Its a top oil firm after the $23-billion deal and is soon expected to be a must-have stock. Suncor Energy Inc, newly bulked up from its C$22.5 billion (US$ 20.8 billion) acquisition of Petro-Canada, would likely be the No. 2 issue on the Toronto Stock Exchange's (TSX) benchmark index GSPTSE, with a market cap close to C$55 billion. Suncor is set to be Canada's biggest energy company and largest industrial concern. The beefed-up firm is likely to see early demand for its shares from index funds. It is also set to attract big investors that need substantial holdings in large, liquid stock issues.
Oil extended their losses in Asian trade today amid renewed worries about energy demand in the United States where data showed an unexpected jump in national crude reserves. For full story, click here
Iraq, holder of the world’s third- leading crude oil reserves, needs more than $50 billion of investments in the country’s petroleum industry in the next five to six years, Oil Minister Hussain al-Shahristani said. For full story, click here
China Petrochemical Corp., the country’s second-biggest oil company, agreed to purchase Swiss explorer Addax Petroleum for $7.3 billion in cash to tap oil reserves in Iraq’s Kurdish region and Africa. For full story, click here
Oil prices surged in Asian trade Thursday, getting a lift from a bigger-than-expected dip in US crude reserves. For full story, click here
Eagle Rock Exploration Ltd. declared the results of its independent reserve evaluation prepared by GLJ Petroleum Consultants Ltd. in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas activities for the year ended December 31, 2008. For full story, click here
Oil prices vaulted 9 per cent in NY Thursday, in tandem with a powerful stocks rally, as investors cheered G20 agreements to combat the global downturn and an easing of US accounting rules. On Friday, oil prices settled above $52 a barrel, slightly lower on the day after a report that US unemployment in March soared to a 25-year high. But optimism that the economy will soon turn around curtailed losses.
The market in Toronto jumped significantly, in part due to the merger announcement between Suncorp (TSE:SU) and Petro-Canada (TSE:PCA). Petro-Canada was up 20 per cent at the end of the day and many of the other Canadian oil patch companies rose along with it. EnCana (TSE:ECA), Canadian Natural Resources (TSE:CNQ) and Talisman Energy (TSE:TLM) all closed up significantly.
Petroleos Mexicanos, the state-owned oil company, reported that crude oil reserves last year fell for the 10th straight year in a row. For full story, click here
State-run explorer Oil and Natural Gas Corp. Ltd has announced its plans to set up a strategic petroleum reserve, in Rajasthan, a storage facility to hold crude oil that is expected to be completed by December. For full story, click here
Thursday, August 6, 2009