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Suncor Buys Petro-Canada for $15 Billion
Suncor Energy Inc. (SU) said it will buy rival Petro-Canada (PCZ) for $14.9 billion (C$18.43 billion) in a deal that will create Canadia’s largest energy company, with a refining capacity of 433,000 barrels per day.
More importantly for the future of both companies, the combined portfolio boasts the largest oil-sands resource position, a vital but difficult source to mine.
“It’s a good opportunity for Suncor to snap up some good assets at fairly depressed prices,” Greg Smith, managing director of London-based investment adviser Fat Prophets U.K. Ltd., told Bloomberg. “Oil sands are the legitimate solution to the long-term energy problem but it’s a…
24Mar2009 | Money Morning | 0 comments | ContinuedBuy, Sell or Hold: Suncor Energy Inc.
On July 21, when oil was trading at some $125 a barrel and in an apparent freefall, I issued a scaled “Buy” on Chevron Corp. (NYSE: CVX). I based this call on the stock’s ultra-low valuation and the company’s business model, which would enable it to keep posting strong profits even at lower margins. Despite the huge market sell-off – and a whipsaw market for oil that saw prices fall to as low as $90 a barrel before rebounding recently – Chevron’s stock has outperformed both the broader stock market and its oil-sector peers. At Friday’s closing price of $86.95,…
29Sep2008 | Money Morning | Comments Off | Continued
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