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Suncor (SU) to File for Alberta Oil Sands Project's Approval
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One of the largest oil and gas producers of Canada, Suncor Energy Inc. (SU - Free Report) recently announced that it intends to apply for a new thermal oil-sands project in Alberta. The oil-sands development has the potential to produce 160,000 barrels of oil per day for a period of 25–40 years.
The multi-stage oil-sands project in Alberta, also known as the Lewis project, has not been formally approved by the company. Nonetheless, the company expects to begin operations in the area by 2024, if the Alberta Energy Regulator gives green signal to the project. Suncor expects production in Lewis project to start in 2027.
Project Location
The project is located 18 kilometers southeast of Fort McKay and 25 kilometers northeast of Fort McMurray.
Technology
The company intends to use advanced technology for the project. Instead of using steam to extract oil, the company is considering vaporized solvents and electromagnetic heating as the process is likely to save more energy and water.
The company expects the development to be similar to its recently adopted Meadow Creek East project, which has a production capacity of 80,000 barrels per day. Thus, the Lewis project is expected to be a valuable addition to Suncor's modular development regarding oil-sands strategy.
About the Company
Suncor is one of the world’s leading companies involved in mining and extraction of crude oil from the vast oil sands deposits in Northern Alberta. The company also explores for, develops and markets natural gas, operates a refining and marketing business in Ontario, and is actively involved in the development of renewable energy sources to help meet the energy needs of the future.
Price Performance
In the last six months, Suncor’s shares outperformed the Zacks categorized Oil and Gas - Canadian – Integrated industry. The company’s shares gained 6.22% while the industry witnessed an increase of 1.19%.
Zacks Rank and Stocks to Consider
Sunoco presently has a Zacks Rank #3 (Hold). Some better-ranked stocks in oil and energy sector are Penn Virginia Corporation , McDermott International, Inc. and Bellatrix Exploration Ltd . All these stocks flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Penn Virginia’s year-over-year sales growth for the current year is expected to increase 24.75%. The company recorded a positive earnings surprise of 36.67% in the last quarter of 2016.
McDermottis expected to record 20.69% year-over-year growth in 2017 sales. The company had an average positive earnings surprise of 387.50% in the last four quarters.
Bellatrix is expected to record 22.09% year-over-year growth in 2017 sales. The company had an average positive earnings surprise of 58.54% in the last four quarters.
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Suncor (SU) to File for Alberta Oil Sands Project's Approval
One of the largest oil and gas producers of Canada, Suncor Energy Inc. (SU - Free Report) recently announced that it intends to apply for a new thermal oil-sands project in Alberta. The oil-sands development has the potential to produce 160,000 barrels of oil per day for a period of 25–40 years.
The multi-stage oil-sands project in Alberta, also known as the Lewis project, has not been formally approved by the company. Nonetheless, the company expects to begin operations in the area by 2024, if the Alberta Energy Regulator gives green signal to the project. Suncor expects production in Lewis project to start in 2027.
Project Location
The project is located 18 kilometers southeast of Fort McKay and 25 kilometers northeast of Fort McMurray.
Technology
The company intends to use advanced technology for the project. Instead of using steam to extract oil, the company is considering vaporized solvents and electromagnetic heating as the process is likely to save more energy and water.
The company expects the development to be similar to its recently adopted Meadow Creek East project, which has a production capacity of 80,000 barrels per day. Thus, the Lewis project is expected to be a valuable addition to Suncor's modular development regarding oil-sands strategy.
About the Company
Suncor is one of the world’s leading companies involved in mining and extraction of crude oil from the vast oil sands deposits in Northern Alberta. The company also explores for, develops and markets natural gas, operates a refining and marketing business in Ontario, and is actively involved in the development of renewable energy sources to help meet the energy needs of the future.
Price Performance
In the last six months, Suncor’s shares outperformed the Zacks categorized Oil and Gas - Canadian – Integrated industry. The company’s shares gained 6.22% while the industry witnessed an increase of 1.19%.
Zacks Rank and Stocks to Consider
Sunoco presently has a Zacks Rank #3 (Hold). Some better-ranked stocks in oil and energy sector are Penn Virginia Corporation , McDermott International, Inc. and Bellatrix Exploration Ltd . All these stocks flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Penn Virginia’s year-over-year sales growth for the current year is expected to increase 24.75%. The company recorded a positive earnings surprise of 36.67% in the last quarter of 2016.
McDermottis expected to record 20.69% year-over-year growth in 2017 sales. The company had an average positive earnings surprise of 387.50% in the last four quarters.
Bellatrix is expected to record 22.09% year-over-year growth in 2017 sales. The company had an average positive earnings surprise of 58.54% in the last four quarters.
Zacks’ Best Private Investment Ideas
While we are happy to share many articles like this on the website, our best recommendations and most in-depth research are not available to the public.
Starting today, for the next month, you can follow all Zacks' private buys and sells in real time. Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors.
Click here for Zacks' private trades >>