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Suncor CEO Rich Kruger to Step Down Next Year
Rick Kruger said Suncor will stay cautious on capital spending as the non-binding deal could raise crude output and advance a major carbon capture project.
- Suncor Energy Inc. CEO Rich Kruger announced Wednesday that the company's capital spending plans remain unchanged following July's non-binding memorandum of understanding with Ottawa and Alberta governments.
- Signed last month, the MOU aims to clarify fiscal and regulatory conditions for carbon policy and market access, including advancing the Pathways carbon capture project to spur investment.
- Reporting strong second-quarter results on Wednesday, Suncor posted $3.7 billion in net earnings and $3.8 billion in adjusted operating earnings, despite extreme weather hampering mining productivity in Fort McMurray.
- Kruger noted there is "a lot of work to do" to turn the MOU's ambitions into definitive agreements, while the company's outlook for capital allocation remains similar to six months ago.
- Suncor aims to boost oil production by 100,000 barrels a day by 2028; meanwhile, Kruger plans to step down next year, with Peter Zebedee succeeding him as chief executive.
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15 Articles
15 Articles
Winnipeg Free Press+2 Reposted by 2 other sources
Suncor CEO Rich Kruger to step down next year
CALGARY - Suncor Energy Inc. says its president and CEO Rich Kruger will be stepping down next year.
·Winnipeg, Canada
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Coverage Details
Total News Sources15
Leaning Left5Leaning Right3Center5Last UpdatedBias Distribution39% Left, 38% Center
Bias Distribution
- 39% of the sources lean Left, 38% of the sources are Center
39% Left
L 39%
C 38%
R 23%
Factuality
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