12:55:14 EDT Tue 21 May 2024
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Suncor Energy Inc
Symbol SU
Shares Issued 1,298,074,234
Close 2023-11-09 C$ 44.89
Market Cap C$ 58,270,552,364
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Globe says Suncor's Kruger pleased with his performance

2023-11-10 07:55 ET - In the News

The Globe and Mail reports in its Friday edition that between beating market estimates for third-quarter profit and a marked improvement to its safety record, Suncor Energy's new chief executive officer, Rich Kruger, feels confident about where the energy giant is headed under his watch. The Globe's Emma Graney writres that Suncor on Wednesday night reported a net profit of $1.54-billion ($1.19 a share) in the quarter ending Sept. 30, compared with a loss of $609-million (45 cents a share) a year ago. Suncor's poor performance stacked up against its oil-sands peers in recent years made it the target of activist U.S. hedge fund Elliott Investment Management LP. Pushing for a shakeup, Elliott in 2022 launched a campaign to oust several directors and explore a sale of Suncor's Petro-Canada gas station chain. During an investor call Thursday morning, Mr. Kruger said he felt "really good" about Suncor's operations, including its safety record. Recordable injuries at Suncor are down 10 per cent from this time last year, and there have been zero life-threatening or life-altering injuries in 2023. Alongside improved safety, Mr. Kruger wants greater efficiency to help reduce Suncor's cost of per-barrel oil production.

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