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Day of carnage on oil market brings Suncor 2011 losses to $20 billion

Frik Els | September 23, 2011
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Weak manufacturing data from China and a US economy deemed to have "significant downside risk," saw benchmark North American crude futures drop more than $5 to just above $80 a barrel, bringing the discount to international oil prices to more than $25.

The biggest oil sands player, Suncor Energy (TSE.SU), tumbled 6.8% to C$26.21 on the Toronto Stock Exchange, bringing its year to date losses to more than 30%. Canadian heavy oil – all of which goes to the US – sells for $15 less than US crude, meaning oil sands developers have to deal with an effective oil price of $60-$70 a barrel that puts at risk many of the $100 billion of projects on the go in Alberta.

  • Rick George hands over reins of oilsands pioneer Suncor

    Calgary Herald | May 2, 2012

    If Rick George was company builder at oilsands pioneer Suncor Energy Inc., Steve Williams has been the operator and is now executor of a growth plan put into place long before the official handing over of Suncor's reins Tuesday.

  • Suncor Energy reports unplanned maintenance on oil sands upgrader

    Marketwire | March 14, 2012

    Suncor Energy announced today that one of its two upgraders (U2) at its oil sands facility will be taken offline for unplanned maintenance due to a U2 fractionator performance issue.

  • Suncor Energy reports 2011 fourth quarter results

    Marketwire | February 1, 2012

    Suncor Energy Inc. recorded fourth quarter 2011 net earnings of $1.427 billion ($0.91 per common share), compared to net earnings of $1.286 billion ($0.82 per common share) for the fourth quarter of 2010.

  • Oil sands stocks hit hard by reserves move

    Frik Els | June 23, 2011
    red_oil_barrel

    Canada’s most valuable oil companies Suncor and Canadian Natural Resource – together worth over $100bn – were trading down over 3% on Thursday before recovering some ground following news that 2m barrels of oil per day – equal to Canada's total daily exports to the US – will be released onto the market over the next month.

    The International Energy Agency said 28 of its members, with the US providing about half of the total, would tap their strategic oil reserves in an effort to make up for lost output as Libya's civil war drags on.

  • The Challenges and Potential of Canada’s Oil Sands

    Cecilia Jamasmie | September 1, 2010

    Once considered too expensive and damaging to the land, exploitation of Canada’s oil sands is now a venture worth billions. The country has proven oil reserves of more than 170 billion barrels—second only to those in Saudi Arabia. Much of this crude lies beneath …

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