简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
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)
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Online trading platform eToro has recently unveiled its latest investment offering—the Global-Edge Smart Portfolio. This new addition to eToro’s extensive portfolio options provides investors with a balanced approach to investing by combining global stocks and bonds, tailored for those looking for growth and stability.
Have you ever heard of a broker named SogoTrade? In this article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information.
Webull has announced the launch of a new 24/5 Overnight Trading feature for U.S. users, developed in partnership with Blue Ocean ATS. This feature allows Webull’s clients to trade stocks and ETFs outside traditional market hours, from 8:00 pm to 4:00 am ET, Sunday through Thursday.
Join IronFX’s $500K Grand Trading Slam for a chance to win major cash prizes. Compete in trading challenges and rank up to the grand prize! Start trading today.