Suncor

Increased production prices and strong retail fuel demand nearly doubled the quarterly earnings for Canadian oilsands heavyweight Suncor Energy Inc.  The Calgary producer tapped the northern Alberta oilsands for average production of 665,200 b/d, or 90% of 2022 production. That was up from 644,200 b/d in 2021. The company, which reports in Canadian dollars (C$1.00/US…

Calgary-based oilsands giant Suncor Energy Inc. is facing pushback from activist investor Elliott Investment Management, which is calling for an overhaul of the board, management, operations and assets ahead of the May 10 annual meeting. A letter sent by Elliott to the board, along with a 45-page presentation posted on the internet, called Suncor a…

Output grew and profits revived across Suncor Energy Inc.’s wells-to-wheels chain of Alberta oil and national refining and retailing operations during the first three months of this year. Management said it was well positioned to maintain financial health across its production to retail chain “as the deployment of  vaccines leads to recovering economies and an…

Failure to revive a mothballed production project prompted Calgary-based Suncor Energy Inc. to announce Tuesday a C$425 million ($319 million) write down on its 27.5% share of an oilfield offshore of Newfoundland. Suncor said majority owner Husky Energy Inc. stranded a 200 million bbl White Rose field addition by suspending construction when the Covid-19 virus…

Projects by Canada’s second largest oilsands producer Suncor Energy Inc. and MEG Energy Corp. are supporting growth for Canadian natural gas use and driving pipeline additions by TC Energy Corp.’s gathering and delivery grid in Alberta and British Columbia, Nova Gas Transmission Ltd. (NGTL).

Canada’s second largest oil producer has called for a halt to conversion of the Enbridge Inc. Mainline to long-term delivery contracts from monthly bookings, saying the plan takes unfair advantage of limited pipeline capacity.

Natural gas has emerged as the winner in two power projects launched to comply with an Alberta government environmental policyrequiring replacement of coal-fired generating stations with cleaner alternatives.

Rick George, a Canadian oilsands pioneer, died Tuesday following a year-and-a-half battle with acute myeloid leukemia. He was 67. George was CEO of Suncor Energy beginning in 1991, then a fledgling operator, until he retired in 2012. He then became chairman of Penn-West Petroleum Ltd. in 2012, now Obsidian Energy Ltd. After graduating from Colorado State University, George joined Chevron Corp. predecessor Texaco, where he worked as a project engineer by day and attended law school at night, eventually passing the Texas state bar. He also worked at Sun Co. Inc., which then owned a majority stake in Suncor. George became president and COO of Suncor in 1990 and was appointed CEO a year later. In 2009, he led the takeover of Petro-Canada. The Colorado native leaves behind wife Julie, children Matthew, Zachary and Emily, and grandchildren. “With heavy hearts, we are determined to embrace challenges and adventure with the same rigor that he demonstrated every day,” his family said. Obsidian CEO David French said, “It was a privilege to know the man, and experience his leadership and devotion to our industry. Over his tenure as our Chairman, Rick reshaped our company from top to bottom. Rick’s legacy will continue with the many lives he has touched.”

Preparations began Sunday to resume nearly one million b/d of production shut down when a forest fire nicknamed “The Beast” forced evacuation of all 85,000 residents of the northeastern Alberta oil sands capital, Fort McMurray.