(Source: Datamonitor)
Suncor Energy has announced the completion of its merger with Petro-Canada, following which, the newly merged entity of Suncor Energy has begun trading on the New York Stock Exchange and it will also begin trading on the Toronto Stock Exchange on August 7, 2009.
The combined company's current upstream production is approximately 710,000 barrels of oil equivalent per day (boe/d). Existing upstream production is supported by 7.5 billion barrels of proved and probable reserves, and an additional 19 billion barrels of contingent resources to support future development.
Rick George, president and CEO of Suncor Energy, said: "This is an important milestone for Suncor and for Canada. Bringing together these two great success stories creates the premier Canadian energy company with the assets, people and financial strength to take on the global competition. This is the start of an exciting journey.
"We will move quickly on getting the right people focused on the right opportunities. In the near term, the focus will be very much on the people that are the foundation of this company and ensuring safe, reliable and environmentally responsible operations. By the end of 2009, we expect to provide details about our strategy going forward."
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