Suncor Energy Inc. (NYSE:SU) Q3 2023 Earnings Conference Call November 9, 2023 9:30 AM ET

Company Participants

Troy Little - Vice President, Investor Relations

Rich Kruger - President and Chief Executive Officer

Kris Smith - Chief Financial Officer

Peter Zebedee - Executive Vice President, Oil Sands

Dave Oldreive - Executive Vice President, Downstream

Shelley Powell - Senior Vice President, Operational Improvement & Support Services

Conference Call Participants

Greg Pardy - RBC Capital Markets

Dennis Fong - CIBC

Neil Mehta - Goldman Sachs

Doug Leggate - Bank of America

Menno Hulshof - TD

Roger Read - Wells Fargo Securities

John Royall - JPMorgan

Operator

Good day, and welcome to the Suncor Energy Third 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 third 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 third 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 third 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 3 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 & 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

Thanks, Troy. Third quarter characterize it as strong results across our business safety, upstream, downstream, turnarounds in particular, Fort Hills acquisition and some organizational improvements I’ll comment on.

Let me start with safety, core value, number one priority, safety of our people, employees, and contractors alike. Recognizing that safety is a never ending journey, I’m pleased with and proud of our team. Year-on-year, recordable injuries are down 10%, lost time incidents are down 33% and, most importantly, we’ve had 0 life threatening or life altering injuries in 2023. We’ve had improvement in each and every business segment.