Suncor is committed to delivering profitable growth and strong shareholder value. At the same time, the success of our business has a significant impact on the larger economy.
Strong economic performance, along with social responsibility and environmental stewardship, is an important part of being a sustainable energy company. Suncor’s investment in energy production, upgrading, refining and marketing benefits the larger economy by:
- creating well-paying jobs
- promoting economic growth
- providing governments and suppliers with valuable revenues
In Suncor’s case, the responsible development of our core assets also allows us to invest in our renewable energy business and in new technologies to improve corporate-wide operational efficiency and environmental performance.
In all of these ways, we continue to create shared value — for our shareholders and society at large.
Suncor had another strong financial year in 2012.
See our economic performance for details
The company continued to demonstrate:
- consistent cash flow
- a strong balance sheet
- an ability to fund growth from internal resources
And in a year when oil sands price realizations lagged significantly against world crude oil prices, Suncor’s integrated business model allowed us to capture 96% of world pricing for our production.
Our strong balance sheet allows us to invest in growth and continuous improvements in our existing operations. The ripple effects of that investment are felt across the North American economy and well beyond.
See more details about Suncor’s contribution to the economy
Suncor continues to place a relentless focus on improving operational reliability and efficiency. While work remains, particularly with respect to the reliability of our oil sands upgraders, we continued to see many indications of progress in 2012. Due to strong execution, our Firebag 4 in situ expansion project came on stream ahead of schedule and well under its original budget. Suncor’s refineries once again demonstrated world-class reliability, with 95% utilization rates for the year.
Operational excellence is not just about achieving increased production and profitability — it’s also how we become a more sustainable energy company. Every barrel of water we conserve and every emission we reduce at our operations mean lower input costs while also supporting our social licence to operate and grow.
Suncor's strong balance sheet allows us to make significant investments in new technologies, several of which hold the potential to reduce carbon emissions, water use and the overall environmental footprint of our business.
Read about our latest developments in technology
In 2012, we marked a technology milestone when we completed the infrastructure required to implement our new tailings reduction process, TROTM. This technology has already allowed Suncor to accelerate reclamation plans, including the cancellation of five previously planned tailings ponds.
Find out more about TRO™
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