Suncor Energy, Inc. (NYSE:SU) Q1 2024 Earnings Conference Call May 8, 2024 9:30 AM ET

Company Participants

Troy Little - VP, IR
Richard Kruger - President, CEO & Director
Kristopher Smith - CFO
Peter Zebedee - EVP, Oil Sands
David Oldreive - EVP, Downstream
Shelley Powell - SVP, Operational Improvement & Support Services

Conference Call Participants

Greg Pardy - RBC Capital Markets
Roger Read - Wells Fargo Securities
Manav Gupta - UBS
Menno Hulshof - TD Cowen
Patrick O'Rourke - ATB Capital Markets
Dennis Fong - CIBC Capital Markets
John Royall - JPMorgan Chase & Co.

Operator

Good day, and welcome to the Suncor Energy First Quarter 2024 Results Conference Call. [Operator Instructions].

I would now like to hand the conference over to your speaker, Mr. Troy Little, Vice President of Investor Relations. You may begin, sir.

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 detailed 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, President and Chief Executive Officer; followed by Kris Smith, Suncor's Chief Financial Officer. Also on the call are Peter Zebedee, Executive Vice President of 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.

Richard Kruger

Good morning. First quarter, following a strong fourth quarter 2023, I would characterize our first quarter as even stronger. So how so I recognize I'm going to start sounding like a broken record here, but by focusing on the fundamentals of safety, reliability, profitability, coupled with the determination to brand commitments. Kris will highlight our results in more detail in a moment. So what I'd like to do is highlight some of the more notable achievements starting, of course, with the fundamentals, safety. No life altering or life-threatening injuries, lost time incidents down 50% year-on-year, recordable incidents down 20% year-on-year, process safety events down greater than 50% year-on-year achieving first quartile U.S. fuel and petrochemical manufacturers performance. How so? This is really a tribute to our people, our processes, our priorities and site leadership.