Investors rushed back into the Canadian oilpatch in the hopes of picking up the next merger target, after Suncor Energy Inc. announced its unsolicited $4.3-billion takeover bid for Canadian Oil Sands Ltd.
CALGARY - Oilsands producers Suncor Energy Inc. and MEG Energy Corp. operate different types of projects, but both companies said Thursday they could make them work in the current low oil price environment by pushing down costs.
Back in mid-2014, MEG Energy Corp. (TSX:MEG) was one of the most attractive stocks in Canada's energy patch. The company had some of the most efficient heavy oil operations in all of Canada and was growing like a weed.
Enter MEG Energy Corp., which owns a 100-per-cent working interest in two oil sands projects in the southern Athabasca region of Alberta; a 50-per-cent interest in the Access Pipeline (from Fort McMurray to Edmonton); and an Edmonton storage terminal.