Cash-rich Canadian oil firms favor buybacks as other options narrow May 14 2019 [Reuters]
Suncor Energy Inc. (SU)
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Source: Reuters
Cash-rich Canadian oil firms favor buybacks as other options narrow - Reuters 5 Min Read CALGARY, Alberta/WINNIPEG, Manitoba (Reuters) - Canadian oil producers are raking in the highest revenues in five years thanks to strong global oil prices and Alberta’s production cuts, but government intervention has hamstrung their spending abilities, encouraging many to buy back shares and pay down debt. Canada’s main crude-producing province effectively became a mini-OPEC this year after the Alberta government imposed production quotas to relieve pipeline congestion and drain a glut of crude in storage. The move boosted prices dramatically but leaves Canadian producers starved of opportunities to grow output - usually the go-to strategy of any energy firm flush with cash. The oil patch’s caution has contributed to a slow pace of deal-making, despite plenty of assets being up for sale. Several companies that announced big deals last year saw their stocks slide. The energy sector’s cash flow is
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News
- Canada unions brace for 2025 labor crunch in oil sands maintenance season [Reuters]Reuters
- Suncor Energy Inc. (NYSE: SU) was upgraded by analysts at StockNews.com from a "hold" rating to a "buy" rating.MarketBeat
- Higher oil doesn't shake industry talk on spending discipline at CAPP conference [BNN Bloomberg (Canada)]BNN Bloomberg
- Higher oil doesn't shake industry talk on spending discipline at CAPP conference [Financial Post (Toronto, Ontario, Canada)]Financial Post
- Tuesday's analyst upgrades and downgrades [Globe and Mail, The (Toronto, Canada)]Globe and Mail, The
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- 2/21/24 - Beat
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Sec Filings
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- 3/22/24 - Form 6-K
- 3/22/24 - Form 40-F
- SU's page on the SEC website