Thread by @SadBillAckman

Come on #Elliott, only a 45 page deck?

Triple digits or bust.

I love how most of the value in $SU to be created is just by closing the multiple gap with $CNQ

#Elliott leading with an #ESG focus makes sense - no one can be seen to pull back on these initiatives... you know like $SU itself did when it delayed the Coker to CoGen project.

Pretty solid 3 step plan -

1. Management, begets
2. Ops, begets
3. better cap returns.
(4). Profit/ $SU #Elliott

I remember where I was watching this get rolled out $MPC $SU #Elliott

Why is SBA a $CNQ stan account in one chart/

$SU #Elliott

$SU's valuation is as depressed as SBA

#Elliott dropping some TRIF bombs in here $SU

Obviously $CNQ is sub optimal here - but what really stands out is $IMO - if I meet some employee in a bar and we start talking about @ImperialOil they invariably start talking about how proud of the safety culture they are - it is really impressive.

One small quibble with #Elliott here, it is kind of odd to be comparing to total $CNQ output and not just their oil sands ops...

Yes $SU's numbers include offshore too but these are very different beasts.

Does show that $CNQ is a master of any domain it enters.

Oh 30 dollar opex, the #Suncrude advantage. $SU

#Elliott

I am all for owning $SU, but the decision to shut a train down at Fort Hills is... you know the reason for the drop off - that is come important context - it wasn't like they for that much worse at mining.

But ya, not great.

#Elliott

#Elliott even firing shots at $SU's beloved refining group.

There is always room to make @johnwhi60696884 happier.

$CNQ is based AF.

Such a baller comparison.

$SU #Elliott

I know you don't want to make the bear case for a company in your turn-a-round deck #Elliott but there is no reason $SU's OS ops should get an $CNQ multiple - the RLI issue is still hanging there like a sword of damocles.

https://twitter.com/SadBillAckman/status/1517234257386639360

$SU RLI if you had not heard #Elliott.