-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Qh9LV3XV/5rJWCcDxyf91rPrThUj01OcThwL/bhMm+CjtCpTT5KvpL4WRj6fhwb7 yKLeeSe4jfaCTGMsOWU2Zw== 0000912057-02-028635.txt : 20020726 0000912057-02-028635.hdr.sgml : 20020726 20020726123619 ACCESSION NUMBER: 0000912057-02-028635 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020726 FILED AS OF DATE: 20020726 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUNCOR ENERGY INC CENTRAL INDEX KEY: 0000311337 STANDARD INDUSTRIAL CLASSIFICATION: PETROLEUM REFINING [2911] IRS NUMBER: 000000000 STATE OF INCORPORATION: A0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12384 FILM NUMBER: 02711742 BUSINESS ADDRESS: STREET 1: 112 4TH AVENUE SW PO BOX 38 STREET 2: CALGARY CITY: ALBERTA CANADA STATE: A0 ZIP: T2P 2V5 BUSINESS PHONE: 4032698100 MAIL ADDRESS: STREET 1: 112 FOURTH AVE SW BOX 38 STREET 2: CALGARY CITY: ALBERTA CANADA ZIP: T2P 2V5 FORMER COMPANY: FORMER CONFORMED NAME: GREAT CANADIAN OIL SANDS & SUN OIL CO LTD DATE OF NAME CHANGE: 19791129 FORMER COMPANY: FORMER CONFORMED NAME: SUNCOR INC DATE OF NAME CHANGE: 19970430 6-K 1 a2085347z6-k.txt FORM 6-K FORM 6-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Report of Foreign Private Issuer Pursuant to Rule 13a - 16 or 15d - 16 of the Securities Exchange Act of 1934 For the month of: July 2002 Commission File Number: 1-12384 SUNCOR ENERGY INC. (Name of registrant) 112 FOURTH AVENUE S.W. P.O. BOX 38 CALGARY, ALBERTA CANADA, T2P 2V5 Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F Form 40-F X ___________ --------- Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the SEC pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: Yes No X ________ --------- If "Yes" is marked, indicate the number assigned to the registrant in connection with Rule 12g3-2(b): N/A EXHIBIT INDEX
Exhibit Description of Exhibit - ----------------------- ---------------------------------- 1 THIRD QUARTER 2002 OUTLOOK
EX-1 3 a2085347zex-1.txt EXHIBIT 1 EXHIBIT 1 FOR IMMEDIATE RELEASE July 25, 2002 SUNCOR ENERGY'S OUTLOOK FOR THIRD QUARTER (All financial figures are in Canadian dollars unless noted otherwise.) CALGARY, ALBERTA - Suncor Energy Inc. today released its Investor Outlook for the third quarter of 2002. The financial information and production numbers below are preliminary estimates only. This Outlook is produced to provide greater disclosure to investors and potential investors of expected outcomes and to ensure they receive equal access to the same information at the same time. An update to this Outlook will be provided shortly after the end of the third quarter when a Guidance Report is issued. Suncor's financial results for the third quarter will be finalized and publicly released on October 23, 2002. The following table provides Suncor's targets for the third quarter of 2002 and the full year.
- --------------------------------------------------------------------------------------------------------------------- Q3 2002 OUTLOOK 2002 FULL YEAR OUTLOOK - --------------------------------------------------------------------------------------------------------------------- OIL SANDS Production (barrels per day) 200,000 to 205,000 200,000 Sales total (bpd) 200,000 to 205,000 200,000 Light sweet 95,000 to 100,000 100,000 Diesel 25,000 25,000 Light sour 80,000 75,000 Realization on crude sales basket WTI equivalent @ Chicago WTI equivalent @ Chicago Cash operating costs $11.25 to $12.00 per barrel $12.50 per barrel - --------------------------------------------------------------------------------------------------------------------- NATURAL GAS Natural gas (mmcf per day) 180 to 190 180 to 190 Natural gas liquids (bpd) 2,400 2,100 Crude oil production (bpd) 1,500 1,400 - ---------------------------------------------------------------------------------------------------------------------
1 FACTORS THAT COULD POTENTIALLY AFFECT THIRD QUARTER 2002 RESULTS INCLUDE: - - On July 19 Suncor completed a maintenance shutdown of one of its two Oil Sands upgraders to repair a fractionator. The outage lasted eight days, during which oil production averaged about 95,000 barrels per day. Suncor does not expect the maintenance shutdown will impact its year-end production target, however management recognizes it may be a challenge to achieve its $12.50 per barrel cash operating cost goal as a result of the shutdown. - - Crude oil prices are currently approximately the same as the average price realized in the second quarter of 2002. - - Natural gas prices are currently approximately 20% lower than the average price realized in the second quarter of 2002. - - Refining margins are currently approximately 35% higher than those realized in the second quarter of 2002. Retail margins are currently approximately 10% lower than those realized in the second quarter of 2002. CRUDE OIL HEDGE POSITION Suncor has hedged 50% of budgeted production in 2002 and 35% in 2003. The company continues to work towards hedging 30% of budgeted production in 2004, 2005 and 2006. The objective of Suncor's hedging program is to lock in prices on a portion of the company's future production to reduce exposure to market volatility, manage debt levels and support the company's ability to finance future growth. The following table sets out the company's approximate hedge position as of June 30, 2002 for the years indicated.
- ----------------------------------------------------------------------------------------------------------------- 2002 Crude Oil 57,000 bbl/day @ US$20.42 43,000 bbl/day @ US$22.29 - $26.94 (costless collar) - ----------------------------------------------------------------------------------------------------------------- 2003 Crude Oil 15,000 bbl/day @ US$24.46 60,000 bbl/day @ US$21.27 - US$25.56 (costless collar) - ----------------------------------------------------------------------------------------------------------------- 2004 Crude Oil 25,000 bbl/day @ US$22.85 11,000 bbl/day @ US$21.00 - US$23.65 (costless collar) - ----------------------------------------------------------------------------------------------------------------- 2005 Crude Oil 21,000 bbl/day @ US$21.85 - ----------------------------------------------------------------------------------------------------------------- 2006 Crude Oil 0 bbl/day @ --- - -----------------------------------------------------------------------------------------------------------------
Prior to initiating Project Millennium, Suncor entered into foreign exchange contracts related to its crude oil hedging program including a calendar-year 2002 contract to convert US$314 million to Canadian dollars at a fixed exchange of $0.705. Beyond 2002, Suncor has no further plans to enter into foreign exchange contracts related to crude oil hedging. 2 SUNCOR ENERGY IS AN INTEGRATED CANADIAN ENERGY COMPANY. SUNCOR'S OIL SANDS BUSINESS MINES AND UPGRADES OIL SAND AND MARKETS CUSTOM-BLENDED REFINERY FEEDSTOCK AND DIESEL FUEL, NEAR FORT MCMURRAY IN NORTHERN ALBERTA. SUNCOR IS ALSO A CONVENTIONAL NATURAL GAS PRODUCER IN WESTERN CANADA; HAS A REFINING AND MARKETING BUSINESS IN ONTARIO; AND A RETAIL BUSINESS THAT OPERATES UNDER THE BRAND NAME SUNOCO. AT THE SAME TIME AS SUNCOR MEETS TODAY'S ENERGY NEEDS, THE COMPANY INVESTS IN ALTERNATIVE AND RENEWABLE ENERGY FOR THE FUTURE. SUNCOR'S COMMON SHARES AND PREFERRED SECURITIES ARE LISTED FOR TRADING ON THE TORONTO AND NEW YORK STOCK EXCHANGES. THIS NEWS RELEASE CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS THAT ARE BASED ON SUNCOR'S CURRENT EXPECTATIONS, ESTIMATES, PROJECTIONS AND ASSUMPTIONS MADE IN LIGHT OF ITS EXPERIENCE AND ITS PERCEPTION OF HISTORICAL TRENDS. THE FORWARD-LOOKING STATEMENTS SPEAK ONLY AS OF THE DATE HEREOF, AND SUNCOR UNDERTAKES NO DUTY TO UPDATE THESE STATEMENTS TO REFLECT SUBSEQUENT CHANGES IN ASSUMPTIONS (OR THE TRENDS OR FACTORS UNDERLYING THEM) OR ACTUAL EVENTS OR EXPERIENCE. ALL STATEMENTS THAT ADDRESS EXPECTATIONS OR PROJECTIONS ABOUT THE FUTURE, INCLUDING STATEMENTS ABOUT SUNCOR'S STRATEGY FOR GROWTH, EXPECTED AND FUTURE PRODUCTION VOLUMES, OPERATING AND FINANCIAL RESULTS, ARE FORWARD-LOOKING STATEMENTS. SOME OF THE FORWARD-LOOKING STATEMENTS MAY BE IDENTIFIED BY WORDS LIKE "OUTLOOK," "ESTIMATE," EXPECTED," "TARGETS," "GOAL," "WORK TOWARDS," "OBJECTIVE," "PLANS" AND SIMILAR EXPRESSIONS. THESE STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE AS THEY ARE BASED ON CURRENT FACTS AND ASSUMPTIONS AND INVOLVE A NUMBER OF RISKS AND UNCERTAINTIES, SOME THAT ARE SIMILAR TO OTHER OIL AND GAS COMPANIES AND SOME THAT ARE UNIQUE TO SUNCOR. SUNCOR'S ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY ITS FORWARD LOOKING STATEMENTS AS A RESULT OF KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS, SUCH AS CHANGES IN THE GENERAL ECONOMIC, MARKET AND BUSINESS CONDITIONS; FLUCTUATIONS IN SUPPLY AND DEMAND FOR SUNCOR'S PRODUCTS; FLUCTUATIONS IN COMMODITY PRICES; FLUCTUATIONS IN CURRENCY EXCHANGE RATES; SUNCOR'S ABILITY TO RESPOND TO CHANGING MARKETS AND ACCESS THE CAPITAL MARKETS; THE ABILITY OF SUNCOR TO RECEIVE TIMELY REGULATORY APPROVALS; THE SUCCESSFUL AND TIMELY IMPLEMENTATION OF ITS GROWTH PROJECTS INCLUDING THE FIREBAG IN-SITU OIL SANDS PROJECT AND VOYAGEUR; THE INTEGRITY AND RELIABILITY OF SUNCOR'S CAPITAL ASSETS; THE CUMULATIVE IMPACT OF OTHER RESOURCE DEVELOPMENT PROJECTS; SUNCOR'S ABILITY TO COMPLY WITH CURRENT AND FUTURE ENVIRONMENTAL LAWS; THE ACCURACY OF SUNCOR'S PRODUCTION ESTIMATES AND PRODUCTION LEVELS AND ITS SUCCESS AT EXPLORATION AND DEVELOPMENT DRILLING AND RELATED ACTIVITIES; THE MAINTENANCE OF SATISFACTORY RELATIONSHIPS WITH UNIONS, EMPLOYEE ASSOCIATIONS, JOINT VENTURERS, SUPPLIERS AND CUSTOMERS; COMPETITIVE ACTIONS OF OTHER COMPANIES, INCLUDING INCREASED COMPETITION FROM OTHER OIL AND GAS COMPANIES OR FROM COMPANIES WHICH PROVIDE ALTERNATIVE SOURCES OF ENERGY; THE UNCERTAINTIES RESULTING FROM POTENTIAL DELAYS OR CHANGES IN PLANS WITH RESPECT TO EXPLORATION OR DEVELOPMENT PROJECTS OR CAPITAL EXPENDITURES; ACTIONS BY GOVERNMENTAL AUTHORITIES INCLUDING INCREASING TAXES, CHANGES IN ENVIRONMENTAL AND OTHER REGULATIONS; THE ABILITY AND WILLINGNESS OF PARTIES WITH WHOM SUNCOR HAS MATERIAL RELATIONSHIPS TO PERFORM THEIR OBLIGATIONS TO SUNCOR; AND THE OCCURRENCE OF UNEXPECTED EVENTS SUCH AS FIRES, BLOWOUTS, FREEZE-UPS, EQUIPMENT FAILURES AND OTHER SIMILAR EVENTS AFFECTING SUNCOR OR OTHER PARTIES WHOSE OPERATIONS OR ASSETS DIRECTLY OR INDIRECTLY AFFECT SUNCOR. SEE SUNCOR'S CURRENT ANNUAL INFORMATION FORM, ANNUAL REPORT AND INTERIM REPORTS AND OTHER DOCUMENTS SUNCOR FILES WITH SECURITIES REGULATORY AUTHORITIES, FOR FURTHER DETAILS. - 30 - For more information about Suncor, visit our website at www.suncor.com or contact: John Rogers, vice president, Investor Relations (403) 269-8670 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. SUNCOR ENERGY INC. Date: July 25, 2002 By: "JANICE B. ODEGAARD" ------------------------------------ JANICE B. ODEGAARD Vice President, Associate General Counsel and Corporate Secretary -----END PRIVACY-ENHANCED MESSAGE-----