Topic: How To Invest

The Successful Investor Hotline – Friday, June 29, 2018

Article Excerpt

SUNCOR ENERGY INC., $53.50, Toronto symbol SU, is Canada’s largest integrated oil company, with its major projects in the Alberta oil sands. It also owns four refineries (three in Canada and one in Colorado), along with 1,500 Petro-Canada gas stations. The company also owns 58.74% of the Syncrude oil sands complex near Fort McMurray, Alberta. An electrical problem has forced the facility to shut down. In the first quarter of 2018, Suncor’s share of Syncrude’s production totaled 142,300 barrels a day. That’s equal to 21% of its overall daily production of 689,400 barrels. Suncor expects Syncrude to resume normal operations by the end of July 2018. However, the outage will help free up space on oil pipelines, which are already operating at close to capacity. As a result, the spread between the price of Canadian bitumen and the higher price for the benchmark West Texas Intermediate crude has started to shrink. Better prices for Canadian bitumen should help Suncor offset some of the…