But if you’re a shareholder in Suncor Energy Inc., that just might be what you’re rooting for.
In mid July, under pressure from activist investor Elliott Investment Management, the company agreed to undertake a strategic review of its retail operations, with an eye toward a possible sale. Elliott has estimated a sale of PetroCanada could be worth up to $9 billion. Earlier that month, Suncor CEO Mark Little resigned, a day after the company announced the death of a worker its Base Mine near Fort McMurray, Alta. Since 2014, there have been at least 12 deaths at Suncor sites.
While you don’t exactly need to be a rocket scientist to make money in the oilpatch while the price of crude and natural gas are skyrocketing , CNR has been particularly impressive. The company says second quarter earnings more than doubled, hitting $3.502 billion .