GO
Loading...

Enter multiple symbols separated by commas

No Dice on a Big International Merger: Suncor CEO

A worker positions a tool on a length of pipe while changing a tool on the drill on a Chief Oil and Gas, LLC natural gas rig in Mifflin Township, Pennsylvania.
Mike Mergen | Bloomberg | Getty Images
A worker positions a tool on a length of pipe while changing a tool on the drill on a Chief Oil and Gas, LLC natural gas rig in Mifflin Township, Pennsylvania.

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."

  • Patti Domm

    Patti Domm is CNBC Executive Editor, News, responsible for news coverage of the markets and economy.

  • Sharon Epperson

    CNBC's Senior Personal Finance Correspondent

Latest Special Reports

  • Financial Advisor

    Featuring CNBC's Financial Advisor Council, this video series will aim to educate investors with straightforward financial advice.

  • The latest CNBC Fed Survey.

  • Business icons and provocateurs share their innovative models. Learn how to upend old industries, and start new ones.

Energy

Energy

  • The oil storage depot at Indonesian oil company Pertamina in Jakarta

    Crude oil futures hit four-month lows on Monday after a steep drop in China's stock markets sparked concern about its economic health.

  • A man at a gas station in Dellwood, Mo.

    U.S. oil prices closed up 2.5 percent at $60.75 a barrel as a weak dollar lifted commodities denominated in the currency.