• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days Does Toyota Know Something That We Don’t?
  • 1 day America should go after China but it should be done in a wise way.
  • 7 days World could get rid of Putin and Russia but nobody is bold enough
  • 9 days China is using Chinese Names of Cities on their Border with Russia.
  • 10 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 10 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 10 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 9 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 23 hours How Far Have We Really Gotten With Alternative Energy
  • 10 days Putin and Xi Bet on the Global South
  • 10 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 11 days United States LNG Exports Reach Third Place
  • 11 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Suncor Colorado Refinery Shut Down Until March

Canadian integrated oil company Suncor Energy Inc. (NYSE: SU) has revealed that extreme weather including multiple fires have forced the company to shut down its Colorado refinery, adding that it will remain offline till March 2023. 

The company says the 98,000-barrel-a-day Commerce City refinery was damaged by the record-setting weather that swept across large parts of the continent, with the company initiating a shutdown of the refinery on Dec. 24. Luckily, no injuries were reported while the air quality posed no "acute" public health concerns.

On a brighter note, earlier in the month, Suncor Energy revealed that it will aim for an early 2023 resumption of production in the Terra Nova oilfield off the coast of Newfoundland, with work on the revamped floating production, storage and offloading vessel having taken longer than planned. 

The Terra Nova FPSO has a capacity to store nearly 1M barrels and remains at the Navantia shipyard in Spain after undergoing an extensive life extension overhaul. The platform is scheduled to return to Canadian waters by the end of this month, Suncor. The renovations are expected to extend the production life of the platform by ~10 years, providing an additional 70M barrels of oil. The Terra Nova has not produced oil since late 2019, with a scheduled overhaul in 2020 canceled due to the pandemic.

Although Suncor shares have underperformed the energy sector after returning 22.1% in the year-to-date vs. 51.5% by the the Energy Select Sector SPDR Fund (NYSEARCA: XLE), analysts at Jeffries have tapped Suncor as one of the 20 companies expected to be cash gushers in 2023. The analysts have predicted that SU shares will have a dividend yield of 4.58% in the coming year and free cash flow per share of $6.83. Last quarter,Suncor Energy declared CAD 0.52/share quarterly dividend, good for a 10.6% increase from prior dividend of CAD 0.47.

By Alex Kimani for Oilprice.com

More Top Reads from Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News