April 28, 2017

Suncor CEO defends NDP carbon tax grab

Holly NicholasRebel Commentator

Yesterday, Steve Williams, CEO of Suncor Energy came out and said that he doesn’t think the exodus of foreign investments in the Alberta oilsands is over. At this point, companies are lining up to get out of Alberta due to Rachel Notley’s business killing policies. 

Companies like Marathon Oil, Shell, Statoil and ConocoPhillips have ditched a big share of their oilsands assets and there are rumours that British Petroleum are looking at selling off stakes in 3 major projects in northeastern Alberta. California based Chevron is also rumoured to be shopping around 20% of its stake in the Athabasca Oilsands Project.

Rachel Notley calls it a “reorganization in the oilsands.” I call it a reorganization of investments in the oilsands out of Alberta.

We’ve all been wondering why the CEO of the most important oilsands company in the world is so against developing the business that affords him his multi-million dollar salary. Like I mentioned, he’s also in favour of the anti-Albertan carbon tax – he’s said that a broad based carbon tax is the answer. Keeping the oil in the ground is what the activists in the government want and the carbon tax is what’s causing this mass evacuation of foreign investments in the oilsands. And when Suncor parrots the government, it keeps the relationship friendly and gives the NDP destroyers validation for their policies.

Endorsing the carbon tax, also means a massive fire sale for Suncor to build their very own assets. In fact, Suncor is looking for deals and even increased their ownership in Syncrude. Williams said himself in an address to the company’s annual meeting that they’re watching closely to scoop up oilsands bargains.

Every time we say a policy is going to hurt Albertans, the NDP can trot their friends in the oil and gas industry out to validate their plans. Williams himself said "there may be some incredible opportunities because I don't think there are many companies out there now that have a balance sheet capable of purchase.” Albertans are paying more for gas, groceries and getting poorer so a few companies that can survive the NDP’s policies that sabotage business can monopolize an industry - like CNRL, like Suncor. Make no mistake that this province is on fire and if it’s up to companies like Suncor and Rachel Notley, they’re going to save themselves before they save you. 

 

Comments
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commented 2017-04-29 12:14:52 -0400
Bill Elder,

It might be “gone” next election cycle, but there’s a very real chance it will be back, or there will be some other form of carbon control within the lifetime of some of the projects, never mind the big question mark hanging over their heads over whether the market will exist in 2050. When you’re talking about something with a 50 year lifespan, you tend to think beyond the next political cycle – although climate change is something that meets significant skepticism among the Boomers, among the younger generations it’s pretty widely accepted.

Political control is already shifting to the latter – witness Trudeau’s win on the back of millions of first-time Millennial voters, most of whom are still deeply in love with the concept of his brand of Liberalism. The companies are already fully aware of that.

They are also aware of another simple fact – Tesla has singlehandedly made the electric car an aspirational item. You don’t have to electrify a lot of the fleet before you start knocking the marginal oil projects off the map.

Clean coal is a marketing term rather than a viable technology. It’s too gritty to put through a combined cycle turbine setup (far more efficient than conventional steam-boiler setups). You can gasify it which allows you to filter out the grit, sulphur, mercury etc prior to burning it… but it’s not clear why you’d go to all that trouble when you can buy a comparable product (natural gas) on the market directly. Given recent innovations it’s likely we’ll see even more widespread renewables rollout in the next few decades anyway.
commented 2017-04-29 10:43:17 -0400
Don’t worry China is just waiting for the price to drop , nothing like a foreign controlling your oil industry . Liberals will fall all over it.
commented 2017-04-29 10:38:27 -0400
Bill Elder; Good post.
commented 2017-04-29 10:22:48 -0400
Andrew S – The reason the carbon tax seems no problem to the larger players is 2 fold – first they know it will be gone in the next election cycle and the federal tax will fail to materialize simply due to its deadly negative economic impact – second they can , as you say, absorb the loss through other more lucrative projects coming on line – Fossil energy isn’t going anywhere as there is no current or planned technology (other than clean coal) that can compete with it for maximized energy efficiency.

In a game of chess between the feeble minds of leftist governments and green NGOs, they have already been checkmated by an industry which has honed its skills in the most volatile and treacherous market in the economic history – since the wildcatters first sunk a spud in Prairie soil, this industry has survived on its wits and resourcefulness – the left are hopelessly out gunned in their sad attempts to control the energy sector/markets.
commented 2017-04-29 03:54:18 -0400
Nothing says deal with the devil like a corporation being in bed with the leftists. Is the rebel still handing out carbon tax lawn signs?
commented 2017-04-29 02:57:05 -0400
The big oil companies want to create a fictitious shortage of supply to increase the price of oil to the roof. Don’t worry, they have made all the calculations. They will sell oil like diamonds in the near future.
commented 2017-04-28 22:03:23 -0400
How do you tell the difference between the effects of a carbon tax, and the effects of bitumen just being more expensive to extract than the shale oil that has revolutionized the energy sector in recent years? How about the simple fact that those same shale resources will provide oil supplies far in excess of needs for many decades, and possibly forever if demand peaks and starts declining as a number of analysts predict? In that case, there’s not really an business case to hold onto them.

Suncor’s by far the biggest operator and they may just be the only ones who can eke out enough economy of scale to make it viable. If the carbon tax truly was a problem, the sellers wouldn’t finding buyers.
commented 2017-04-28 21:32:03 -0400
Oh Oh I detect a little crony capitalist sxxt bird who wants to dip it’s little pecker in the public trough – subsidies, tax breaks and inside influence are too sweet to resist. Good luck with that.

As for Nutley, she’s just doing what a soros/globalist puppet does – selling out her own province/nation to foreign investors and foreign control under the sad deception of climate change/environment. Treasonous rats never prosper, they are universally dispised and distrusted even by those who buy their loyalty.

Traitors attract traitors is a good assessment of this incestuous little deal.
commented 2017-04-28 20:46:11 -0400
Billy Howard i think you pretty much nailed it.
commented 2017-04-28 20:42:40 -0400
Great report Holly, “Green guilt scams” – I like that phrase, straight to the point!
commented 2017-04-28 20:20:32 -0400
I wonder how many “blind trusts” held on behalf of NDP MLA’s and mercenaries just happened to buy Suncor stocks at the minimum price, or their spouses and partners. I guess we will see come 2020, when they leave for wealthy communities in BC.
commented 2017-04-28 18:46:11 -0400
Thanks HOLLY , I wouldn’t be surprised if the witch and some of her coven have invested in stocks, waiting for when they’re turfed

The ceo knows when this next election is over , he’s outa there , and won’t have to work ever again
commented 2017-04-28 18:17:52 -0400
of course suncor, cnrl, & cenovus are buying…they’re all carbon levy exempt…their 330 pieces of silver for ssucking up to nothead
commented 2017-04-28 18:14:43 -0400
Rachel Notley the wicked w(b)itch of the West and her gaggle of idiot enviro-whackos are getting their way. This type of news makes them pee their pant with unmitigated joy.

I wonder if the 22% that voted NDP as a protest vote are happy with their decision.
commented 2017-04-28 17:08:21 -0400
Rachel certainly landed herself a keeper! Both are padding their own bank accounts at the expense of the truth.
commented 2017-04-28 17:03:45 -0400
Suncor will make out like bandits after the NDP is kicked out of Alberta. Williams is smart to scoop up what he can and then wait for the next PC/WR gov’t to reverse the carbon tax. He’ll experience an “epiphany” during the next election campaign and become pro-oil/gas again. If he flips the assets he’s buying now, he’ll rake in $billions. Sure he’s dishonest and greedy, but hey, that’s capitalism (though not a good example of it).