Un Petit Pois

• PollutionWatch’s 2007 report found that Suncor was the 6th worst greenhouse gas producer in Canada at about 7.6 M tonnes
• along with some of its contractors, it faces charges of illegally dumping waste water into the Athabasca river in 2008.
• Alberta regulators had previously instructed it to cap production at one site due to the high emission of hydrogen sulphide in 2007.

March 23, 2009, 11:02pm

Suncor, Petro-Canada announce merger

• Suncor Energy will acquire Petro-Canada in a deal worth $15 billion,
• Combined worth of $43 billion
• Petro-Canada equity holders will receive 1.28 shares for each Petro-Canada share, giving investors a 25% premium
• The merger would cut $1.3 billion in annual costs through reduction in capital spending and job cuts
• Oil sands operations: Suncor at 228,000 barrels/day, Petro-Canada at 59,900
• Conventional oil: Suncor at 3,100 barrels/day, Petro-Canada at 240,800
• Under the Petro-Canada Public Participation Act, no shareholder or company can legally hold more than 20% of Petro-Canada’s shares.

March 23, 2009, 10:46pm