(World Oil)– Canadian oil sands companies have found a way to ramp up production in the face of oil prices: curtailing lengthy repairs to equipment. Canadian Natural Resources Ltd., Imperial Oil Ltd. and others are extending maintenance cycles to two-years from one, which saves on capital expenditure, increases output and effectively offsets declining profits from crude prices that have
(BOE Report) – Canada’s second-largest oil producer Suncor Energy said on Wednesday a recent cost-cutting campaign had set it up well to weather lower global oil prices, but did not rule out reducing capital spending next year if weaker economic conditions persist. CEO Rich Kruger told analysts on a conference call that Suncor has not changed its 2025 capital budget range of
World Oil (Bloomberg) – A flareup of wildfires in Alberta is threatening as much as half a million bpd of oil sands production, with MEG Energy Corp becoming the latest company to evacuate workers. About 500,000 bpd of marketable oil sands production could be within 10 km (6.2 miles) of an out-of-control blaze, Rystad Energy said in a report Thursday.
World Oil (WO) – Fort McKay First Nation and Suncor signed a Memorandum of Understanding (MOU) on a prospective oil sands lease development opportunity on Fort McKay reserve lands in the Regional Municipality of Wood Buffalo and respectively Fort McKay First Nation Traditional Territory. “With this agreement, we are creating the conditions for sustainable prosperity, growth and health for our
Yahoo Finance CALGARY — Suncor Energy Inc. says it has signed a memorandum of understanding with the Fort McKay First Nation on a prospective oilsands lease development opportunity on reserve lands. The Calgary-based oilsands company says it is progressing early-stage technical and commercial feasibility assessments to determine the quality and quantity of economically recoverable bitumen ore in the area, which
World Oil (WO) – Suncor Energy has agreed to purchase TotalEnergies EP Canada Ltd., which holds a 31.23% working interest in the Fort Hills oil sands mining project (Fort Hills) for $1.468 billion. The acquisition adds 61,000 bpd of net bitumen production capacity and 675 MMbbl of proved and probable reserves to Suncor’s existing oil sands portfolio. Specifically, upon closing
BOE Report Calgary, Alberta–(Newsfile Corp. – June 25, 2023) – Suncor (TSX: SU) (NYSE: SU) has experienced a cyber security incident. The company is taking measures and working with third-party experts to investigate and resolve the situation, and has notified appropriate authorities. At this time, we are not aware of any evidence that customer, supplier or employee data has been compromised
Nasdaq Canada’s second-biggest oil producer Suncor Energy Inc will cut 1,500 jobs by the end of this year, aiming to reduce costs and improve its financial performance, the Globe and Mail reported on Thursday, citing details from the Canadian Press. A Suncor spokeswoman confirmed to the Canadian Press that the job cuts would be spread across the organization and would affect both
Nasdaq WINNIPEG, Manitoba – The new CEO at Suncor Energy Inc SU.TO, Canada’s second-biggest oil producer that has been dogged by safety and operational problems, said on Tuesday that he would look to cut costs, improve efficiency and simplify operations. “We need to get on with it,” CEO Rich Kruger, a former CEO of Exxon Mobil Corp XOM.N unit Imperial Oil IMO.TO, said on his first call with
World Oil (WO) – Suncor Energy has agreed to purchase TotalEnergies’ Canadian operations through the acquisition of TotalEnergies EP Canada Ltd., which holds a 31.23% working interest in the Fort Hills oil sands mining project (Fort Hills) and a 50% working interest in the Surmont in situ asset. This will add 135,000 bpd of net bitumen production capacity and 2.1
BOE Report Scotiabank downgrades Canada’s Suncor Energy Inc to “sector perform” from “sector outperform.” Brokerage says new CEO Rich Kruger will have a fresh approach to some of SU’s operational issues over the past few years but “there is still plenty of work to do.” Highlights challenges like safety, minimizing downtime, reducing operating costs and replacing production at aging mines. SU
Nasdaq Canada’s Suncor Energy Inc SU.TO said on Friday it has amended an agreement with Elliott Investment Management to give the activist investor more time until March 31 to appoint an additional director to the energy company’s board. Elliott has been pushing for organizational changes and strategic review at Suncor since disclosing a 3.4% stake in the company in April last
