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Sunoco LP will buy Canada-based Parkland in a deal valued at about $9.1 billion, including debt, the U.S. fuel supplier said on Monday, in a move the companies said would create the largest independent fuel distributor in the Americas. The deal follows Parkland's strategic review, initiated in March, following persistent pressure from Simpson Oil, Parkland's largest shareholder with a nearly 20% stake, and supported by activist investor Engine Capital. Simpson Oil did not immediately [Read more]

CALGARY, AB, May 5, 2025 /CNW/ - Sunoco LP (NYSE: SUN) ("Sunoco" or the "Partnership") and Parkland Corporation (TSX: PKI) ("Parkland") announced today that they have entered into a definitive agreement whereby Sunoco will acquire all outstanding shares of Parkland in a cash and equity transaction valued at approximately U.S.$9.1 billion, including assumed debt (the "Transaction"). "This strategic combination is a compelling outcome for Parkland shareholders," said Michael [Read more]

DALLAS, May 5, 2025 /CNW/ -- Sunoco LP (NYSE: SUN) ("Sunoco" or the "Partnership") and Parkland Corporation (TSX: PKI) ("Parkland") announced today that the parties have entered into a definitive agreement whereby Sunoco will acquire all outstanding shares of Parkland in a cash and equity transaction valued at approximately $9.1 billion, including assumed debt. As part of the transaction, Sunoco intends to form a new publicly-traded Delaware limited liability company named [Read more]

Goldman Sachs reduced its oil price forecast following decisions by the Organization of the Petroleum Exporting Countries and its allies, OPEC+, to accelerate oil output increases, the bank said in a note dated Sunday. The bank now expects Brent crude to average $60 per barrel for the rest of 2025 and $56/bbl in 2026 down by $2 from its previous estimate. It has also cut its forecast for West Texas Intermediate (WTI) crude by $3/bbl, now projecting it to average $56/bbl for the remainder [Read more]

Barclays lowered its Brent oil price forecast by $4 per barrel to $66/bbl for 2025 and by $2 to $60/bbl for 2026, citing the decision by OPEC+ to accelerate oil production hikes. "Tariff-related developments have certainly been a drag but the OPEC+ pivot has also been a significant driver of the move lower in oil prices of late," Barclays said in a noted dated Sunday. OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, agreed to accelerate [Read more]

Crude oil futures plunged during the Sunday evening trading session as Reuters reports suggested that OPEC+ was set to further speed up oil output hikes. Exclusive: OPEC+ to further speed up oil output hikes, four sources say https://t.co/iV2Klp9elv https://t.co/iV2Klp9elv — Reuters (@Reuters) May 4, 2025 The Reuters article suggested that OPEC+ could consider bringing back as much as 2.2 million barrels per day of the previously cut oil production by November. While some on X [Read more]

If there is one thing that is almost certain in the current global crude oil market, it's that the stated reasons for the OPEC+ group of exporters increasing supply are not the real reasons. The eight OPEC+ countries that are party to voluntary output cuts met on May 3 and decided to ease their curbs again for June, this time adding back 411,000 barrels per day (bpd). The June hike will take the total combined increase for April, May and June to 960,000 bpd, representing a 44% unwinding of [Read more]

Kuwait's oil minister said that the OPEC+ meeting would significantly affect production policy formulation in the coming period, Kuwait's state news agency reported on Saturday. OPEC+ agreed in a meeting earlier in the day to accelerate oil production hikes for a second consecutive month in June. Kuwaiti minister Tariq Suleiman Al-Roumi said the gradual increases in oil production could potentially be suspended or even cancelled in response to evolving market conditions, the state news [Read more]