintains overweight rating, PT C$30For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

While major activities at Suncor Energy's (SU) principal projects are likely to reflect on its Q1 upstream results, weak year-over-year refining margins might have dampened its downstream units.

CALGARY, Alberta, April 27, 2020 -- Suncor will release its first quarter financial results on May 5, 2020 before 8:00 p.m. MT (10:00 p.m. ET). A webcast to review the first.

The Norwegian central bank on Wednesday excluded four Canadian oil and gas companies from its $1-trillion wealth fund, the world's largest, for producing too much greenhouse gas emissions, its first use of carbon emissions as a criterion to blacklist firms. Canadian Natural Resources Ltd, Cenovus Energy Inc , Suncor Energy Inc, and Imperial Oil Ltd were excluded from the fund due to "unacceptable greenhouse gas emissions", Norges Bank said in a statement https://www.norges-bank.no/en/news-events/news-publications/News-items/2020/2020-05-13-spu. The decision was based on recommendations from the Council on Ethics, the fund's ethics watchdog, because of the companies' carbon emissions from production of oil to oil sands, the central bank said.

Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$), and have been prepared in accordance with International Financial Reporting Standards, specifically International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board. References to Oil Sands operations exclude Suncor Energy Inc.’s interests in Fort Hills and Syncrude. CALGARY, Alberta, May 05, 2020 (GLOBE NEWSWIRE) --  “The COVID‑19 pandemic has led to an unprecedented decline in demand for transportation fuels and a significant oversupply of crude oil resulting in a substantial decline in crude oil prices,” said Mark Little, president and chief executive officer.

Contrary to the belief of many investors, this fund does not invest in physical oil Continue reading...

(Bloomberg) -- Suncor Energy Inc. is going further into a defensive crouch, cutting its capital-spending plans for a second time and shrinking its dividend payout, as the Covid-19 pandemic hammers crude demand.Capital spending this year will be C$3.6 billion to C$4 billion ($2.6 billion to $2.9 billion), down from an already-reduced range of C$3.9 billion to C$4.5 billion announced in late March, the Calgary-based company said Tuesday. The board also cut the company’s quarterly dividend to 21 Canadian cents a share, from 46.5 cents.Suncor is joining a parade of global oil producers that are hunkering down as record low crude prices cause steep losses. In the first quarter, Suncor was able to shift output to higher priced light crude and its refined-product mix to higher-value distillate. The moves helped the company post a better-than-expected loss, excluding some items, of 20 Canadian cents a share. Analysts estimated a loss of 34 cents, on average.The virus is affecting Suncor’s maintenance work, too. The company pushed back plans to return its MacKay River operation to service until later in the second quarter. It’s also evaluating other options for its Terra Nova venture off Newfoundland and Labrador’s coast because the project’s production vessel can’t undergo planned work at a dry dock in Spain at the moment.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

The COVID-19 pandemic and the associated rapid demand reduction and the crude oil supply shock as a result of the OPEC+ production decisions are expected to keep crude oil prices lower for at least the next 12-24 months. In order to maintain the financial health and resiliency of the company to navigate the current market conditions, the company has reduced operating costs by $1 billion (10%) compared to 2019 levels. In addition, we have reduced 2020 capital expenditures by $1.9 billion (33%) compared to the original 2020 plan.

Moody's Investors Service (Moody's) rated Suncor Energy Inc.'s (Suncor) senior unsecured notes offering Baa1. Suncor's Baa1 senior unsecured rating, Prime-2 commercial paper rating and stable outlook are unchanged. Suncor Baa1 rating is supported by: 1) its sizable production (about 750,000 boe/day) base; 2) long-lived proved developed reserves (approximately 11 years); 3) a downstream integrated business model that mitigates the volatility from light-heavy differentials; and 4) good liquidity.

Canada's second-largest oil and gas producer produced a total of 739,800 barrels of oil equivalent per day (boepd) in the first quarter, down from 764,300 boepd a year ago. Suncor cut its 2020 capital budget to a range of C$3.6 billion to C$4.0 billion, a C$400 million reduction at mid‑point compared to the previous guidance and about 33% compared to the original plan.

Suncor Energy (TSE:SU) shareholders are no doubt pleased to see that the share price has bounced 33% in the last month...

Teck Resources (NYSE: TECK), one of Canada's largest and most diversified miners, looked to move into the oil space to further increase its diversification. Although its massive Fort Hills oil sands project managed to stay alive through the last deep energy market downturn, the COVID-19-related oil plunge may be more than Teck and its Fort Hills partners can handle. In the fourth quarter of 2019, Teck's energy business had a gross profit margin of just 1%.

Suncor Energy (SU) delivered earnings and revenue surprises of 21.05% and -31.90%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?

Thank you for standing by and welcome to the Suncor Energy First Quarter 2020 Financial Results Call. With me this morning are Mark Little, President and Chief Executive Officer; and Alister Cowan, Chief Financial Officer.

We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]

Canadian oil and gas producer Suncor Energy Inc swung to a quarterly loss on Tuesday, partly hurt by an after-tax impairment charge. The Calgary, Alberta-based company posted a loss of C$3.53 billion ($2.51 billion), or C$2.31 per share, in the first quarter ended March 31, compared with a profit of C$1.47 billion, or C$0.93 per share, a year earlier.

CALGARY, Alberta, May 06, 2020 -- Suncor held its Annual General Meeting in Calgary today. A total of approximately 1.16 billion shares (approximately 76.05% of outstanding.

(Bloomberg) -- Saudi Arabia’s sovereign wealth fund built stakes in two major Canadian oil sands players during the energy market rout.The Public Investment Fund amassed shares in Calgary-based Canadian Natural Resources Ltd. and Suncor Energy Inc., with a 2.6% and 2% stake in the companies, respectively. PIF is now the eighth largest shareholder in Canadian Natural and 14th largest in Suncor, according to data compiled by Bloomberg.The fund also bought stakes in Equinor ASA, Royal Dutch Shell Plc, Total SA and Eni SpA, according to a Bloomberg report earlier in April. Saudi Arabia’s $320 billion sovereign wealth fund is run by Yasir Al-Rumayyan and controlled by Crown Prince Mohammed bin Salman.Read more: Saudi Wealth Fund Builds Stakes in European Energy GiantsThe Saudi purchase is disclosed at a time when Norway’s wealth fund is dumping oil-sands companies. The latter said this week it will exclude Canadian Natural, Cenovus Energy Inc., Suncor, and Imperial Oil Ltd. over concerns about carbon emissions.Canadian oil producers have announced that almost 700,000 barrels per day of oil production is offline amid low prices and weak demand because of the coronavirus pandemic.Shares of Canadian Natural have lost 43% this year, while Suncor is down 46% versus a 15% drop for the S&P/TSX Composite Index.Suncor elected to slash its quarterly dividend 55% earlier this month, while Canadian Natural maintained its current payout.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Suncor announced today that it has priced an offering of US$450 million in aggregate principal amount of senior unsecured notes due on May 15, 2023 (the “2023 Notes”) and US$550 million in aggregate principal amount of senior unsecured notes due on May 15, 2025 (the “2025 Notes” and, together with the “2023 Notes”, the “Notes”). The offering is expected to close on May 13, 2020, subject to customary closing conditions. Suncor intends to use the net proceeds from the sale of the Notes to repay short-term indebtedness and for general corporate purposes.