Canadian energy company Suncor Energy Inc. (SU,SU.TO) Monday announced the completion of its merger with oil and gas company Petro-Canada (PCZ,PCA.TO) on August 1. The "new" Suncor is expected to contribute annual reductions of $1 billion in capital spending, in addition to expected annual savings of $300 million in operational expenditures.
While the company will operate corporately and trade under the Suncor Energy name, it will maintain the Petro-Canada brand for its refined products and national retail network, and as a partner of the 2010 Olympic and Paralympic Winter Games.
The "new" Suncor will begin trading on the New York Stock Exchange today and on the Toronto Stock Exchange on August 7. With effect from today, the common shares of Petro-Canada and the former Suncor will be delisted from the New York Stock Exchange and the common shares of the new Suncor Energy Inc. will begin trading under the symbol "SU".
Effective August 7, the common shares of Petro-Canada and the former Suncor will be delisted from the Toronto Stock Exchange and the common shares of the new Suncor Energy Inc. will begin trading under the symbol "SU".
Suncor said that its Board of Directors has approved a quarterly dividend of $0.10 per common share, payable on September 25, to shareholders of record at the close of business on September 4.
According to the company, the "new" Suncor will be Canada's largest energy company and the fifth largest North America-based energy company by market value when it opens trading. The new company combines a leading position in Canada's oil sands with complementary operations in refining and marketing, North American natural gas production and conventional production internationally and offshore East Coast Canada. The company also holds a significant position in Canada's emerging renewable energy industry with wind power projects and biofuels production, Suncor Energy stated.
The combined company's current upstream production is approximately 710,000 barrels of oil equivalent per day, or boe/d. Existing upstream production is supported by 7.5 billion barrels of proved and probable reserves, and an additional 19 billion barrels of contingent resources to support future development.
"In the near term, the focus will be very much on the people that are the foundation of this company and ensuring safe, reliable and environmentally responsible operations. By the end of the year, we expect to provide details about our strategy going forward," said Rick George, president and chief executive officer.
SU closed Friday's trading at US$32.48, up US$0.45, on a volume of 8.94 million shares. PCZ ended at US$41.37 Friday, up US$0.32, on a volume of 2.89 million shares.
SU.TO rose C$0.40 on the TSX and closed Friday's trading at C$34.84, on a volume of 4 million shares. PCA.TO closed Friday at C$44.49, down C$0.11, on a volume of 1.49 million shares.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.