22:53:04 EDT Tue 21 May 2024
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Suncor Energy Inc
Symbol SU
Shares Issued 1,302,116,343
Close 2023-08-15 C$ 41.91
Market Cap C$ 54,571,695,935
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Globe says Suncor CEO wants more profit, less GHG talk

2023-08-16 07:58 ET - In the News

The Globe and Mail reports in its Wednesday edition that Suncor needs to return to its roots as an oil company and focus on the business of low-cost production and profits rather than the longer-term energy transition, says its new chief executive officer. The Globe's Emma Graney writes that Rich Kruger said Suncor has a new goal: to concentrate on what he called "the fundamentals" -- safety, operational integrity, reliability and profitability. Mr. Kruger, the former CEO of Imperial Oil, was lured out of retirement earlier this year to lead a restructuring at Suncor in the wake of a spate of high-profile operational and financial challenges at the company. He told analysts on an earnings call Tuesday that he believes Suncor has been neglecting "the business drivers of today" in pursuit of future-focused, clean and low-carbon energy pursuits, with a "disproportionate emphasis on the longer-term energy transition. ...Our current strategic framework is insufficient in terms of what it takes to win," he said. "Today, we win by creating value through our large integrated asset base underpinned by oil sands." Amid a management shakeup, Suncor's chief sustainability officer, Arlene Strom, will leave her post later this year.

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