2009
10.21
10.21
Our outlook is much more positive despite our belief that Q3/09 results will
be messy. We continue to believe Suncor, on a go forward basis, will be oil
sands focused, which generates attractive returns at current oil prices and
should perform well in a US$60-US$80/Bbl environment.
While leverage to oil has been reduced with its merger to PCA, SU was one
of the few companies with the ability to complete a major transaction at
arguably the low point in the commodity cycle thereby strengthening its
balance sheet and further solidifying its ample oil sands projects.
We believe synergies that
are inherent in the merger could provide further upside to valuations.
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