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Energy Summary for July 11, 2022

2022-07-11 20:36 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost 70 cents to $104.09 on the New York Merc, while Brent for September added eight cents to $107.10 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.80 to WTI, unchanged. Natural gas for August added 40 cents to $6.43. The TSX energy index lost 3.10 points to close at 214.64.

Oil sands giant Suncor Energy Inc. (SU), down 91 cents to $41.52 on 12.8 million shares, is looking for a new chief executive officer. As discussed Friday, the company suffered another fatality at one of its oil sands accidents, its second of the year and its fifth in 19 months. The poor record cost CEO Mark Little his job. He announced late Friday that he is stepping down as CEO, president and a director, effective immediately.

Mr. Little first joined Suncor in 2008 as senior vice-president of strategic growth and energy trading. The first bit of "strategic growth" followed quickly with the $15-billion megamerger of Suncor and Petro-Canada in 2009. Over the following years, Mr. Little made his way into senior roles in the company's oil sands and international and offshore operations, eventually becoming chief operating officer in 2017. Former COO Steve Williams had become Suncor's CEO in 2012. In 2019, when Mr. Williams retired, investors were not surprised to see Mr. Little trade in his COO title for the top job.

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