Lots of rumors about a big Imperial announcement next week on Sep 29, including potential divestment to Suncor, sale of Quarry Park, etc.
Anyone hear anything?
8 replies (most recent on top)
Investing in Suncor stock is an investment in people getting laid off and losing their jobs. It’s an investment in damaging Fort McMurray’s local economy. It’s an investment in delaying progress in Alberta’s economy.
Ya I know you Suncor employees are saying nah we balling it with our bonuses and RSUs.
Externally as someone that was laid off, I will never invest in Suncor stock, or any ETFs that holds Suncor stock.
I would rather our oil industry be like Norways. People are guaranteed jobs and everyone in their country benefits with a sovereign wealth fund that invests in the best companies in the world. They also don’t over-immigrate to flood the country with people and over-saturate all the available jobs like we do in Canada, and their government takes control but it’s for the people.
I don’t support Krugers $30+ million pay package, us Canadians and Albertans are getting ripped off by this kind of American controlled company and CEO.
Suncor stock su-ks anyways IMO. Having more jobs available would be better for us in Alberta and Canada, rather than just desperately and ruthlessly trying to push the stock price higher. This is almost desperation to even just maintain the stock price, which includes what Imperial Oil is planning to do.
Here in Canada we get attacked by two directions, our federal liberal government (definitely Trudeau, fingers crossed Carney will stop this) attacks us from one direction and then industry simultaneously attacks us from the other direction. All while most investors generally won’t buy Suncor stock anyways. I wouldn’t buy Suncor stock, there’s just way too many other better investments out there in the stock market to invest or trade with. When comparing to other mega caps it’s just a no-contest when you run the dollars, numbers; and return on investment comparing the $$$ buybacks and returns, and oil won’t be humanity’s future anyways so there’s no point to own these stocks. Ya I’m Albertan too just so you know, personally I’m conservative leaning, and we know oil isn’t just our gasoline but also our jet fuel, plastics, for pharmaceuticals, for our roads, and in just in general a source of carbon for all kinds of chemicals. But as for investing in Suncor (or investing in imperial), to me this is NOT investing in Alberta. It’s just investing in more blood baths and cuts in Alberta. This is no investment; it’s just blood and cuts here in Alberta.
@2ca that’s socialism and that is a big no no for capitalist North America. We will enjoy our techno feudal future or be sent to education camps to learn why Elon must and Peter Theil are humanities saviours.
Honestly why can’t we have our oil industry like Norway? Norway took good control of their oil industry and all for the people, they invested their money into their wealth fund. Would be nice if the Canadians actually owned the wealth generated from our oil industry. Our production is over double that of Norways.
Suncor was hi-jacked by Elliot Activist Investors and given a day one objective to the new horror character CEO to Lay the people off. Obviously he didn’t drop the bo-b right away, but he was basically hired to carry claws to the company.
Imperial has to take direction from Exxon, so whatever Exxon’s CEO says Imperial’s CEO has to do.
All oil companies will be downsizing in the coming years as much as possible. I hate to say it but long term oil is a dieing industry. We are still going to have field jobs, but more of these will become contract positions. Engineering is going to be slashed by the numbers and oil companies are going to leverage AI as much as possible to reduce the number of engineers.
Unless Canadian government will do something different, in the future all Canadian companies might be bought out by foreign companies or some of them could move to the US, Europe or China. Encana (now Ovintiv), Nexen are past examples. Teck is another one. Parkland I believe was already sold to Sunoco
@qf suncor yearning for more Imperial people to tell them what to do
More likely that Imperial / ExxonMobil are buying Suncor to turn it around and improve its financial performance. #bestinclass
The rumor is that Exxon Movile will buy 100% of Imperial Oil and people will be reporting to Houston