The company recently announced it was embarking on a three-year performance improvement plan for the troubled Fort Hills mine in northern Alberta which has faced operational challenges, including missed production targets and safety issues.Sign up to receive daily headline news from the Calgary SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Suncor also credited increased production from its oilsands assets for boosting overall upstream production to 724,100 barrels of oil equivalent per day in the third quarter, up from 698,600 in the same period last year. The hike in production from Suncor’s oilsands business and improved quarterly performance comes as the company has pledged to improve operations following a spate of missed production targets and safety issues that prompted the resignation of former chief executive Mark Little earlier this year.
Suncor initiated the review of its retail business at the urging of activist investor Elliott Investment Management LP, which called out the oil major’s poor operational performance and safety record in a public letter earlier this year.Article content
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