Suncor Energy Inc. T.SU

Alternate Symbol(s): SU

Energy Oil & Gas Integrated

Suncor Energy Inc. is a Canada-based integrated energy company. The Company's segments include Oil Sands, Exploration and Production (E&P), and Refining and Marketing. Its operations include oil sands development, production and upgrading, offshore oil and gas production, petroleum refining in Canada and the United States and its Petro-Canada retail and wholesale distribution networks, including Canada’s Electric Highway, a coast-to-coast network of fast-charging electric vehicles (EV) stations. Petro-Canada has a network of over 1,800 retail and wholesale locations across Canada, providing customers with a wide variety of fuel and service offerings including low-carbon fuel options. It is developing petroleum resources while advancing the transition to a low-emissions future through investment in power and renewable fuels. It also wholly owns the Fort Hills Project, which is located in Alberta's Athabasca region, approximately 90 kilometers north of Fort McMurray.

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Suncor Energy Inc. > Will we get back to $50.37 - Year High?

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Comment by mrbbon Aug 27, 2023 3:51pm

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Post# 35607358

RE:RE:RE:RE:RE:Will we get back to $50.37 - Year High?

mrbb wrote:
matt2018 wrote: I hear you guys on the challenges of shale oil business and while it does makes sense, it's not adding up?
According to EIA Field Production of Crude Oil, it peaked at 13M b/d in Nov/2019.
It tanked in May/20 down to 9.7M and then eventually built back up to the 11M b/d range and stayed there for much of 2021 & 2022, going back above 12M again in Sept 2022.
For 2023 it's been increasing at steady pace and now back up to 12.7M b/d.
At same time, many of the large cap oil producers (USA & Cda) have taken advantage of extra FCF from recent high oil prices to aggressively pay dow debt, return more % FCF to shareholders while slashing Capex spending. That's what they have been reporting.
This is also evident with the weekly rig count declines.
So when is this expected declne in shale oil expected to happen?

one gotta applause the ingenuity of the oil frackers. They are drilling longer and longer Hz well and going back to refrack the oil hz wells. This reduces the demand for drilling rigs. I dunno if workover rigs get counted with the drilling rig count statistic.