Debt markets sour on oil patch amid plunge in energy prices [Toronto Globe and Mail (Ontario, Canada)]
Suncor Energy Inc. (SU)
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Source: Toronto Globe and Mail
Debt markets sour on oil patch amid plunge in energy prices A hefty jump in financing costs for Suncor Energy Inc. – which enjoys one of its industry’s best credit ratings – shows how debt markets have become wary of the Canadian oil patch as it struggles with the collapse of crude prices. Suncor said late Tuesday it raised $1.25-billion in an offering of 10-year notes to repay other debt, at an interest rate that is nearly two percentage points higher than its last debt offering nearly a year ago. As debt costs for Canada’s largest oil producer and refiner rise, small and mid-size oil and gas companies face shrunken lines of credit. This has added urgency for an expected multibillion-dollar federal aid package, which may give banks added security to keep lending to the industry in one of its darkest times. Details of the package have yet to be announced and the process has taken longer than the government had previously suggested. Oil prices are down 60 per cent in the past three mon
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News
- Suncor Energy Inc. (NYSE: SU) had its "outperform" rating re-affirmed by analysts at Royal Bank of Canada. They now have a $66.00 price target on the stock.MarketBeat
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- Suncor's 2025 Outlook: Production Growth and Capex Reduction [Yahoo! Finance]Yahoo! Finance
- Suncor Energy Inc. (NYSE: SU) was downgraded by analysts at StockNews.com from a "buy" rating to a "hold" rating.MarketBeat
SU
Earnings
- 11/12/24 - Beat
SU
Sec Filings
- 12/12/24 - Form 6-K
- 11/25/24 - Form 6-K
- 11/13/24 - Form 6-K
- SU's page on the SEC website