Suncor outlines capital program

Suncor

Suncor Energy Inc. released its 2017 corporate guidance today, which includes a capital spending program of between $4.8 billion and $5.2 billion and average production of 680,000 to 720,000 bbls of oil equivalent per day. The midpoints of these ranges represent a year over year increase to production of more than 13 per cent and a reduction to capital spending …

Oilsands Megaproject construction to be phased out

Megaprojects in Canada’s oilsands which have been so dominate over the last economic boom are now likely a thing of the past, according to the CFO of Suncor. “The years of large, multibillion-dollar projects are probably gone,” Alister Cowan, chief financial officer of Suncor, said Tuesday at the CAPP Scotiabank Investment Symposium in Toronto. Plans for multi-billion dollar expansions have …

Penn West cells core asset for $148 million

Penn West Petroleum Ltd. has announced it plans to sell a core asset property in Slave Point, Alberta for $148-million. With the additional sale of non-core assets, the company is set to collect $230-million. The deal is expected to close in the second quarter of 2016. (Written by: N. Reitmayer; Original information source: Financial Post)

Alberta to receive $251.4-M Fiscal Stabilization payment

The federal government has announced a fiscal stabilization payment to Alberta to assist with the impact of the dismal oil economy. Federal Finance Minister Bill Morneau made the announcement, with the online statement: “It was determined that Alberta qualified for the maximum amount of $60 per person, for a total amount of $251.4 million.” So far Alberta is the only …

Suncor announces new Canadian oil sands executives

After winning its aggressive campaign to takeover Canadian Oil Sands Ltd., Suncor Energy Inc. announced yesterday a list of new executives and directors for the company. The deal, worth $6.8-billion, closed on Friday. Meanwhile, approximately two dozen Calgary employees of COS will have to wait until the end of February to learn if they will be transitioned into the new …