 | |
| Company type | Public |
|---|---|
| Industry | Oil and gas |
| Predecessor | Sun Oil Company Great Canadian Oil Sands |
| Founded | 22 August 1979 (1979-8-22) |
| Headquarters | Calgary,Alberta, Canada |
Key people | Russell Girling (chairman of the board) |
| Products | Petroleum,natural gas,petrochemicals and others |
| Revenue |  $52.206 billionCAN (2023)[1] |
| 8.295 billionCAN (2023)[1] | |
| Total assets | CAN$88.539 billion (2023)[2] |
| Total equity | CAN $43.279 billion (2023)[2] |
Number of employees | 14,906 (2023)[3] |
| Website | suncor |
Suncor Energy Inc. (French:Suncor Énergie) is a Canadian integrated energy company based inCalgary,Alberta. It specializes in production ofsynthetic crude fromoil sands. In the 2020Forbes Global 2000, Suncor Energy was ranked as the 48th-largest public company in the world.[4]
Suncor was created bySun Oil in 1979 by the merger of its Canadian conventional and heavy oil companies, the Sun Oil Company andGreat Canadian Oil Sands. Until 2010, Suncor marketed products and services to retail customers in Ontario through a downstream network of 780 company-owned, and 700 customer-operated retail andDiesel fuel sites, primarily in Ontario under theSunoco brand (owing to Suncor having originally been established as a subsidiary of Sunoco). In 2009, Suncor acquired the formerCrown corporationPetro-Canada, which replaced the Sunoco brand across its existing outlets. Suncor also markets through a retail network ofShell andExxonMobil branded outlets in the United States.[5]
The Sun Oil Company began operations in Canada in 1919 when it formed the Sun Company of Canada. The company opened offices in Montreal and began importing American products to Canada for sale. On 31 March 1923, Sun incorporated a Canadian subsidiary, the Sun Oil Company Limited. In 1932, the company transferred its headquarters from Montreal to Toronto. In 1950 the Sun Oil Company drilled its first successful Canadian oil well in Alberta. In 1953 it opened a new refinery in Sarnia.
Great Canadian Oil Sands was incorporated on 29 December 1953, however, the company originated in several previous ventures dating back to 1920. In 1962, GCOS received a permit from the Government of Alberta to build a plant in the Athabasca Oil Sands. The following year, Sun purchased a majority stake in GCOS. The GCOS plant went online in 1967.
In 1979, Sun formed Suncor by merging its Canadian refining and retailing interests; Great Canadian Oil Sands (a majority-owned subsidiary, which constructed and operated the first commercial plant to develop Canada'sAthabasca oil sands and went on production in 1967); and its conventional oil and gas interests. In 1981, the Government ofOntario purchased a 25% stake in the company; it divested in 1993.[6] In 1995 Sun Oil also divested its interest in the company, although Suncor maintained the Sunoco retail brand in Canada. With these two divestitures, Suncor become an independent, widely heldpublic company.
In 2003, Suncor acquired a refinery and associated Phillips 66 gas stations inCommerce City, Colorado fromConocoPhillips.[7] In 2005, Suncor acquired a second Commerce City refinery fromValero Energy.[8] Suncor moved its retail brand from Phillips 66 to Shell from 2009 to 2013.[9] Suncor added the Exxon and Mobil brands in Colorado and Wyoming in 2015.[10]
On March 23, 2009, Suncor announced its intent to acquirePetro-Canada.[11][12] This merger created a company with a combined market capitalization of C$43.3 billion. On June 4, 2009, a 98% approval rate was reached by Suncor's shareholders for the acquisition of Petro-Canada and theCompetition Bureau approved the merger on June 21, 2009.[13][14] The merger with Canada's 11th largest company was completed on August 1, 2009[15] in a $21 billion deal to form the second-largest company in Canada (afterRoyal Bank of Canada) in terms of market capitalization. In December 2009, as a condition of the merger, Suncor sold 98 gas stations in Ontario toHusky Energy, consisting of 68 Sunoco-branded locations and 30 Petro-Canada-branded locations.[16]
In 2015 Suncor courtedCanadian Oil Sands, the largest owner of theSyncrude project with 37% ownership (compared with Suncor's 12%), with proposals for acquisition andhostile takeover.[17] In January 2016 they reached an agreement with Suncor acquiring COS for C$6.6 billion, raising its Syncrude ownership to 49%.[18]
On April 27, 2016, Suncor announced that it had reached a $937-million deal to acquireMurphy Oil's 5% stake in the Syncrude project, growing its interest in Syncrude to nearly 54%, making it the majority shareholder of the project.[19] In fall 2021, Suncor assumed operatorship of the Syncrude Joint Venture oil sands project in a bid to improve its performance. Suncor holds a majority stake in Syncrude with 58.74 per cent.[20]
In July 2022, president and CEO Mark Little resigned amid investor pressure and after a series of workplace deaths and safety incidents.[21] Executive vice-president for downstream Kris Smith was named as interim CEO.[22] On February 21, 2023, Suncor announced that formerImperial Oil Ltd. president and CEORich Kruger had been named its new chief executive officer after a months-long search.[21] Kruger replaced interim Suncor CEO Kris Smith on April 3, 2023.[21] Smith assumed the role of chief financial officer and executive vice-president of corporate development after Suncor's annual general meeting on May 9, 2023.[21]
June 2023 transactions with customers and suppliers were impaired due to a cyber attack. The company stated no customer information was stolen[23] but some of the companies services, such as digital payment, crashed.[24]
In October 2023, Suncor Energy acquiredTotalEnergies' Canadian operations for C$1.47 billion($1.07 billion).[25]
In North America, Suncor develops and produces oil and natural gas in Western Canada, Colorado, andoffshore drilling in eastern Canada. Its international efforts include offshore developments in the North Sea, and conventional, land-based efforts in Libya, Syria, and Trinidad and Tobago.
Suncor operates refineries in Edmonton, Alberta; Sarnia, Ontario; Montreal, Quebec and Commerce City, Colorado. These refineries supply industrial, retail and commercial consumers. The company is also one of the largest Canadian retailers of petroleum products.[26]: 22
Suncor is the world's largest producer ofbitumen, and owns and operates anoil sands upgrading plant near Fort McMurray, Alberta, Canada. Originally developed by Great Canadian Oil Sands, a majority-owned subsidiary of Sun Oil, it is now wholly owned by the independent Suncor. It was the first commercial development on theAthabasca oil sands, although small, earlier projects like that atBitumount also played a role in development. The company held a 36.75% interest in the Joslyn north oil sands project which was shelved pending an economic review by operatorTotal S.A. in May 2014. The Joslyn project was sold toCNRL in September 2018.[27] The company also producesconventional oil,heavy crude oil, andnatural gas.[26]: 22
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In Canada, Suncor operates refineries in Alberta, Ontario and Quebec. The company's 135,000-barrel-per-dayStrathcona, refinery runs entirely on oil sands-based feedstocks and produces a high-yield of light oils. A 137,000-barrel-per-dayMontreal Refinery producesgasoline,distillates, asphalts,heavy fuel oil,petrochemicals,solvents and feedstock for lubricants. An 85,000-barrel-per-day refinery inSarnia, Ontario produces gasoline,kerosene, jet and diesel fuels. A 98,000-barrel-per-day refinery inCommerce City, Colorado produces gasoline, diesel fuel and paving-gradeasphalt.[26]: 22
Suncor's main downstream brand in Canada is Petro-Canada. Suncor previously operated and franchised retail locations under theSunoco brand, but post-acquisition, nearly all remaining Sunoco stations were converted to Petro-Canada. In addition, the company terminated all of its independent Sunoco franchises, as it planned to implement Petro-Canada's model of requiring franchisees to operate multiple locations. Presently, at least one Sunoco branded station exists, and is located in North Bay, Ontario. A group of affected franchisees filed aclass-action lawsuit over the matter, claiming that Suncor had violated Ontario's Arthur Wishart Act. However, the case was blocked by an Ontario court.[28][29]
In the United States, it operates retail outlets in Colorado under theShell andPhillips 66 brands.[30]
On April 13, 2012, Suncor paid a $500,000 fine after being found guilty of price-fixing in Ontario.[31]
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Suncor Energy owned and operated threeBombardier CRJ900ER aircraft[32] but sold them in late 2016 and now usesWestJet to shuttle Suncor employees to the oil sands.[33]
As of February 2023, Suncor Energy owns aBombardier Global Express (BD-700) and operate asICAO airline designator JSN, andtelephony JETSUN.[34][35]
According to a Pollution Watch fact sheet, in 2007 Suncor Energy's oil sands operations had the sixth highest greenhouse gas emissions in Canada.[36][37] While Suncor has reduced the greenhouse gas emissions intensity of its oil sands operations by more than 50% since 1990, total greenhouse gas emissions from the company's operations have increased because of growing oil sands production.
On April 2, 2009, Suncor was fined $675,000 for failing to install pollution control equipment at its Firebag operation nearFort McMurray, Alberta in July 2006. On the same day, Suncor was fined $175,000[38] for dumping untreated wastewater from a company work camp near Fort McMurray into theAthabasca River in 2007.[39][40]
In the United States, Suncor has also been fined by theColorado Department of Public Health and Environment. In April 2012, a fine of $2.2 million was assessed for air pollution. Suncor failed to monitor and control emissions a number of times throughout 2009 and 2010, and numerous emissions exceeded regulations.[41] Suncor was also cited for "failure to conduct equipment inspections, train employees, and fully develop standard procedures for operating equipment".[42] Additionally, abenzene leak into Sand Creek was discovered in the fall of 2011. Employees at Suncor and the nearby Metro Wastewater Reclamation District Plant were exposed to benzene through the air and through drinking water.[43][44] In April 2018, Suncor andExxonMobil were sued by thecity andcounty of Boulder, and the county ofSan Miguel over allegations that they were responsible for climate change in the state. The lawsuit was unique as it was one of the first to be based on these effects on a landlocked area, as opposed to those citingSea level rise as a factor.[45] In 2020, Suncor reached a US$9 million settlement agreement with authorities inColorado for more than 100 air pollution violations from its Commerce City refinery.[46] In 2024, Suncor settled with state regulators for US$10.5 million (a US$2.5 million fine and US$8 million in mandatory improvements) for violations by the Commerce City refinery, the largest settlement with a single facility over air pollution violations in Colorado history.[47]
By 2009, Suncor was working to reduce the amount of bitumen enteringtailings ponds. In 2009, under the auspices of theNatural Sciences and Engineering Research Council of Canada (NSERC), Suncor teamed with theUniversity of Alberta and Matrikon, an Edmonton-based software company, to develop separation-cell technology to potentially reduce the amount ofbitumen entering tailings ponds by 50 per cent.[48]
By 2009, Suncor operated four wind farms. These wind farms provided 147 megawatts of power, providing an annual CO2 offset of 284,000 tonnes compared to coal-generated electricity.[citation needed][when?] Suncor operates an ethanol facility in St. Clair Township, Ontario. The facility is the largest corn ethanol producer in Canada.
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Media related toSuncor Energy, Montreal at Wikimedia Commons
