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FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
For the month of: September 2000 Commission File Number: 1-12384
SUNCOR ENERGY INC.
(Name of registrant)
112 FOURTH AVENUE S.W.
P.O. BOX 38
CALGARY, ALBERTA, CANADA, T2P 2V5
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F:
Form 20-F Form 40-F X
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the SEC
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes No X
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If "Yes" is marked, indicate the number assigned to the registrant in connection
with Rule 12g3-2(b):
N/A
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EXHIBIT INDEX
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EXHIBIT DESCRIPTION OF EXHIBIT
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EXHIBIT 1 MATERIAL CHANGE REPORT
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EXHIBIT 1
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MATERIAL CHANGE REPORT
ITEM 1 REPORTING ISSUER
Suncor Energy Inc.
112 Fourth Avenue S.W.
Box 38
Calgary, Alberta
T2P 2V5
ITEM 2 DATE OF MATERIAL CHANGE
September 5, 2000
ITEM 3 PRESS RELEASE
A Press Release with respect to the material change was issued by
Suncor Energy Inc. on September 5, 2000.
ITEM 4 SUMMARY OF MATERIAL CHANGE
(ALL DOLLAR AMOUNTS ARE EXPRESSED IN CANADIAN DOLLARS)
Suncor Energy Inc. ("Suncor") announced on September 5, 2000 that it
plans to resolve operational issues as well as concerns about
environmental and social impacts at its Stuart joint venture oil shale
demonstration project in Australia, which will require an expenditure
on the part of Suncor of $13 million and potentially up to $22 million
to improve plant performance. The next stage of development of the
project will be put on hold until such issues and concerns are
addressed.
In addition, the board of directors of Suncor agreed to an after tax
write down of $80 million of its Stuart Oil Shale Project, reflecting
increased costs and delayed oil production. Future expenditures at the
oil shale plant will be expensed against earnings.
ITEM 5 FULL DESCRIPTION OF MATERIAL CHANGE
Suncor announced on September 5, 2000 that it plans to resolve
operational issues as well as concerns about environmental and social
impacts at its Stuart joint venture oil shale demonstration project in
Australia, which will require an expenditure on the part of Suncor of
$13 million and potentially up to $22 million to improve plant
performance. The next stage of development of the project will be put
on hold until such issues and concerns are addressed.
In addition, the board of directors of Suncor agreed to an after tax
write down of $80 million of its Stuart Oil Shale Project, reflecting
increased costs and delayed oil production. Future expenditures at the
oil shale plant will be expensed against earnings.
Suncor has been investing in oil shale technology since 1997 when
Suncor and its joint venture partners began constructing an oil shale
demonstration plant near Gladstone, Australia. Over the last year,
operational and environmental issues have delayed commissioning and
Suncor has undertaken tests to determine the extent of the additional
work needed to improve operational performance.
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Suncor's first priority is to operate the plant reliably and address
community concerns about plant emissions and noise, and it will put
further stages of development on hold until these operational
challenges are resolved. The plant upgrades could take until April
2001 to complete.
Suncor anticipates that once commissioning is finished, it could need
an additional six to nine months of operational experience to
demonstrate the technology before making longer term investment
decisions.
In addition to resolving operational issues at the Australian plant,
sustainability issues must be addressed if oil shale development on a
commercial scale is to be successful over the long term.
Key criteria to be applied by Suncor in evaluating the commercial
potential of oil shale include:
- a mandate from local, regional and national governments and the
public to develop oil shale
- establishing performance standards acceptable to stakeholders that
address the environmental and social dimensions of oil shale
development
- greenhouse gas management plans that align with future national and
international commitments to address the risk of climate change
- the capability to generate shareholder value
Suncor operates the oil shale project in Gladstone, Australia, on
behalf of its joint venture with Southern Pacific Petroleum NL and
Central Pacific Minerals NL.
Suncor's plans as described in this item comprise forward looking
information subject to certain risks and uncertainties, known and
unknown. Actual future results may differ materially. This forward
looking information regarding Suncor's future plans, including cost
estimates, is preliminary and remains subject to change in response to
factors that could include stakeholder consultation, the regulatory
process, detailed engineering work, technical issues, technological
capabilities, new legislation, and competitive and general economic
factors and conditions. Further discussion of the risks, uncertainties
and other factors that could affect these plans and any actual results
are described in Suncor's annual information form, annual report to
shareholders and other documents filed with regulatory authorities.
ITEM 6 RELIANCE ON CONFIDENTIALITY SECTION OF THE ACT
Not applicable
ITEM 7 OMITTED INFORMATION
Not Applicable
ITEM 8 FURTHER INFORMATION
For further information relating to the foregoing, contact Michael W.
O'Brien, Suncor's Executive Vice President, Corporate Development and
Chief Financial Officer, at 403-269-8111.
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ITEM 9 STATEMENT OF SENIOR OFFICER
The foregoing accurately discloses the material change referred to
herein.
DATED at Calgary, Alberta, this 5th day of September, 2000.
"MICHAEL W. O'BRIEN"
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MICHAEL W. O'BRIEN
Executive Vice President, Corporate Development
and Chief Financial Officer
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
SUNCOR ENERGY INC.
Date: September 6, 2000 By: "MICHAEL W. O'BRIEN"
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MICHAEL W. O'BRIEN
Executive Vice President,
Corporate Development and Chief
Financial Officer
