Suncor Energy Inc. (NYSE:SU) Q4 2023 Earnings Conference Call February 22, 2024 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

Doug Leggate - Bank of America

Menno Hulshof - TD Cowen

Neil Mehta - Goldman Sachs

Patrick O’Rourke - ATB Capital Markets

Manav Gupta - UBS

Roger Read - Wells Fargo

Operator

Good day, and welcome to the Suncor Energy Fourth 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. Mr. Little, the floor is yours.

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 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 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. Good morning. Fourth quarter, I would characterize it as strong results across the board, safety, upstream production, downstream reliability, cost management. We finalized the Fort Hills purchase. It was about delivering on commitments for our company. Kris will detail the Q4, but first, I’d like to provide a little bit of a look back at 2023 overall. For context, on my first earnings call 10 months ago, I outlined four things you could expect to see from Suncor. One, an intense focus on the fundamentals; Two, a simpler more focused organization; Three, a shareholder oriented executive leadership team; and Four, an overall urgency to improve performance. So how are we doing?