RE:RE:RE:You all are missing the point In regard to the share buybacks, I think that investors were disappointed by the fact that buybacks were put in the backseat while share price is in the lows 20s and deleveraging was prioritized instead. I think people were hoping that the company would do the opposite (ramp up buybacks), especially with the dividend cut still in place:
Suncor will remain disciplined in its capital allocation and, at current commodity prices, plans to pay down between $1.0 billion and $1.5 billion of debt and repurchase between $500 million and $1.0 billion of the company’s shares in 2021, signifying the company’s ability to generate cash flow and confidence in the underlying value of the company. Subsequent to the end of the quarter, the Toronto Stock Exchange (TSX) accepted a notice to commence a normal course issuer bid (NCIB) for up to 44,000,000 common shares.
https://www.globenewswire.com/news-release/2021/02/03/2169485/0/en/Suncor-Energy-reports-fourth-quarter-2020-results.html
topdown99 wrote: prophet and tommy , you keep harping about "futures" and backwardation like these are guaranteed prices . As with everything , those prices can change over a weekend . Furthermore I wonder if anyone actually read the 2020 year end or you are just quoting news article bullet points .
I did read that report and I see a company that has turned the corner . Syncrude (the jewel in the crown) has amped up production to over 500,000 bbl/d and that is the premium product . Whether you call it SSB (Syncrude synthetic blend) or SCO (synthetic crude oil) its the highest quality and receives a premium price . When I first went to work at Syncrude in the early 1990"s , production was about 200,000 bbl/d . Since then they have nearly tripled production . These guys/gals are experts and any problems will always be worked out and over come .
BUT , the most interesting point in that report was the plan to buy (and retire) 44,000,000 shares . Now last year SU's share buy back was held at around $40/sh , at $22/sh they are a screaming deal . As of Feb 8th (Monday) , they have permission to start buying with a daily limit of 2.1 million shares per day . I would expect some supportive buying to start tomorrow as the company looks to maxamize its buying ability and power while taking advantage of this low share price .