The Calgary-based oil and gas giant also says it plans a new but smaller share buyback program, which begins Sept. 20.
Under the new normal course issuer bid, Suncor will have the right but not the obligation to spend $1 billion to repurchase and cancel up to 38.4 million shares over the year ending Sept. 19, 2013.
Under the previous share buyback program, Suncor paid a weighted average price of $29.90 per share for 50,160,465 between Sept. 6, 2011 and Sept. 5, 2012.
Its shares closed Monday at $34.02 prior to the announcement. The stock was down 22 cents at $33.80 in early trading Tuesday.