Speaking publicly Tuesday for the first time since
"While we still have work to do, I'm pleased to report that we're making progress and that all parts of Suncor are shifting into high gear," Little said on a conference call to discuss the company's first-quarter financial results.
"Our board and management have great confidence in our plan and the progress we're making."
Little touted Suncor's profits of
He also rejected Elliott's premise that Suncor should spin off or sell its 1,800-location retail chain of gas stations.
"(Petro-Canada) is a very strong performer and can go head-to-head with other retail businesses," Little said. "We think we have the best downstream business in
Elliott — which has a 3.4 per cent economic interest in Suncor and a track record of targeting large corporations it views as underperformers — has been critical of Suncor's lagging share price as well as a recent spate of operational difficulties and workplace safety incidents.
The company has reported 12 workplace deaths since 2014, and struggled with production issues related to equipment failure and weather.
But Little said Tuesday Suncor is already making changes, including a third-party safety review, bringing on new management including former LNG Canada CEO
"We know we've had challenges in our mines, and we've taken concrete actions since the fall of last year to strengthen our mining capability," Little said, adding Suncor will host an "oilsands operational presentation" on
A spokesperson for
But
"At this point it (Suncor's safety plan) is just more promises," Skolnick said. "Investors in the market want to see proof that changes have been made."
Skolnick added he doesn't expect Suncor's latest earnings to be enough to stave off Elliott's dissatisfaction.
"It was a good quarter (for Suncor) for sure ... but I don't think this satisfies
On Tuesday, shareholders at the Suncor annual general meeting voted nearly 92 per cent in favour of the company's approach to CEO pay.
"They're not really in a trouble zone, but they also came out with a record dividend Monday, so you would expect it to be a little higher," she said. "For them, I definitely wouldn't relax, but I think the plan they've announced may have bought themselves some patience from the Street."
Suncor is streamlining its business, including with last month's announcement that it would divest its wind and solar assets. On Tuesday, Little said the company has had a "massive response" from prospective buyers.
"So much so that it's slowing down the process because we've had to process so many different inquiries associated with it," he said.
The company also plans to divest its exploration and production assets in
On Monday, Suncor declared a quarterly dividend of
The company's net earnings amounted to
Revenues were
Suncor reported total upstream production of 766,100 barrels of oil equivalent per day (boe/d) in the first quarter of 2022, compared to 785,900 boe/d in the same quarter last year.
Refinery crude throughput increased to 436,500 barrels per day and refinery utilization was 94 per cent in the first quarter of 2022, compared to 428,400 barrels per day and 92 per cent in the prior-year quarter.
Suncor shares closed at
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