Suncor Energy declares dividend and announces increase to share repurchase program
November 13 2019 - 5:30PM
Suncor Energy’s Board of Directors has approved a quarterly
dividend of $0.42 per share on its common shares, payable December
24, 2019 to shareholders of record at the close of business on
December 3, 2019.
Suncor’s Board of Directors has also approved an increase to the
company’s current share repurchase program of an additional $500
million increasing the program from $2.0 billion to $2.5 billion.
Suncor will continue to be opportunistic in its execution of the
program and, should market conditions allow, Suncor expects to
repurchase between $2.0 and $2.5 billion of common shares by the
end of February 2020. As of Friday November 8, 2019, Suncor has
completed repurchases of $1.74 billion, or approximately 42.7
million shares under the Board approved program, representing
approximately 2.8% of total shares outstanding.
Since recommencing the share repurchase program in May of 2017,
Suncor has repurchased approximately $6.6 billion or 149.3 million
shares for approximately 8.9% of total shares outstanding at that
time.
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: that Suncor will continue
to be opportunistic in its execution of its share repurchase
program; the expectation that Suncor will repurchase between $2.0
and $2.5 billion of common shares by the end of February 2020; and
the additional share repurchase program of up to $500 million.
Forward-looking statements may be identified by words like “will”,
"expects", “future” 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 most recently filed quarterly Report to Shareholders,
its Annual Information Form, Form 40-F and Annual Report to
Shareholders, each dated February 28, 2019, 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:833-296-4570media@suncor.com
Investor inquiries:800-558-9071invest@suncor.com
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