Any word on what Cenovus is doing with the 3 assets in the U.S.? There have been many industry insiders saying they are seeking to sell or transfer ownership of those assets to another energy company.
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I heard Toledo was purchased for a $10 Timmy Horton’s gift card. If JM can get an $11 Timmy Horton’s gift card in USD he wins. Shareholders win. Yeah !
Currently the strategy seems to be to try to clone BP. Head of downstream from BP. New VP from BP. Directors from BP. Copying bps planning process. Guaranteed more to come from BP.
Just a reminder JM, BP is the furthest from a top refiner. They are the case study from Atkins and others of what not to do. They are bureaucracy-laden and unsafe. HSE actually ran downstream well before CVE ran or fired everyone off and thought it was a good idea to put friends into leadership spots.
Texas City has made Marathon billions — plain and simple. BP was a fool to sell it when they did. That refinery prints money.
They actually got those assets for a song. The problem is that song is a money su-king hole. BP knew Toledo was a problem and more or less gave it away to get it off the books. These assets are trash.
Haha. Look! It’s a Cenovus VP talking again.
(This is what got us in this mess to begin with.. empty words with no real action).
They are planning synergy projects between the sites that will unlock a FOCK ton of value. Now is the time to buy CVE!
https://oilprice.com/Energy/Energy-General/Could-Shell-or-Chevron-Make-a-Move-on-BP.amp.html
Lol which insiders. Gossips like you?
They are stuck, paid way too much for the actual market value of those assets, no one wants to buy cr-ppy and 100 years old refining assets. I bet BP is laughing after selling Toledo to cenovus