Suncor Energy Inc said on Wednesday it will not proceed with its proposed multibillion-dollar Voyageur oil sands upgrading plant in northern Alberta because recent changes in oil market conditions have reduced potential returns.Suncor, Canada's largest oil company, said the decision to pull the plug on Voyageur was in line with its strategy to allocate its capital to high-return projects and accelerate the return of cash to investors with dividends and share buybacks.It began re-evaluating the prospects last year for the complex plant, designed to "upgrade" bitumen from several oil sands projects into refinery-ready light crude. The company had cited surging volumes of cheaper crude from the North Dakota Bakken region for the declining potential.The upgrader was part of a larger oil sands partnership with France's Total SA that also includes the proposed Fort Hills and Joslyn oil sands mines in northern Alberta.
Suncor Energy Inc. (Suncor) is an integrated energy company. Shares of SU fell by 1.03% or $-0.31/share to $29.89. In the past year, the shares have traded as low as $25.95 and as high as $35.82. On average, 3825870 shares of SU exchange hands on a given day and today's volume is recorded at 4467684.
Suncor Energy Inc. (Suncor) is an integrated energy company. Shares of SU fell by 1.07% or $-0.33/share to $30.40. In the past year, the shares have traded as low as $26.97 and as high as $34.99. On average, 3186170 shares of SU.TO exchange hands on a given day and today's volume is recorded at 2728551.
Total SA is a France-based integrated international oil and gas company. Shares of TOT fell by 1.23% or $-0.6/share to $48.19. In the past year, the shares have traded as low as $41.75 and as high as $55.35. On average, 1588780 shares of TOT exchange hands on a given day and today's volume is recorded at 3609655.
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