Both SU and COP Played The Sitting The Partners Out Game- in retrospect, both Suncor Energy and ConocoPhillips played the long game and patiently waited until Teck Resources and TotalEnergies for SU and TotalEnegies for COP wanted out
- TotalEnegies for sure was long predicted {following their European brothers out of Canada) since they wanted to exit the oilsands and enter the international LNG and African light crude oil segments
- Teck Resources was a harder call since they wanted to stay in the oil business as diversification for copper, zinc and coking coal but poor bitumen economics {due both to egress problems and COVID demand destruction} and massive capital copper spending in Chile turned the tables around
- once again , Suncor Energy wins big in the bottom of the crude oil cycle just like they did for a 37% share of Syncrude in 2016
* just to put it out there, the new CFO of MEG Energy, Ryan Kubik; was the CEO of Canadian Oil Sands Limited from 2014 to 2016 when Suncor bought them out in 2016
* Ryan Kubik accused Suncor of using inside information in an opportunistic and exploitive fire sale buyout so there is bad blood there
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