Wired News – Suncor Energy Increases Stake in Syncrude Joint Venture and Acquires Stake in Fenja Field in Norwegian Sea
Stock Monitor: Viper Energy Partners Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 14, 2018 / Active-Investors.com has just released a free research report on Suncor Energy Inc. (NYSE: SU). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SU as the Company's latest news hit the wire. On February 12, 2018, the Company announced the acquisition of 5% additional stake in Syncrude joint venture from Mocal Energy. The Company also announced that its wholly owned subsidiary, Suncor Energy Norge AS, had acquired 17.5% participating interest in the Fenja Development located in the Norwegian Sea from Faroe Petroleum.. Register today and get access to over 1,000 Free Research Reports by joining our site below:
www.active-investors.com/registration-sg
Active-Investors.com is currently working on the research report for Viper Energy Partners LP (NASDAQ: VNOM), which also belongs to the Basic Materials sector as the Company Suncor Energy. Do not miss out and become a member today for free to access this upcoming report at:
www.active-investors.com/registration-sg/?symbol=VNOM
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Suncor Energy most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/?symbol=SU
Commenting on the acquisition of additional stake in Syncrude joint venture, Steve Williams, President and CEO of Suncor, said:
"This transaction reflects our confidence in the long-term future of the oil sands and the high quality and value of the Syncrude asset, adding 17,500 barrels per day of high quality light sweet synthetic crude capacity to our portfolio."
Details of Syncrude joint venture transaction
Suncor acquired additional 5% stake in the Syncrude joint venture from Mocal Energy. The deal is valued C$920 million (approximately $730 million) and is subject to adjustments at the time of closing of the transaction. The deal is effective as on January 01, 2018 and is expected to close in Q1 2018. This acquisition will increase Suncor's stake in the Syncrude joint venture from 53.74% to 58.74%. Once the transaction is closed, the holdings of the Syncrude joint venture partners will include Suncor with 58.74% stake, Imperial Oil Resources with 25% stake, Sinopec Oil Sands Partnership with 9.03% stake, and Nexen Oil Sands Partnership with 7.23% stake.
Details of acquisition of interest in Fenja Development
Suncor's wholly owned subsidiary, Suncor Energy Norge AS, acquired 17.5% participating interest in the Fenja Development from Faroe Petroleum. The deal is valued at C$68 million (approximately $54.5 million) and is subject to adjustments at the time of closing of the transaction. The deal is effective as on January 01, 2018 and is expected to close in Q2 2018. The deal is also subject to getting regulatory approvals including the approval of the Fenja Plan for Development and Operation (PDO) from the Norwegian Ministry of Petroleum and Energy and other closing conditions. The acquisition is expected to add a de-risked project to the Company's existing portfolio of profitable growth assets in a region where it has the advantage of knowledge, expertise, and assets.
The Fenja field is located in the Norwegian Sea, approximately 30 kilometers south west of the Statoil-operated Njord field and was discovered in 2014. It is estimated that the field contains gross recoverable resources of approximately 100 million barrels of oil equivalent, predominantly oil. The development concept is a subsea tie-back to the Statoil-operated Njord platform and the production from the field is expected to start in 2021. Suncor's portion of capital outlay based on the operator's gross projected development cost of NOK 10.2 billion is expected to be C$280 million. Once the transaction is completed the holding of the joint venture partners will be VNG Norge, which is also the operator, will hold 30%; Point Resources 45%; Suncor 17.5%; and Faroe Petroleum 7.5%.
About Suncor Energy Inc.
Calgary, Alberta-based Suncor is an integrated Canadian energy company that strategically focused on developing one of the world's largest petroleum resource basins — Canada's Athabasca oil sands. Suncor's operations include oil sands development and upgrading, offshore oil and gas production, petroleum refining, and product marketing under the Petro-Canada brand. It has grown into a globally competitive Company with a balanced portfolio of high-quality assets, a strong balance sheet, and significant growth prospects.
Stock Performance Snapshot
February 13, 2018 - At Tuesday's closing bell, Suncor Energy's stock marginally advanced 0.39%, ending the trading session at $33.50.
Volume traded for the day: 3.38 million shares, which was above the 3-month average volume of 3.11 million shares.
Stock performance in the previous six-month period – up 4.30%; and past twelve-month period – up 5.02%
After yesterday's close, Suncor Energy's market cap was at $55.28 billion.
Price to Earnings (P/E) ratio was at 15.73.
The stock has a dividend yield of 3.01%.
The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry. This sector was flat at the end of the session.
Active-Investors:
Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
A-I has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email info@active-investors.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
NO WARRANTY
A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.
CONTACT
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Email: info@active-investors.com
Phone number: 73 29 92 6381
Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
SOURCE: Active-Investors
