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Suncor Energy

Suncor Energy Inc is an integrated energy company. The company's operations include oil sands development, production and upgrading, offshore oil production, petroleum refining in Canada and the U.S., and the company's Petro-Canada retail and wholesale distribution networks. The company is developing petroleum resources while advancing the transition to a low-emissions future through investment in power, and renewable fuels. It also conducts energy trading activities focused principally on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. The company's operating segments include Oil Sands, Exploration & Production, Refining & Marketing (R&M), and Corporate & eliminations. Geographically, the company generates a majority of its revenue from Canada.

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Shares of oil stocks are trading higher amid an OPEC+ decision to keep output levels unchanged.

Paul Singer isn't tiptoeing into <a href="https://www.benzinga.com/topic/energy-sector">the energy sector</a>, he's charging in at full throttle.
In the first quarter of 2025, Elliott Investment Management hiked its energy sector exposure from 23.84% to a commanding 37.64%, making it the firm's largest allocation. 
<h1 class="wp-block-heading">Phillips 66, Suncor: Singer&#8217;s Energy Bets</h1>
Leading the charge? A nearly $2 billion bet on Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) and Suncor Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SU#NYSE">SU</a>), now two of the fund's <a href="https://www.sec.gov/Archives/edgar/data/1791786/000101359425000678/xslForm13F_X02/primary_doc.xml">top three holdings</a>.
Singer made an especially bold move with Phillips 66. Elliott upped its stake in the oil refiner by nearly <a href="https://whalewisdom.com/filer/elliott-management-corp">2,000%</a>, buying 14.95 million new shares and bringing the total holding to 15.73 million, valued at roughly $1.94 billion. Phillips 66 now accounts for 12.81% of Elliott's $15.2 billion 13F portfolio, vaulting from a fringe position to the No. 3 spot.
Suncor, too, remains a core conviction, with a $2.04 billion stake representing 13.46% of the portfolio. That holding was unchanged from the previous quarter, but its high ranking underscores Singer's sustained confidence in traditional energy.
Read Also: <a href="https://www.benzinga.com/markets/equities/24/06/39244142/elliott-management-reportedly-builds-2b-stake-in-southwest-airlines-plans-to-push-for-change">Elliott Management Reportedly Builds $2B Stake In Southwest Airlines, Plans To Push For Change</a>
<h1 class="wp-block-heading">From Broad Market To Tactical Plays</h1>
This surge in energy positions comes as Elliott simultaneously trimmed or exited exposure to broader market ETFs and sectors. Notably, the firm slashed its SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) put position by over 25% and cut bets against Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) and VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>), signaling a tactical shift toward direct plays like Phillips 66 and Suncor.
It's a classic Singer move: lean in when others hedge. While the broader market debates peak oil demand and ESG pressures, Elliott is doubling down on old-school energy — and doing it with size. Whether this is a contrarian masterstroke or a risky overexposure remains to be seen.
But one thing's clear — when Paul Singer turns up the heat, he doesn't wait for consensus.
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Photo: Gsign76 via Shutterstock

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Paul Singer's $2 Billion Energy Power Play: Phillips 66, Suncor Among Elliott's Top Holdings

Activist investor Elliott Investment Management scored a victory on Monday when Institutional Shareholder Services recommended investors elect all four of Elliott&#8217;s director nominees to the Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) board, bolstering the hedge fund&#8217;s campaign for strategic changes at the oil refiner.
What Happened: Elliott, which <a href="https://www.benzinga.com/markets/equities/25/02/43614105/activist-investor-elliott-builds-25-billion-stake-in-phillips-66-pressures-for-midstream-spinoff-report">holds a $2.5 billion stake in Phillips 66</a>, has urged the company to divest its midstream business. Proxy advisory firm ISS backed all four of Elliott's board nominees, joining Glass Lewis and Egan-Jones in supporting the activist's push ahead of the May 21 shareholder vote, Reuters reported.
ISS is a top proxy advisory firm whose recommendations guide major investors on corporate votes, often swaying outcomes in boardroom battles.
&#8220;Although the board has been reshaped since the pandemic, important industry perspectives have been overlooked, and there is strong evidence that the board is not willing to exercise independent oversight of management,&#8221; ISS wrote in its report.
The proxy advisor also challenged Phillips 66&#8217;s argument that its integrated strategy delivers superior returns, noting the stock began underperforming peers in mid-2021 and &#8220;has not been able to close the gap.&#8221; PSX shares have dropped 18% over the past 52 weeks, closing at $118.68 on Monday.
See Also: <a href="https://www.benzinga.com/trading-ideas/movers/25/05/45366281/bitcoin-ethereum-dogecoin-retreat-stocks-rally-after-us-china-tariff-de-escalation-analyst-sees-opportunity-in-2100-2250-if-eth-corrects">Bitcoin, Ethereum, Dogecoin Retreat, Stocks Rally After US-China Tariff De-Escalation: Analyst Sees Opportunity In $2,100-2,250 If ETH Corrects</a>
Why It Matters: Elliott first disclosed its investment in Phillips 66 in February, expanding from an initial $1 billion position that had already secured a board seat for refining veteran Robert Pease last year. The activist fund&#8217;s larger stake now places it among Phillips 66&#8217;s top five shareholders.
The hedge fund, <a href="https://www.benzinga.com/news/24/08/40411028/elliott-management-alums-spawn-their-offshoots-amid-rigid-changes-and-increased-bureaucracy-at-70b-h">which manages $70 billion</a>, has a strong track record in the energy sector with successful investments at Marathon Petroleum (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>), NRG Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRG#NYSE">NRG</a>), Suncor Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SU#NYSE">SU</a>) and Hess (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>).
Elliott said the ISS report &#8220;fully validates Elliott&#8217;s case for change,&#8221; according to the report. 
Photo Courtesy: Ken Wolter on Shutterstock.com
Read Next: 
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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Elliott Management Scores Key Win In Phillips 66 Proxy Fight As ISS Backs All Four Board Nominees Ahead Of May 21 Vote

Suncor Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SU#NYSE">SU</a>) reported quarterly earnings of $0.91 per share which beat the analyst consensus estimate of $0.86 by 5.81 percent. This is a 13.33 percent decrease over earnings of $1.05 per share from the same period last year. The company reported quarterly sales of $8.68 billion which beat the analyst consensus estimate of $8.34 billion by 4.02 percent. This is a 6.68 percent decrease over sales of $9.30 billion the same period last year.

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