Suncor to Grow Oil Sands as Oil Majors Flee
Even as the world's largest energy companies exit Canada's high-cost oil sands the country's top producer Suncor Energy is lining up its next phase of growth in the world's third largest crude reserves. The preliminary plans for new projects in remote northern…
Hefty Maintenance Schedule Looms for Canada Oil Sands Producers
The move is seen temporarily curbing supply in the second and third quarters, which should lift crude prices in the region and give producers a respite from selling their barrels below cash costs. Among producers planning major work at their facilities, Suncor is planning the first five-yearly turnaround on its U2 upgrader…
Suncor to buy Canadian Oil Sands
Canadian oil and gas producer Suncor Energy Inc said on Monday it had reached an agreement to buy Canadian Oil Sands Ltd after raising its all-stock offer, valuing the deal at about C$4.24 billion ($2.93 billion) excluding debt. The deal came days after Suncor's…
Suncor Gets More Than 40% of Votes in Favor of COS Bid
Suncor Energy Inc has received more than 40 percent of the votes in favor of its bid for Canadian Oil Sands Ltd, a source familiar with the situation said on Monday . Suncor extended its bid for Canadian Oil Sands on Friday, suggesting it fell short of the two…
Suncor extends bid for Canadian Oil Sands until Jan. 27
Suncor Energy Inc , Canada's largest oil producer, said on Friday it had extended its hostile bid for Canadian Oil Sands Ltd until Jan. 27. Suncor needs to secure at least two-thirds support from shareholders to succeed in the bid, which comes against a backdrop…
Canadian Oil Sands Urges Rejection of Suncor Bid
Canadian Oil Sands Ltd on Monday urged shareholders again to reject Suncor Energy Inc's hostile bid. The Alberta Securities Commission had given shareholders until Jan. 4 to decide how to respond to Suncor's C$4.3 billion bid, which Canadian Oil Sands has said undervalues the company.
Encana Slashes Dividend, Cuts Capex
Canadian oil and natural gas producer Encana Corp , responding to a sharp drop in oil prices, has slashed its dividend by about 79 percent and its 2016 capital budget by more than a quarter. The company's shares fell as much as 10 percent on the Toronto and New York Stock Exchanges on Monday.
TSX Rises as Railways, Pipelines Gain
Canada's main stock index rose on Wednesday, led by railway and pipeline stocks in a broad-based but relatively shallow recovery from Tuesday's slip. The most influential gainer on the index was Canadian Pacific Railway Ltd, which rose 5.5 percent to C$194.88 after…
Canadian Oil Sands Urges Rejection of Suncor bid
Canadian Oil Sands Ltd asked its shareholders to reject Suncor Energy Inc's offer, saying it "substantially undervalued" the company's ownership in Syncrude and was "entirely opportunistic". Canadian Oil Sands, with a 37 percent stake, is the largest shareholder in Canada's biggest synthetic crude project…
Canadian Oil Sands to Reject Suncor Bid
Canadian Oil Sands Ltd's board has evaluated the hostile takeover bid from rival Suncor Energy and is poised to reject the offer as too low on Monday, according to a source familiar with the matter. Earlier this month, Suncor offered to buy Canadian Oil Sands for $4.3 billion.
Suncor Expects Imperial Oil to Run Syncrude Project
Suncor Energy chief executive Steve Williams said on Monday he expected Imperial Oil would continue to run the Syncrude joint venture oil sands project even if Suncor's hostile bid for Canadian Oil Sands Ltd is successful. Imperial Oil is another partner among seven in the joint venture…
Suncor Launches Hostile Bid for Canadian Oil Sands
Suncor Energy Inc launched a hostile bid for Canadian Oil Sands Ltd as the slump in oil prices encourages consolidation in Canada's oil sands industry, which has one of the world's highest operating costs and lowest prices. Canadian Oil Sands and Suncor are among stakeholders in Canada's largest synthetic crude project…
Canada's Syncrude Resumes Normal Operations
Canadian Oil Sands Ltd said normal operations have resumed at Canada's largest synthetic crude project, Syncrude, following a fire in August. The company is the largest stakeholder in the oil sands project in northern Alberta. Syncrude had been running at reduced rates since a Aug. 29 fire at an upgrading plant.
Canadian Oil Sands Halts Syncrude Production After Fire
Canadian Oil Sands Ltd, the biggest shareholder in the Syncrude oil sands project, said it halted crude oil production after a fire damaged equipment at its processing facility in northern Alberta on Saturday, causing traders to scramble to secure temporarily short supply.
Fire Halts Production at Canadian Oil Sands Syncrude
Canadian Oil Sands Ltd, the biggest shareholder in the Syncrude oil sands project, said it has halted crude oil production after a fire damaged equipment at its processing facility in northern Alberta on Saturday. The company said the main coker conversion units were not damaged and Syncrude continues to operate.
Syncrude Oil Sands Project Losing $6 On Every Barrel
Canada's largest synthetic crude project, Syncrude Canada Ltd, is losing roughly $6 on every barrel it produces at current prices, a company presentation showed on Wednesday, a stark sign of the pain being felt by oil sands operators. Even so, Canadian Oil Sands Ltd…
Canadian Oil Producers Look to Squeeze Costs Even Further
Low crude prices present a great opportunity to drive down oil sands costs even further, adding to the 25 percent savings so far this year, some of Canada's largest producers said on Tuesday. The bitumen deposits in Alberta's vast oil sands are the world's third-largest crude reserves…
Diamond Offshore Scraps Special Dividend on Weak Market
Rig contractor Diamond Offshore Drilling Inc said it expected a significant number of ultra-deepwater rigs to be idled across the industry by year-end as oil producers' capital budget is likely to be lowered by a fifth this year. The company also said it would…
Regulator Clears Oil Sands Operators for Waterfowl Deaths
The Alberta Energy Regulator on Thursday cleared oil sands operators of responsibility for the death of 196 waterfowl that landed on their toxic tailings ponds earlier this month, saying poor weather conditions forced the birds down. The regulator said the operators' deterrent systems were all working normally on Nov.
Canadian Oil Sands Q4 Profit Tumbles
Canadian Oil Sands Ltd , the largest-interest owner in the Syncrude oil sands project in northern Alberta, slashed its dividend on Thursday and said fourth-quarter profit fell 87 percent on lower oil prices. The company cut its dividend to 5 Canadian cents a share for the first quarter of 2015, down from 20 Canadian cents.
