Suncor Energy declares dividend and amends normal course issuer bid
November 14 2018 - 7:06PM
All financial figures are in Canadian dollars.
Suncor Energy’s Board of Directors has approved a quarterly
dividend of $0.36 per share on its common shares, payable December
24, 2018 to shareholders of record at the close of business on
December 3, 2018.
Suncor also announced today that the Toronto Stock Exchange
(TSX) accepted a notice filed by Suncor of its intention to amend
its existing normal course issuer bid (the NCIB) effective as of
November 19, 2018 to purchase common shares through the facilities
of the TSX, New York Stock Exchange and/or alternative trading
platforms. The notice provides that Suncor may increase the maximum
number of common shares that may be repurchased in the period
beginning May 4, 2018 and ending May 3, 2019 from approximately
$2.15 billion, or approximately 3% of Suncor’s issued and
outstanding common shares as at April 30, 2018, to approximately $3
billion, or approximately 5% of Suncor’s issued and outstanding
common shares as at April 30, 2018. The decision to increase the
NCIB was previously announced with Suncor's second quarter release
on July 25, 2018. No other terms of the NCIB have been amended.
Between May 4, 2018 and November 13, 2018 and pursuant to the
NCIB, Suncor has already repurchased approximately $1.98 billion of
common shares on the open market. Pursuant to the NCIB (as
amended), Suncor has agreed that it will not purchase more than
81,695,830 common shares, of which 39,101,184 common shares have
already been purchased between May 4, 2018 and November 13,
2018.
The actual number of common shares that may be purchased and the
timing of any such purchases will be determined by Suncor. Suncor
believes that, depending on the trading price of its common shares
and other relevant factors, purchasing its own shares represents an
attractive investment opportunity and is in the best interests of
the company and its shareholders. The company does not expect the
decision to allocate cash to repurchase shares will affect its
long-term growth strategy.
From November 14, 2017 to May 1, 2018, under Suncor’s previous
normal course issuer bid, Suncor successfully completed the
purchase of approximately $926 million worth of its common shares
(20,936,298 common shares) at a weighted average price of $44.21
per common share.
Legal Advisory – Forward-Looking
Information
This news release contains certain forward-looking information
and forward-looking statements (collectively referred to herein as
“forward-looking statements”) within the meaning of applicable
Canadian and U.S. securities laws. Forward-looking statements in
this news release include references to: Suncor’s NCIB, including
Suncor’s belief that, depending on the trading price of its common
shares and other relevant factors, purchasing its own shares
represents an attractive investment opportunity and is in the best
interests of the company and its shareholders, and the company’s
expectation that the decision to allocate cash to repurchase shares
will not affect its long-term growth strategy. Forward-looking
statements may be identified by words like “may”, “will”,
“believes”, “expect”, and similar expressions.
Forward-looking statements are based on Suncor’s current
expectations, estimates, projections and assumptions that were made
by the company in light of its information available at the time
the statement was made and consider Suncor’s experience and its
perception of historical trends, including expectations and
assumptions concerning: the accuracy of reserves and resources
estimates; commodity prices and interest and foreign exchange
rates; the performance of assets and equipment; capital
efficiencies and cost savings; applicable laws and government
policies; future production rates; the sufficiency of budgeted
capital expenditures in carrying out planned activities; the
availability and cost of labour, services and infrastructure; the
satisfaction by third parties of their obligations to Suncor; the
execution of projects; and the receipt, in a timely manner, of
regulatory and third-party approvals.
Forward-looking statements are not guarantees of future
performance and involve a number of risks and uncertainties, some
that are similar to other oil and gas companies and some that are
unique to Suncor. Suncor’s actual results may differ materially
from those expressed or implied by its forward-looking statements,
so readers are cautioned not to place undue reliance on them.
Suncor's Management's Discussion and Analysis dated October 31,
2018, its Annual Information Form, Form 40-F and Annual Report to
Shareholders, each dated March 1, 2018, and other documents it
files from time to time with securities regulatory authorities
describe the risks, uncertainties, material assumptions and other
factors that could influence actual results and such factors are
incorporated herein by reference. Copies of these documents are
available without charge from Suncor at 150 6th Avenue S.W.,
Calgary, Alberta T2P 3E3; by email request to invest@suncor.com; by
calling 1-800-558-9071; or by referring to
suncor.com/FinancialReports or to the company’s profile on SEDAR at
sedar.com or EDGAR at sec.gov. Except as required by applicable
securities laws, Suncor disclaims any intention or obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
Suncor Energy is Canada's leading integrated energy company.
Suncor's operations include oil sands development and upgrading,
offshore oil and gas production, petroleum refining, and product
marketing under the Petro-Canada brand. A member of Dow Jones
Sustainability indexes, FTSE4Good and CDP, Suncor is working to
responsibly develop petroleum resources while also growing a
renewable energy portfolio. Suncor is listed on the UN Global
Compact 100 stock index. Suncor's common shares (symbol: SU) are
listed on the Toronto and New York stock exchanges.
For more information about Suncor, visit our web site at
suncor.com, follow us on Twitter @Suncor or together.suncor.com
Media inquiries:403-296-4000media@suncor.com
Investor inquiries:800-558-9071invest@suncor.com
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