Skip to content
I LPO TEA

I LPO TEA

Business is for Kids

Primary Menu
  • Commodity Investing
  • Dow Jones Industrial
  • Business News
  • Commodities
  • Invest Today
  • Financial
  • About Us
    • Advertise Here
    • Contact Us
    • Privacy Policy
    • Sitemap
  • Home
  • Suncor hikes dividend to highest in company’s history amid scrutiny from activist investor
  • Commodities

Suncor hikes dividend to highest in company’s history amid scrutiny from activist investor

By Stahlman 1 year ago

Breadcrumb Trail Links

  1. Oil & Gas
  2. FP Energy

Canadian oil giant posts more than threefold increase in profits in the first three months of the year

Publishing date:

May 10, 2022  •  13 minutes ago  •  2 minute read  •  Join the conversation

Suncor Energy Inc posted a more than threefold increase in profits in the first three months of the year.
Suncor Energy Inc posted a more than threefold increase in profits in the first three months of the year. Photo by Chris Wattie/Reuters files

Article content

Suncor Energy Inc announced it will raise its dividend to the highest level in the company’s history Monday after posting a more than threefold increase in profits in the first three months of the year.

Advertisement 2

This advertisement has not loaded yet, but your article continues below.

Article content

Soaring energy prices helped the Calgary-based oilsands producer and refiner to report net earnings of $2.95 billion in the first quarter, compared to $821 million in the same period last year.

Suncor’s first-quarter earnings and Annual General Meeting Tuesday come as the company faces intense scrutiny from investors over its financial and operational performance in recent years, spearheaded by prominent activist hedge fund Eilliott Management LP. which penned a public letter urging a shakeup at the company.

Operational shortcomings and safety incidents at Suncor sites — as well as investor annoyance over a substantial cut to Suncor’s dividend in 2020 — have galvanized critics of the energy company.

Advertisement 3

This advertisement has not loaded yet, but your article continues below.

Article content

The oil major announced Monday that it was accelerating plans to increase shareholder returns with a 12 per cent hike to its quarterly dividend to $0.47 cents per share starting in June.

“Safety and operational excellence are foundational to our business and we are continuing to implement changes to strengthen our accountability and performance in these areas,” said CEO Mark Little in a release Monday evening.

“We are also sharpening our focus on our base business and areas complementary to our base business, which will drive long-term value for our shareholders.”

The company also announced it will explore selling off the entirety of its U.K. asset base, after taking similar steps earlier this year to divest from its non-operated stakes in oil-and-gas fields in the North and Norwegian seas.

Advertisement 4

This advertisement has not loaded yet, but your article continues below.

Article content

Suncor said in April it was also getting out of the wind and solar business to focus on its core areas, including hydrogen, renewable fuels and low-carbon power.

Energy companies have enjoyed windfall profits this quarter as crude prices have soared amid tight global energy supplies and Russia’s invasion of Ukraine.

Suncor’s first-quarter profit bonanza came despite posting an overall decrease in production.

The company’s total upstream production was 766,100 barrels of oil equivalent per day (boe/d) for the three months ending March 31, down 2.5 per cent compared to 785,900 boe/d last year. Oilsands production was down thanks to weather-related mining challenges, the company said.

More to come …

• Email: [email protected] | Twitter: mpotkins

Share this article in your social network

Advertisement

This advertisement has not loaded yet, but your article continues below.

Top Stories Newsletter logo

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Thanks for signing up!

A welcome email is on its way. If you don’t see it, please check your junk folder.

The next issue of Financial Post Top Stories will soon be in your inbox.

We encountered an issue signing you up. Please try again

Comments

Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.

Tags: "Ca Business Search, Amazon Business Login, Amazon Business Prime, Bank Of America Business Account, Best Business Schools, Business Attorney Near Me, Business Bank Account, Business Card Holder, Business Card Maker, Business Card Template, Business Cards Near Me, Business Casual Attire, Business Casual Shoes, Business Casual Woman, Business Plan Examples, Ca Sos Business Search, Capital One Business Credit Card, Chase Business Checking, Chase Business Credit Cards, Chase Business Customer Service, Chase Business Login", Chase Business Phone Number, Cheap Business Cards, Citizens Business Bank, Cox Business Login, Digital Business Card, Facebook Business Suite, Finance In Business, Free Business Cards, Google Business Login, Harvard Business School, Lands End Business, Massage Parlor Business Near Me, Michigan Business Entity Search, Mind Your Business, Mind Your Own Business, Ohio Business Search, Risky Business Costume, Skype For Business, Small Business Loan, Small Business Saturday 2021, Starting A Business, Texas Business Entity Search, Triumph Business Capital, Vending Machine Business, Verizon Business Customer Service, Vonage Business Login, Wells Fargo Business Account, Yahoo Small Business, Yahoo Small Business Login

Continue Reading

Previous Plenty of good places to ‘hide’ as interest rates rise
Next Manufacturing Marketing Strategies To Differentiate Your Product
September 2023
M T W T F S S
 123
45678910
11121314151617
18192021222324
252627282930  
« Aug    

Archives

Recent Posts

  • Different Business Plans for Different Readers
  • Influence Of Industry and Competitive Analysis on Business Planning and Strategy
  • Should Retirees Get Out of The Stock Market?
  • Small Business Venture Capital Strategies
  • Cyber Security Made Easy

BL

Intellifluence Trusted Blogger

Tags

"Business Insurance Cover Coronavirus 5e Business Profit Ahron Levy Columbia Business School business Business Consultant Certification Austin Business Letter With Logo Example Business Located Easy Location Business Platform Stocks Business Positions Seattle Business Regulation Legal Services Daystarr For Business Dimagi Business Development Toolkit Do Business Schools Accept Entreprenuers Enironmentall Friendly Business Ideas Eric Early Republican Business Owner Essec Business School Dean Essential Business To Remain Open Example Small Business Fall Winter Business Hours Template Fdot Woman Owned Business Certification First Business Women United States First Com Business Fixing A Damaged Reputation Business Florida Business Enforcement Free Small Business Communication Tool Law School Business Entity Outlines Mapping A Business Location Medical Business Trends Economics Mix Business And Personal Money Mlm Nit Small Business Legally New Business Agency Sales Questions Patricia Saiki Women'S Business 1990 Safety Business Proposal Sample Business Plan Entrepreneur School Business Administration Positions S Corp Business Deductions Search Tx Business Llc Sentextsolutions Business Cards Signs For Business On Roads Small Business Forums .Net Small Business Insurancr Tech Monkey Business Ttu Business Cards Template Turbotax Business Nys Forms Uf Business School General Studies
ilpotea.info | Magazine 7 by AF themes.

WhatsApp us