| Major Economic Opportunities and Risks |
Opportunities:
- The recent economic downturn should ease material costs, a tight labour market and limited housing supply, and allow us to focus on achieving operational excellence.
- Our growth plans in the oil sands and renewable energy could mean significant economic impacts for all of our stakeholders.
- The CEO's message to stakeholders highlights our most significant opportunities.
Risks:
- Our annual report includes information on financial and environmental risks.
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| Policy |
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| Key Strategies and Procedures for Implementation |
- To avoid creating uneven short-term economic impacts we are building our expansion projects in manageable stages, moving some manufacturing work to regions with more labour capacity and working more closely with other oil sands operators.
- We are pursuing a “parallel path” of investing simultaneously in conventional hydrocarbon production and renewable energy.
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| Major Changes to Systems or Structures to Improve Performance |
- In 2008, Suncor appointed a Senior Vice President of Operational Excellence Integration and Support with primary focus on maintenance and reliability. The SVP is accountable for accelerating the execution of some of the key elements of operational excellence strategies, with a particular focus on supporting the Oil Sands business.
- See our annual reports for additional activities, investments, and system improvements we made in 2007-2008.
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| Goals and Performance |
- Our goal is to ensure that development takes place in a measured way so North Americans continue to experience the benefits of oil sands development for years to come.
- Review our performance and economic data in the 2009 Sustainability Report Summary.
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| Key Successes and Shortcomings |
- We are generating economic opportunities for suppliers and employees and others through our recent and current construction activities in the oil sands.
- Governments and non-profit groups also benefit from our economic success.
- In 2008, we reached an important milestone of cumulatively spending more than $1 billion on Aboriginal contracting services in the Wood Buffalo Region.
- We are disappointed that we were unable to achieve production targets in 2008 due to unscheduled maintenance at our Oil Sands plant.
- See our annual report for additional successes and shortcomings.
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