Suncor Energy Inc T.SU

France's Total finally taps out

[mrmomo]

As with so many other things that have happened in the Canadian O&G industry, this was also inevtiable and i'm a little surprised it didn't happen a lot sooner. So after a few years of withdrawls and divestiture from almost all the American Ep's including all sovereign fund investment from Sweden & Norway, France's total finally follows suit and decides to rid itself of Canadian oil. China has been also moving away from the Canadian O&G space as investment from them has nearly gone to zero, but albeit for very different reasons alltogether. News in the link below for those interested....

https://www.reuters.com/business/energy/frances-totalenergies-plans-spin-off-canadian-oil-sands-assets-2022-09-28/


Quite interesting how Total is approaching this, to remove themselves completely from this sector, what seems to be in a subtle & quiet way without drawing too much attention or ire from anyone on either side. I'm going to take a wild guess here and say this spinoff will only be a temporary asset on Total's books until they can find a willing buyer at an accpetable price point at the right time.

This developement along with so many others over the past 5 years, does not bode well in the long term for the Canadian O&G industry, especially heavy oil & the Oil sands.

GLTA

[MigraineCall]

Thanks for this info. However, I think it is a positive development for Canadian oil and gas. Good riddance I say. The ESG exodus from fossil fuels has dragged on share prices for a long time, bu that has now changed. Now, funds are returning as capital inflows from funds are actually increasing. ESG funds have not performed well financially as oil companies have. It is just changeover and Total

[autofocus111]

Not just TOT wants out, but TECK too. Let them spin it off, and if there's little investor appetite for the new entity and its stock price tanks, SU can step in and buy it on the cheap. But by no means should SU pay an elevated price these companies are likely seeking for their stakes in the asset. >>>(Reuters) - Canada's Teck Resources said on Thursday it could pursue a spinoff