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News Breaks
February 5, 2014
08:13 EDTSUSuncor removed from Canadian Focus List at Canaccord
Canaccord removed Suncor from the Canadian Focus List based on the lower than expected dividend raise, an underwhelming Investor Day in December, and potential acquisitions. Shares remain Buy rated.
News For SU From The Last 14 Days
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September 21, 2015
09:09 EDTSUSuncor to acquire additional interest in Fort Hills oil sands project
Suncor Energy (SU) announced that it has agreed to purchase an additional 10% working interest in the Fort Hills oil sands project from Total (TOT) E&P Canada Ltd., for total aggregate consideration of $310M at the time of announcement. As a result of this transaction, Suncor's incremental capital increase to Fort Hills is estimated at just over $1B of which approximately $700M is remaining project spend. Upon closing, Suncor's partnership share in the $15B project will increase to 50.8%. As part of the transaction, Suncor acquires a further proportionate interest in Fort Hills related logistics, including pipelines, storage terminals and third-party pipeline capacity agreements. The Fort Hills project is located in Alberta's Athabasca region, 90 kilometres north of Fort McMurray. The transaction is subject to closing conditions, including regulatory approval under the Competition Act. Teck has agreed to waive its right of first refusal to purchase a pro-rata share of the offering. The transaction is anticipated to close by the end of the year.

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