Suncor to sell $4B in assets in 2010
By Shaun Polczer, Calgary HeraldNovember 6, 2009

CALGARY - Suncor Energy Inc. plans to shed up to $4 billion worth of assets next year, a top priority in the wake of its merger with Petro-Canada, CEO Rick George said Friday.

"First on the list, of course, is some asset dispositions so we are going to be selling some of the assets, the weaker assets in the portfolio or the ones who do not fit our strategy," he told a conference call. "That includes some of the natural gas assets, some small North Sea assets, Trinidad and Tobago assets. We have a corporate plane up for sale... in total the target we have is about $2 billion to $4 billion worth of asset sales. Most of that will take place in 2010."

Meanwhile, the company made $929 million or 74 cents per share compared to to $815 million or 87 cents per share in the third quarter of 2008.

Suncor, which completed a merger with Petro-Canada effective Aug. 1, reported its first quarterly results as a combined company.

“This was a milestone quarter in Suncor’s history and a very productive one as we closed our merger with Petro-Canada and started an extensive integration of our operations across the new company,” Rick George, president and chief executive officer said in a news release.

“The integration work we’ve completed in just a little over three months is already yielding some significant efficiencies that will enable Suncor to come out of this cycle stronger than ever as a globally competitive energy producer.”

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