Shearman & Sterling served as US counsel to Suncor Energy Inc. in its merger with Petro-Canada, creating a combined company with a market capitalization of approximately $35 billion that is expected to be Canada’s second largest oil producer. The transaction requires approval of the shareholders of both Suncor and Petro-Canada. On completion of the proposed transaction, Suncor’s existing shareholders will own approximately 60 per cent and Petro-Canada shareholders will own approximately 40 per cent of the combined company.

Suncor is an integrated energy company headquartered in Calgary, Alberta. Suncor’s oil sands business, located near Fort McMurray, Alberta, extracts and upgrades oil sands and markets refinery feedstock and diesel fuel, while operations throughout western Canada produce natural gas. Suncor operates a refining and marketing business in Ontario with retail distribution under the Sunoco brand. U.S.A. downstream assets include pipeline and refining operations in Colorado and Wyoming and retail sales in the Denver area under the Phillips 66 brand.

Petro-Canada is one of Canada’s largest oil and gas companies, operating in both the upstream and the downstream sectors of the industry in Canada and internationally.

For more information, please contact: Ron Brandsdorfer | New York | T +1.212.848.5081 | .