Form 6-K SUNCOR ENERGY INC For: Apr 29
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
For the month of: April, 2016 |
Commission File Number: 1-12384 |
SUNCOR ENERGY INC.
(Name of registrant)
150 6th Avenue S.W.
P.O. Box 2844
Calgary, Alberta
Canada, T2P 3E3
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
|
Form 20-F |
|
|
Form 40-F |
X |
|
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
SUNCOR ENERGY INC. | |
|
|
| |
|
|
|
|
Date: |
|
By: |
|
|
|
|
|
April 29, 2016 |
|
|
Shawn Poirier |
|
|
|
Shawn Poirier |
|
|
|
Assistant Corporate |
|
|
|
Secretary |
EXHIBIT INDEX
Exhibit |
|
Description of Exhibit |
|
|
|
99.1 |
|
News Release dated April 27, 2016, Suncor Energy to acquire additional interest in Syncrude |
EXHIBIT 99.1
News Release dated April 27, 2016, Suncor Energy to acquire additional interest in Syncrude
News Release | |
|
|
FOR IMMEDIATE RELEASE
Suncor Energy to acquire additional interest in Syncrude
Unless otherwise noted, all financial figures are in Canadian dollars (Cdn$)
Calgary, Alberta (April 27, 2016) Suncor today announced that it has agreed to acquire a further position in Syncrude, purchasing the five per cent interest from Murphy Oil Corporations Canadian subsidiary at a purchase price of approximately $937 million, subject to closing adjustments. The transaction will be effective as of April 1, 2016.
Were pleased to acquire this additional interest in the Syncrude joint venture, said Steve Williams, president and chief executive officer. This transaction is a strategic fit for our portfolio given the quality of the resource, our existing interest in Syncrude and the potential for value creation. Its consistent with our focus on capital and operational discipline and builds on our successful acquisition of Canadian Oil Sands, increasing our production capacity by 17,500 barrels per day of high-quality light sweet synthetic crude. This growth gives us even more leverage to oil prices as they recover.
Through this transaction Suncors share in the Syncrude joint venture will increase from 48.74 per cent to 53.74 per cent. With the increased stake in Syncrude and the Fort Hills and Hebron projects on target for first oil late next year, Suncor expects to profitably grow production by over 40 per cent versus 2015, reaching 800,000 barrels per day in 2019.
The transaction is subject to closing conditions, including regulatory approval under the Competition Act. The transaction is anticipated to close by the end of the second quarter.
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: statements about the transaction, including the anticipated timing for closing of the transaction; the increase in Suncors production capacity as a result of the transaction; the expected increase in Suncors share in the Syncrude joint venture; the potential for value creation; oil price recovery; the expectation that first oil from the Fort Hills and Hebron projects will be achieved late next year; and Suncors expectation that it will profitably grow production by over 40% versus 2015, reaching 800,000 barrels per day in 2019 . Some of the forward-looking statements may be identified by words like will, potential, expected, target, anticipated and similar expressions.
Forward-looking statements are based on Suncors 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 Suncors experience and its perception of historical trends, including expectations and assumptions concerning: the timing and completion of the transaction; the ability of the parties to satisfy the conditions to closing of the transaction, including regulatory approval under the Competition Act; the accuracy of reserves and resources estimates; commodity prices and interest and foreign exchange rates; capital efficiencies and cost savings; applicable royalty rates and tax laws; future production rates; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour and services; and the receipt, in a timely manner, of regulatory and third-party approvals.
|
Suncor Energy |
|
150 6 Avenue S.W. Calgary, Alberta T2P 3E3 |
|
suncor.com |
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. Suncors 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.
Suncors Managements Discussion and Analysis dated April 27, 2016 and its most recently filed Annual Information Form/Form 40-F, Annual Report 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 calling 1-800-558-9071, or by e-mail request to [email protected] or by referring to the companys 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 Canadas leading integrated energy company. Suncors operations include oil sands development and upgrading, onshore and 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 and the Corporate Knights Global 100. Suncors common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.
30
For more information about Suncor, visit our web site at suncor.com, follow us on Twitter @SuncorEnergy, or come and See what Yes can do.
Media inquiries:
403-296-4000
Investor inquiries:
800-558-9071
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Suncor Energy (SU:CN) (SU) PT Raised to Cdn$65 at CIBC
- ListSmart LLC Introduces Groundbreaking Artificial Intelligence Technology to Advance Real Estate Seller Lead Generation
- Harness Therapeutics Appoints Seasoned Biopharmaceutical Leader, Ms. Meenu Chhabra Karson, as Board Chair
Create E-mail Alert Related Categories
SEC FilingsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!