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Rich Kruger, the CEO of Suncor Energy Inc., stated on a conference call on Tuesday that he believes the company needs to shift its focus back to an oil-centred business strategy. According to Kruger, Suncor has been overly focused on the energy transition in recent years and needs to reevaluate its direction and tone.
Kruger, who took over as CEO of the Calgary-based energy giant earlier this year, expressed his belief that the company’s board of directors also supports the need for a revised direction. He emphasized the importance of refocusing on the core business of oil.
The energy transition has been a major topic in the industry, with many companies exploring alternative energy sources and reducing their dependence on fossil fuels. However, Kruger believes that Suncor has become too preoccupied with this transition, to the detriment of its overall business.
While it is important to acknowledge the growing demand for renewable energy, Kruger argued that oil and gas will continue to play a significant role in the global energy mix for the foreseeable future. Therefore, Suncor must prioritize its oil-centred business strategy to remain competitive.
In recent years, Suncor has made efforts to diversify its business, including investments in wind power and electric vehicle charging infrastructure. However, Kruger’s statement suggests that the company will now be shifting its focus back to its core oil operations.
Overall, the CEO’s call for a return to an oil-centred business strategy reflects the need for Suncor Energy Inc. to adapt to the changing dynamics of the energy industry while remaining committed to its core business.
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