Suncor Energy UK Limited announced it will acquire a 30 per cent participating interest in the U.K. North Sea Rosebank project from OMV (U.K.) Limited. Under the terms of the agreement, Suncor will make an initial payment of US$50 million on closing. The transaction is subject to conditions, including regulatory approval, and is anticipated to close in the fourth quarter
CALGARY, ALBERTA–(Marketwired – May 23, 2016) – Suncor today announced it has begun the remobilization process of its employees to support the staged restart of its operations in the Regional Municipality of Wood Buffalo (RMWB). The evacuation order was lifted by the Regional Emergency Operations Centre the evening of May 20, 2016. In addition, Suncor continues to assess the situation,
SU, COS Come to Terms on Sweetened Offer After months of posturing and wrestling for shareholder approval, the boards of Suncor (ticker: SU) and Canadian Oil Sands (ticker: COS) have reached a merger agreement. The joint announcement, released on January 18, 2015, includes a sweetened transaction value of CN$6.6 billion (about US$4.5 billion) for COS, inclusive of an estimated CN$2.4
Suncor Extends Expiration Date after Unsuccessful Initial Attempt Canadian Oil Sands (ticker: COS) gets its wish to remain an independent company – at least for the time being. The hostile takeover attempt by Suncor (ticker: SU) failed to achieve the required approval of two-thirds of COS shareholders, as the deadline passed on January 8, 2016. The major integrated oil company,
January 8 Deadline Looms in Suncor’s Hostile Takeover Attempt Ernst & Young is one of many analyst firms expecting energy-related divestitures and stock-for-stock deals to rise in 2016, and one of the year’s first deals could involve Canadian Oil Sands (ticker: COS) and Suncor (ticker: SU). But if Canadian Oil Sands gets its wish, the potential merger will be nothing
CEO Kubik: An independent COS offers more upside to shareholders (Editor’s note: all figures in Canadian dollars) On December 1, 2015, Canadian Oil Sands (ticker: COS) issued a press release with an accompanying conference call detailing its 2016 budget and what it described as a “new era of lower cost operations.” The timing comes as no coincidence, as Suncor’s $6.6
COS Counters SU Offer by Adopting Shareholder Rights Plan The board of Canadian Oil Sands (ticker: COS) turned down a $5 billion offer from Suncor (ticker: SU) two days after its initial proposal, offering a shareholder rights program and providing additional insight into negotiations between the two oil sands companies. The shareholder program is being referred to as a “poison
Suncor Energy to acquire additional working interest in Fort Hills oil sands project CALGARY, ALBERTA–(Marketwired – Sept. 21, 2015) – Suncor Energy today announced that it has agreed to purchase an additional 10 per cent working interest in the Fort Hills oil sands project from Total E&P Canada Ltd., for total aggregate consideration of $310 million at the time of
Suncor Energy announces Q2 Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$), and have been prepared in accordance with International Financial Reporting Standards (IFRS), specifically International Accounting Standard (IAS) 34 Interim Financial Reporting as issued by the International Accounting Standards Board. Production volumes are presented on a working interest basis, before royalties, unless noted otherwise.
CALGARY, ALBERTA–(Marketwired – April 1, 2015) – Suncor Energy today provided an update on its progress on cost management measures in response to the low crude price environment, as well as an update on operations. Since the cost management program was announced in January, the company has made significant progress on its cost reduction initiatives. Suncor now expects that the
