Calgary, Alberta–(Newsfile Corp. – April 28, 2022) – Suncor (TSX: SU) (NYSE: SU) today issued the following statement in response to the letter received this morning from Elliott Investment Management LP (” Elliott”):
Suncor’s Board of Directors and management team have received the letter and materials from Elliott. Suncor is sensitive to the views of its shareholders and will take the time to carefully evaluate the recommendations and materials provided, with a view to enhancing value for shareholders and other stakeholders. Suncor’s Board of Directors and management team look forward to engaging with Elliott in due course to better understand his perspective.
We remain confident in the Company’s strategy of continued growth and will continue to execute our strategic plan and evaluate opportunities to enhance shareholder value.
Suncor Energy is Canada’s largest integrated energy company. Suncor’s activities include oil sands development, production and upgrading, offshore oil and gas production, petroleum refining in Canada and the United States, and retail and of the company’s Petro-Canada wholesales, including the Trans-Canada Electric Highway, a coast-to-coast network of EV fast-charging stations. Suncor is developing petroleum resources while advancing the transition to a low-carbon future through investments in electricity, renewable fuels and hydrogen. Suncor also conducts energy trading activities primarily focused on the marketing and trading of crude oil, natural gas, by-products, refined products and electricity. Suncor was recognized for its performance and transparent reporting of the Dow Jones, FTSE4Good and CDP sustainability indices. Suncor’s common shares (symbol: SU) are listed on the Toronto Stock Exchange and the New York Stock Exchange.
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For more information about Suncor, visit our website at suncor.com or follow us on Twitter @Suncor.
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