This article appears in the June edition of the Financial Post Magazine. Visit the iTunes store to download the iPad edition of this month’s issue.
Nearly one year after taking the helm of Suncor Energy Inc., Steve Williams delivered a humble message to shareholders at the company’s annual meeting in Calgary.
CALGARY – Suncor Energy Inc.’s top executive blasted the “stupidity” of pipeline politics in the U.S. and Canada on Wednesday, and also hinted that his company’s $5-billion worth of cash could be used to buy up “distressed assets” in “fire sales.”
During a speech at an energy conference in New York, Suncor president and CEO Steve Williams railed against ongoing pipeline delays and said there’s “no monopoly on that stupidity in the U.S., though we have a fair amount of it here [in Canada] as well.”
CALGARY — The oil crash was rough on most Albertans in 2015, but for Steve Williams, president and CEO of Suncor Energy Inc., it came with a pay raise.
Among his achievements, the company’s board of directors highlighted the CEO’s contribution to the controversial climate change leadership plan announced by Rachel Notley’s NDP government last November.
With Suncor Energy Inc.’s all-share offer for Canadian Oil Sands Ltd. set to expire Friday evening, Suncor CEO Steve Williams and his advisors will likely huddle over the weekend to plot their next move.
At stake is a $4.3-billion acquisition of COS and its key asset Syncrude Canada Ltd., in which Suncor already has a 12 per cent stake.
Suncor Energy Inc. CEO Steve Williams says the company is “slightly ahead” of the tender numbers needed to secure the company’s $4.3-billion bid for Canadian Oil Sands Ltd.
“So as we’ve gone around, we’ve been seeing some of the bigger shareholders this week again, and we’re getting a very clear message that there is no support for an independent Canadian Oil Sands, because of those factors,” Williams said in a conference call with investors.
Canada’s oilsands are not high on the list of investor must-haves at a time of depressed oil prices, potentially higher provincial royalties and tougher climate change regulations.
But those are also the reasons oilsands pioneer Suncor Energy Inc. launched a $6.6-billion unsolicited bid Monday for Canadian Oil Sands Ltd. (COS), the largest shareholder in once arch-rival Syncrude Canada Ltd. and lately a challenged, underperforming operator.
CALGARY – The president and CEO of Suncor Energy Inc., Canada’s largest oil company, is willing to pay a carbon tax, but thinks it should apply to both companies and consumers.
“We think climate change is happening,” Steve Williams said at an Ecofiscal Commission event Friday in Calgary. “We think a broad-based carbon price is the right answer.”
A carbon tax that targets only companies would not reduce emissions effectively in Canada, he said.
CALGARY – Oilsands producers Suncor Energy Inc. and MEG Energy Corp. operate different types of projects, but both companies said Thursday they could make them work in the current low oil price environment by pushing down costs.
Suncor, Canada’s largest integrated energy company, is moving ahead with two growth projects despite the decline in prices and despite posting lower-than-expected year-end financial results, including an 81% drop in fourth-quarter net earnings compared with the year before.
Suncor Energy Inc , Canada’s largest integrated oil company, said on Thursday that its 130,000 barrel per day Montreal refinery will be able to process up to 15,000 bpd of Western Canadian oil by year end.
Steve Williams, Suncor’s chief executive, said facilities at the refinery to allow crude by rail shipments will be complete by December.