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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery lost 43 cents to $58.27 on the New York Merc, while Brent for December lost 48 cents to $61.91 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.70 to WTI, up from a discount of $10.90. Natural gas for November lost one cent to $3.01. The TSX energy index lost a fraction of a point to close at 281.25.

Oil sands giant Suncor Energy Inc. (SU) lost 36 cents to $54.95 on 5.25 million shares, after announcing that chief financial officer Kris Smith will retire on Dec. 31. The retirement caps off a 25-year career at Suncor. Over the years he has held various roles, including nine years as executive vice-president of the downstream division and the last two years as CFO.

Notably, Mr. Smith temporarily held the reins as Suncor's interim chief executive officer from July, 2022, to April, 2023. Former CEO Mark Little abruptly resigned in 2022 in the wake of a series of workplace fatalities. At the same time, Suncor was contending with activist shareholder Elliott Investment Management, which was demanding a board overhaul and a "strategic review" of the company's non-oil-sands operations. During Mr. Smith's brief tenure, Suncor mended fences with Elliott (a process helped by adding three Elliott nominees to its board), sold its wind and solar assets and its Norwegian assets for a total of over $1.1-billion, and expanded in the oil sands by buying Teck Resources' Fort Hills interest. In April, 2023, Suncor found a successor CEO -- Rich Kruger, lured out of retirement after a long career at Exxon and Imperial Oil Ltd. (IMO: $120.76) -- and Mr. Smith moved over to the role of CFO. He will finish out the year and say goodbye.

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