And then at that point is the idea that you would want to reduce the debt from there? Greg I think that's close to where we'll be. Why do you elect to take it down by 55% versus a higher or lower number? And will it be that?
My question is really on the interim view, especially given that this recovery will be led by the downstream and upstream will have to pace it. My first question obviously with the decision on the dividend.
Real time prices by BATS. If the world begins to normalize in 2021 2022, is it realistic to believe then that the dividend is going to grow from where it is now?
But that's always the challenge when you buy back. What were some of the discussion points that you guys were getting your head around in terms of setting the dividend level? While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. During the first quarter, we returned over $1 billion to our shareholders comprising $700 million in dividends and $300 million in buybacks. Yes. And currently, the OPEC+ failure to reach consensus in early March resulted in increased oil supply into an already oversupplied global market.
We've maintained technology investments for our supply and trading operations and our base business to reduce costs and increase margins. And our view was that, the probability of having to cut it at the end of the second quarter was very high. Is there a deflationary opportunity there?
In the first quarter our funds flow from operations was $1 billion, largely impacted by a very significant FIFO loss of $446 million that we recognized as a result of the declining commodity prices toward the latter half of the first quarter. I think if you look at the numbers at about $20 billion of gross debt. Visit www.zacksdata.com to get our data and content for your mobile app or website.
Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations. It is not something that can be put at risk by precision of models or describe it more bluntly spreadsheet math. But I think that you are going to see implications across all of the various forms of energy and almost all industries.
We have expedited autonomous haul truck deployment at Fort Hills to further reduce costs.
Yes. Thanks guys for the time this morning. And with that, I'll turn it back to you Trevor. If you wish to go to ZacksTrade, click OK.
This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. We continue to see buybacks as a key element of our shareholder return strategy going forward. We've leveraged the flexibility provided by our integrated model and midstream logistics assets, which generated over $225 million after-tax of additional value in the first quarter.
Thanks. We expect consumer demand for refined products to be at its weakest in the second quarter. Suncor Energy’s fourth-quarter 2019 operating earnings from the downstream unit decreased to C$558 million from the year-ago figure of C$762 million due to lower refining margins. Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month. So my expectation is that getting this period of volatile times, you're going to see that continue. Q1.
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Ahead of this earnings release, the estimate revisions trend for Suncor Energy was mixed. We are maintaining our full year upstream guidance for 2020, as we expect to be able to perform some critical maintenance in the quarter, while respecting COVID-19 health orders and protecting the safety of our personnel. Suncor Energy 2020 Third Quarter Results - October 28, 2020* [More details] *dates and information subject to change .
Comstock Resources, Inc. (CRK) - free report >>, Suncor Energy Inc. (SU) - free report >>, Devon Energy Corporation (DVN) - free report >>, Laredo Petroleum, Inc. (LPI) - free report >>. Financial health and resilience are maintained by taking actions, which are measured prudent and proactive.
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