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The oilsands major reported second quarter net earnings of $3.7 billion Wednesday after markets closed, more than tripling from $1.1 billion a year earlier, driven by higher oil prices and stronger performance from its refining business. (The Logic)
Talking point: Suncor said Thursday it will bump monthly share buybacks to $500 million from $350 million beginning in August—its second increase this year. The move underscores a continued focus on shareholder returns even as some investors and governments are increasingly asking whether Canada’s oil producers will spend more on production to fill proposed new pipelines. Suncor CEO Rich Kruger said the company’s current growth trajectory doesn’t require new pipelines, but it could accelerate oilsands projects “if and when market conditions would say that is the right strategy,” he said. “We’re not there yet, but we’re paying very close attention to the signposts.”
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