Suncor Energy posts 76% jump in profit as investors await update on CEO search

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The Calgary-based company in a release on Feb. 14 attributed the rise in profit to higher crude prices and refined product realizations, as well as higher upstream production, partially offset by increased operating expenses and income taxes.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.

Unplanned maintenance at Suncor’s Commerce City refinery in Colorado put a dent in its refinery utilization rate, which was 94 per cent in the fourth quarter, compared to 96 per cent over the same period in 2021. Company refineries processed 440,000 barrels per day of crude feedstock during the quarter.Article content

It’s been seven months since Little resigned following a series of workplace fatalities and production disappointments, prompting the launch of a global search for a new CEO. Suncor’s chief financial officer, Alister Cowan, said last month at the Goldman Sachs Global Energy and Clean Technology Conference that an update on the search would be coming in mid-February.of U.S. activist investor Elliott Investment Management LP which succeeded in getting three new directors appointed to Suncor’s board following Little’s departure — including two who were to serve on the board’s CEO search committee.

Source: Energy Industry News (energyindustrynews.net)

AWESOME FOR EVERYBODY'S PENSION FUNDS

Great news Bob.

25% of the population can't manage personal finances if at the same time, in isolated circumstances, have so called approved bad credit at 15% interest rates. Absolutely rediculous. Where's the logic mesmerized.

'It is not bad to fry that fish in olive oil'. It takes 9 and 10 years to recoup investor losses and nuture profitable stocks. Needs 24/7 undivided rejuvenation, carefully 'mothering' the portfolio in a healthy, risk adverse, sustainable market.

They are gouging us to death! Mr. Trudeau is doing absolutely nothing.

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