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In 2015 Suncor courted Canadian Oil Sands, the largest owner of the Syncrude project with 37% ownership (compared with Suncor's 12%), with proposals for acquisition and hostile takeover. [17] In January 2016 they reached an agreement with Suncor acquiring COS for C$6.6 billion, raising its Syncrude ownership to 49%. [18]
As of 2009, Syncrude and Irving Oil were leaders in the Canadian industry, with Syncrude being the top producer of oil sands crude and Irving Oil operating the largest oil refinery in the country. [5] Canadian oil company profits quickly recovered following the 2008 financial crisis; In 2009 they were down 90% but in 2010 they reached $8.4 billion.
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Syncrude Canada Ltd. is one of the world's largest producers of synthetic crude oil from oil sands and the largest single source producer in Canada.It is located just outside Fort McMurray in the Athabasca Oil Sands, and has a nameplate capacity of 350,000 barrels per day (56,000 m 3 /d) of oil, equivalent to about 13% of Canada's consumption. [1]
Suncor (SU) expects first-quarter 2018 production to be 685,000 barrels of oil equivalent per day (BOE/d), reflecting a decline on both year over year and sequential basis.
On March 23, 2009, Suncor Energy announced its intent to acquire Petro-Canada, which would form a company with a combined market capitalization of C$43.3 billion. Suncor planned to rebrand its existing Sunoco-branded retail operations in Ontario under the Petro-Canada name following the completion of the acquisition. [5] [6] [7] [8]
Toronto, A6, based Investment company Davis-Rea Ltd. (Current Portfolio) buys Raytheon Technologies Corp, Suncor Energy Inc, sells Nike Inc, Algonquin Power & Utilities Corp, Vanguard S&P 500 ETF ...