The deal is the latest step in Qatar Petroleum's response to the North American shale gas boom.
Suncor Energy and Canadian Natural Resources could be targets for activist investors, Barron said.
Canada’s oil sands giant Suncor Energy (TSX, NYSE:SU) has lost an appeal of a temporary injunction that halts the start of random drug and alcohol testing on its employees.
Billions of dollars in joint venture projects with partner Total E&P Canada will be delayed, said Suncor Energy’s new chief executive Steve Williams on Wednesday, as both companies are analyzing alternatives to improve their profitability.
If Rick George was company builder at oilsands pioneer Suncor Energy Inc., Steve Williams has been the operator and is now executor of a growth plan put into place long before the official handing over of Suncor's reins Tuesday.
Suncor Energy announced today that one of its two upgraders (U2) at its oil sands facility will be taken offline for unplanned maintenance due to a U2 fractionator performance issue.
Suncor Energy Inc. recorded fourth quarter 2011 net earnings of $1.427 billion ($0.91 per common share), compared to net earnings of $1.286 billion ($0.82 per common share) for the fourth quarter of 2010.
Weak manufacturing data from China and a US economy deemed to have "significant downside risk," saw benchmark North American crude futures drop more than $5 to just above $80 a barrel, bringing the discount to international oil prices to more than $25.
The biggest oil sands player, Suncor Energy (TSE.SU), tumbled 6.8% to C$26.21 on the Toronto Stock Exchange, bringing its year to date losses to more than 30%. Canadian heavy oil – all of which goes to the US – sells for $15 less than US crude, meaning oil sands developers have to deal with an effective oil price of $60-$70 a barrel that puts at risk many of the $100 billion of projects on the go in Alberta.
Canada’s most valuable oil companies Suncor and Canadian Natural Resource – together worth over $100bn – were trading down over 3% on Thursday before recovering some ground following news that 2m barrels of oil per day – equal to Canada's total daily exports to the US – will be released onto the market over the next month.
The International Energy Agency said 28 of its members, with the US providing about half of the total, would tap their strategic oil reserves in an effort to make up for lost output as Libya's civil war drags on.
Once considered too expensive and damaging to the land, exploitation of Canada’s oil sands is now a venture worth billions. The country has proven oil reserves of more than 170 billion barrels—second only to those in Saudi Arabia. Much of this crude lies beneath …
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