Suncor announced plans to acquire Petro-Canada for close to $15 billion in stock. Both companies have reduced expected 2009 captial spending signficantly admist lower crude prices and weak energy demand. This merger would allow the two companies to save close to $1.3 billion in annual costs through reduced capital spending and job cuts.
Suncor Energy announced that it has successfully concluded negotiations with its union workforce at its Colorado facility. The contract is for three years.
The prices for oil from Suncor's oil sands dropped in the fourth quarter of 2008 as the company cut production by 4%. Suncor reduced its 2009 capital spending budget from $6 billion to $3 billion in an attempt to reduce costs and extract more money from its current assets.
Suncor reports strong financial performance and stock price rises 1.33%.
Stock price rises 7.0% on analyst upgrades and Suncor's completion of a $1 billion deal
Suncor's stock rises 1.5% when Suncor comments on FY2007 production guidance.1/25/2007 - 1/26/2007: Suncor's stock rises 1.5% when Suncor comments on FY2007 production guidance.
