Suncor Names Steam Expert Peter Zebedee as New CEO

Suncor Energy has named Peter Zebedee as its new CEO to lead the company's pivot from oil sands mining to in-situ steam extraction. Zebedee, a geological engineer with over 30 years of experience in the industry, will succeed Rich Kruger in April 2027.

The appointment comes at a strategic inflection point for Suncor, as its 59-year-old open-pit mine in northern Alberta is expected to be largely depleted by the mid-2030s. The company's C$13-billion capital program will replace it with in-situ production, which delivers two times the relative cash flow per barrel compared to mining today.

Zebedee has spent his career building expertise in steam extraction and was instrumental in developing Suncor's Firebag operation, where he oversaw a four-year pilot of an enhanced variant called Expanding Solvent SAGD (ES-SAGD). This technology produces measurable improvements in oil production and reduces greenhouse gas intensity by up to 60 percent compared to conventional SAGD.

The transition has been carefully managed, with Zebedee assuming an expanded role as President and Chief Financial Officer on September 14, 2026. He will take over from Kruger when he moves to the newly created Executive Vice Chair role in April 2027.