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BRIEF-Suncor looking at more opportunities for oil sands consolidation
April 27, 2017 / 2:42 PM / 5 months ago

BRIEF-Suncor looking at more opportunities for oil sands consolidation

April 27 (Reuters) - Suncor Energy

* CEO says continues to evaluate opportunities to consolidate in oil sands, but bar for acquisitions is high.

* Says cost of repairs at Syncrude oil sands plant to be relatively small for Suncor as covered by insurance.

* Says leak that led to fire at Syncrude plant was caused by freeze-thaw crack in a pipeline, a one-off event not expected to affect future reliability.

* CEO says does not see company’s organic oil sands growth projects going ahead in next year or two.

* Says from May 2 company will be in the market buying its stock back as part of announced share buy-back plan.

* CEO says the exodus of big international companies from Canada’s oil sands is not quite finished yet.

* CEO says could be some incredible opportunities for Suncor as big companies exit oil sands, not many potential buyers have Suncor’s strong balance sheet.

* CEO says no major asset sales planned currently.

* CEO says sees low probability of Canadian energy being included in U.S. trade tariffs, but consequences would be serious for U.S. consumer. Source text for Eikon: Further company coverage: (Reporting By Nia Williams)

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