Suncor Reports a Steady First Quarter; Stock Remains in 3-Star Territory
No-moat Suncor Energy reported a steady first quarter. The company reported funds from operations of CAD 2.6 billion that exceeded our results. The better-than-expected results were driven by higher price realizations from the company’s upstream operations that rebounded nicely from the fourth quarter of 2018. Bitumen and Fort Hills crude realizations increased by 500% and 100%, respectively, from the fourth quarter compared with only a 70% increase in heavy oil pricing. Suncor reported producti...Suncor Energy is an energy company. Co.'s operations include oil sands development and upgrading, onshore and offshore oil and gas production, petroleum refining, and product marketing under the Petro-Canada brand. Co.'s segments include: oil sands, which develop and produce synthetic crude oil and related products through the recovery and upgrading of bitumen; exploration and production, which include offshore activity, and the exploration and production of crude oil, natural gas, and natural gas liquids; and refining and marketing, which include the refining of crude oil products, and the distribution and marketing of these and other purchased products, as well as a lubricants plant.
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