Suncor Reports Strong Quarter; Raising Our FVE, but Stock Still Overvalued
No-moat Suncor Energy reported production of 689.4 thousand barrels of oil per day, or mbbl/d, during the first quarter. Production came in slightly above our expectations, driven by a faster-than-expected ramp-up of the Hebron offshore project. The Fort Hills expansion project produced its first oil, averaging 24.6 mbbl/d. Fort Hills remains on track to ramp up to 194 mbbl/d by early 2019. Suncor also reported a 22% decrease in bitumen realizations from the fourth quarter of 2017 despite a 14% ...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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