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Noah Zivitz West Texas Intermediate is inching ever closer to US$60 per barrel as oil extends a rally that’s seen the price nearly double since late April. OPEC+ injected some additional optimism into the market yesterday, with its claim of 101 per cent compliance with production quotas. We’ll continue gathering market intel on crude’s rally juxtaposed against the still-daunting threat of COVID-19 and the gradual transition to renewable energy. SUNCOR NAVIGATES COVID IMPACT Lots to sift through at Suncor Energy: it swung to a fourth-quarter operating loss and funds from operations were halved amid pandemic fallout. Both metrics, however, improved sequentially. And there are several notable one-time items: in addition to the previously-announced impairment on West White Rose, Suncor booked a $142-million provision tied to Keystone XL. And, subsequent to quarter-end, Suncor says it sold its stake in a North Sea oil field for up to US$375 million. BCE RAISING DIVIDEND AND BOOSTING CAPEX The big telco gave investors a whole lot to think about today. The annual dividend is increasing 5.1 per cent to $3.50 per share amid what CFO Glen LeBlanc described in a release as a “rock-solid financial foundation” after BCE managed to beat fourth-quarter profit […]
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