Oil producer Suncor sees dividend doubling as sustainable

Asia's Tech News Daily

By Rod Nickel

Oil producer Suncor sees dividend doubling as sustainable
© Reuters/TODD KOROL Petrochemical storage tanks are seen at the Suncor Energy chemical plant near Edmonton

WINNIPEG, Manitoba (Reuters) – Suncor Energy’s strategy of returning cash to shareholders and repaying debt with its soaring profits is sustainable even if surging crude prices pull back, the company’s chief executive said on Thursday.

The stock of Canada’s second-biggest oil producer climbed as much as 10% after it said late on Wednesday that it would double its dividend, reversing a cut made last year when lockdowns due to the COVID-19 pandemic hammered fuel demand.

Suncor is also using its cash to buy back shares and repay debt, just a year and a half after the pandemic’s spread reduced travel and generated losses for oil producers. The company reported a net profit of C$877 million ($710.58 million)for the third quarter after losing money a year earlier.

Suncor’s strategy is sustainable even if West Texas Intermediate oil prices fall to $55 per barrel, from the current price around $82, CEO Mark Little said on a quarterly call with analysts.

“The business is looking really strong,” Little said. “And when you look at consumer demand, although it’s off a bit, you’re seeing (refineries) recover and providing significant and stable cash flows.”

($1 = 1.2342 Canadian dollars)

(Reporting by Rod Nickel in Winnipeg; editing by Barbara Lewis)

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Octavia Spencer says her house is haunted by the spirit of a late movie star

© Getty Images for Disney File: Octavia Spencer says she doesn’t want other guests bringing their ghosts to her house – Getty Images for Disney Octavia Spencer has claimed that ... Read more »

India vs New Zealand 2021: 'I'm Not Really Thinking About It'-Shreyas Iyer in No Hurry to Seal Playing-Eleven Spot

© Provided by News18 India vs New Zealand 2021: ‘I’m Not Really Thinking About It’-Shreyas Iyer in No Hurry to Seal Playing-Eleven Spot Shreyas Iyer turned 27 on Monday and ... Read more »

Thieves Are Now Using Apple AirTags To Steal Luxury Cars

© Provided by News18 Thieves Are Now Using Apple AirTags To Steal Luxury Cars Apple AirTags can be useful to track keys and valuables in case they get lost. The ... Read more »

Cryptocurrency prices today: Bitcoin trading flat; XRP, Uniswap, Dogecoin fall up to 3.52%

© Provided by Business Today Cryptocurrency prices today: Bitcoin trading flat; XRP, Uniswap, Dogecoin fall up to 3.52% World’s largest cryptocurrency Bitcoin was trading marginally higher today. The price of ... Read more »

Ehemaliger US-Präsidentschaftskandidat Bob Dole ist tot

© dpa/Carolyn Kaster Der ehemalige republikanische Präsidentschaftskandidat Bob Dole ist tot Quelle: dpa/Carolyn Kaster Der ehemalige amerikanische Präsidentschaftskandidat Bob Dole ist tot. Der republikanische Politiker starb im Alter von 98 ... Read more »

Eris Lifesciences jumps 10% as investors cheer JV with MJ Biopharm

NEW DELHI: Shares of Eris Lifesciences skyrocketed 10 per cent in early trading on Monday after the drugmaker said that it formed a joint venture (JV) with Mumbai-based MJ Biopharm ... Read more »

LED-lights galore at Christmas Wonderland now open in Singapore (Photos)

The seven-story Spalliera light sculpture, at left, and the 100,000-LED lights bridge, at right. Photo: Carolyn Teo/Coconuts The season of giving – and dazzling festive lights – is back at ... Read more »

These 6 mid and smallcaps defied gravity to rally up to 110% after Diwali

New Delhi: The domestic equity markets saw a strong bull run in the current year. But the fireworks on Dalal Street have been muted after Diwali as the markets have ... Read more »

PM Modi pays tributes to Ambedkar on death anniversary

Prime Minister Narendra Modi on Monday paid tributes to B R Ambedkar, the architect of India’s constitution, on his death anniversary. Modi joined President Ram Nath Kovind and Vice President ... Read more »

India must prepare for possibility of third Covid-19 wave, warns health expert

India should start preparing to fight a possible ‘third wave‘ which may be caused by the emerging Omicron variant, a a top health expert has warned, keeping in mind its ... Read more »

Country diary: I'm struck by the raw force of the storm wind

Aberystwyth, Ceredigion: A coastal walk pits me – and my hat – against the northerly winds that disturb everything in sight The overnight storm has battered the landscape and torn ... Read more »

One dead, 2 wounded in shooting at Headquarters bar in Five Points in Central El Paso

El Paso police are investigating a shooting after one person was killed and two were wounded Sunday night at a bar in the Five Points area. The shooting occurred shortly ... Read more »

Citizen Potawatomi Nation officers arrest FBI fugitive in murder case

CPN police arrested a fugitive Saturday night. Elijah Dewayne Hicks, 22, who was wanted by the FBI for his alleged involvement in the shooting death of a man in Okemah, ... Read more »

Atletico troubles bring fresh scrutiny on Simeone ahead of Porto decider

“There are two responses,” Diego Simeone said after Atletico Madrid lost to Mallorca on Saturday in La Liga, four days before needing to win away at Porto in the Champions ... Read more »

Artist didn't know Ethan Crumbley's parents stayed in studio

Andrzej Sikora reached out to police on Saturday upon learning of the parents capture. Facebook The Detroit artist who owns a studio where Ethan Crumbley’s parents were caught had no ... Read more »

Eskom hopes to keep the lights on this week despite 'vulnerable' system

© Pexels. JOHANNESBURG – Eskom is hopeful it will be able to keep the lights on this week after a sudden round of weekend load shedding. The utility put the ... Read more »

BTS Taking 'Extended Period of Rest' With First Break Since 2019 Hiatus

© GETTY IMAGES Everybody needs a vacation from time to time. For BTS, that time is coming soon. Big Hit Music, which manages the band, took to social media on Sunday ... Read more »

China's government is stepping in to help Evergrande deal with its debt, as it has with previous large-scale corporate clean-ups

Evergrande said on Friday there was “no guarantee” it would have enough funds to meet debt repayments. The 8 p.m. announcement triggered a coordinated response from various Chinese authorities. Guangdong ... Read more »

Ketua DAP Sarawak mula kempen PRN dengan ‘serang' Abang Jo

© Provided by Free Malaysia Today Ketua DAP Sarawak Chong Chieng Jen berkata rizab negeri merosot sebanyak RM6 bilion dalam tempoh enam tahun bawah pentadbiran Ketua Menteri Abang Johari Openg. ... Read more »

Tiger-Cats ride momentum from quarterback change to return to Grey Cup

Early in the second half, the Hamilton Tiger-Cats made a critical move that not only changed the complexion of the CFL’s East final but also saved their season. © Provided ... Read more »

Langkah kerajaan tambah bank bergerak dipuji pakar ekonomi

© Provided by Free Malaysia Today Sebanyak 20 bank bergerak tambahan dijangka beroperasi tahun depan. (Gambar Bernama) PETALING JAYA: Ahli ekonomi mengalu-alukan langkah kerajaan menambah 20 bank bergerak yang akan ... Read more »

SIA Engineering signs 10-year engine test agreement with Safran

© Provided by Singapore Business Review This includes the upgrade to the latest data acquisition and control system. Mainboard-listed SIA Engineering Company (SIAEC) announced it signed a 10-year agreement with ... Read more »

Ralf Rangnick comment on Cristiano Ronaldo eases Manchester United fans' biggest fear

Ralf Rangnick has lavished praise on Cristiano Ronaldo’s work rate after Manchester United’s win on Sunday. Rangnick’s philosophy is underpinned by pressing and there were doubts over what his arrival ... Read more »

South Australia shut down bid for Perth to swap Ashes Tests

© Getty Images Adelaide is the second stop for the Ashes tour © Getty Images South Australia will keep the second Ashes Test in Adelaide next week, all but ensuring ... Read more »

Sonu Sood gets another BMC notice over 'illegal' hotel

The Brihanmumbai Municipal Corporation (BMC) has served a notice on actor Sonu Sood, asking him to restore a six-storey structure — that was turned into a hotel — back to ... Read more »

Bengal Woman Serves Leftover Food From Brother's Wedding to The Needy, Kindness Wins Hearts | See Pics

© Ritu Singh | Trending Desk Bengal Woman Serves Leftover Food From Brother’s Wedding to The Needy Ranaghat: Weddings in India are typically grand affairs which involve a number of ... Read more »

Power play success providing Islanders hope they can turn things around

If there is a sign the Islanders are, maybe, starting to turn things around, it might not be their three points in three straight overtime losses but, rather, their three ... Read more »

Nafisa Ali reminisces 'Major Saab' days with Big B as she starts shooting for 'Uunchai'

© IANS Nafisa Ali and Amitabh Bachchan.(photo:instagram) Mumbai, Dec 6 (IANS) Veteran actress Nafisa Ali will be seen sharing screen space with megastar Amitabh Bachchan after almost two decades in ... Read more »

The fact that hayu is finally available in India has got us super excited!

One of the leading destinations for some of the most popular U.S. reality content series, hayu is a subscription-based streaming service that is now available in India. Fans of the ... Read more »

Gerard Gallant: Maintaining leads key to Rangers' late-game success

The Rangers have won six of their last seven one-goal games and are 7-1-3 on the season in matchups decided by a single tally. After dropping a majority of their ... Read more »

Vinay Pathak-starrer 'Bhagwan Bharose' slated for winter 2022 release

© IANS Bhagwaan Bharose. Mumbai, Dec 6 (IANS) Award-winning filmmaker Shiladitya Bora’s upcoming film ‘Bhagwan Bharose’, starring Vinay Pathak, is in its final post-production stage and has been locked for ... Read more »

One dead in Oregon plane crash

#Breaking: NewsWatch 12 has been provided with video of the plane crash in Medford this evening courtesy of Empire Lockers. We do want to warn everyone that viewer discretion is ... Read more »

Colombian rebel leader 'El Paisa' killed in ambush

© Getty Images Velasquez (third from left) with dissident leaders of Segunda Marquetalia announcing the group’s formation in 2019 A dissident former leader of Colombia’s Farc rebels has been killed ... Read more »

Turning outrage into power: How far right is changing GOP

© Provided by Associated Press FILE – House Minority Leader Kevin McCarthy, R-Calif., responds to reporters at the Capitol in Washington, Dec. 3, 2021, about the behavior of Rep. Lauren ... Read more »

China's Evergrande teeters on brink of default as deadline looms

© Provided by Al Jazeera Chinese property giant Evergrande is grappling with $300bn in liabilities [FILE: Aly Song/Reuters] After lurching from deadline to deadline, China Evergrande Group is again on ... Read more »

Fantasy WR PPR Rankings Week 14: Who to start, sit at wide receiver in fantasy football

Our Week 14 fantasy WR PPR rankings are here to help sort through the muck and identify top sleepers, streamers, and potential busts at wide receiver. We’re just one week ... Read more »

US urges Equatorial Guinea not to let China build military base

© Provided by Daily Mail MailOnline logo China is attempting to woo Equatorial Guinea into allowing them to build a military base off their coast, according to a report – ... Read more »

After Chicago activist is barred from courthouse during Smollett trial, judge issues statement saying he didn't intend to ban anyone

A Chicago activist and writer was barred from the George N. Leighton Criminal Courthouse for two days during the Jussie Smollett trial last week. The judge issued a statement late ... Read more »

Why has Barcelona's Sagrada Familia taken over 100 years to be built?

Land was first purchased for the church over one hundred years ago. COVID-19 delays have taken its completion in 2026 from a certainty to a definite-maybe. Read more »

Omicron: Here's how Uttar Pradesh preparing to tackle new Covid-19 variant

© Provided by Hindustan Times The government has also entrusted 73,000 monitoring committees in the state to ensure all the instructions with regards to the new variant of Coronavirus are ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic