Suncor Energy Inc. (SU) recorded the highest crude output in October from its wells in Alberta on gains at the Firebag oil sands site. Owing to the record high production, the site has also been termed as “Rock Star” by the chief executive of the company.SU Hits Production MilestoneWith data available from 2018, SU’s wells in the area recorded the highest output of 284,000 barrels per day in October. The number also indicates a 14% rise in output compared with September levels. The record growth in producti ...

Suncor Energy Inc. (SU) reported third-quarter 2024 adjusted earnings of $1.08 per share, which beat the Zacks Consensus Estimate of 88 cents. This outperformance can be attributed to higher production from its oil sands, strong refining performance and efficient cost management. However, the bottom line declined from the year-ago quarter’s reported figure of $1.13, due to lower realized crude oil prices and refined product realizations.Operating revenues of $9.6 billion beat the Zacks Consensus Estimate by ...

Article Summary - The article promotes a subscription service offering in-depth research on REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, and other income alternatives, with 438 testimonials mostly rated 5 stars and a free 2-week trial available [1] Industry Focus - The Wall Street Journal highlighted the growing significance of Canada's oil sands, a topic previously discussed by the author, indicating a shift in focus from shale to oil sands [1] Author's Position - The author holds a beneficial long position in CNQ through stock ownership, options, or other derivatives, and the article reflects their personal opinions without external compensation or business relationships with mentioned companies [1]

Financial Performance - Generated $3.8 billion in adjusted funds from operations and $2.2 billion in free funds flow in Q3 2024[6] - Net earnings increased to $2.020 billion ($1.59 per common share) in Q3 2024, up from $1.544 billion ($1.19 per common share) in Q3 2023[6] - Adjusted operating earnings were $1.875 billion ($1.48 per common share) in Q3 2024, compared to $1.980 billion ($1.52 per common share) in Q3 2023[6] - Total cash flow provided by operating activities was $4.261 billion in Q3 2024, compared to $4.184 billion in Q3 2023, a 1.8% increase[42] - Operating revenues for Q3 2024 were $7,245 million, up from $6,803 million in Q3 2023, representing an increase of 6.5%[49] - Adjusted operating earnings for Q3 2024 were $1,786 million, compared to $1,670 million in Q3 2023, reflecting an increase of 6.9%[49] - Free funds flow for Q3 2024 was $2,198 million, compared to $1,754 million in Q3 2023, an increase of 25.3%[49] - Total revenue for the three months ended September 30, 2024, was $13,905 million, an increase from $13,687 million in the same period of 2023, representing a growth of 1.6%[199] Shareholder Returns - Returned $1.5 billion to shareholders, including $800 million in share repurchases and $700 million in dividends[6] - Quarterly dividend per share increased by approximately 5% to $0.57 per share subsequent to Q3 2024[12] - Suncor returned approximately $1.5 billion to shareholders in Q3 2024 through $790 million in share repurchases and $690 million in dividends[23] - The company declared cash dividends of $0.55 per share in Q3 2024, up from $0.52 per share in Q3 2023[171] Production and Operations - Achieved highest ever refining throughput of 488,000 barrels per day (bbls/d) with 105% overall utilization[6] - Upstream production reached 829,000 bbls/d, with 99% upgrader utilization, marking the best third quarter ever[6] - Total upstream production increased to 828,600 bbls/d in Q3 2024, compared to 690,500 bbls/d in Q3 2023[10] - Record upstream production of 776,000 bbls/d in Q3 2024, compared to 646,100 bbls/d in Q3 2023, marking a 20.1% increase[34] - Refinery utilization reached a record 105% in Q3 2024, compared to 99% in Q3 2023, indicating improved operational efficiency[34] - Total Oil Sands bitumen production increased to 909,600 bbls/d in Q3 2024, up from 787,000 bbls/d in the prior year quarter[10] - Non-upgraded bitumen production rose to 262,200 bbls/d in Q3 2024, compared to 176,800 bbls/d in Q3 2023, marking a significant increase of 48.3%[53] - E&P production increased to 52,600 bbls/d in Q3 2024 from 44,400 bbls/d in Q3 2023, attributed to production from Terra Nova and increased output at Hebron[68] Debt and Financial Position - Achieved net debt target of $8 billion, enabling 100% return of excess funds to shareholders[12] - Debt reduction of over $1.4 billion achieved in Q3 2024, including $331 million repaid during the quarter and $1.1 billion in a subsequent debt tender offer[23] - Total debt decreased to $10.973 billion as of September 30, 2024, primarily due to long-term debt repayment and reduced short-term indebtedness[108] - Net debt as of September 30, 2024, was $7.968 billion, down from $9.054 billion at June 30, 2024, reflecting an increase in cash and cash equivalents[108] - The company reported a total income tax expense of $2,051 million for the nine months ended September 30, 2024, compared to $2,068 million in 2023, reflecting a slight decrease[140] Capital Expenditures - Total capital and exploration expenditures were $1.467 billion in Q3 2024, slightly down from $1.512 billion in Q3 2023[29] - Capital expenditures in Q3 2024 totaled $1.467 billion, a decrease from $1.512 billion in Q3 2023, driven by reduced expenditures at Oil Sands Base[93] - Oil Sands Base capital expenditures were $364 million in Q3 2024, focused on economic investments for facility upgrades and maintenance projects[94] - Exploration and Production capital expenditures were $268 million in Q3 2024, primarily for the West White Rose Project and SeaRose Asset Life Extension Project[95] - Refining and Marketing capital expenditures reached $294 million in Q3 2024, mainly for asset sustainment and maintenance activities[97] Market Conditions - The average WTI crude oil price for Q3 2024 was $75.15/bbl, down from $82.20/bbl in Q3 2023, a decrease of 8.5%[47] - E&P Canada price realizations decreased to $109.24 per barrel in Q3 2024 from $117.21 in Q3 2023, reflecting lower benchmark prices for Brent crude[70] - Price realization per barrel for Upgraded – Net SCO and Diesel was $100.57 in Q3 2024, compared to $107.19 in Q3 2023, reflecting a decrease of 6.1%[158] Other Financial Metrics - The effective tax rate on net earnings for Q3 2024 was 25.0%, a decrease from 27.6% in Q3 2023, attributed to lower impacts from foreign jurisdictions and non-taxable foreign exchange gains[90] - The company reported a decrease in royalties to $1,017 million in Q3 2024 from $1,262 million in Q3 2023[171] - Operating expenses decreased to $10,368 million in Q3 2024 from $10,502 million in Q3 2023[171] - The company reported a total of $41,224 million in gross revenues for the nine months ended September 30, 2024, up from $38,617 million in the same period of 2023, an increase of 6.6%[197]

Suncor Energy (SU) came out with quarterly earnings of $1.08 per share, beating the Zacks Consensus Estimate of $0.88 per share. This compares to earnings of $1.13 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 22.73%. A quarter ago, it was expected that this energy company would post earnings of $0.76 per share when it actually produced earnings of $0.93, delivering a surprise of 22.37%.Over the last four quarters, the compa ...

Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$), and derived from the company's condensed consolidated financial statements which are based on Canadian generally accepted accounting principles (GAAP), specifically International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), and are prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting. Production volumes are ...

All financial figures are in Canadian dollars.Calgary, Alberta--(Newsfile Corp. - November 12, 2024) - Suncor Energy's (TSX: SU) (NYSE: SU) Board of Directors has approved a quarterly dividend of $0.57 per common share, representing an approximate increase of 5% over the prior quarterly dividend. "Sustained operational improvements across our asset base, the continued realization of free funds flow improvements as well as meaningful share buybacks have driven stronger free funds flow per share," said Rich ...

Suncor Energy (SU) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on November 12, 2024, might help the stock move higher if these key numbers are better tha ...

Elliott Investment Management has almost doubled its stake in Canada's premier integrated energy company, Suncor Energy Inc. (SU) , validating its confidence in the company’s strategic transformation.Overview of Elliot’s Investment in SUAlmost two years after instigating changes in Suncor’s management, board and strategic policies, Elliott Investment Management is now confident that the ongoing improvements in the company are capable of yielding higher returns. Therefore, it has almost doubled its stake in ...

Calgary, Alberta--(Newsfile Corp. - October 22, 2024) - Suncor Energy (TSX: SU) (NYSE: SU) will release its third quarter financial results on November 12, 2024 before 5:00 p.m. MT (7:00 p.m. ET).A webcast to review the third quarter will be held on November 13, 2024 at 7:30 a.m. MT (9:30 a.m. ET). Representing management will be Rich Kruger, President and Chief Executive Officer and Kris Smith, Chief Financial Officer. A question and answer period with analysts will follow brief remarks from management. T ...