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Suncor Energy Inc
Symbol SU
Shares Issued 1,285,837,925
Close 2024-05-08 C$ 53.67
Market Cap C$ 69,010,921,435
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Globe says Suncor aims to lease its own oil tankers

2024-05-09 08:21 ET - In the News

The Globe and Mail reports in its Thursday edition that Suncor is planning a range of measures to cut out the middleman, including selling straight to customers as it keeps its focus on boosting profits under new boss Rich Kruger. The Globe's Emma Graney writes that the oil giant is also leasing its own oil tankers to operate in the Pacific, which will slash its shipping costs, the company said Wednesday as it announced its first-quarter results. Suncor, like most other oil companies that own and operate production and refining facilities, emphasizes the value of owning integrated assets because they allow the company greater control over its business. Beyond the refining stage, third party oil traders act as the conduit from producers to customers, handling tasks including the commodity's transport, storage and financing from producers to customers around the world. Dave Oldreive, vice-president of downstream operations, said the company is reducing its reliance on those third parties, instead expanding its own trading capabilities to make as much as it can from each barrel. "We're well positioned to deliver volumes to our customers, remove that middleman and capture the full value for Suncor," Mr. Oldreive said.

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