Suncor not ready to speed output growth, CEO says, despite government's pro-oil stance
SU•Suncor says growth plans are unchanged
Suncor Energy is not yet willing to accelerate plans for production increases, the company's CEO said on Wednesday, despite large-scale policy reforms promised by the federal and Alberta governments in an effort to spur growth in Canada's oil industry.
The comments underline uncertainty around whether the federal government's friendlier stance toward the energy sector will translate into increased company investment and higher output in Canada, the world's fourth-largest oil producer.
Suncor's outlook has not changed since its March investor day, CEO Rich Kruger said on a conference call, adding that there is still a lot of work to do to turn last month's memorandum of understanding between the oil sands industry and governments into definitive agreements enshrined in legislation.
"In terms of how it has or may affect our plans, that's still to be determined," Kruger said.
