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GLOBAL NEWS: Suncor CEO says company has been too focused on energy transition, must get back to fundamentals

 

The man hired to turn around the flagging fortunes of Suncor Energy Inc. said Tuesday he believes the company has been too focused in recent years on the energy transition and must get back to an oil-centred business strategy.

 

CEO Rich Kruger, who took the reins at the Calgary-based energy giant this spring, told analysts on a conference call that the company’s board of directors agrees with him that a “revised direction and tone” at the company is necessary.

 

He said he believes Suncor must not neglect “the business drivers of today” in favour of future-focused, clean and low-carbon energy pursuits.

 

“We have a bit of a disproportionate emphasis on the longer-term energy transition,” Kruger said, adding that while lower emissions energy is important, it is not what is going to make money for shareholders today ...


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