Suncor holding off on crude expansion amid pipeline confusion [Toronto Globe and Mail (Ontario, Canada)]
Suncor Energy Inc. (SU)
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Source: Toronto Globe and Mail
Suncor Energy Inc., one of Canada’s biggest oil producers, will not sanction further expansions of crude production until it becomes clearer when new pipelines will be ready, chief executive officer Steve Williams said on Wednesday. A court overturned last week the Canadian government’s approval of the Trans Mountain pipeline expansion. That decision added to “troubling” pipeline delays, Williams said at a Barclay’s investor conference in New York. “There is clearly a question of confidence in Canada,” Williams said. Story continues below advertisement Suncor is currently ramping up production of its new Fort Hills mine in the Alberta oil sands and is due to decide in late 2019 and early 2020 whether to expand production at existing facilities, Williams said. “You will not see us approve those projects until we have more clarity on pipelines,” he said. “I would want to see actual, physical progress on the ground before I would commit.”
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Earnings
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Sec Filings
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- 3/22/24 - Form 40-F
- SU's page on the SEC website