Egyptian,

I understand premiums but remember COS passed on the COP interest acquired by Sinopec as it was to expensive for COS, not that it wasn't worth that price. How would COS rationalize issuing so much stock to raise that much money only to dilute the current shareholders.  The net effect would be each share would own a smaller amount of Syncrude.  Remember we are talking about the same asset not something different.

However an argument could be made that if anything the Murphy interest should be worth more than the COP interest as the big capex is much further along and oil prices are better.  However the pipeline issue still not resolved.

But I agree, hang on collect the dividend and with operational improvements cash flow and dividends will rise dramatically along with the share price.