Suncor profit soars fourfold to almost $4 billion amid surging oil prices mpotkins
Energy producers have largely benefited as Russia’s invasion of Ukraine exacerbated existing supply issues, driving U.S. benchmark crude oil above US$100 in the first half of the year — though prices have recently pulled back on fears of a recession and following crude releases from U.S. stockpiles.
Suncor, Canada’s third largest oil major, also raised its 2022 capital expenditure forecast to a range of $4.9-billion to $5.2-billion, up from $4.7-billion previously, as result of inflationary pressures and increased spending during turnarounds and maintenance to improve safety. The company has came under intense scrutiny since last spring when activist investor Elliott Investment Management LP publicly targeted the company over its financial and operational performance last year. A key criticism levelled at the company was Suncor’s poor track record on safety, including five workplace fatalities since 2020.Article content
Former CEO Mark Little abruptly resigned on July 8, the day after a worker was killed at the company’s base plant in northern Alberta. Suncor also announced Thursday that it has signed a deal for the sale of its exploration and production assets in Norway for about $410 million. The company’s assets in Norway include stakes in the offshore, Oda, Fenja and Beta fields.“Our confidence in our business and expected annual cash flows enabled us to return approximately $3.
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Suncor profit soars fourfold to almost $4 billion amid surging oil pricesSuncor Energy Inc, Canada\u0027s third largest oil major, posts profit of almost $4 billion with help from high crude prices. Read on for more
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Suncor profit soars fourfold to almost $4 billion amid surging oil pricesSuncor Energy Inc, Canada\u0027s third largest oil major, posts profit of almost $4 billion with help from high crude prices. Read on for more
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