Canada’s largest oil producer wrote down its reserves by $2 billion in the last quarter because of falling oil prices. But its oil refineries and gas stations will help it move ahead with the purchase of Canadian Oil Sands.
SUNCOR ENERGY INC. (Toronto symbol SU; suncor.com) is Canada’s largest oil producer. It also operates four refineries and 1,500 Petro-Canada gas stations, which supply 63% of its revenue.
The company produced an average of 577,800 barrels of oil equivalent a day in 2015, up 8.0% from 534,900 barrels in 2014. Suncor’s oil sands projects accounted for 80% of its output.
However, Suncor lost $2.0 billion, or $1.38 a share, mainly because it wrote down the value of its reserves in response to the oil-price drop. It also wrote down its operations in Libya and some of its offshore projects. But without unusual items, Suncor earned $1.01 a share. In 2014, it earned $4.6 billion, or $3.15 a share.
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Suncor now expects to spend $6.0 billion to $6.5 billion on upgrades and exploration in 2016, down from its earlier forecast of $6.7 billion to $7.3 billion.
The company also expects to complete its all-stock acquisition of Canadian Oil Sands (Toronto symbol COS) in the next few weeks. This firm owns 36.74% of the Syncrude oil sands project. The takeover would give Suncor 48.74% of Syncrude and let it improve the project’s efficiency and profits. Including Canadian Oil Sands’ $2.4-billion debt, the entire deal is worth $6.6 billion.
The stock trades at 5.3 times its likely 2016 cash flow of $5.70 a share. The $1.16 dividend seems secure, and yields 3.9%.
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