Canada’s largest oil and gas company expects production to rise by more than 13% next year and spending to fall by more than $1 billion.
Suncor Mining News
The largest Canadian oil sands producer confirmed last week it has embarked on a one-year pilot project involving the use of six 400-tonne Komatsu autonomous haulers in an isolated part of Suncor's mine site in northern Alberta.
Suncor experienced a 50% reduction in incidents and a 3.5% productivity increase by training trucks operators using both computer-based and hands-on tools.
Sale includes PCLI's production and manufacturing centre in Mississauga, Ontario and the global marketing and distribution assets held by PCLI including its global offices.
Suncor and Mikisew Cree First Nation today announced the signing of a participation agreement for the purchase by MCFN of a 14.7% interest in Suncor's East Tank Farm Development.
The charge is related to the first exploration well of its joint venture in the Shelburne basin, south of Nova Scotia.
Suncor Energy and Fort McKay First Nation announce agreement for equity partnership in East Tank Farm Developments
Under the terms of the agreement, Fort McKay First Nation will pay 34.3% of the actual capital cost of the East Tank Farm Development once the assets become operational, which is currently anticipated to be in the second quarter of 2017.
Companies responsible for the majority of fossil fuel products that have been manufactured, marketed, and sold since the industrial revolution and have contributed the lion’s share of cumulative global emissions of industrial CO2 and methane, have been ordered to respond to a legal petition that triggered the first-ever national human rights investigation concerning climate change.
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.
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"