A vibrant energy industry acts as an engine for the larger economy, creating well paying jobs, promoting economic growth, and providing governments and suppliers with valuable revenues.
There were few years in Suncor Energy’s 42-year history as pivotal as 2009. We started the year confronting one of the most serious global economic downturns of the past century. Commodity prices collapsed while access to credit was severely restricted. Like almost everyone else, Suncor’s initial response was to retrench. We put most of our growth projects on hold and significantly reduced capital spending.
The New Suncor
It wasn’t long before Suncor looked for ways to turn adversity into opportunity. The result was a historic merger with Petro-Canada, creating Canada’s largest energy company by market capitalization. Today, Suncor is a stronger and more financially flexible company that combines a leading position in the oil sands with complementary operations in refining and marketing, North American natural gas production, and lower-cost oil and gas production internationally and offshore East Coast Canada. Our high-quality assets and integrated strategy provide us with a degree of protection from the volatility of commodity markets and put us in a strong position to resume prudent production growth.
Suncor remains strategically focused on responsibly developing Canada’s oil sands in a way that maximize benefits for our shareholders and the larger economy. We also remain focused on achieving safe, reliable and cost-effective energy production across all of our operations.
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