Suncor Energy Buyback
OLI recorded this information on 12/23/2019
|Share Amount Authorized:
||The decision to increase Suncor's share repurchase program was previously announced on November 13, 2019. Today, Suncor received approval from the Toronto Stock Exchange (TSX) to amend its existing normal course issuer bid (the NCIB) effective as of the close of markets on December 27, 2019 to purchase common shares through the facilities of the TSX, New York Stock Exchange and/or alternative trading platforms. The notice provides that Suncor may increase the maximum number of common shares that may be repurchased in the period beginning May 6, 2019 and ending May 5, 2020 from 50,252,231 shares, or approximately 3% of Suncor's issued and outstanding common shares as at April 30, 2019, to 78,549,178, or 5% of Suncor's issued and outstanding common shares as at April 30, 2019. No other terms of the NCIB have been amended. Between May 6, 2019 and December 20, 2019 and pursuant to the NCIB, Suncor has already repurchased approximately $1.61 billion of common shares on the open market. Pursuant to the NCIB (as amended), Suncor has agreed that it will not purchase more than 78,549,178 common shares, of which 39,840,850 common shares have already been purchased between May 6, 2019 and December 20, 2019.
Suncor Energy is an energy company. Co.'s operations include oil sands development and upgrading, onshore and offshore oil and gas production, petroleum refining, and product marketing under the Petro-Canada brand. Co.'s segments include: oil sands, which develop and produce synthetic crude oil and related products through the recovery and upgrading of bitumen; exploration and production, which include offshore activity, and the exploration and production of crude oil, natural gas, and natural gas liquids; and refining and marketing, which include the refining of crude oil products, and the distribution and marketing of these and other purchased products, as well as a lubricants plant.
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