CALGARY, Feb. 27 /PRNewswire-FirstCall/ -- Suncor Energy Inc. today announced plans to implement a two-for-one share split of its issued and outstanding common shares. The decision, which has been approved by the company's Board of Directors, is subject to shareholder and regulatory approval.
Since May 2002, when Suncor shares previously split on a two-for-one share basis, the trading price of the company's common shares on the TSX has risen from $27.75 to highs of over $109 in 2007. The company had previously completed two-for-one share splits in 1997 and 2000.
Shareholder approval will be sought at Suncor's annual meeting, scheduled for April 24, 2008 in Calgary, Alberta. Subject to approval, the record date for the share split will be May 14, 2008.
Suncor Energy Inc. is an integrated energy company headquartered in Calgary, Alberta. Suncor's oil sands business, located near Fort McMurray, Alberta, extracts and upgrades oil sands and markets refinery feedstock and diesel fuel, while operations throughout western Canada produce natural gas. Suncor operates a refining and marketing business in Ontario with retail distribution under the Sunoco brand. U.S.A. downstream assets include pipeline and refining operations in Colorado and Wyoming and retail sales in the Denver area under the Phillips 66(R) brand. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.
Suncor Energy (U.S.A.) Inc. is an authorized licensee of the Phillips 66(R) brand and marks in the state of Colorado. Sunoco in Canada is separate and unrelated to Sunoco in the United States, which is owned by Sunoco, Inc. of Philadelphia.
