Deals
Suncor Top Dealmaker as CEO Doubles Down on Oil-Sands Future
- Company using low prices to make some ‘very smart purchases’
- Push will help lower costs; may raise environmental concerns
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Suncor Energy Inc. is making the biggest bet on oil among the world’s largest producers, counting on recent purchases to help push costs lower while betting demand will outweigh supply -- and environmental angst over one of the dirtiest forms of the fossil fuel.
The 13th-largest integrated oil company by market value, the Canadian producer has spent $6 billion on acquisitions in the past year, more than any other competitor, including PetroChina Co. and Total SA, according to data compiled by Bloomberg. The company’s focus is on the long-term trend of diminishing global oil supply and rising demand, said Rafi Tahmazian, a Calgary-based portfolio manager.