Latest news with #KrisSmith
Yahoo
10-05-2025
- Business
- Yahoo
Suncor, MEG Energy CEOs strike confident note even as oil falls to US$50-range
Top executives at Canadian oil producers Suncor Energy ( and MEG Energy ( say 2025 is off to a strong start despite falling commodity prices. The Calgary-based companies reported first-quarter financial results after Tuesday's closing bell. West Texas Intermediate (WTI) oil averaged US$71.54 per barrel in the first three months of 2025. Since then, the U.S. benchmark price has tumbled into the US$50-range amid accelerated OPEC+ output hikes, and recession fears linked to U.S.-China trade disputes. WTI has fallen over 20 per cent since early April. Speaking on a post-earnings conference call on Wednesday, Suncor chief executive officer Rich Kruger boasted that Suncor is 'rebuilt for this business environment,' with a stronger balance sheet and lower breakeven costs, following his overhaul of the company beginning in 2023. 'There was obviously a lot of uncertainty around the impact of U.S. tariffs,' chief finance officer Kris Smith added. 'But in the end, commodity prices across the quarter remained constructive.' '2024 was a good year,' Kruger said. '2025 is off to a good start.' Suncor's first-quarter financial results topped analyst estimates, booking a nearly five per cent annualized increase in net earnings, and stronger upstream production. Toronto-listed shares closed 2.83 per cent lower at $46.99 on Wednesday. Meanwhile, MEG Energy reported its first-quarter profit more than doubled from a year earlier, after Tuesday's closing bell. CEO Darlene Gates says her company has the "agility" to navigate tough oil markets while continuing to reward shareholders. 'OPEC+ production management decisions and geopolitical tensions are driving market volatility, creating uncertainty, and exerting downward pressure on oil prices. We've successfully navigated these cycles before,' Gates told analysts on a conference call on Wednesday. 'With oil prices under pressure, we remain focused on maintaining flexibility and discipline. Our low breakeven price ensures we are well-positioned, and we have the ability to adjust spending as needed.' On Tuesday, TD Bank economist Marc Ercolao called for WTI to trade between US$55 and US$60 per barrel until there is more clarity around the tariff picture and OPEC supply plans for the second half of the year. TD Bank cut its 2025 WTI forecast to an average of US$62 per barrel, versus its US$67 per barrel prediction in March. The move tracks expectations of other observers lowering their price estimates for crude this year. 'Canada's energy sector is not immune to the current economic headwinds, but it is still decently positioned for continued output growth and increased capital spending, albeit at a more moderate pace,' Ercolao wrote in a research note. "Canadian producers will still face difficulties in production planning, especially if U.S. demand begins to ease, but a lower breakeven advantage – estimated at under US$50 per barrel – should keep activity moving in the oilpatch." Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist. Download the Yahoo Finance app, available for Apple and Android. Sign in to access your portfolio
Calgary Herald
07-05-2025
- Business
- Calgary Herald
Suncor production hits record high, but sales volumes slow as inventory builds
A strong performance from Suncor Energy Inc.'s downstream operations, including record refinery throughputs and refined product sales, helped it beat analysts' first-quarter earnings expectations. Article content Article content The Calgary-based oilsands major 's adjusted operating earnings of $1.6 billion in the three months ending March 31 were down from $1.8 billion a year ago, but still beat analysts' expectations. Article content Article content Boasting about Suncor's ability to capture margin opportunities in the refining business relative to its peers, chief executive Rich Kruger said the company has emphasized running facilities at full capacity, driving down unit costs and trusting marketing teams to sell the product rather than throttling throughputs to meet anticipated demand. Article content Article content 'Last time I checked, I can never sell a barrel that I don't produce or refine,' he said on a conference call on Wednesday. 'We've turned that around and said, 'Get after it and we'll find valuable homes.' And I think our teams have risen to that opportunity.' Article content Suncor achieved record refined product sales of 604,900 bbls/day in the first quarter, compared to 581,000 bbls/d in the same period last year, driven by higher refinery throughputs and fuel sales across the company's retail Petro-Canada network. Article content For the third consecutive quarter, the company's refining utilization was above 100 per cent, with Suncor's refineries processing a record 483,000 bbl/d during the quarter, compared to 455,300 bbls/d a year ago, equating to a 104 per cent utilization rate. Article content Article content The company also had record upstream production of 853,200 barrels per day (bbls/d), marking a new high for the company, in part due to record-setting bitumen production at its Firebag in-situ mining facility and the resumption of offshore production at its White Rose facility in Newfoundland and Labrador. Article content Article content Capital spending was $1.09 billion, which was below analysts' estimates for the first quarter, but in line with Suncor's 2025 guidance that targeted a midpoint capital spending program of $6.2 billion, according to RBC Capital Markets. Article content Despite the upbeat tone on Wednesday's earnings call with investors, the company acknowledged there are headwinds on the horizon, with prices currently bouncing around US$60 per barrel for benchmark West Texas Intermediate. Suncor said WTI averaged around US$71.40/bbl during the first quarter of 2025. Article content 'I'm very pleased that the significant strides we've made over the last two years to improve our operational and financial performance significantly reduce our WTI break-even and strengthen our balance sheet,' chief financial officer Kris Smith said on the call.
Yahoo
22-04-2025
- Business
- Yahoo
Suncor Energy to Release First Quarter 2025 Financial Results and Hold Annual General Meeting
Calgary, Alberta--(Newsfile Corp. - April 22, 2025) - Suncor Energy (TSX: SU) (NYSE: SU) will release its first quarter financial results on May 6, 2025 before 5:00 p.m. MT (7:00 p.m. ET). A webcast to review the first quarter will be held on May 7, 2025 at 7:30 a.m. MT (9:30 a.m. ET). Representing management will be Rich Kruger, President and Chief Executive Officer and Kris Smith, Chief Financial Officer. A question and answer period with analysts will follow brief remarks from management. Troy Little, Senior Vice President, External Affairs will host the call. To listen to the webcast please follow the instructions provided at Annual General Meeting Suncor will host its Annual General Meeting online at 10:30 a.m. MT (12:30 p.m. ET) on May 6, 2025. To participate in the meeting, shareholders will need access to the internet for the full duration of the meeting. Detailed instructions for shareholders to participate in the meeting are provided at The event will be archived for 90 days. Suncor Energy is Canada's leading integrated energy company. Suncor's operations include oil sands development, production and upgrading; offshore oil production; petroleum refining in Canada and the U.S.; and the company's Petro-CanadaTM retail and wholesale distribution networks (including Canada's Electric HighwayTM, a coast-to-coast network of fast-charging EV stations). Suncor is developing petroleum resources while advancing the transition to a lower-emissions future through investments in lower emissions intensity power, renewable feedstock fuels and projects targeting emissions intensity. Suncor also conducts energy trading activities focused primarily on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges. For more information about Suncor, visit our website at Media inquiries:(833) 296-4570media@ To view the source version of this press release, please visit
Yahoo
26-02-2025
- Business
- Yahoo
Metronet Completes Fiber-Optic Construction in Waterloo
Provides the Fastest Internet Speeds in the City, per Ookla EVANSVILLE, Ind., February 26, 2025--(BUSINESS WIRE)--Metronet, provider of the fastest internet speeds in Waterloo, Iowa, according to Ookla, announced today that it has completed the construction of its $30 million fiber-optic network in the city. Waterloo residents and businesses can now experience symmetrical, multigigabit internet speeds, with residential options up to five gigabits per second and business speeds up to ten gigabits per second. "With the completion of our Waterloo infrastructure, thousands of residents and businesses are now connected to future-proof, 100% fiber-optic internet — all without the use of taxpayer dollars," said Kris Smith, vice president of city relations at Metronet. "We are eager for folks in Waterloo to say goodbye to buffering and hello to our blazing fast internet speeds!" Metronet's commitment to Waterloo extends beyond providing ultrafast internet speeds. Since arriving in the city, Metronet has sponsored local organizations including Waterloo Bucks Baseball, Waterloo Main Street Partnership, and the Eastern Iowa Home and Landscaping Show. While Metronet's initial planned construction project in Waterloo is largely complete, residents can expect to see continued smaller expansion projects as Metronet grows alongside the city. Interested customers can sign up for service by visiting Waterloo is one of more than 40 Iowa communities served by Metronet. Across the state, Metronet has invested hundreds of millions of dollars to bring its advanced fiber-optic technology to Ames, Bettendorf, Cedar Falls, Davenport, Des Moines, Sioux City and dozens of other Iowa cities. More information on Metronet's Iowa footprint can be found at Metronet's internet speed designation in Waterloo was provided by Ookla® based on Speedtest Intelligence® data. For the second half of 2024, Ookla's analysis found that Metronet had the "Fastest Internet Speeds in Waterloo." About Metronet: Metronet is PCMag's "Fastest Major ISP" for 2023 and 2024, providing multigigabit internet service to homes and businesses in cities like Colorado Springs, Des Moines, Indianapolis, Lexington, Norfolk, Tallahassee and more than 300 other communities across 18 states. Expanding its fiber-optic network in more than 90 communities at any one time, Metronet has become the country's largest and fastest growing privately owned fiber-to-the-home company. More information on the Evansville, Ind.-based company can be found at View source version on Contacts Media Contact: Katie CusterKatie@ 502.821.6784 Erica Mastropierromedia@ 573.258.8247
