Suncor Energy Inc. reported that it has chosen to retain its Petro-Canada retail business. As reported by the company, its revenue from oil refining and marketing increased significantly in 2021 over that in the previous years.
The company said that it will work to enhance its retail businesses, including growing strategic alliances with non-fuel-related companies such as fast service restaurants, convenience stores, loyalty alliances, and energy transition products. Oil consumption in Canada increased significantly in 2021 over that in the previous years, according to GlobalData.
After agreeing with activist investor Elliott Investment Management LP, who expressed dissatisfaction with Petro-Canada's performance, Suncor took up a review of the company. Research on the future of retail in Canada, examination of the value of Suncor's integrated model, and Petro-Canada's expansion ambitions were part of the review process.
According to Suncor, the board also looked into early signals of interest in the retail industry. According to Suncor chair Mike Wilson, the company's board of directors concluded that maintaining and improving the retail business will result in the lengthiest value for shareholders.
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