SU bought back 6.75 million shares JanuaryThey paid about 258 million dollars because average price is round 43 buck.
That works out to about 81 million shares annually.
This is fine it's just I wonder what they doing with all the rest of the free cash flow? Sunco keeps promising to put 75% of the free cash flow to buying back shares. That was supposed to start last year then they said it'll start the beginning of the second quarter this year.
Even at these lower prices for crude they are still getting really good prices for cracks. The point being if they were putting 75% towards stock buybacks it would be a lot more than 6.75 million shares a month
They said they can only pay back so much debt until it doesn't make any sense. Otherwise they must be building some sort of massive cash position. Either that or someone is shovelling cash out of the back door.
This coming annual report is going to show Suncor made a lot of money 2022. They already pay a pretty decent dividend. If they ever actually start buying back shares with 75% free cash flow they could be buying up to 1,000,000 shares per day as far as I can figure. That would probably help the stock price immensely. Let's just hope one day they actually start doing that.
I am really interested to see what this coming report is going to show. My guess is gonna show a massive cash position I'm just not sure why. It doesn't look like Total is going to sell their share while Suncor actually will end up paying less for what they bought at Fort Hills because total took a little piece of that.
Anyways like I said is coming apart should be interesting.
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