Suncor Energy Inc.’s President and CEO Steps Down After Recent Fatality at Its Oil Sands Operations; No Impact on Credit Ratings

DBRS Morningstar notes that Mr. Mark Little stepped down as President and CEO of Suncor Energy Inc. (Suncor or the Company) and resigned as a board member late Friday, July 8, 2022. This follows last week’s fatality at the Company’s Base Plant oil sands operations—the fifth fatality at the Company’s oil sands operations since late 2020. While a global search is underway for a new CEO, Mr. Kris Smith, currently Executive Vice President, Downstream, has been named Interim CEO.

In a statement, the Company noted that it is committed to achieving safety and operational excellence across its business units and acknowledged that it has fallen short and recognizes the critical need for change. In DBRS Morningstar’s latest review of Suncor’s credit ratings, “DBRS Morningstar Confirms the Ratings of Suncor Energy Inc. at A (low) and R-1 (low), All Trends Remain Stable,” published on June 15, 2022, DBRS Morningstar noted that operational reliability and workplace safety performance at its oil sands operations is a ratings constraint.

There is no change in DBRS Morningstar’s ratings based on these recent events; DBRS Morningstar will continue to monitor its ratings of Suncor.

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