Will Suncor Energy Deliver Upbeat Results amid Activist Pressure?
Canadian oil company Suncor Energy (TSE: SU) (NYSE: SU) is under scrutiny from activist investor Elliott Management, which recently expressed its disappointment over the company''s performance. In a letter addressed to Suncor''s board of directors, Elliott, which holds a 3.4% economic interest in Suncor, criticized the company for its persistent operational challenges and safety mishaps. It blamed a "slow-moving, overly bureaucratic corporate culture" for missed production targets, high costs, and employee deaths as well as accidents. Elliott also highlighted the underperformance of the company''s shares over the last three years compared to closest rival Canadian Natural Resources (CNQ) and other oil sand peers.
Will Suncor Energy Deliver Upbeat Results amid Activist Pressure?
Canadian oil company Suncor Energy (TSE: SU) (NYSE: SU) is under scrutiny from activist investor Elliott Management, which recently expressed its disappointment over the company''s performance. In a letter addressed to Suncor''s board of directors, Elliott, which holds a 3.4% economic interest in Suncor, criticized the company for its persistent operational challenges and safety mishaps. It blamed a "slow-moving, overly bureaucratic corporate culture" for missed production targets, high costs, and employee deaths as well as accidents. Elliott also highlighted the underperformance of the company''s shares over the last three years compared to closest rival Canadian Natural Resources (CNQ) and other oil sand peers.