Canaccord Genuity said they're maintaining a "Buy" on Suncor Energy Inc. (NYSE:SU), updating their production numbers.
"September oil sands production (ex-Syncrude) averaged 264 MBbl/d. This number came in lower than the 285 MBbl/d we had been expecting ... Nonetheless, the production level is still positive. Had the U2
upgrader turnaround and the planned maintenances at Firebag and MacKay River not taken place, we estimate September ex-Syncrude oil sands production would have averaged approximately 310 MBbl/d. This is still a strong number. The MacKay and Firebag maintenances have been completed and the U2 work is a six-week turnaround that started in early September. For Suncor to meet the low and midpoint of this year’s annual guidance, which remains at 280 MBbl/d (+/-5%), production would need to average 260 to 315 MBbl/d for the remaining three months," said Canaccord.
Suncor closed last week at $34.61, gaining $1.10 on Friday, or 3.28 percent. Canaccord has a price target of 43 on the company.
Showing posts with label Oil Sands. Show all posts
Showing posts with label Oil Sands. Show all posts
Monday, October 11, 2010
Tuesday, September 14, 2010
Athabasca (TSE:ATH) Acquiring Excelsior (ELE:V) for C$144 million
Athabasca Oil Sands (TSE:ATH) announced it's acquiring Excelsior Energy Ltd. (ELE.V) for C$144 million.
Shareholders of Excelsior will receive will get either C$0.36 in cash or 0.0347 of a common share of Athabasca for each share they hold.
Sveinung Svarte, president and CEO of Athabasca Oil Sands said, “The addition of Excelsior’s high quality assets to those of AOSC at Hangingstone is in line with the strategy we have presented to our investors and creates a world-class, stand-alone project.”
The attributed value of oil sands assets held by Excelsior are C$89 million.
After the deal is closed, in the Hangingstone region Athabasca will have 113,007 net underdeveloped acres.
Shareholders of Excelsior will receive will get either C$0.36 in cash or 0.0347 of a common share of Athabasca for each share they hold.
Sveinung Svarte, president and CEO of Athabasca Oil Sands said, “The addition of Excelsior’s high quality assets to those of AOSC at Hangingstone is in line with the strategy we have presented to our investors and creates a world-class, stand-alone project.”
The attributed value of oil sands assets held by Excelsior are C$89 million.
After the deal is closed, in the Hangingstone region Athabasca will have 113,007 net underdeveloped acres.
Thursday, February 19, 2009
The Myth of Peak Oil
It's sometimes hard to look at all the nonsense being perpetuated by people with agendas, as it seems there's almost nothing important any more that isn't politicized in some way, and so ultimately lied about. Gold is one of those things, and another major one, which I want to talk about is peak oil.
So by definition, what is peak oil? It simply means that oil that was relatively easy to reach and extract has been depleted. The question then becomes if that is in reality the case. The answer is absolutely no. The peak oil myth is just that - a myth. That doesn't mean there won't come a day when that becomes the reality, it's just that it isn't the case now, and won't be any time soon.
So why is the myth continually perpetuated? Because it takes the eyes and minds of people off of why oil prices sometimes surge and the caused behind it. The major reason there's the beginnings of an artifially induced oil peak is because of consequences of political actions put into law which forbids access and drilling on easy-to-drill and extract oil. Think of Alaska and off the coastlines of the U.S. There are billions of barrels of oil available, yet not allowed to be drilled for because of pressure from radical environmentalists and lawmakers looking to curry favor from the media which loves this type of idiocy.
This is mostly brought about from the endless introduction of fear as the key tool used by these liars in order to manipulate public policy to their hidden agendas.
These manipulators even try to ask the types of irrelevant questions that herd people a certain way so, again, they don't look at the facts, realities and agendas behind them. For example, they use terms like what is going to happen "after oil." Or other statements like "surviving peak oil," or "life after peak oil. The implication is that peak oil is reality that we must now deal with, rather than the fact that there's absolutely no basis for concern at this time if the current regulations were removed. That's what is trying to be hidden from the minds of people.
Besides the obvious billions of barrels of oil in Alaska and off American coastlines, where else is there oil available? In the United States itself there is enough oil in shale to make it the largest oil reserves in the world; far beyond what Saudi Arabia has. That is a proven fact. There are of course also have billions of barrels of oil in the Canadian sands area, which will also last for decades. These are just a couple of areas which don't include many other areas in the world.
So why imply an oil shortage, what is the hidden agenda behind it. Some of it is philosophical, as ignorant people literally think of the earth as their mother, and to drill into their mother is actually hideous in their warped minds. Another reason for asserting oil depletion is in order to promote agendas related to radical environmentalists and their business allies, who want to try to cash in on the misguided focus on what is called "alternative energy," where billions of dollars are being wasted because of the fear mongering people who make it look like the world is falling in order to gain access to public and private money to further their purposes. It's nothing more than that.
There's no oil crisis, we're not close to losing easy access to oil supplies.
While I do agree that oil prices will eventually have to go up, especially until ways of figuring out how to extract oil from shale is made cheaper, there is still so much oil available that to say we're in any type of crisis is dishonest at best, and ignorant at worst.
Even new ways of scouring the ocean floors and seeing what lies beneath the salty residue has resulted in billions of barrels of oil being discovered by Brazil, and their just getting going on that, as Petrobras continues to look for more deposits. Granted, it's far below the ocean floor and will be more costly - at this time - to extract, is does show how much oil there is that hasn't been discovered yet, and how much would be avaiable when restrictions on drilling for oil on coastlines are lifted.
The world oil supply is fine, and world oil reserves in a solid place. Oil consumption for now has cut back, as economic weakness causes consumers to drive less and stay around home more. That will extend signficantly the amount of oil available and its use.
So you don't have to worry or be fearful over the dishonest assertions by those with private agendas. There's billions and billions of barrels of oil available, it's just not being allowed to be drilled for because of existing laws which eventually will be withdrawn when real pressures from the population make it politically dangerous to keep people from cheaper oil and gas prices.
So by definition, what is peak oil? It simply means that oil that was relatively easy to reach and extract has been depleted. The question then becomes if that is in reality the case. The answer is absolutely no. The peak oil myth is just that - a myth. That doesn't mean there won't come a day when that becomes the reality, it's just that it isn't the case now, and won't be any time soon.
So why is the myth continually perpetuated? Because it takes the eyes and minds of people off of why oil prices sometimes surge and the caused behind it. The major reason there's the beginnings of an artifially induced oil peak is because of consequences of political actions put into law which forbids access and drilling on easy-to-drill and extract oil. Think of Alaska and off the coastlines of the U.S. There are billions of barrels of oil available, yet not allowed to be drilled for because of pressure from radical environmentalists and lawmakers looking to curry favor from the media which loves this type of idiocy.
This is mostly brought about from the endless introduction of fear as the key tool used by these liars in order to manipulate public policy to their hidden agendas.
These manipulators even try to ask the types of irrelevant questions that herd people a certain way so, again, they don't look at the facts, realities and agendas behind them. For example, they use terms like what is going to happen "after oil." Or other statements like "surviving peak oil," or "life after peak oil. The implication is that peak oil is reality that we must now deal with, rather than the fact that there's absolutely no basis for concern at this time if the current regulations were removed. That's what is trying to be hidden from the minds of people.
Besides the obvious billions of barrels of oil in Alaska and off American coastlines, where else is there oil available? In the United States itself there is enough oil in shale to make it the largest oil reserves in the world; far beyond what Saudi Arabia has. That is a proven fact. There are of course also have billions of barrels of oil in the Canadian sands area, which will also last for decades. These are just a couple of areas which don't include many other areas in the world.
So why imply an oil shortage, what is the hidden agenda behind it. Some of it is philosophical, as ignorant people literally think of the earth as their mother, and to drill into their mother is actually hideous in their warped minds. Another reason for asserting oil depletion is in order to promote agendas related to radical environmentalists and their business allies, who want to try to cash in on the misguided focus on what is called "alternative energy," where billions of dollars are being wasted because of the fear mongering people who make it look like the world is falling in order to gain access to public and private money to further their purposes. It's nothing more than that.
There's no oil crisis, we're not close to losing easy access to oil supplies.
While I do agree that oil prices will eventually have to go up, especially until ways of figuring out how to extract oil from shale is made cheaper, there is still so much oil available that to say we're in any type of crisis is dishonest at best, and ignorant at worst.
Even new ways of scouring the ocean floors and seeing what lies beneath the salty residue has resulted in billions of barrels of oil being discovered by Brazil, and their just getting going on that, as Petrobras continues to look for more deposits. Granted, it's far below the ocean floor and will be more costly - at this time - to extract, is does show how much oil there is that hasn't been discovered yet, and how much would be avaiable when restrictions on drilling for oil on coastlines are lifted.
The world oil supply is fine, and world oil reserves in a solid place. Oil consumption for now has cut back, as economic weakness causes consumers to drive less and stay around home more. That will extend signficantly the amount of oil available and its use.
So you don't have to worry or be fearful over the dishonest assertions by those with private agendas. There's billions and billions of barrels of oil available, it's just not being allowed to be drilled for because of existing laws which eventually will be withdrawn when real pressures from the population make it politically dangerous to keep people from cheaper oil and gas prices.
Friday, August 22, 2008
Warren Buffett says Oil Sands Trip for Learning, not to put in "Buy Order"
The secretive trip that became common knowledge this week, where Warren Buffett and Bill Gates took a look at Canadian Natural's C$9.3 billion ($8.9 billion) Horizon oil sands mining and synthetic crude processing operation, touring the facility which is scheduled to begin production later in 2008, resulted in speculators bidding up the oil sands producers' share prices.
Buffett has sinced cooled the stocks and speculators down, saying in an interview on CNBC that he has no plans at this time to buy into the sector.
"No, no. I go to the movies, but I don't buy movie companies. I mean, I'm always interested in understanding the math of things and understanding as much as I can about all aspects of business," he said on CNBC's Squawk Box.
Buffett usually does things quietly so this very thing doesn't happen. Obviously somebody on the inside let it out the duo were touring the operations so that rumors would bid up the oil stocks on the Toronto Stock Exchange.
Even so, Buffett added that the fact-finding tour may be something useful in the future, but said it's the ability to make long-term price forecasts for oil that will determine if it's profitable to invest in the commodity. Buffett also said if oil stayed at about $120 a barrel over the next 50 years, the tar sands would do very well, but he concluded he doesn't have the answer to that uncertainty.
Part of the difficulty in projecting profits is the higher operational cost connected to the thicker crude inherent in the sands. If oil prices plummeted, and new oil resources tapped (like the billions of barrels available in America), it could end up a poor investment, as thinner crude would be less expensive to access and produce.
Buffett has sinced cooled the stocks and speculators down, saying in an interview on CNBC that he has no plans at this time to buy into the sector.
"No, no. I go to the movies, but I don't buy movie companies. I mean, I'm always interested in understanding the math of things and understanding as much as I can about all aspects of business," he said on CNBC's Squawk Box.
Buffett usually does things quietly so this very thing doesn't happen. Obviously somebody on the inside let it out the duo were touring the operations so that rumors would bid up the oil stocks on the Toronto Stock Exchange.
Even so, Buffett added that the fact-finding tour may be something useful in the future, but said it's the ability to make long-term price forecasts for oil that will determine if it's profitable to invest in the commodity. Buffett also said if oil stayed at about $120 a barrel over the next 50 years, the tar sands would do very well, but he concluded he doesn't have the answer to that uncertainty.
Part of the difficulty in projecting profits is the higher operational cost connected to the thicker crude inherent in the sands. If oil prices plummeted, and new oil resources tapped (like the billions of barrels available in America), it could end up a poor investment, as thinner crude would be less expensive to access and produce.
Tuesday, August 19, 2008
Bill Gates, Warren Buffett in Secret Trip to View Alberta Oil Sands
Northeastern Alberta, Canada was the destination of two of the world's richest men, as Bill Gates and friend Warren Buffett secretly flew into the Canadian province to take a look at the oilsands.
The stated reasons were to satisfy "their own curiosity" but also "with investment in mind."
At this time there is about $125 billion in new construction planned for the rich depository of oil, as well as operating expenses projected at $215 billion through the next five years. With Berkshire Hathaway (BRK-A) sitting on billions, it offers them the type of opportunity Buffett looks for, as the size of the company prohibits smaller investments.
Spokesman for Candain Natural Resources Ltd., Rob Larson, confirmed the pair visited the site, but refused to offer any more information.
Fort McMurray mayor Melissa Blake added that although she wasn't aware of the Gates/Buffett visit, there have been a number of "high-profile investors, politicians and even royalty" coming around to have a look at the high-potential oil depository.
Wednesday, March 26, 2008
UTS Energy and Teck Cominco Looking at Developing another Oil Sands Mine
UTS Energy Inc (Toronto: UTS.TO), which specializes in developing oil sands properties, along with their partner Teck Cominco LTD (NYSE:TCK), announced Wednesday that they have plans to develop a new oil sand mine that will eventually produce on average about 160,000 barrels of "tar-like bitumen" a day.
The project will be on the Fort Hills oil sands, where projections are the "Frontier" mine should be producing bitumen by 2015. Bitumen is one form of crude that is extra-heavy, and has to be upgraded.
There's another mine they're also looking at developing near the Fort Hills oil sands, which while smaller, they project could an additional 50,000 barrels a day. That mine, dubbed Equinox, should be up and running by 2014.
All of this is made possible by the rising price of oil, which made past development of heavier crude cost prohibitive.
Most of the costs come from having to separate the bitumen from the sand and then upgrading it to synthetic crude ready for the refineries.
The two companies haven't decided yet whether they'll have the heavy crude upgraded at the Fort Hills project, or ship it as is to refineries.
They're also looking to possibly make a deal with American refineries, where they offer a share in their oil sand holdings for a stake in the refinery. Two other Canadian companies - EnCana Corp (Toronto: ECA.TO) and Husky Energy Inc (Toronto:HSE.TO) - have made deals like that with U.S. refineries.
Estimates are the northern Alberta oil sands area should end up producing about 3 million barrels a day by 2015.
The project will be on the Fort Hills oil sands, where projections are the "Frontier" mine should be producing bitumen by 2015. Bitumen is one form of crude that is extra-heavy, and has to be upgraded.
There's another mine they're also looking at developing near the Fort Hills oil sands, which while smaller, they project could an additional 50,000 barrels a day. That mine, dubbed Equinox, should be up and running by 2014.
All of this is made possible by the rising price of oil, which made past development of heavier crude cost prohibitive.
Most of the costs come from having to separate the bitumen from the sand and then upgrading it to synthetic crude ready for the refineries.
The two companies haven't decided yet whether they'll have the heavy crude upgraded at the Fort Hills project, or ship it as is to refineries.
They're also looking to possibly make a deal with American refineries, where they offer a share in their oil sand holdings for a stake in the refinery. Two other Canadian companies - EnCana Corp (Toronto: ECA.TO) and Husky Energy Inc (Toronto:HSE.TO) - have made deals like that with U.S. refineries.
Estimates are the northern Alberta oil sands area should end up producing about 3 million barrels a day by 2015.
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