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In a staff memo announcing the layoffs, Suncor also told employees it was seeking C$400 million ($297.64 million) in cost savings, according to one of the sources. In November, Suncor announced it would reduce its contractor workforce in the mining and upgrading business by 20%. Rival Imperial Oil also cut the number of contractors working at its Kearl oil sands site in northern Alberta as part of cost-saving measures this year.
Suncor (SU) is set to cut 1500 jobs by the end of the year in an attempt to reduce expenses and address its sluggish financial performance.
A Suncor spokeswoman confirmed to the Canadian Press that the job cuts would be spread across the organization and would affect both employees and contractors, the Globe and Mail reported. "Suncor is always looking for opportunities to drive value and improve performance in our business, cost reduction is one of those opportunities," Suncor told Reuters, without providing further details on the job cuts. In May, Suncor CEO Rich Kruger said in his first call with analysts that he would look to cut costs, improve efficiency and simplify operations.
Suncor (SU) is set to reassess its deal to acquire TotalEnergies' Canada operations after ConocoPhillips exercises its right of first refusal.
Suncor Energy (SU) anticipates production and capital spending in the range of 740,000-770,000 boe/d and C$5.4-C$5.8 billion, respectively, for 2023.
Suncor Energy (SU) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.
The company informed the regulator on May 13 that the birds were found at its Syncrude Mildred Lake Settling Basin, AER said in a post on its website. The deceased birds at Syncrude included seven Grebes, with another five of the endangered bird species being found at the Millennium Mine site tailings pond at Suncor Base Plant. The Western Grebe, facing the danger of becoming extinct, is listed as "special concern" in Canada and as "threatened" in Alberta.
(Reuters) -Suncor Energy said on Wednesday a worker was injured in bear attack at the company's oil sands base plant in northern Alberta, the latest in a series of safety incidents at the Canadian oil producer. The incident happened on Saturday evening and the individual was transferred to hospital and released a few hours later, Suncor spokesperson Leithan Slade said in an email. The base plant site produces around 350,000 barrels per day of crude from its two bitumen upgraders and is located in a remote region of northern Alberta.
WINNIPEG, Manitoba (Reuters) -The new CEO at Suncor Energy Inc, Canada’s second-biggest oil producer that has been dogged by safety and operational problems, on Tuesday said 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 unit Imperial Oil, said on his first call with analysts since he started in the role in April. The Calgary, Alberta-based company has had a string of worker fatalities at its oil sands sites in recent years, prompting the resignation of former CEO Mark Little in July.
Suncor Energy (SU) beat the Zacks Consensus Estimate in each of the last four quarters, which resulted in an earnings surprise of 11.6%, on average.
Recently, Zacks.com users have been paying close attention to Suncor Energy (SU). This makes it worthwhile to examine what the stock has in store.
Suncor Energy (SU) closed at $30.84 in the latest trading session, marking a -1.53% move from the prior day.
Suncor Energy (SU) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Energy major TotalEnergies said on Thursday it had accepted an offer to sell its carbon-heavy Canadian oil sands operations to Suncor Energy for $4.1 billion, with potential additional payments of up to $450 million. The company initially planned to spin off the business but said the sale to Suncor would be more straightforward and the price tag was comparable to its own valuations for a listing of the business. Taking into account the sale, which should close by the end of the third quarter, it plans to distribute at least 40% of the cash flow generated this year to shareholders through a share buyback or special dividend.
Cenovus (CVE) delivered earnings and revenue surprises of 9.09% and 8.91%, respectively, for the quarter ended March 2023. Do the numbers hold clues to what lies ahead for the stock?
In the latest trading session, Suncor Energy (SU) closed at $30.58, marking a +0.46% move from the previous day.
Zacks.com users have recently been watching Suncor Energy (SU) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.
Suncor's (SU) Fort Hills mine expansion plan under Alberta Energy Regulator's scrutiny following pressure from environmental groups.
Suncor Energy (SU) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.
(Reuters) -Canada's Suncor Energy has reported the release of 5,900 cubic metres (208,400 cubic feet) of water with more than twice the approved level of suspended solids from a sedimentation pond at its Fort Hills oil sands project in northern Alberta. The release on April 16 was reported to the Alberta Energy Regulator (AER) because the total suspended solids, in this case mud, in the water exceeded the approved limits, Suncor said.
Suncor Energy (SU) closed the most recent trading day at $32.32, moving -0.89% from the previous trading session.
Suncor Energy (SU) closed the most recent trading day at $32.31, moving +1.44% from the previous trading session.
Suncor Energy's (SU) subsidiary, Syncrude Canada, faces charges of safety violations after a worker's death. Elliott Investment demands leadership review.
A unit of Suncor Energy has been charged with five offences relating to the death of a worker at an oil sands site in northern Alberta in June 2021, the latest blow to the Canadian oil producer's safety record. Syncrude Canada Ltd, majority-owned by Suncor, was charged on March 27 under the Alberta Occupational Health and Safety (OHS) Act and is accused of failing to ensure the health and safety of its worker.
Apart from ConocoPhillips (COP) and Eni (E), Suncor Energy (SU), Shell (SHEL) and Petrobras (PBR) hogged attention during the week.