Suncor Energy Inc T.SU

RE:RE:RE:RE:RE:Calling for board changes

[w8asec]

Congrats to you as well... I've been coming to Thailand since 2017, and have not ventured north of BKK, but heard it was gorgeous there.
 

Enjoy the new home... maids will love it when your done with it...lol

As for me, sadly I went almost all in this stock instead of diversifying amongst other oil plays... did start with WCP and moved over to this "slow moving pig" thinking it was soooo undervalued.... and guess what... It's still there..."undervalued" - LOL

Fingers crossed we catch up soon... Divy increase or "lack there of" will tell the story of what management thinks of us shareholders... let's see.

MigraineCall wrote: Congrats! Hua Hin is nice. Will be quite the home I think!
Lots of great riding to the west near the Burma border. Lots to see and do around there.

I am just signing all the papers this week for a nice villa in Chiang Rai on a hilltop in the pineapple fields near the base of the mountain near the city. Posession next week.

After today's pump so far in SU and CVE, I think now it might be too small. Perhaps it can be the maid's quarters, and I'll move into another a nicer property LOL.

Building will be more costly soon, but holding energy stocks will outpace inflation, whatever ones you happen to have.

I didn't short Tesla, but added more CNQ today. Still holding the CVE calls, up 100% in 3 days. Tax man will be pleased this year, from many of us I think.

Cheers!
 

w8asec wrote: Thanks for the link Migrain, and I agree.

FYI - bought a lot in Hua Hin, hoping SU climbs enough for me to build a dream home LOL

MigraineCall wrote: W8asec, here's the link to the Elliot presentaton. A good read.

https://restoresuncor.com/wp-content/uploads/2022/04/Elliotts-Perspective-on-Suncor.pdf

I recognize the potential Suncor has, and like Buffet, buy things like this at a discount. This activism might unlock it for a turnaround, or at the least motivate management for better performance and keep them on their toes. Seems the market thinks so too.

Today I'm torn betweeen shorting Tesla, watching it fall by 9.82 m/s/s, or adding more CNQ as it has pulls back more than 10% from recent highs. Perhaps I'll do both.

w8asec wrote: Thanks for posting this,,, It might be the greatest catalyst to happen to Suncor... I signed up for updates

.... I suggest ALL shareholders do the same.... these guys want the 50%+ return we have been denied by the existng BOD

One of the best links...THANKS

Galic1 wrote:

Calls for Board Enhancement, along with Strategic and Management Review

Sees $30 Billion Value Creation Opportunity, a Potential Share-Price Increase of 50% or More

Full Letter and Presentation Available at RestoreSuncor.com

WEST PALM BEACH, Fla., April 28, 2022 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that have made an investment representing approximately a 3.4% economic interest in Suncor Energy Inc. (NYSE:SU) (the "Company" or "Suncor"),1 today sent a letter and presentation to the Board of Directors of Suncor. According to the letter, the purpose of the materials is to outline the right path forward to restore Suncor to its role as a leader of the Canadian energy industry.

Suncor has seen a decline in the exceptional performance that was formerly its hallmark, the letter said, which has led to, among other things, missed production goals, high costs, and safety failures. In particular, shareholders have seen their investment lag behind nearly all large-cap North American oil and gas companies, as Suncor's share price has remained virtually unchanged since early 2019, even as oil prices have climbed to their highest level in almost a decade.

To deliver improved results and restore the confidence that has been lost, Elliott believes the Company must pursue the critical steps detailed in its Restore Suncor plan, including:

• Board Enhancements: Add five new independent directors with deep expertise in the Canadian energy industry to refresh governance and oversee the necessary change.
• Management Review: An objective review of Suncor's executive leadership by the refreshed board will ensure the right management is in place to deliver excellence in operating and safety performance.
• Operations: Overhaul the Company's operational and safety culture, which is critical if Suncor is to regain its place as a top performer. Deliver on the long-promised $2 billion cash flow improvement plan.
• Enhanced Capital Return: Increase capital returns from 50% to 80%+ of discretionary cash flow after capex and dividends to provide Suncor's shareholders an industry leading annual cash return yield.
• Strategic Review: Explore opportunities to unlock the value of high-multiple assets outside of core Oil Sands business, including a strategic review of retail.

Through realizing the Company's full potential, Elliott believes that the Board can unlock more than $30 billion in value for shareholders, a potential increase of 50% or more from today. Elliott looks forward to engaging with the Board, along with fellow shareholders, as soon as possible.

The letter and presentation can be downloaded at RestoreSuncor.com.

The full text of the letter follows:

April 28, 2022

The Board of Directors 
Suncor Energy Inc.
150 – 6 Avenue S.W.
Calgary, Alberta, Canada T2P 3E3