While reporting a strong first three months to the year, Suncor Energy Inc. management made a vow to keep its refineries and service stations despite a request by an activist investor to sell the national network.

Suncor

“We think we have the best downstream business in North America, and we think it’s important that it stays together,” said CEO Mark Little. He rejected a call for a breakup by New York-based Elliott Investment Management.

The average realized price fetched for synthetic crude oil nearly doubled in 1Q2022 to $114.37/bbl from $65.22 in the year-ago period. Lower grade bitumen jumped by 127% to $96.49/bbl from $42.53.

The Calgary-based company saw a boost during the first quarter thanks to increased commodity prices that outweighed upstream production changes or...