SBA Profile picture
Apr 28 16 tweets 9 min read
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.

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More from @SadBillAckman

Apr 29
SBA Capital outlines it's proposals to #UnfuckSuncor $SU Image
$SU #GSUN Image
Structural issues facing Suncor
$SU Image
Read 7 tweets
Apr 28
A statement form SBA Cap reguarding $SU and #Elliott. ImageImage
Well this is going to be fun. $SU
The legendary activist shop Elliott has kicked off what we, like they, hope to be the beginning of the end for this malaise that has set in at Suncor for many years now. $SU
Read 16 tweets
Apr 28
Elliot owns 3.4% of $SU

Otherwise known as 420 times what Mark Little owns.
OK, which Elliot analyst follows me?

$SU
And then they got Murried. $SU $CNQ
Read 6 tweets
Apr 28
Sure - want to prove your company is not just a transfer of value from the min owners to private investors...

The dude in on the board of a company that depends on the CRA not looking too closely at tax losses, employees no one, and is threatening people over WFH.
He has no idea what kind of fucking the E&P space could be in with their FCF, and the lack of an interest group supporting them.
Like 5 years ago I was in a briefing with a political advisory who was making the point that for E&P's Canada have as much political risk as Nigeria, and they are not WRONG!
Read 4 tweets
Apr 27
I get into this debate with people form time to time - the jobs are part of the rent.

$PSK employs like what, 20 people - if freehold min tax goes to 100000000 precent of prod, who the hell advocates for them?
$XOM owns what, 1.2mm Ha, who cares if they get fucked, they don't empty anyone.

The concert of the governed can be taken pretty damn quick.
Rafi is flirting with outsourcing here - what about a provincial tax of 90% on dividends?

He literally sits on the board of $TPZ, a company that pays no tax, employees 4 people and passes cash to shareholders.
Read 4 tweets
Apr 27
I feel like this (or a better version of it) should in $ARX offices, they are good at not doing stupid shit, but it never hurts to be reminded.
Never forget, the reason they were able to grab $VII for so cheap was that 7G made a lot of "Fortune favours the bold" type bets - and ya it could have worked out a lot better for people that put cash into VII.
$VII was a bet on a future that came!

They were mostly right!

Fucking 7 dollar #GasIsBack!

But they didn't live long enough to let the people who bet on that vision of the future collect those winnings!
Read 4 tweets

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