UPDATE: Suncor Energy Up 2%, Recoups Tuesday Losses On CEO Comments
Suncor Energy Inc. (SU.TO) is up more than 3% and has recouped yesterday's losses - which saw it head near to year lows - as Reuters reported the company is confident it will return to Libyan soil when it is safe, although it does not know how its operations have fared after a six-month civil war.
Also, Chief Executive Officer Rick George said Suncor, Canada's largest oil-sands producer, will report record cash flow this year because of higher oil prices and lower costs, according to a Bloomberg report. "We're going to have a great year, a record year for us" in terms of cash flow, George said in an interview yesterday at Bloomberg's headquarters in New York. Cash flow has been buoyed by increasing oil prices as well as lower costs following the 2009 takeover of Petro-Canada. The company reported $5.49 billion in cash flow from operations last year.
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