Suncor Energy Inc. said on July 8 its CEO, Mark Little, has stepped down after a string of fatalities at Canada’s third-largest oil producer.
Little was also stepping down as president and resigning from the board effective immediately, the Calgary, Alberta-based company said in a statement.
Kris Smith, the company’s executive vice president of downstream will replace Little as interim CEO, while the board launches a search for a permanent replacement.
Little’s resignation comes a day after a worker was killed at Suncor’s oil sands base plant in northern Alberta. It was the second fatality at a Suncor site this year and the 13th since 2014.
“Suncor is committed to achieving safety and operational excellence across our business, and we must acknowledge where we have fallen short and recognize the critical need for change,” board chair Michael Wilson said in a statement.
Little, who became Suncor CEO in 2019 after serving as COO, has been under pressure to fix safety and operational issues. He told investors in February he took full responsibility for fatalities on Suncor sites and vowed to improve operations.
In April U.S.-based activist investment firm Elliot Management disclosed a 3.4% stake in Suncor and urged the company to install new board directors, overhaul management and begin a strategic review, noting that Suncor’s share price was lagging its peers.
Elliot’s public criticism increased scrutiny of Little’s performance as CEO.
In 2020 Suncor was overtaken by rival Canadian Natural Resources Ltd. as Canada’s most valuable energy company.
In addition to the fatalities, the company disappointed investors by making a major dividend cut in 2020, repeatedly missing production guidance and running into operational issues at its new Fort Hills oil sands mine that have delayed the project reaching full production capacity.
Recommended Reading
Blackstone in Talks to Buy US Pipeline Stakes from EQT for $3.5B, Sources Say
2024-10-28 - If the talks are successful, the deal would help natural gas producer EQT slash the debt pile it accumulated from its acquisition of pipeline operator Equitrans Midstream earlier this year.
Tellurian’s Dismissed Founder Souki Builds Woodside Stake After Deal
2024-09-13 - U.S. LNG export developer Charif Souki spoke to Hart Energy post-ousting from his second LNG company, Tellurian Inc. He’s buying shares in Tellurian’s buyer, Woodside Energy.
Matador Closes $1.8B Ameredev Deal, Updates Asset Development Plans
2024-09-19 - Matador Resources’ $1.83 billion bolt-on acquisition of the Delaware Basin’s Ameredev II adds 33,500 acres and brings the company’s inventory to approximately 2,000 net locations.
Methanex to Buy OCI Global’s Methanol Business in $2.05B Deal
2024-09-10 - The agreement includes OCI Global’s stake in two methanol production facilities in Beaumont, Texas.
APA Divests $950 Million in Non-core Permian Basin Assets
2024-09-13 - APA Corp. said it would sell assets in the Central Basin Platform, Texas and New Mexico Shelf and Northwest Shelf that average 21,000 boe/d, 57% oil.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.