No Dice on a Big International Merger: Suncor CEO
Special to CNBC.com
Suncor Energy has seen "a lot of interest" from potential merger partners, CEO Steve Williams said on Tuesday, yet is unlikely to consent to a deal with an oil major like ExxonMobil.
Canada's largest energy company is often credited with having a large amount of free cash and a sprawling network of refineries. In Alberta, the company produces upwards of 350,000 barrels of oil a day.
After having successfully merged with Petro-Canada in 2009, "We are now a fully integrated oil company, particularly on this continent," Williams told CNBC on the sidelines of the CERA conference in Houston.
While acknowledging that there was significant interest from investors and rivals in the company, Williams bluntly ruled out a merger with energy giant ExxonMobil. He explained that legislation and competition rules all but forbid such an outcome.
"When we acquired Petro-Canda, there was something called the Petro-Canada Act, which precludes a purchase of Suncor without govt approval," Williams said. "It's very unlikely that a company the size and strategic importance of Suncor to Canada could be acquired."
