CEO says Suncor’s integrated downstream holdings, including its refineries and gas stations, must stay together
chief executive Mark Little is pushing back against a key proposal from a U.S. activist investor, insisting Suncor should retain ownership of its Petro-Canada gas-station chain.
Suncor’s results were something of a salve for Suncor, which has seen activist hedge fund Elliott take aim with a series of proposals to shake up the Canadian oil-sands giant. It also wants an executive leadership review, an overhaul of Suncor’s operational and safety culture, and to replace several directors at the company with five of its own choosing.Mr. Little told The Globe that Suncor hasn’t yet had any substantial conversations with the fund, and doesn’t know who Elliott would like to see on the board.
Suncor’s net earnings were $2.9-billion in Q1 of 2022, and the company reduced its net debt by $728-million. Suncor’s response was a plan to deploy collision-mitigation technology across its entire oil-sands business and beef up the company’s senior leadership team to focus more on safety and operations.
Suncor is also exploring the sale of its entire U.K. portfolio, and reiterated its plans to divest its wind and solar assets to “focus on areas of energy expansion that are more complementary to its base business, with an emphasis on hydrogen, renewable fuels and an ongoing participation in low-carbon power.”
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