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Suncor Energy Inc SU

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Economic Moat




The Fate of Canada's Pipelines Could Hinge on the U.S. Election

Joe Gemino, CPA Senior Equity Analyst

Analyst Note

| Joe Gemino, CPA |

Energy infrastructure projects have been under fire lately, highlighted by project cancelations, legal challenges, permit denials, and political opposition. TC Energy's Keystone XL and Enbridge's Line 3 replacement are among the most controversial. The November U.S. presidential election could have a major impact on the future of energy infrastructure, especially on the Keystone XL. If Democratic candidate Joe Biden is elected, it's almost assured that he will revoke the project's presidential permit, shelving the project indefinitely. The Keystone XL also faces opposition from federal lawsuits that question the validity of its permits and challenges to obtaining water crossing permits after Nationwide Permit 12 was ruled invalid for new pipeline projects. On the other hand, President Donald Trump has shown support for the pipeline. It looks like a tossup whether the Keystone XL will be built or not. 

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Company Profile

Business Description

Suncor Energy is one of Canada’s largest integrated energy companies, operating in western Canada, east coast Canada, the United States, and the North Sea. The upstream portfolio includes bitumen, synthetic crude, and conventional crude, which helps to offset higher-cost oil sands production. Suncor’s upstream production is supported by its refining operations, which have a capacity of 462,000 barrels a day. Production averaged 777 mb/d in 2019, and the company estimates that it holds approximately 7.4 billion barrels of proven and probable crude oil reserves.

150 -6th Avenue SW, P.O Box 2844
Calgary, AB, T2P 3E3, Canada
T +1 403 296-6636
Sector Energy
Industry Oil & Gas Integrated
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 12,889