The Canadian oil giant lowered capital spending plan to between $6bn and $6.5bn from a November estimate of $6.7bn to $7.3bn.
syncrude Mining News
After months of hostile rhetoric, the two Calgary-based companies have reached a takeover agreement.
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.
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."
The blast happened early Saturday morning at the Mildred Lake site.
The Wood Buffalo Environmental Association has barely enough to keep running until the end of January.
Growing North American light oil production is expected to cause crude from the Syncrude oilsands mine to fetch a discounted price, says Canadian Oil Sands Ltd., the largest partner in the massive development.
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 […]