• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn

BOE Report

Sign up
  • Home
  • BOE Intel
  • Headlines
    • Latest Headlines
    • Featured Companies
    • Columns
    • Discussions
  • Well Activity
    • Well Licences
    • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts/Data
    • CAOEC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
    • Data
      • Canada Oil Market Data
      • Canada NG Market Data
      • USA Market Data
      • Data Downloads
  • Jobs

Suncor Energy interim CEO sees mandate for change after safety problems

August 5, 20228:35 AM Reuters0 Comments

Suncor oilsands tank

The interim chief executive of Suncor Energy said on Friday that he has a mandate to change the oil-producing company’s poor safety and operating performance, even as its board looks for a permanent CEO.

“To be clear, as interim CEO, my mandate is not to simply maintain the status quo,” Kris Smith said in his first public remarks to analysts since his appointment in July.

He added later, on a quarterly conference call, that he plans to overhaul Suncor’s processes while the board of directors conducts its CEO search. “We can’t stand still. I have the full support of the board to drive the changes necessary.”

Former CEO Mark Little resigned after the latest of a string of fatalities at sites operated by the second-biggest Canadian oil producer. Suncor has also struggled with operational problems that have hampered production.

Smith said Suncor had already assessed the problems at its oil sands mining sites and is focusing on risks such as contact between vehicles and work around water.

“We’re clear on what we need to do to improve our safety performance,” Smith said. “We do not need more diagnosis, but what we do need to do is execute.”

Suncor struck a deal with activist investor Elliott Investment Management last month, appointing three new independent directors and launching a review of its fuel retail business. Elliott had criticized the company’s performance.

Suncor shares edged higher in Toronto, lagging much stronger gains by its peers.

Smith said Suncor will engage more with front-line workers about the necessary changes. The company has previously said it would adopt technology to prevent collisions of mobile equipment and better manage worker fatigue.

A worker was killed in July at Suncor’s northern Alberta Base Plant mine, the fifth fatality at a Suncor site since 2019, when Little became CEO, and the thirteenth since 2014, by far the worst safety record among Canadian oil producers.

The company also continues to struggle with operations. It lowered its full-year production guidance on Thursday, and Smith said operational problems at Base Plant continue into the current third quarter.

Even so, Suncor posted a more than fourfold jump in its second-quarter profit on Thursday, as the oil producer benefited from a rally in commodity prices.

Suncor

Follow BOE Report
  • Facebook
  • Twitter
  • LinkedIn

Sign up for the BOE Report Daily Digest E-mail

Successfully subscribed

Latest Headlines
  • Cenovus Energy updates production impact of Alberta wildfires
  • NuVista Energy Ltd. provides update on wildfires and production guidance
  • Canada’s Trans Mountain seeks approval for tolls for expanded oil pipeline
  • A&D update – Spur Petroleum non-core asset sale – see who the buyer was on BOE Intel
  • US natgas futures jump 5% on low wind power forecasts, soaring global prices.

Return to Home
Alberta GasMonthly Avg.
CAD/GJ
Market Data by TradingView

    Report Error







    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    • Editorial Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    BOE Network
    © 2023 Stack Technologies Ltd.