The firm, North America's No.1 producer of coking coal, said the boost in profit was mainly thanks to the reversal of an impairment charge related to an improvement in the outlook for steelmaking commodity.
Suncor Energy Mining News
Canada's largest energy producer also buys into Norwegian Sea oil project.
Over the next six years, the company expects to deploy more than 150 autonomous haul trucks in the full program, which will be one of the largest investments in electric autonomous vehicles in the world.
Project is on track to reach 90% of capacity — or 194,000 barrels per day — by the end of the year.
Suncor Energy and Teck Resources Ltd have taken higher stakes in Fort Hills oil sands mine from partner Total SA, resolving a dispute over building costs.
Fort McKay and Mikisew Cree First Nations complete purchase of 49% interest in Suncor's East Tank Farm Development
Deal represents the largest business investment to date by a First Nation entity in Canada.
Steve Williams, chief executive officer at Suncor, today announced the appointment of Mark Little, currently president, Upstream, as chief operating officer (COO).
Suncor and PetroNor today announced the purchase by Suncor of a 41% equity interest in PetroNor, a petroleum products distributor across the James Bay and Abitibi-Témiscamingue regions of Quebec.
After sending court bailiffs to seize property from Stand.earth, Enbridge backed off, saying it will not seize property after all.
CEO Patrick Pouyanne said the company’s priority was "value over volume", adding that oil sands were among the high breakeven projects in Total's portfolio.
The Lewis project would be located about 25 km northeast of Fort McMurray and could eventually produce up to 160,000 barrels a day.
Over the weekend, Syncrude completed the necessary repairs and start-up activities to begin shipping product by pipeline.
Pipeline shipments would restart at approximately 50% of capacity in early May.
The Frontier project is located 110 kilometres north of Fort McMurray, in Alberta, around 40 kilometres from the Fort McKay First Nation's reserve.
Suncor Energy, the largest partner in Syncrude, said it expects to meet its 2017 production targets despite a fire that shut down the Mildred Lake upgrader almost two weeks ago.
Suncor Energy’s plan to clean up tailings in some of its oil sands operations using water capping, also known as an end-pit lake, have hit a snag as the Alberta Energy Regulator rejected the proposal saying the firm’s plan lacked evidence the strategies would work.
The firm, North America's No.1 producer of coking coal, benefitted from the price rally — steelmaking coal climbed 155.5% to $207 in the quarter.
Cost per barrel, however, will remain at about $84,000 per flowing barrel of bitumen.
Canada’s largest oil and gas company expects production to rise by more than 13% next year and spending to fall by more than $1 billion.
The largest Canadian oil sands producer confirmed last week it has embarked on a one-year pilot project involving the use of six 400-tonne Komatsu autonomous haulers in an isolated part of Suncor's mine site in northern Alberta.
Suncor experienced a 50% reduction in incidents and a 3.5% productivity increase by training trucks operators using both computer-based and hands-on tools.
Sale includes PCLI's production and manufacturing centre in Mississauga, Ontario and the global marketing and distribution assets held by PCLI including its global offices.
Suncor and Mikisew Cree First Nation today announced the signing of a participation agreement for the purchase by MCFN of a 14.7% interest in Suncor's East Tank Farm Development.
The charge is related to the first exploration well of its joint venture in the Shelburne basin, south of Nova Scotia.
Suncor Energy and Fort McKay First Nation announce agreement for equity partnership in East Tank Farm Developments
Under the terms of the agreement, Fort McKay First Nation will pay 34.3% of the actual capital cost of the East Tank Farm Development once the assets become operational, which is currently anticipated to be in the second quarter of 2017.