2024-05-21 21:33:07 ET
Suncor Energy, Inc. (SU)
2024 Business Update Call
May 21, 2024 09:30 AM ET
Company Participants
Troy Little - VP, IR
Rich Kruger - President, CEO & Director
Peter Zebedee - EVP, Oil Sands
Dave Oldreive - EVP, Downstream
Kris Smith - CFO
Shelley Powell - SVP, Operational Improvement & Support Services
Conference Call Participants
Dennis Fong - CIBC Capital Markets
Greg Pardy - RBC Capital Markets
Neil Mehta - Goldman Sachs
Roger Read - Wells Fargo Securities
Menno Hulshof - TD Cowen
John Royall - JPMorgan.
Presentation
Operator
Good day, and welcome to the Suncor Energy 2024 Business Update Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker, Mr. Troy Little, Vice President of Investor Relations. Please go ahead sir.
Troy Little
Thank you, operator, and good morning. Welcome to Suncor Energy's 2024 business update call. Please note that today's comments contain forward-looking information. Actual results may differ materially from the expected results because of various risk factors and assumptions that are described in this business update presentation, as well as our first quarter earnings release and our current annual information form, both of which are available on SEDAR+, EDGAR and our website, suncor.com.
Certain financial measures referred to in these comments are not prescribed by Canadian Generally Accepted Accounting Principles. For a description of these financial measures, please see our first quarter earnings release. Following the formal remarks, we'll open up the call to questions.
Now, I'll hand it over to Rich Kruger, Suncor's President and Chief Executive Officer.
Rich Kruger
Good morning. As promised, today we will provide a business update focused on the next two to three years, specifically 2024 through 2026. What we will show you is tangible, credible, challenging and bold. What we will convey to you is an unwavering commitment and determination to deliver.
Here is the agenda. Not a lot of fluff. You're going to get an early morning serving of meat and potatoes, how we plan to win, where we will add value, and what's in it for our shareholders. The executive team shown here will tell our story and answer your questions. We, of course, Kris Smith, our CFO; Peter Zebedee, EVP Oil Sands; and Dave Oldreive, EVP, Downstream.
Having led many teams over the last 40 years, this team and the rest of our EL team are as skilled, experienced, collaborative and results-oriented as they come. We've worked together for more than a year now and we've hit our stride.
Summarized here are the key takeaways for today. First, our plan includes a continued focus on the fundamentals. We've made material progress, but the fundamentals are a never ending quest. Free funds flow improvement of an additional $3.3 billion per year by year end 2026. The related effect is a reduction in our WTI breakeven by $10 a barrel....
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Suncor Energy, Inc. (SU) 2024 Business Update Call Transcript