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A Suncor Energy facility in Sherwood Park, Alta., on Aug. 21, 2019. Suncor’s new CEO said in an earnings call that the company’s focus needs to be on safety, operational integrity, reliability and profitability. Suncor Energy Inc. SU-T +2.84%increase needs to return to its roots as an oil company and focus on the business of low-cost production and profits rather than the longer-term energy transition, says its new chief executive. Rich Kruger said Suncor has a new goal: to concentrate on what he called “the fundamentals” – safety, operational integrity, reliability and profitability. Mr. Kruger, the former CEO of ExxonMobil’s Canadian subsidiary Imperial Oil Ltd. IMO-T +0.58%increase , was lured out of retirement earlier this year to lead a restructuring at Suncor in the wake of a spate of high-profile operational and financial challenges at the company. He told analysts on an earnings call Tuesday that he believes Suncor has been neglecting “the business drivers of today” in pursuit of future-focused, clean and low-carbon energy pursuits, with a “disproportionate emphasis on the longer-term energy transition.” While these pursuits are important, he added, they won’t make money for shareholders today. “Our current strategic framework is insufficient in terms of what […]
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