Suncor Energy Inc. through the years
Canada's largest energy company wasn't always so mighty
Suncor Energy Inc. is one Canada’s biggest and most successful companies. But it took a long time for it to reach that status. What follows are some of the highs and lows the firm has experienced during its history.
U.S.-based Sun Company evaluates the development of the oil sands. The purpose of the evaluation – one that is as old as the U.S. oil industry itself – was to keep the U.S. from being dependent on foreign oil.
Sun Company begins a three-year core hole drilling program before acquiring Lease 86 – the current site of Suncor’s existing oil sands operations.
Sun Company incorporates Great Canadian Oil Sands Limited (GCOS) and acquires leases and patents.
Sun Oil invests $250 million to establish the Great Canadian Oil Sands project. It was the largest single private investment in the country at the time.
Construction of the company’s 45,000 barrel per day oil sands plant is completed on September 30 at a cost of $240 million.
First oil flows down the Interprovincial pipeline from Fort McMurray to Sarnia, Ontario.
Suncor Inc. forms when all the Canadian operations of Sun Company are amalgamated with Great Canadian Oil Sands. Ross A. Hennigar becomes the newly minted firm’s first president and CEO.
Hennigar is killed in a plane crash north of Toronto. William R. Loar replaces him.
The firm endures a bitter labor dispute at its oil sands facility. After six-months the union and the company ratify an agreement for the 1,100 Suncor workers.
Rick George becomes Suncor’s president and CEO.
Suncor becomes a publicly traded company on March 18 with an initial share price equivalent of $2.38.
With 60 per cent of its assets in Alberta, Suncor moves its head office from Toronto to Calgary.
Suncor celebrates the 30th anniversary of its oil sands operation and starts trading on the New York Stock Exchange.
Construction of Project Millennium begins – an expansion project designed to boost Suncor’s oil sands production to 225,000 barrels per day.
Suncor sells its billionth barrel of oil sands crude since operations began in 1967.
The merger of Suncor and Petro-Canada becomes effective on August 1. It creates Canada’s largest energy company.
Suncor’s 10-year growth strategy sets a target of increasing production to more than one million barrels per day by 2020.
Rick George announces he will retire as president and CEO of Suncor following the company’s annual general meeting in May 2012 and that Steve Williams will succeed him.
After the company’s May annual general meeting, George retires and Williams becomes Suncor’s CEO.
Source: Suncor Energy Inc.