Page 62 - Suncor AR English
P. 62
FINANCIAL CONDITION AND LIQUIDITY
hedging transactions, and may require the company to (the 2012 NCIB) with the Toronto Stock Exchange (TSX),
post additional collateral under certain contracts.
authorizing the purchase for cancellation of up to
$1 billion of Suncor’s common shares, commencing
The company’s long-term senior debt ratings are:
September 20, 2012 and ending on September 19, 2013.
On April 29, 2013, Suncor received regulatory approval to
Long-Term
amend its 2012 NCIB, authorizing the purchase for Outlook
Long-Term Senior Debt
Rating
cancellation of up to an additional $2 billion worth of its Standard & Poor’s
BBB+
Stable
........................................................................................................................
common shares, commencing May 2, 2013 and ending Dominion Bond Rating Service A (low) Stable
September 19, 2013.
........................................................................................................................
Moody’s Investors Service Baa1
Stable
Subsequently, on August 5, 2013, Suncor cancelled the
2012 NCIB and commenced a new normal course issuer
bid (the 2013 NCIB) through the facilities of the Toronto The company’s commercial paper ratings are:
Stock Exchange, New York Stock Exchange and/or
alternative trading platforms. The 2013 NCIB was amended US Cdn
Program Program
effective on February 21, 2014, to permit the company to Rating
Commercial Paper
Rating
purchase for cancellation additional shares. Pursuant to the
2013 NCIB, Suncor is permitted to purchase for A-2
Standard & Poor’s
A-1 (low)
........................................................................................................................
cancellation up to approximately $2.8 billion worth of its Dominion Bond Rating Service R-1 (low) R-1 (low)
common shares between August 5, 2013 and August 4, ........................................................................................................................
Moody’s Investors Service Not rated P-2
2014, and has agreed that it will not purchase more than
111,121,897 common shares, which equals approximately
Refer to the Description of Capital Structure – Credit
7.4% of the issued and outstanding common shares in the
public float as at July 29, 2013.
Ratings section of Suncor’s 2013 AIF for a description of
credit ratings listed above.
Shareholders may obtain a copy of the company’s Notice of
Intention to make a Normal Course Issuer Bid in relation to Common Shares
both the 2012 NCIB and the 2013 NCIB, without charge,
by contacting Investor Relations.
Outstanding Shares
Under the 2012 NCIB, the company repurchased December 31, 2013 (thousands)
25,075,100 common shares during 2013 at an average
Common shares
........................................................................................................................
1 478 315
price of $31.17 per share, for a total repurchase cost of
$781 million. Under the 2013 NCIB and as at Common share options – exercisable and
non-exercisable 34 997
December 31, 2013, the company repurchased ........................................................................................................................
24,417,157 common shares during 2013 at an average Common share options – exercisable 27 104
price of $36.59 per share, for a total repurchase cost of
$894 million.
As at February 24, 2014, the total number of common
Subsequent to December 31, 2013, the company has shares outstanding was 1,471,044,559, and the total
number of exercisable and non-exercisable common share
repurchased an additional 8,771,116 shares under the
2013 NCIB at an average price of $36.72 per share, for a options outstanding was 38,992,223. Once exercisable,
each outstanding common share option is convertible into
total repurchase cost of $322 million, as of
February 24, 2013.
one common share.
Share Repurchases
In the third quarter of 2012, the company obtained
regulatory approval for a Normal Course Issuer Bid
58 SUNCOR ENERGY INC. ANNUAL REPORT 2013
