USGS releases first study to assess global earthquake risk to mineral supplies
Earthquakes have the potential to substantially affect mining operations, leading to supply chain disruptions that adversely affect the global economy.
Suncor (TSE:SU), Canada’s largest energy company, is reporting record quarterly production for the last three months of 2013 and a nice quarterly dividend hike for shareholders.
The firm announced on Tuesday that its fourth quarter output averaged 409,600 barrels per day – an increase of 13,200 barrels per day on the preceding quarter.
Net earnings were $443 million – 30 cents per common share – for the fourth quarter of 2013, compared with a net loss of $574 million the year prior.
“For the tenth consecutive quarter we generated over $2.2 billion in cash flow from operations, despite a challenging western Canadian crude price environment,” CEO Steve Williams said in a statement.
Meanwhile, the company’s Board of Directors has approved a 15% increase in the company’s quarterly dividend to $0.23 per common share, some nine months after it increased the dividend by 54% in 2013, Suncor wrote in its Q4 results.
Directors have also approved an additional $1 billion in share repurchases, increasing the total amount available for repurchase to $1.7 billion.
The year ahead
Suncor has reduced its production guidance for 2014 from between 565,000 barrels of oil equivalent per day (boe/d) and 610,000 boe/d to between 525,000 boe/d and 570,000 boe/d.
The company excluded Libyan operations from its production guidance due to political unrest.
The company’s exploration budget for 2014 is set at $7.8 billion, a slight increase on last year.
Suncor’s share price lost nearly 2% to trade at $34.94 per share on Tuesday after the results and updated outlook were announced.
