June 16, 2017 - 8:33 AM EDT
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Corporate News Blog - Suncor Energy Reveals Revised Plans for Shipments from Syncrude Mildred Lake Oil Sands Facility

LONDON, UK / ACCESSWIRE / June 16, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Suncor Energy Inc. (NYSE: SU). The Calgary, Alberta based Canadian Oil Sands Company announced on June 13, 2017, its updated plans with regards to the shipments from Syncrude Mildred Lake Oil Sands facility after it was shut down in March 2017 following an explosion and fire. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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The Company revealed that repairs at the plant are progressing as planned and the maintenance work scheduled during the fall season has also been added to the current work. This has resulted in extending the time required for completion of the work and pushed the full ramp up to mid-July 2017. Currently, the shipments have been reduced to approximately 130 kbpd (thousand barrels per day) (gross) so that the accelerated maintenance can be completed and additional units can be added. This will ramp up the pace of turnaround activities at the plant.

The Company has said that the maintenance work that was brought forward is already part of the production plan for FY17. Also, the overall production guidance for 2017 will remain the same without any changes.

About the incident

On March 14, 2017, there was a major explosion and fire at the Syncrude Mildred Lake Oil Sands facility. An employee was injured in the incident and the plant was shut down afterwards. The incident was caused as a result of a split in a 6-inch carbon steel-line on a naphtha hydrotreater recycle circuit. The damage due to the fire was mainly at a piperack which was adjacent to the hydrotreater, containing piping, cables, and electrical circuits.

On May 01, 2017, Suncor revealed that it had completed the necessary repairs and start-up activities to begin shipping product by pipeline from the Syncrude plant. It started with approximately 140 kbpd (gross) capacity and planned to ramp up additional units to complete the turnaround activities. The Company had indicated that it would resume production at full capacity from June 2017.

The Company had revealed an eight-week turnaround to mitigate the impact of the incident. Suncor had expected to start 50% of the capacity of shipment of treated product from April 2017 and later on increasing the capacity to full levels after completing the turnaround plan. Syncrude plant had been operating on 95% capacity in the first two months of 2017 before the incident. The Company was confident that the incident would not change its production plan and it would be able to meet its overall production guidance for 2017, as its other oil sands assets and offshore operations had a strong production pipeline.

About Suncor

Suncor is Canada's premier integrated energy Company and the fifth largest North American energy Company. It is also one of the largest independent energy Companies in the world. Suncor's operations include oil sands development and upgrading, offshore oil and gas production, petroleum refining, and product marketing under the Petro-Canada brand. The Company has also entered into renewable energy generation with investments in wind power facilities and biofuels industry, especially ethanol produced from corn.

Last Close Stock Review

On Thursday, June 15, 2017, Suncor Energy's stock closed the trading session at $29.50, marginally dropping 0.91% from its previous closing price of $29.77. A total volume of 4.28 million shares were exchanged during the session, which was above the 3-month average volume of 2.97 million shares. The stock has advanced 12.34% in the last twelve months. Shares of the Company have a PE ratio of 44.36 and have a dividend yield of 3.21%. The stock currently has a market cap of $49.60 billion.

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Source: ACCESSWIRE (June 16, 2017 - 8:33 AM EDT)

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