Suncor Adds to Its Syncrude Position; FVE Unchanged
No-moat Suncor has acquired another 5% working interest in Syncrude for $730 million (CAD 920 million) from Mocal Energy, bringing its total interest to 58.74%. The newly acquired interest has the potential to produce 16,000 barrels of oil a day, which represents CAD 57,500 per flowing barrel. This purchase price is roughly in line with Canadian Natural’s purchase of the Athabasca Oil Sands Project at CAD 60,000 per flowing barrel in March of 2017. Both of these deals represent bargains, as brow...
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