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The Zacks Analyst Blog Highlights: TOTAL, BP, ConocoPhillips, Suncor Energy and National Oilwell Varco
The Fort Hills oil sands mine in northern Alberta began producing in 2018. Suncor announced the writedown on Wednesday, when it reported a larger-than-expected fourth-quarter loss due to impairment charges. The impairment was necessary as Suncor adjusted its global oil price forecast down about $10 per barrel, he said.
Suncor Energy (SU) returns C$644 million to its shareholders through dividends and buys back C$11.1 million of outstanding shares in Q4.
Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars, 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. Production volumes are presented on a working-interest basis, before royalties, except for Libya, which are presented on an economic basis. Certain financial measures referred to in this news release (funds from operations, operating earnings, Oil Sands operations cash operating costs, Fort Hills cash operating costs and Syncrude cash operating costs) are not prescribed by Canadian generally accepted accounting principles (GAAP).
Suncor Energy’s Board of Directors has approved a quarterly dividend of $0.465 per share on its common shares, payable March 25, 2020 to shareholders of record at the close of business on March 4, 2020. This dividend represents an approximate 11% increase over the prior quarter and marks 18 years of consecutive annualized dividend increases. In addition, the current $2.5 billion share repurchase program will expire at the end of February.
Phillips 66 Partners' (PSXP) Q4 results benefit from higher volumes and realizations. Its ongoing projects are expected to deliver typical midstream returns, going forward.
(Bloomberg) -- Teck Resources Ltd.’s proposed Frontier oil-sands mine won votes of confidence from the heads of two rival crude producers as Canada weighs a decision on the project.The mine in Alberta won the green light from a government panel last year, and Prime Minister Justin Trudeau’s cabinet may decide on the project’s fate by the end of next month. The mine would cost about C$20 billion ($15 billion) to build and produce 250,000 barrels a day after going into operation by 2026.Cenovus Energy Inc. Chief Executive Officer Alex Pourbaix, speaking at an event in Calgary, said the industry is seeking certainty that it can get projects approved if they meet regulators’ requirements and go through “tough, transparent and challenging” assessments.“You have a proponent that has been advancing this project for 10 years, and it looks to me like they’ve done everything right,” Pourbaix said in response to reporters’ questions. “They’ve received all the approvals and the positive reports, and if it were not to be approved, that would be a challenge.”Suncor Energy Inc. CEO Mark Little said in an interview with BNN Bloomberg Television that Canada should help meet rising global demand for crude and that new oil-sands facilities are using technology that puts their carbon intensity on par with the North American average, reducing their environmental impact. Suncor partnered with Vancouver-based Teck on the Fort Hills oil-sands operation that opened in 2018.Rejecting Frontier would be “a big hit on investor confidence in Canada,” Little said.Teck, for its part, hasn’t committed to building Frontier. CEO Don Lindsay said at investor conference on Wednesday that the company will need a partner to develop the project with, adequate pipeline capacity and strong enough oil prices before deciding to go ahead with it.To contact the reporter on this story: Kevin Orland in Calgary at firstname.lastname@example.orgTo contact the editors responsible for this story: Simon Casey at email@example.com, Carlos Caminada, Joe CarrollFor 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.
RPC Inc's (RES) cost of revenues contracted from $274.4 million in fourth-quarter 2018 to $176.8 million due to lower activity levels and cost-reduction actions.
CALGARY, Alberta, Jan. 29, 2020 -- Suncor will release its fourth quarter financial results on Feb. 5, 2020 before 8:00 p.m. MT (10:00 p.m. ET). A webcast to review the fourth.
Suncor Energy (SU) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Following the completion of Jagged Peak Energy acquisition earlier this month, Parsley (PE) foresees first quarter 2020 net oil production to average 123 --129 MBo/d.