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Suncor postpones oilsands operations update to the fall

Last Updated Jul 11, 2022 at 10:35 am MST

Suncor's base plant with upgraders is seen in Fort McMurray, Alta. on June 13, 2017. THE CANADIAN PRESS/Jason Franson

Suncor Energy has announced the company will provide an update on its oil sands operations in the fall.

Mark Little, president and CEO of Suncor, stepped down on July 8, and resigned from its board of directors.

READ MORE: Suncor Energy says president and CEO Mark Little has stepped down

His resignation came a day after the Calgary-based company had announced another workplace fatality as Base Plant.

It’s the 12th reported death at Suncor sites since 2014.

READ MORE: Contract worker dies at Suncor Base Plant Mine in Alberta

In a release, Suncor said Kris Smith, who is currently executive vice-president of its Downstream division, has been named interim CEO.

Timeline

2022 for Suncor Energy has been mixed, to say the least.

Earlier this year, the company faced criticism from U.S.-based activist investor Elliott Investment Management, which has a record of targeting large corporations it views as underperformers.

READ MORE: Suncor’s safety record in the spotlight as activist investor calls for change

Then-CEO Mark Little said the Suncor is “uninterested” in Elliott’s call to consider selling Petro-Canada.

READ MORE: Suncor uninterested in selling Petro-Canada, CEO says despite shareholder pressure

In May, Suncor Energy reported earnings of $2.95-billion in the first quarter of 2022, up from $821 million in the same period of 2021.

Revenues was $13.5 billion, up from $8.6 billion in the prior quarter.

Suncor also reported total upstream production of 766,100 barrels of oil equivalent per day (boepd) in Q-1 of 2022, compared to 785,900 boepd in the prior year quarter.

Refinery crude throughput increased to 436,500 barrels per day and refinery utilization was 94 per cent in the first quarter of 2022, compared to 428,400 bpd and 92 per cent in the same time last year.

With files from The Canadian Press.