CEO of Suncor Rick Kruger said in an August, 2023, earnings call that the Suncor of old had been neglecting 'the business drivers of today' in pursuit of future-focused, clean and low-carbon energy pursuits.The native Minnesotan was lured out of retirement, and back to Calgary, in early 2023; four years after he left Imperial Oil following a 39-year career with Exxon Mobil Corp.
Not long after that, the federal government passed a hefty omnibus bill that included a contentious, last-minute change to the Competition Act. Billed as an anti-greenwashing measure, Bill C-59 aims to stamp out false or exaggerated environmental claims.When you first took over, on your first or your second earnings call, you talked about focusing on oil. That was taken by many as, “Suncor is throwing sustainability of the wind.
Yes, but also to the investment community. We had a business that was fundamentally underperforming in our base business, so if I didn’t reassure the investment community that we have a renewed or heightened focus on our base business, all those other words about what we may do or become in the years ahead are kind of hollow. Because you’ve got to get your base business right.
I think Canadians look to their leaders – whether they’re business leaders or political leaders – to get together, roll up their sleeves, and work together in the best long-term interests of this country and of their grandchildren. So I don’t have any reservations or hesitation to engage in those kinds of dialogues. Business and government owe it to Canadians to have real, material conversations on those topics, and I’m willing to do that as much and as often as it takes.