Energy Investing - Su hit it out of the ball park. - Energy Investing - InvestorVillage




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Msg  362498 of 372541  at  10/27/2021 5:04:06 PM  by

BullorBear67


Su hit it out of the ball park.

Hills and Syncrude.
In the third quarter of 2021, Suncor generated funds from operations of $2.6 billion, underpinned by strong results from the
Refining & Marketing business and including the significant planned turnaround at Oil Sands Base, said Mark Little, president
and chief executive officer. Since the start of 2021, we have returned $2.6 billion to our shareholders through share repurchases
and dividends and have reduced net debt by $3.1 billion, demonstrating significant progress towards fortifying our balance
sheet and meeting our capital allocation targets for the year.
Funds from operations(1) increased to $2.641 billion ($1.79 per common share) in the third quarter of 2021, compared to
$1.166 billion ($0.76 per common share) in the prior year quarter. Cash flow provided by operating activities, which includes
changes in non-cash working capital, was $4.718 billion ($3.19 per common share) in the third quarter of 2021, compared
to $1.245 billion ($0.82 per common share) in the prior year quarter.
The company recorded operating earnings(1)(2) of $1.043 billion ($0.71 per common share) in the third quarter of 2021,
compared to an operating loss of $338 million ($0.22 per common share) in the prior year quarter. The company had net
earnings of $877 million ($0.59 per common share) in the third quarter of 2021, compared to a net loss of $12 million
($0.01 per common share) in the prior year quarter.
Refining and Marketing (R&M) delivered $947 million in funds from operations in the current period, marking the third
highest results for third quarter funds from operations on record. The increase in funds from operations in the third quarter
of 2021, compared to $594 million in the prior year quarter, was a result of the improving business environment and
strong refinery utilizations of 99%, and was achieved despite Canadian gasoline and diesel demand estimated to be 7%(3)
below the comparable period in 2019. R&M funds from operations included a first-in, first-out (FIFO) inventory valuation gain
of $84 million after-tax in the third quarter of 2021, compared to $164 million in the prior year quarter.
Suncors total upstream production increased to 698,600 barrels of oil equivalent per day (boe/d) in the third quarter of
2021, compared to 616,200 boe/d in the prior year quarter, due to continued strong performance from the companys In
Situ assets and increased production volumes at Syncrude, partially offset by the impact of the significant planned turnaround
at Oil Sands Base plant Upgrader 2 and planned maintenance at Firebag, which was completed in the quarter.
Suncor successfully assumed the role of operator of the Syncrude asset on September 30, 2021, a critical step towards
driving greater integration, efficiencies and competitiveness across all Suncor-operated assets in the region.
Suncor and the co-owners of the Terra Nova project finalized an agreement to restructure the project ownership and move
forward with the Asset Life Extension (ALE) project, which is expected to extend production life by approximately 10 years.
Suncor, together with eight Indigenous communities, announced the formation of Astisiy Limited Partnership (Astisiy),
which has signed agreements to acquire a 15% equity interest in the Northern Courier Pipeline. The pipeline, which connects
the Fort Hills asset to Suncors East Tank Farm, will be operated by Suncor and is expected to provide the eight Indigenous
communities with reliable income for decades.
In the third quarter of 2021, the company returned $1.0 billion to its shareholders through $704 million in share repurchases
and payment of $309 million of dividends, and reduced net debt(4) by $2.0 billion.
Since the beginning of 2021, Suncor has reduced net debt by $3.1 billion and repurchased $1.7 billion of its common shares
since the start of its normal course issuer bid program (NCIB) in February 2021, representing approximately 63 million
common shares at an average price of $26.39 per common share, or the equivalent of 4.1% of Suncors issued and
outstanding common shares as at January 31, 2021. The company is on track to exceed its previously communicated debt
reduction and share repurchase targets for the year.
Subsequent to the third quarter of 2021, the company completed the sale of its 26.69% working interest in the Golden Eagle
Area Development for after-tax proceeds of US$250 million net of closing adjustments and other closing costs, and future
contingent consideration of up to US$50 million. The effective date of the sale was January 1, 2021.

Subsequent to the third quarter of 2021, Suncors Board of Directors (the Board) approved a quarterly dividend of $0.42 per
share, which represents an increase of 100% over the prior quarter dividend, reinstating the dividend to the 2019 level. The Board
also approved an increase to the companys share repurchase program to approximately 7% of Suncors public float as at
January 31, 2021 and concurrently, the Toronto Stock Exchange (TSX) accepted a notice to increase the maximum number of
common shares the company may repurchase pursuant to its NCIB to 7% of the companys public float. The acceleration of share
repurchases, dividend increase and expected net debt reductions, compared to the companys previously announced targets
demonstrate the progress made during the year and managements confidence in the companys ability to generate cash flow
and its commitment to increased shareholder returns.


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Replies
Msg # Subject Author Recs Date Posted
362508 Re: Su hit it out of the ball park. BullorBear67 10 10/27/2021 5:28:39 PM
362509 Re: Su hit it out of the ball park. comsense 2 10/27/2021 5:30:00 PM
362511 Re: Su hit it out of the ball park. tika1 10 10/27/2021 5:30:59 PM
362512 Re: Su hit it out of the ball park. ablebonus 2 10/27/2021 5:34:07 PM
362526 Re: Su hit it out of the ball park. ScottMc 9 10/27/2021 6:01:58 PM
362532 Re: Su hit it out of the ball park. Biotech_Jim 7 10/27/2021 6:12:25 PM
362547 Re: Su hit it out of the ball park. mr.phil2u 1 10/27/2021 7:04:43 PM


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