Suncor hikes dividend 54 per cent, announces plan to buy back shares

CALGARY – Suncor Energy Inc. has announced a 54-per-cent dividend hike and a $2-billion share buyback.

The oilsands giant said Monday, before releasing its first-quarter results, that its quarterly dividend will rise to 20 cents per share from 13 cents. The dividend is payable June 25 to shareholders of record at the close of business June 4.

Suncor has obtained stock-exchange approval to buy back an additional $2 billion of its own shares between May 2 and Sept. 19.

“Suncor is dedicated to delivering a dividend that is reliable, sustainable, meaningful and competitive,” said CEO Steve Williams in a statement.

“Today’s 54 per cent increase in our dividend, combined with a further $2 billion share buyback program, underscores our commitment to returning cash to shareholders and reflects our confidence in the company’s future earnings and cash flow.”