In a letter to Suncor’s board on Thursday, Elliott said shareholders have seen their investment lag behind nearly all large-cap North American oil and gas companies.
“Our investment in Suncor is underpinned by our conviction that, with the right leadership, the company can restore its prior success,” Elliott partner John Pike and portfolio manager Mike Tomkins wrote in their letter. Pike and Tomkins said they looked forward to engaging with the board, along with their fellow shareholders, and hoped to meet with the board as soon as possible.It also wants the company to explore opportunities to unlock the value of assets outside of its core oil sands business, including its retail operations.
Just a suggestion? Fiercely partisan and bellicose Alberta and Suncor should finally try a just a modicum of humility, including considering PR, and begin using hydro-electricity instead of gas.
Exactly why every smart E&P CEO, seeking to maximize shareholder value, will be use cash flow over the next 3-5 years to go private. Being a public fossil fuel producer carries absolutely no benefit with enormous cost. lbo