Suncor Energy Inc. (SU) Q4 2022 Earnings Call Transcript

For the period ending December 31, 2022

February 15, 2023 9:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Suncor Energy Fourth Quarter 2022 Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a Questions and Answers:. [Operator Instructions] Please be advised that today’s conference is being recorded.

At this time, I would now like to hand the conference over to your host today, Mr. Troy Little, Vice President of Investor Relations. Please, go ahead.

Troy Little

Thank you, operator, and good morning. Welcome to Suncor Energy's fourth 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 fourth 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 fourth quarter earnings release.

We will start with comments from Kris Smith, Interim President and Chief Executive Officer, followed by Alister Cowan, Suncor's 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'll open the call to questions.

Now, I'll hand it over to Kris to share his perspectives on the quarter.

Kris Smith

Thanks, Troy. Good morning, everyone, and thank you for joining us. Since taking on the Interim CEO role of Suncor in July of last year, I have been fully committed to improving the safety and reliability of our operations. We're also maximizing our value capture by leveraging Suncor's difficult to replicate integrated model and driving fit and focus across our asset base.

I want to begin our discussion today with an update on several initiatives we discussed at our recent Investor Day. First, on safety. As planned, collision awareness systems are scheduled to go live at Syncrude's Aurora mine by the end of the first quarter, and we are on track to complete implementation of collision awareness and fatigue management technology systems across all nine sites.