Suncor Energy Inc. (NYSE:SU) Q2 2023 Results Conference Call August 15, 2023 9:30 AM ET

Company Participants

Troy Little - VP, IR

Rich Kruger - President and CEO

Kris Smith - CFO

Peter Zebedee - EVP, Oil Sands

Dave Oldreive - EVP, Downstream

Shelley Powell - SVP, Operational Improvement and Support Services

Conference Call Participants

Greg Pardy - RBC Capital Markets

Dennis Fong - CIBC

Neil Mehta - Goldman Sachs

Manav Gupta - UBS

Menno Hulshof - TD Securities

John Royall - JPMorgan

Kalei Akamine - Bank of America

Operator

Good day, and welcome to the Suncor Energy Second 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 host, Mr. Troy Little, Vice President of Investor Relations. Please go ahead.

Troy Little

Thank you, operator, and good morning. Welcome to Suncor Energy’s second quarter earnings call.

Please note that today’s comments contain forward-looking information. Actual results may differ materially from the expected results because of risk factors and assumptions that are described in our second quarter earnings release as well as in our current Annual Information Form, both of which are available on SEDAR plus 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 second quarter earnings release.

We will start with comments from Rich Kruger, President and Chief Executive Officer; followed by Kris Smith, Suncor’s Chief Financial Officer. Also on the call are three of our senior operating leaders: Peter Zebedee, Executive Vice President, Oil Sands; Dave Oldreive, Executive Vice President, Downstream; and Shelley Powell, Senior Vice President, Operational Improvement and Support Services. Following the formal remarks, we’ll open up the call to questions.

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

Rich Kruger

Good morning. The second quarter was a very active time for the Company. We made material progress in a number of areas we’ll share with you today. First, creating an organization-wide what I would refer to as focus on the fundamentals of safety, operational integrity, reliability and profitability. Second, we took a number of tangible actions to construct a simpler, more focused, lower-cost organization that we’ll describe today. And last but not least, we found time in the second quarter to deal with a cybersecurity incident. I’ll have more on each of these topics shortly. I want to give you a few general comments though.