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Suncor Energy Inc
Symbol SU
Shares Issued 1,244,600,884
Close 2025-01-17 C$ 56.43
Market Cap C$ 70,232,827,884
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Globe says Texas refineries dependent on CNRL, rivals

2025-01-20 07:34 ET - In the News

See In the News (C-CNQ) Canadian Natural Resources Ltd

The Globe and Mail reports in its Saturday, Jan. 18, edition that Galveston County is thick with massive refineries that rely on heavy Canadian crude to fuel their operations. The Globe's Emma Graney writes that Canadian oil and gas is the target of president-elect Donald Trump, who has pledged to slap a 25-per-cent tariff on all U.S. imports from Canada. The details of exactly how a tariff program would work are still up in the air. Industry on both sides of the border, however, are preparing for the worst as Jan. 20 fast approaches, when Mr. Trump will be sworn in as 47th president of the United States. Already investors are souring on the U.S. oil refining sector, citing forecasts for softer fuel demand and worries about tariffs. Shares of Valero Energy, Phillips 66 and Marathon Petroleum have turned down of late. Imports from Canada have become increasingly important to refineries on the Gulf Coast and in the American Midwest; those two regions combined receive three-quarters of Canada's crude oil exports. About 40 per cent of U.S. refineries are specifically tooled for heavy crude -- the kind produced in Canada, predominantly from the oil sands. Canadian crude accounted for about 24 per cent of U.S. refinery output.

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