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Suncor Energy Inc - President and CEO, Mark Little - The Market Herald Canada
President and CEO, Mark Little
Source: Suncor Energy Inc
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  • The first quarter of 2021 included strong operational results for Suncor Energy (SU), including important steps in Suncor’s continued journey towards improved and sustained reliability
  • Overall, the company was able to strengthen its balance sheet and reduce total debt by $1.1 billion
  • The company will continue to pursue digital transformation, cash flow generation, and debt reduction throughout the remainder of 2021
  • Suncor Energy is one of Canada's largest integrated energy companies
  • Suncor Energy (SU) is down 0.24 per cent and is trading at $26.865 per share

Strong Q1 results highlight Suncor Energy’s (SU) continued journey towards improved and sustained reliability.

Mark Little, President and CEO of Suncor Energy, commented,
“Building on the previous quarter’s operational momentum, Suncor generated $2.1 billion in funds from operations, far exceeding all of our capital expenditures and dividend commitments in the first quarter of 2021.”
He added,
“Strong operational performance, combined with the incremental free funds flow benefits from our strategic investments, have enabled us to make significant progress towards our annual debt reduction and share buyback targets.”
Suncor reported operating earnings and net earnings of $746 million and $821 million, respectively, compared to losses in both areas in the previous year quarter.
Overall, the company was able to strengthen its balance sheet and reduce total debt by $1.1 billion.

The company increased quarterly production in the first quarter of 2021 in response to reliable performance across its assets, which was a strong factor in the earnings seen across the board financially.

Together, the fourth quarter of 2020 and the first quarter of 2021 represent the best sequential synthetic crude oil production performance in the company’s history.

Mr. Little remarked,

“In 2021, we’ll focus on achieving our near-term plans, including the assumption of Syncrude operatorship and continuing our digital transformation, to further strengthen our cash flow generation capabilities while meeting our debt-reduction targets and increasing shareholder returns.”

Suncor Energy is one of Canada's largest integrated energy companies, operating in western Canada, east coast Canada, the United States, and the North Sea.

Suncor Energy (SU) is down 0.24 per cent and is trading at $26.865 per share as of 1:52 pm ET.

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