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    SU   CA8672241079

SUNCOR ENERGY INC.

(SU)
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Suncor and ATCO Collaborating on Clean Hydrogen Project in Alberta

05/11/2021 | 03:46pm EDT

By Stephen Nakrosis

Suncor Energy and ATCO on Tuesday said they have begun collaborating on early stage design and engineering for a potential clean hydrogen project near Fort Saskatchewan, Alberta.

The companies said their decision to collaborate "follows welcome messages of support from both the Government of Canada and the Government of Alberta for emission-reduction projects and infrastructure."

The project would produce over 300,000 tons per year of clean hydrogen, the companies said, adding about 65% of the produced clean hydrogen would be used in by the Suncor Edmonton Refinery, reducing refinery emissions by up to 60%.

The companies also said about 20% of the produced clean hydrogen could be used in the Alberta natural gas grid to further reduce emissions.

"With abundant natural gas resources and geology that is well suited to the utilization and permanent storage of CO, Alberta is one of the best places in the world to produce clean hydrogen," said Mark Little, Suncor's president and chief executive.

"A clean energy future is a shared national priority, and a transformational project like this one will require extraordinary collaboration with all levels of governments," said Nancy Southern, chair and chief executive for ATCO. "We look forward to working with our partners in government and with our regulators to bring this vision to life," she added.

The facility would be located at ATCO's Heartland Energy Centre near Fort Saskatchewan, the companies said, adding it "could be operational as early as 2028, provided that it has the required regulatory and fiscal support to render it economic." The companies also said a sanctioning decision is expected in 2024.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

05-11-21 1545ET

Stocks mentioned in the article
ChangeLast1st jan.
ATCO LTD. -0.42% 45.59 Delayed Quote.25.46%
SUNCOR ENERGY INC. 0.69% 30.58 Delayed Quote.42.25%
WTI -0.04% 70.97 Delayed Quote.45.60%
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Financials
Sales 2021 35 982 M 29 609 M 29 609 M
Net income 2021 3 019 M 2 484 M 2 484 M
Net Debt 2021 13 032 M 10 724 M 10 724 M
P/E ratio 2021 15,2x
Yield 2021 2,77%
Capitalization 45 728 M 37 676 M 37 629 M
EV / Sales 2021 1,63x
EV / Sales 2022 1,52x
Nbr of Employees 12 591
Free-Float 100,0%
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Technical analysis trends SUNCOR ENERGY INC.
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 35,05 CAD
Last Close Price 30,37 CAD
Spread / Highest target 31,7%
Spread / Average Target 15,4%
Spread / Lowest Target -7,80%
EPS Revisions
Managers and Directors
NameTitle
Mark S. Little President, Chief Executive Officer & Director
Alister Cowan Chief Financial Officer & Executive Vice President
Michael M. Wilson Chairman
Eira Margaret Thomas Independent Director
Maureen McCaw Independent Director
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