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Suncor Energy (SU) Resumes Fort Hills Operations After a Mishap

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Suncor Energy Inc. (SU - Free Report)  has finally resumed its Fort Hills oil sands mine operation with primary focus on safety and welfare of its employees, per a Reuters report. This Alberta-based energy player suffered a massive setback recently as two workers of Clearstream Mining died at its Fort Hills oil sands mine.

The fatal incident occurred on Dec 28 when a bulldozer knocked a light vehicle truck, killing two miners eventually. Both the deceased were inside the pickup truck at the time of the collision. Notably, the truck provides mining services at Fort Hills. The company halted operations at the site for an indefinite period as the investigationinto their deaths is still underway.

The Fort Hills open-pit mine plan, which is one of the largest in the Wood Buffalo region in Alberta,has two main pits and a mine fleetwith a capacity to produce up to 14,500 tonnes of oil sand per hour.

Earlier this week, managementinformed that it envisions a non-cash after-tax impairment charge of about C$425 million for the fourth quarter of 2020 on its stake in the White Rose asset and the West White Rose Project.

The write-down follows the recent acquisition of Husky Energy, the initial operator of the White Rose asset and the West White Rose Project, by Cenvous Energy (CVE - Free Report) . This takeover deal makes the future of the West White Rose Project uncertain.

Company Profile

Founded in 1917, Suncor Energy is Canada's premier integrated energy company. Its operations include oil sands development and upgrade, conventional and offshore crude oil and gas production plus petroleum refining and product marketing. The company is one of the largest owners of oil sands in the world.

Zacks Rank & Other Key Picks

Suncor Energy currently carries a Zacks Rank #2 (Buy). Other top-ranked players in the energy space include DCP Midstream Partners, LP (DCP - Free Report) and Altus Midstream Company (ALTM - Free Report) , each presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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