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Suncor Energy Inc. (SU)

- NYSE
  • Tue, Apr. 14, 12:58 PM
    • Canadian Oil Sands (OTCQX:COSWF +5.5%), the company with the largest stake in oil sands miner Syncrude Canada, is a prime takeover target and its most likely suitor is Imperial Oil (IMO +1.9%), the company with the second-largest stake, says FirstEnergy Capital analyst Michael Dunn.
    • The analyst says his report is partly based on recent investor meetings with senior IMO execs who believe now is a good time to consider making acquisitions.
    • Dunn thinks IMO would not want to pay more than a price in the low teens for COSWF, so its stock would have to fall further to make a bid attractive, and he suggests the company would not want to take on excessive debt - which could mean an equity-based offer, help from its controlling shareholder, Exxon Mobil (NYSE:XOM), or enrolling a current Syncrude partner such as Suncor (NYSE:SU).
    | 5 Comments
  • Apr. 15, 2013, 3:15 AM
    Canada’s Suncor Energy (SU) has agreed to sell a package of gas and oil fields to U.K. energy supplier Centrica (CPYYF.PK) and Qatar Petroleum for C$1B ($980M) in cash. The assets are mostly located in southern and central Alberta, and produce about 250M cubic feet of gas equivalent per day, or 15M barrels of oil equivalent per year. (PR)
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Company Description
Suncor Energy Inc is an integrated energy company. Its operations include developing petroleum resource basin, Canada's Athabasca oil sands. It explores for, acquires, develops, produces & markets crude oil & natural gas in Canada and internationally.
Country: Canada