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Suncor

Other News

Firefighters defend oil sites as rain brings relief

Alberta firefighters successfully defended Suncor Energy and Syncrude Canada oil-sands sites from wildfires as rain brought some relief and the blaze that shut more than a million barrels a day of production in Canada’s oil patch expanded in other directions.

Oil & Gas

Canadian Oil Sands urges shareholders to reject Suncor bid

Canadian Oil Sands Ltd.’s board sent a letter to its shareholders Tuesday urging them once again to reject the hostile bid by Suncor Energy Inc. ahead of the offer’s deadline next week. The Calgary-based Canadian Oil Sands said the C$4.5 billion ($3.2 billion) offer was an “undervalued and opportunistic bid.” Suncor has offered 0.25 of its own shares to Canadian Oil Sands’ investors in a tender offer that expires on January 8.

Americas

The end of a megaproject oil sands era

The era of the megaproject in Canada’s oil sands is fading. Crude’s price slump, pressure to get off fossil fuels and tax increases in Alberta are adding to high costs and a lack of pipelines, prompting producers from Suncor Energy Inc. to Imperial Oil Ltd. to accelerate a shift to smaller projects. Companies are deferring new mines in favor of cheaper, bite-sized drilling programs that deliver quicker returns and require less labor. The moves will help reduce cost overruns and make Canadian companies more competitive with U.S. shale producers. The trade off will be reduced production growth and a smaller economic boost for the country’s oil patch.

Markets

Suncor reports loss in earnings

Suncor Energy have reported a loss in earnings on the back on the oil price decline. Canada's largest oil and gas company said its net loss was $341million, compared to $1.49billion in the first quarter of 2014. Suncor has already reduced its headcount and spending to deal with the current climate.

Oil & Gas

Suncor to push ahead with Fort Hills oil sands amid oil rout

Suncor Energy Inc., Canada’s largest oil company, will push ahead with its planned Fort Hills oil sands project even as the price of oil hovers around $50 a barrel. Suncor will spend C$1.6 billion ($1.3 billion) this year as it advances construction of the project, the Calgary-based company said in a statement.The operation will begin producing oil at the end of 2017, the company added.