Find out more about the vision and strategy that guide the way Suncor is working towards a more sustainable energy future

Find out more about the strategy that guides the way Suncor is working towards a more sustainable energy future

Find out more about the vision and strategy that guide the way Suncor is working towards a more sustainable energy future

Find out more about the vision and strategy that guide the way Suncor is working towards a more sustainable energy future

Suncor’s vision and strategy is to look beyond the energy needs of today and understand what is required for the future of sustainable development.

Vision and strategy

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Energy is delivered to and used by people in every country across the globe. It is vital to the world we live in and the quality of life we enjoy.

As Canada’s leading integrated energy company, we know that, together with our stakeholders, we need to look beyond the energy needs of today and understand what is required for the future. Sustainability is about seeing the big picture and working together towards better, more sustainable solutions.

Our mission

We create energy for a better world.
This is our core purpose, and what we aspire to every day.

Our vision

Suncor's vision is to be trusted stewards of valuable natural resources. Guided by our values, we will lead the way to deliver economic prosperity, improved social well-being and a healthy environment for today and tomorrow.

This is where we see ourselves and our company in the future. In other words, it's our view of Suncor’s place in the world.

Our values

Our values are our guiding principles – our constant set of beliefs. They define the way we do business each and every day.

Safety above all else
Do it safely or don't do it.

Respect
Being our best. Giving our best. Showing we care.

Do the right thing
The right way, with integrity.

Raise the bar
Pursue with passion. Always add value.

Commitments matter
We are all connected and part of something bigger.

Strategy and competitive differentiators

Our significant asset base, strong balance sheet and integrated model set us apart from our peers. We strive to be the low-cost competitor in our sector, without compromising environmental performance. Capitalizing and executing on these differentiators have contributed to our industry-leading position and provide the foundation for delivering long-term value for shareholders.

Reserves and resources base

We are committed to getting the most value from our resources, which include a significant position in the oil sands. Our operational excellence focus is to unlock the full value of these resources.

Industry expertise

We pioneered commercial oil sands development and continue to advance by developing and collaborating on innovative technologies that improve efficiency, lower costs and enhance environmental performance.

Our people are among the most experienced and knowledgeable in the industry. They bring their passion and expertise to work every day.

Sustainable development

We are focused on delivering triple bottom line sustainability. That means leadership in:

  • environmental performance
  • social responsibility
  • creating a strong economy

A proven integrated model

From the ground to the gas station and offshore platform to wind turbine, we’re focused on creating value for our shareholders. The integration of our business, both financially and physically, creates the conditions for our success.

Financial strength

We aim to achieve the highest returns possible from our operations. Our focus is on keeping costs down and increasing reliability. Our strong balance sheet and ongoing focus on capital discipline continue to highlight our commitment to delivering value for shareholders.

Commitment to sustainable development

A commitment to continuously improve performance is what makes us unique. Not only is continuous sustainability improvement a pillar of our business strategy, it is also a company value driver, effectively weaving a sustainability focus into the very fabric of the organization.

Actions speak louder than words. Here are a few concrete initiatives where we have put the principles of sustainable development into practice:

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Climate change

  • We adopted a seven-point climate change action plan aimed at increasing energy efficiency and reducing corporate-wide greenhouse gas emissions (GHG).
  • This has contributed to a 45% reduction in carbon dioxide (CO2) intensity per barrel at our oil sands operations since 1990.

Renewable energy

  • We have a long history of investments in renewable energy.
  • Our interests include five operational wind power facilities.
  • We also operate Canada’s largest ethanol plant with a capacity of 400 million litres per year.

Partnering with Aboriginal businesses

Through our Petro-Canada brand, we’ve partnered with various First Nations, including the Peter Ballantyne Cree Nation (PBCN) in northern Saskatchewan, and most recently, the Long Plain First Nation and Fort McMurray First Nation 468 to manage Petro-Canada retail stations.

These stations employ many First Nation members and bring tremendous value to the Petro-Canada retail model.

We have also announced the signing of participation agreements with the Fort McKay First Nation and Mikisew Cree First Nation for 34.3% and 14.7% equity interests in Suncor’s East Tank Farm Development. Together, these agreements recognize the value of relationships, building mutual trust and respect, and strengthening the participation of Aboriginal Peoples in energy development.

Learn more about our partnerships with Aboriginal businesses

Innovation in bitumen recovery

Suncor is advancing a portfolio of in situ technologies as a means of improving the cost competitiveness and lowering the carbon intensity of producing bitumen. In 2016, we set a new goal to reduce the emissions intensity of our operations by 30% by 2030 – to meet that goal, we need to go beyond today’s capabilities and technologies. 

To accomplish this, we are pursuing a number of approaches and technologies – some that can be implemented immediately and some that will take five or more years to develop. We see solvent and surfactant assisted oil recovery as a promising potential solution to reduce energy and water use at our in situ facilities, both for existing operations and for future growth. We are currently evaluating and advancing a number of technologies that use less or no steam, and a combination of solvents, surfactants, and radio frequency heating. In our view, a likely solution will be a hybrid of the many innovative approaches and technologies we’re testing.

Learn more about our in situ technologies

Social prosperity

We invest in change and social progress in the communities where we operate to ensure sustainable and resilient communities. To further support the new skills and thinking needed to make progress on complex community challenges, the Suncor Energy Foundation, in partnership with the Banff Centre, supports an annual four-week Getting to Maybe social innovation residency program. It brings together approximately 30 leaders from diverse corporate, government and community roles to explore ways to make communities better.

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Reclamation

Since Suncor opened Canada’s first oil sands mine in 1967, our oil sands operations have disturbed approximately 22,179 hectares of land. Land reclamation takes place once the disturbed land is no longer part of active operations. As of the end of 2016, the company had reclaimed about 10%* of the total land disturbance to date.

Water use

We work to continuously reduce our use of fresh water. At Oil Sands, our gross freshwater withdrawal from the Athabasca River has declined by 56% since 2007.

  • Approximately 85% of the water used by our mining and extraction operations is recycled tailings water
  • Approximately 96.5% of the water used at our Firebag in situ site is recycled

Over the last few years, we have executed a water management strategy at our oil sands base plant facilities to reduce the amount of water stored on site in tailings ponds and manage water quality in the system. The strategy contains three phases and more than 15 projects that:

  • conserve or eliminate water use
  • reuse water where possible
  • return clean water to the watershed

Learn more about our water stewardship

Operational excellence

Operational excellence, operating in a way that is safe, reliable, cost-efficient and environmentally responsible, helps us mitigate business risks and focus on achieving industry-leading performance.

Suncor's strategic framework infographic

* Reclaimed lands have not been certified by government regulators. For further details, see Advisories – Reclamation.