Newspaper article The Canadian Press

Suncor Hikes Dividend as Fourth Quarter Funds from Operations Hit $3B Record

Newspaper article The Canadian Press

Suncor Hikes Dividend as Fourth Quarter Funds from Operations Hit $3B Record

Article excerpt

Suncor hikes dividend on Q4 earnings beat

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CALGARY - Suncor Energy Inc. is making good on its promise to return cash to shareholders, announcing a 12.5 per cent increase to its dividend as it reports fourth-quarter income that beat analyst expectations.

The company says it will raise its quarterly payouts to 36 cents per share, fulfilling CEO Steve Williams' vow in November to increase dividends and share buybacks in 2018 as production rises from its new Fort Hills oilsands mine in northern Alberta and Hebron oil project off the coast of Newfoundland and Labrador.

Canada's largest energy company by market capitalization reported operating earnings of $1.3 billion or 79 cents per share in the last three months of 2017, compared with $636 million or 38 cents a year ago, thanks to stronger oil prices, lower upstream exploration costs, better refinery utilization and higher refinery profit margins. …

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