CALGARY — Suncor Energy Inc. is not interested in selling off its Petro-Canada retail network, the oil giant’s chief executive said Tuesday, in spite of pressure from an aggressive activist investor.
Speaking publicly for the first time since U.S.-based Elliott Investment Management called for changes to Suncor’s board and a review of its executive leadership as well as the possible sale of Petro-Canada, company CEO Mark Little told analysts that the 1,800-location retail chain is a key element of Suncor’s business.
“It’s intertwined with our wholesale and industrial business as well,” Little said during a conference call to discuss the company’s first quarter financial results.
“(Petro-Canada) is a very strong performer and can go head-to-head with other retail businesses … We think we have the best downstream business in North America, and we think it’s important that it stays together.”
The recent proposal by Elliott — a well-known activist investor that holds a 3.4 per cent economic interest in Suncor and which has a track record of targeting large corporations it views as underperformers — had the Calgary-based oil producer on the defensive on Tuesday’s call.
Elliott has been critical of Suncor’s lagging share price as well as a recent spate of operational difficulties and workplace safety incidents, and analysts wanted to know how the company is responding to these concerns.
But Little pointed to Suncor’s first quarter profits of $2.95 billion in the first quarter — up from $821 million in the same period of 2021 — as well as the highest quarterly cash flow in the company’s history as proof that Suncor is on the right track.
“While we still have work to do, I’m pleased to report that we’re making progress and that all parts of Suncor are shifting into high gear,” Little said.
“Our board and management have great confidence in our plan and the progress we’re making.”
On Monday, Suncor declared a quarterly dividend of 47 cents per common share payable June 24 to shareholders of record as of June 3. The company says the dividend is the highest in the company’s history and 12 per cent higher than the previous quarter’s dividend.
The company’s net earnings amounted to $2.06 per common share, compared to 54 cents per common share in the first quarter of last year.
Revenues were $13.5 billion, up from $8.6 billion in the prior quarter.
Suncor reported total upstream production of 766,100 barrels of oil equivalent per day (boe/d) in the first quarter of 2022, compared to 785,900 boe/d in the prior year quarter.
Refinery crude throughput increased to 436,500 barrels per day and refinery utilization was 94 per cent in the first quarter of 2022, compared to 428,400 barrels per day and 92 per cent in the prior year quarter.
This report by The Canadian Press was first published May 10, 2022.
Companies in this story: (TSX:SU)
Amanda Stephenson, The Canadian Press
Beehives and goat farms: Lacombe school shortlisted in global environmental contest
Taylor Perez says she learned more about her passions while tending beehives, goats and fruit trees at her central Alberta high school than sitting through lessons in a classroom.
“These are all skills we don’t learn in regular classes,” says the 18-year-old student at Lacombe Composite High School.
“You’re not going to learn how to collaborate with community members by sitting in a classroom learning about E = mc2.”
Perez and her classmates are buzzing with excitement after their school’s student-led beekeeping program, goat farm, fruit orchard, tropical greenhouse and other environmental projects were recognized in a global sustainability contest among 10 other schools.
It’s the only North American school to be shortlisted by T4 Education, a global advocacy group, in its World’s Best School Prize for Environmental Action contest.
“The projects are coming from the students’ own hearts and passion for taking care of the environment,” says Steven Schultz, an agriculture and environmental science teacher who has been teaching in Lacombe since 1996.
“They are going to be our community leaders — maybe even our politicians — and for them to know what the heartbeat of their generation is (is) extremely important.”
Schultz says the projects are pitched and designed by students in the school’s Ecovision Club, to which Perez belongs, and he then bases a curriculum around those ideas.
The school of about 900 students began reducing its environmental footprint in 2006 when a former student heard Schultz say during a lesson on renewable energy that “words were meaningless or worthless without action,” the 56-year-old teacher recalls.
“She took that to heart and a year later she came back and told me that she wanted to take the school off the grid.”
Schultz and students watched a fire burn down solar panels on the school’s roof in 2010, an event that further transformed his approach to teaching.
“As their school was burning, my students gathered in tears. That day I realized that students really care about the environment and they really care about the projects that they were involved in.”
Since then, 32 new solar panels have been installed, and they produce up to four per cent of the school’s electricity. After the fire, students also wanted to clean the air in their classrooms so they filled some with spider plants, including one in the teachers’ lounge.
More recently, students replaced an old portable classroom on school property with a greenhouse that operates solely with renewable energy. It’s growing tropical fruits, such as bananas, pineapples, and lemons, and also houses some tilapia fish.
Two acres of the school are also covered by a food forest made up of almost 200 fruit trees and 50 raised beds where organic food is grown.
The school also works with a local farm and raises baby goats inside a solar-powered barn that was built with recycled material.
“They breed and milk them at the farm because there are really tight regulations,” says Schultz.
“We take the excrement from the goats and the hay and use it as mulch and fertilizers for our garden. The goats also chew up the grass and allow us not to have to use lawn mowers and tractors”
Perez said her favourite class is the beekeeping program with 12 hives that produce more than 300 kilograms of honey every year.
“I love that they have different roles in their own little societies,” Perez says of the bees.
She says while working with local businesses and groups as a part of her curriculum, she learned she’s passionate about the environment and wants to become a pharmacist so she can continue giving back to her community.
James Finley, a formerly shy Grade 10 student, says the Ecovision Club and environment classes have helped get him out of his comfort zone.
“I made friends, which was a hard thing for me in the beginning. But now I have, like, hundreds,” says the 16-year-old, who enjoyed the lessons he took on harvesting.
“Taylor and Mr. Schultz were the main people that made me stay.”
Schultz says the winners of the contest are to be announced in the fall.
A prize of about $322,000 will be equally shared among five winners.
This report by The Canadian Press was first published Sunday, July 3, 2022.
This story was produced with the financial assistance of the Meta and Canadian Press News Fellowship.
Fakiha Baig, The Canadian Press
Missing 13-year-old Edmonton girl found alive in Oregon, 41-year-old man arrested
EDMONTON — Police say a 13-year-old Edmonton girl missing for more than a week has been found alive in the United States.
She was located following a week-long search that began when she was seen arriving at her junior high school but didn’t show up for class.
Edmonton Police Insp. Brent Dahlseide says the girl, who was reported missing June 24, is currently in an Oregon hospital for a precautionary examination after being found safe in the state early Saturday morning.
Dahlseide says a 41-year-old Oregon man will be charged with child luring and is expected to face additional charges in Canada and the U.S.
He says Edmonton police received assistance from other agencies in Canada, as well as from the FBI and other police services in the U.S.
Dahlseide says it’s believed the suspect came to Edmonton, but it’s not yet clear how he initially made contact with the girl or how she crossed the U.S. border.
“We would be speculating to say they crossed the border together, but I do know that they were located together, again, in the U.S. once they gained entry,” Dahlseide told reporters during an online news conference Saturday, noting he believed the two had been communicating online.
“I don’t know how long they may have been in contact with one another. I do know that the reason we’re going with a child-luring charge at this point is that it’s one we can support because of some of the online history.”
Photos of the girl have appeared on billboards and posters across Alberta this past week asking people to be on the lookout for her and contact police with tips.
Dahlseide said an Amber Alert was not issued because investigators lacked a description of a suspect or a suspect vehicle. He said police got that information on Friday and were drafting the alert that afternoon when they learned from Canada Border Services the suspect had crossed into the U.S.
At that point the suspect was no longer in Canadian jurisdiction, Dahlseide explained, which is another criteria for an Amber Alert. He said they made a deduction about where the suspect was going and alerted authorities on the U.S. side.
Dahlseide said he believed the arrest was made outside Gladstone, Oregon, just south of Portland, away from the suspect’s residence. He said the suspect’s name would not be released until charges are formally laid.
He said the girl’s family were informed early Saturday she’d been found safe and they are making arrangements to bring her home.
“I’m sure we likely woke them up, showing up at their door so early,” Dahlseide said.
Canadian investigators have not had a chance to speak with the girl or the suspect yet, Dahlseide said, and other questions remain.
He said investigators believe the suspect was in Mission, B.C. for three to four days, so they’ll be asking RCMP there to speak to people who may have seen him or the girl during that time. The FBI will also be able to help supply bank or credit card information to piece together the suspect’s movements, he said.
This report by The Canadian Press was first published July 2, 2022
Rob Drinkwater, The Canadian Press
Count down to Canada Day celebration at Bower Ponds
Canada extends COVID-19 border measures until Sept. 30, including ArriveCan app
Calgary police charge teen accused of trying to hire someone to murder another youth
Alberta judge finds man guilty of manslaughter in death of one-year-old son
Energy2 days ago
Biden offshore drilling proposal would allow up to 11 sales
Brownstone Institute2 days ago
The Insufferable Arrogance of the Constantly Wrong
Bruce Dowbiggin2 days ago
A Drag Prescription: Kids Party Like It’s 2022
International2 days ago
‘Revolutionary’ high court term on abortion, guns and more
Crime1 day ago
Woman held hostage during B.C. bank shooting experiencing roller-coaster of emotions
Brownstone Institute2 days ago
The Deception Is Getting More Brazen
Brownstone Institute17 hours ago
The Cure Was Vastly Worse than the Disease
Justice1 day ago
B.C. RCMP identify twin brothers as B.C. bank shooting suspects