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Abstract:Suncor Energy Inc posted an over fourfold jump in its second-quarter profit on Thursday, as the oil producer benefited from a rally in commodity prices, and floated plans to divest assets and slim down its portfolio.
Sanctions against major energy producer Russia have worsened supply issues, sending global crude prices up nearly 48% in the first half of the year as energy companies are yet to boost production to meet soaring fuel demand.
Suncor, Canadas third-largest oil producer, said it has signed a deal to divest its Norway assets for about $410 million, and has also begun a sale process for its entire UK business after receiving interest.
It did not disclose details of the Norwegian or UK asset buyers.
The Calgary, Alberta-based firm had reached an agreement with activist investor Elliott Investment Management last month. As part of the agreement, it appointed three new independent directors and said it would review its retail gas station business.
Elliott had criticized Suncors operational and safety record. Last month, Mark Little stepped down as chief executive officer, a day after the death of a Suncor worker, the thirteenth site fatality since 2014.
Suncor on Thursday raised its full-year capital expenditure forecast to $4.9 billion-$5.2 billion from $4.7 billion previously, citing inflationary pressures and increased spending on safety improvement.
It has lowered its 2022 production forecast to 740,000-760,000 barrels per day from 750,000-790,000.
The company expects to complete sale of its Norwegian assets in the fourth quarter. The assets include offshore Oda, Fenja, and Beta fields, in which Suncor holds varying stakes of 17.5% to 30%, as per its website.
Total upstream production in the reported quarter stood at 720,200 barrels of oil equivalent per day (boepd), compared with 699,700 boepd year earlier.
The companys refinery crude throughput rose nearly 20% to 389,300 barrels per day.
Net earnings rose more than fourfold to C$3.996 billion ($3.11 billion), or C$2.84 per share.
($1 = 1.2867 Canadian dollars)
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Dubai, UAE — The WikiEXPO Dubai 2024, hosted by WikiGlobal, successfully concluded on November 27, attracting wide attention from the global financial technology sector. The event was co-organized by WikiFX and the Australian Computer and Law Association (AUSCL), with strong support from the Mauritius Financial Services Institute (FSI) and the government of Liberland. Through an innovative hybrid model of online and offline participation, WikiEXPO Dubai 2024 achieved an impressive 1,267,886 online views and gathered 3500+ on-site participants, bringing together 550+ industry leaders and attracting close coverage from over 1300+ global media outlets.
The German Federal Financial Supervisory Authority (BaFin) has recently flagged a fraudulent clone of the licensed retail FX and CFD broker Pepperstone. This fake entity, operating under the domain pepperstone.life, has been offering financial and investment services without obtaining the necessary regulatory authorisation.
The Royal Malaysian Police (PDRM) have raised concerns over the increasing use of TikTok by criminal syndicates to lure victims into investment scams.
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