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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Suncor Energy Inc.    SU   CA8672241079

SUNCOR ENERGY INC.

(SU)
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Suncor Energy : increases spending, oil production guidance for 2021

12/01/2020 | 11:35am EST

CALGARYSuncor Energy Inc. is forecasting higher spending and production in 2021 based on benchmark U.S. oil prices staying near their current levels of around US$45 per barrel.

It says it predicts daily oil and gas production between 740,000 and 780,000 barrels of oil equivalent in 2021, an increase of about 10 per cent compared with this year driven by higher bitumen output from its oilsands operations.

It expects capital spending of between $3.8 billion and $4.5 billion, including sustaining capital of $2.9 billion to $3.4 billion, an increase of about nine per cent over 2020's expected spending of $3.6 billion to $4.0 billion.

The Calgary-based company forecasts refinery throughput of 415,000 to 445,000 barrels per day based on a utilization rate of between 90 and 96 per cent.

Suncor says it expects to repay between $500 million and $1 billion of debt and will introduce a $500-million share repurchase program.

In reports, analysts said the guidance was in line with what they were expecting.

Credit Suisse analyst Manav Gupta pointed out that Suncor cut capital and operating spending earlier this year and lowered its dividend payments.

"Suncor almost broke even in the third quarter of 2020, and now is getting ready to pay down portion of the debt it took on to navigate the crisis," he added.

This report by The Canadian Press was first published Dec. 1, 2020.

Companies in this story: (TSX:SU)

© 2020 The Canadian Press. All rights reserved., source Canadian Press DataFile

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Financials
Sales 2020 25 199 M 19 932 M 19 932 M
Net income 2020 -4 206 M -3 327 M -3 327 M
Net Debt 2020 16 571 M 13 108 M 13 108 M
P/E ratio 2020 -8,26x
Yield 2020 4,74%
Capitalization 35 139 M 27 841 M 27 795 M
EV / Sales 2020 2,05x
EV / Sales 2021 1,63x
Nbr of Employees 12 889
Free-Float 100,0%
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Technical analysis trends SUNCOR ENERGY INC.
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Consensus
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 29,35 CAD
Last Close Price 23,04 CAD
Spread / Highest target 130%
Spread / Average Target 27,4%
Spread / Lowest Target -4,51%
EPS Revisions
Managers and Directors
NameTitle
Mark S. Little President, Chief Executive Officer & Director
Michael M. Wilson Chairman
Alister Cowan Chief Financial Officer & Executive Vice President
Melvin E. Benson Independent Director
Eira Margaret Thomas Independent Director
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