Wednesday, August 19, 2015

Suncor Energy Inc. - SU.t

Suncor Energy Inc. - SU.t produces oil, natural gas, wind-generated electricity and ethanol. Oil sands operations are the focus of Suncor’s business.

The company operates a network of 1,500 Petro-Canada retail and wholesale outlets across Canada and a network of retail sites under the Shell and Phillips 66 brands in Colorado.





On July 29, 2015 the company released Numbers

"Suncor generated strong cash flows in excess of $2.1 billion during the second quarter of 2015, more than enough to fund our capital requirements and our dividend," said Steve Williams, president and chief executive officer.

"As a result, we are returning more value to shareholders by increasing our dividend and renewing our share buyback program."

• Cash flow from operations of $2.155 billion ($1.49 per common share) versus $2.406 billion ($1.64 per common share) in the prior year quarter, despite a decrease in crude oil benchmarks of over 40%.
• Operating earnings of $906 million ($0.63 per common share) and net earnings of $729 million ($0.50 per common share).
• Solid refinery utilization and a favourable downstream business environment resulted in Refining and Marketing operating earnings of $631 million.
• Production from Oil Sands operations increased by 45,000 barrels per day (bbls/d) from the prior year quarter, to 423,800 bbls/d, despite planned maintenance at Firebag. The increase, combined with lower natural gas prices and a continued focus on cost reduction initiatives, resulted in a further decrease in cash operating costs per barrel to $28.00 for the quarter.
• The company's 2015 capital expenditures outlook has been reduced by $400 million to $5.8 - $6.4 billion as a result of Suncor's continued focus on capital discipline and cost reduction initiatives.

Suncor Energy Inc. recorded first quarter 2015 operating earnings of $175 million ($0.12 per common share) and cash flow from operations of $1.475 billion ($1.02 per common share), compared to $1.793 billion ($1.22 per common share) and $2.880 billion ($1.96 per common share), respectively, in the prior year quarter, reflecting the lower crude oil price environment. Highlights of the first quarter included record Oil Sands operations production, higher Exploration and Production (E&P) production, and strong refinery utilization. For the twelve months ended March 31, 2015, free cash flow decreased to $856 million, compared to $3.226 billion for the twelve months ended March 31, 2014.

A net loss of $341 million ($0.24 per common share) was recorded in the first quarter of 2015, compared with net earnings of $1.485 billion ($1.01 per common share) for the prior year quarter.


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