From Reuters The outgoing chief executive of Canada’s Suncor Energy on Thursday urged the new Alberta government to find a way out of mandatory oil production curtailments that were imposed this year to help boost crude prices. The CEO, Steve Williams, also put Canada’s failure to build new export pipelines that would ship more crude out of landlocked Alberta squarely
From Reuters Canada’s mandated oil production cuts are preventing Suncor Energy Inc, one of Canada’s biggest oil producers, from sending its heavy crude to the U.S. Gulf Coast by rail, a company official said in an interview on Tuesday. The Canadian oil producer is “interested in rail economics going forward,” but the rise in Canadian heavy crude prices since the
From Reuters Berkshire Hathaway Inc’s re-investment in Suncor Energy Inc highlights the benefits of being an integrated oil company and could revive investor interest in the languishing Canadian energy sector, fund managers said. The move is also seen by some as a wager the energy sector could benefit from a change in the guard in Canada’s oil-rich Alberta province, which
From Bloomberg Warren Buffett’s Berkshire Hathaway Inc. is wading into the struggling Canadian energy industry, taking a stake in oil-sands producer Suncor Energy Inc. The purchase of 10.8 million shares, disclosed in a filing Thursday, was valued at $300.9 million. That marks at least the second time the Omaha-based firm has owned Suncor’s stock; Berkshire previously held a 22.3 million-share stake, which it sold in 2016.
Suncor said its 2019 upstream capital program is going to be $4.9 billion to $5.6 billion to achieve average upstream production of 780,000 to 820,000 barrels of oil equivalent per day (BOEPD) for 2019. The midpoints of these ranges represent a flat capital spend compared to 2018 and a year over year production increase of approximately 10%, including estimated mandatory
Suncor Energy provides update following Government of Alberta’s decision to cut oil production
Suncor announces Steve Williams’ retirement and transition plan
From Reuters Suncor Energy Inc, Canada’s second-largest energy producer, does not need to reduce crude output as some of its peers are doing to cope with low prices, Chief Executive Steve Williams said on Thursday. Suncor, which has dedicated pipeline space for its crude as well as refineries in Canada, is mostly insulated from the impact of growing price discounts
From Reuters/Globe and Mail Canadian Natural Resources Ltd (CNRL) , one of Canada’s biggest oil and gas producers, will produce less than expected this spring, it said on Thursday, as transport bottlenecks pressure prices of Canadian heavy crude. Tight capacity on pipelines and rail lines from the province of Alberta early this year led to the biggest discount in four
Adds 194,000 barrel capacity Suncor Energy Inc. (ticker: SU) will steadily ramp up its Fort Hills production following the safe startup of secondary extraction on January 27, 2018. Fort Hills, which is located 90 kilometers north of Fort McMurray, has a capacity of approximately 194,000 BOPD, of which 103,000 BOPD is net to Suncor. As planned, the first of three
Suncor Energy Inc. (ticker: SU) released end-of-year production numbers and provided an update to the Fort Hills dispute. Highlights Upstream production of 736,000 BOEPD Oil sands produced 447,000 bbls/d, including 6,000 bbls/d from Fort Hills Syncrude produced 325,000 bbls/d for the quarter, 174,000 bbls/d net to Suncor International E&P production of 115,000 BOEPD Bitumen upgrader operations ran at utilization rates
Hebron field project expected to produce 150 MBOPD at peak Project expects to produce up to 150,000 barrels of oil per day at peak Project had more than 40 million hours without a lost-time injury Project completed ahead of schedule Exxon Mobil Corporation (ticker: XOM) announced today that the Hebron project safely started production. The project was revealed in a
