It has to ultimately make sense.
If Suncor is going to put 40% of the capital into the Fort Hills project, roughly 95,000 boe, and this is a green field project with budget risk, execution risk, process risk, and debottling risk to only product bitumen.
If Cenovous is going to continue investing in Christina lake, and will it be cheaper now that oil is cheaper, not likley.
Is Exxon stupid to pay 120,000 boe ffor kearl?
Surely a project that is not green field and operational would be worth a lot more. Especialy if you add in the value of a mere 10 billion boe of reserves. COS should sell their 36.74 percent interest in the largest oil sands project in the world.
Syncrude will be producing oil for more then the next 50 years, and Syncrude will exist for the next 50 years unless it get bought out. Oil sand is going to replace conventional oil projects. The stock is oversold and should be trading significantly highter.