Suncor Energy Inc. (SU) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 9, 2023 9:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day and welcome to the Suncor Energy First Quarter 2023 Results Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your speaker, Mr. Troy Little, Vice President of Investor Relations. Please go ahead.

Troy Little

Thank you, operator and good morning. Welcome to Suncor Energy’s first quarter earnings call. Please note that today’s comments contain forward-looking information. Actual results may differ materially from the expected results, because of various risk factors and assumptions that are described in our first quarter earnings release, as well as in our current annual information form, both of which are available on SEDAR, EDGAR and our website, suncor.com. Certain financial measures referred to in these comments are not prescribed by Canadian Generally Accepted Accounting Principles. For a description of these financial measures, please see our first quarter earnings release.

We will start with comments from Rich Kruger, Interim President and Chief Executive Officer, followed by Kris Smith, Suncor’s Incoming Chief Financial Officer and Alister Cowan, Suncor’s current Chief Financial Officer. Also on the call are three of our senior operating leaders; Peter Zebedee, Executive Vice President, Mining and Upgrading; Shelley Powell, Senior Vice President, In Situ and E&P; and Arnel Santos, Senior Vice President, Refining and Logistics. Following the formal remarks, we will open the call to questions.

Now, I will hand it over to Rich to share his comments.

Kris Smith

Thanks, Troy. Good morning. Thanks for joining us. I know many of you on the line and I look forward to reconnecting those of you that I don’t know maybe a very brief background. I have – I come to Suncor with nearly 40 years in energy. 31 of those were with ExxonMobil around the world. And then the last 7 of those nearly 40 were with Imperial Oil here in Canada as their Chairman and CEO.

Background includes everything from operations, capital projects, commercial corporate strategy, etcetera, upstream, downstream, oil gas, onshore offshore, conventional, LNG oil sands, and the geography started out in North America, Southeast Asia, Middle East West Africa, former Soviet Union and now back to right where I am supposed to be North America and Canada. So I would never say that I have seen and done it all. But I think it’s pretty fair to say, I have seen and done a lot. Personality, what can you expect from me? I strive to be quite clear. I hope you will find me candid, transparent. I live in a fact-based world and I tend to be quite focused.