Suncor Stands Firm on Spending Plans Amid Oil Sands MOU
Suncor Energy Inc.'s CEO Rich Kruger says the company's spending plans won't change immediately due to a non-binding agreement signed by Ottawa, Alberta, and major oil sands producers. The memorandum of understanding, signed on July 2, aims to increase crude production and push forward a massive carbon capture project in Alberta's north.
The deal also clears the way for a new West Coast oil pipeline, proposed by the Alberta government, which would carry one million barrels of oil per day. However, it remains unclear who will fill the conduit, with other pipeline expansions already planned or underway.
Suncor is still determining how the MOU may affect its long-term plans and will remain 'thoughtful on long-term commitments and capital allocation.' Kruger said the company's position today isn't materially different than it would have been six months ago.