Suncor Energy (TSX, NYSE:SU) on Sunday announced the "safe and staged restart" of its oilsands operations after an approaching wildfire forced the company to abandon its camps north of Fort McMurray.
Suncor Mining News
Oil companies are reducing production to allow families to evacuate.
The company has named Sandy Martin as its new chief executive officer.
The Canadian oil giant lowered capital spending plan to between $6bn and $6.5bn from a November estimate of $6.7bn to $7.3bn.
After months of hostile rhetoric, the two Calgary-based companies have reached a takeover agreement.
Cenovus and Suncor fund cleantech entrepreneurs to accelerate environmental and economic solutions
The company is asking Suncor to disclose details of how shareholders reacted to its bid before last week’s deadline had to be extended until Jan. 27.
Canadian Oil Sands is a weak company that has consistently missed many quarterly targets and is focused on one of the least attractive areas of the oil patch at current prices.
The takeover bid expires on Friday.
“Hope is still not a strategy,” Suncor wrote in a letter to Canadian Oil Sands’ shareholders, stressing there was “little time” left.
The company, currently the target of a $4.3 billion takeover bid by Suncor, unveiled a pared-back capital budget that cuts spending by 20% year-over-year to $295 million in 2016.
The poison pill provision must expire by Monday, Jan. 4, 2016.
Canada's dominant oil sands player, however, plans to spend about $900 million more next year.
Suncor, Canada's dominant oil sands player, telling COS shareholders the firm has a record of “underperformance, financial challenges,” and vulnerability to low oil prices.
Suncor steeped up its hostile Cdn$4.3bn bid for COS by asking the Alberta Securities Commission to strike down the target’s rights plan to prevent a takeover.
The company said Suncor Energy’s hostile takeover offer was "undervalued, opportunistic and exploitive."
"Disappointed but not surprised"
Instead of high-pressure steam, Canada's largest oil and gas producer wants to send radio waves down to heat the bitumen.
The decision means 150 jobs will be cut by the end of the year.
Suncor said it is working with the RCMP and Alberta Occupational Health and Safety to complete a full investigation into the incident.
Panel rules the program would be an unreasonable invasion of privacy.
Suncor and authorities are investigating.
The Wood Buffalo Environmental Association has barely enough to keep running until the end of January.
The deal is the latest step in Qatar Petroleum's response to the North American shale gas boom.