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Suncor (SU) Faces Charges Over 2019 Terra Nova FPSO Incident
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Canada’s offshore regulator, the Canada-Newfoundland and Labrador Offshore Petroleum Board (“C-NLOPB”), has laid charges against Suncor (SU - Free Report) over a December 2019 incident where a worker fell from a ladder aboard the Terra Nova floating production, storage and offloading (“FPSO”) vessel offshore Canada.
Following the incident, an immediate investigation was launched. After the review of SU’s investigation report, an order was issued to the company in January 2020 to ensure that a fall protection system is used for all vertical ladders bigger than six meters in length and not fitted with a protective cage at or near the Terra Nova FPSO. Later in the same month, one more order was issued, and the C-NLOPB began its formal inquiry.
While laying the charges related to the incident, the regulator recently stated that Suncor failed to produce a signed written report that complied with relevant regulations, committing an offense. Further, SU did not ensure that every employee entering, exiting from and occupying a confined space wore a safety harness securely attached to a lifeline, which was attached to a secure anchor outside the confined space, contrary to regulations.
Moreover, the board also ordered that all confined-space work policies and procedures would be reviewed by Suncor and updated for compliance with regulatory requirements.
The C-NLOPB further said that the first court appearance is scheduled for Jan 25, 2023, in St. John's provincial court. The watchdog stated that it would not be commenting further at this time as the matter is still sub judice.
Founded in 1917, Suncor Energy, Inc. is Canada's premier integrated energy company. Its operations include oil sands development and upgrading, conventional and offshore crude oil and gas production, petroleum refining and product marketing.
SU is one of the largest owners of oil sands worldwide. The Calgary-based integrated energy company gained new oil sands properties to supplement its existing operations in northern Alberta, making it the dominant producer in the region, where reserves are second only to Saudi Arabia.
The Zacks Consensus Estimate for EnLink’s 2022 earnings stands at 60 cents per share, which implies an increase of 1,100% from the year-ago earnings of 5 cents.
The consensus mark for ENLC’s 2022 earnings has been revised upward in the past 60 days from 47 cents to 60 cents per share.
The consensus estimate for NexTier’s 2022 earnings stands at $1.41 per share, indicating an increase of about 427.9% from the year-ago loss of 43 cents.
NEX beat estimates for earnings in all the trailing four quarters, the average being around 271%.
The consensus mark for RPC’s 2022 earnings is pegged at 91 cents per share, which indicates an increase of 2,933.3% from the year-ago earnings of 3 cents.
RES beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters, the average being around 62%.
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Suncor (SU) Faces Charges Over 2019 Terra Nova FPSO Incident
Canada’s offshore regulator, the Canada-Newfoundland and Labrador Offshore Petroleum Board (“C-NLOPB”), has laid charges against Suncor (SU - Free Report) over a December 2019 incident where a worker fell from a ladder aboard the Terra Nova floating production, storage and offloading (“FPSO”) vessel offshore Canada.
Following the incident, an immediate investigation was launched. After the review of SU’s investigation report, an order was issued to the company in January 2020 to ensure that a fall protection system is used for all vertical ladders bigger than six meters in length and not fitted with a protective cage at or near the Terra Nova FPSO. Later in the same month, one more order was issued, and the C-NLOPB began its formal inquiry.
While laying the charges related to the incident, the regulator recently stated that Suncor failed to produce a signed written report that complied with relevant regulations, committing an offense. Further, SU did not ensure that every employee entering, exiting from and occupying a confined space wore a safety harness securely attached to a lifeline, which was attached to a secure anchor outside the confined space, contrary to regulations.
Moreover, the board also ordered that all confined-space work policies and procedures would be reviewed by Suncor and updated for compliance with regulatory requirements.
The C-NLOPB further said that the first court appearance is scheduled for Jan 25, 2023, in St. John's provincial court. The watchdog stated that it would not be commenting further at this time as the matter is still sub judice.
Founded in 1917, Suncor Energy, Inc. is Canada's premier integrated energy company. Its operations include oil sands development and upgrading, conventional and offshore crude oil and gas production, petroleum refining and product marketing.
SU is one of the largest owners of oil sands worldwide. The Calgary-based integrated energy company gained new oil sands properties to supplement its existing operations in northern Alberta, making it the dominant producer in the region, where reserves are second only to Saudi Arabia.
Suncor currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy space that warrant a look include EnLink Midstream (ENLC - Free Report) , NexTier Oilfield Solutions and RPC (RES - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for EnLink’s 2022 earnings stands at 60 cents per share, which implies an increase of 1,100% from the year-ago earnings of 5 cents.
The consensus mark for ENLC’s 2022 earnings has been revised upward in the past 60 days from 47 cents to 60 cents per share.
The consensus estimate for NexTier’s 2022 earnings stands at $1.41 per share, indicating an increase of about 427.9% from the year-ago loss of 43 cents.
NEX beat estimates for earnings in all the trailing four quarters, the average being around 271%.
The consensus mark for RPC’s 2022 earnings is pegged at 91 cents per share, which indicates an increase of 2,933.3% from the year-ago earnings of 3 cents.
RES beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters, the average being around 62%.