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Suncor Vitality (NYSE:SU) +4.1% in Thursday’s buying and selling after Q3 adjusted earnings simply beat analyst estimates, helped by larger crude oil costs and elevated upstream manufacturing.
Suncor (SU) reported a Q3 internet lack of $609M, or a lack of $0.45/share, because it took a $3.4B writedown associated to its share of the Fort Hills oil sands mission, swinging from an $877M revenue, or $0.59/share, within the year-earlier quarter.
The corporate stated final week it was shopping for Teck Assets’ 21.3% stake in Fort Hills for ~$1B, a sale worth that mirrored a decrease market worth for the mine, ensuing within the impairment cost.
Q3 whole upstream manufacturing rose 3.5% to 724.1K boe/day from 698.6K boe/day within the prior-year interval.
Q3 refinery throughput edged as much as 466.6K bbl/day from 460.3K bbl/day a yr earlier; refinery utilization hit 100% in Q3 in comparison with 99% in the identical quarter final yr.
Interim CEO Kris Smith stated Suncor (SU) shouldn’t be seeking to make extra offers following its acquisition of the extra Fort Hills stake.
“We had a possibility to take a accomplice curiosity in an asset that we function [and] we all know nicely,” Smith stated on the corporate’s earnings convention name. “It is a long-life asset that has low-intensity greenhouse fuel barrels, and we have been in a position to transact at a really compelling worth for our shareholders.”
Eight Capital analyst Phil Skolnick stated not too long ago that he “wouldn’t be stunned” if Suncor (SU) is in talks to purchase TotalEnergies’ 24.6% curiosity in Fort Hills, and that the corporate might look to accumulate Cnooc and Sinopec’s mixed 16.2% curiosity in Syncrude.
Smith additionally stated Suncor (SU) would lower its contractor workforce within the mining and upgrading enterprise by 20%.
Suncor Vitality’s (SU) NYSE inventory worth return exhibits a 38% YTD achieve and a 37% improve in the course of the previous yr.
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