Memories of the tough 1980s fade as the exciting 1990s begin. The company transforms from an unprofitable oil and gas company to a dynamic, highly profitable enterprise. The vision of President and Chief Executive Officer Rick George is to be a successful "sustainable energy company."
Numerous changes establish Suncor as a world leader in oil sands mining and processing. Suncor reduces operating costs by switching technology from bucketwheel excavators to truck and shovel mining, and the government changes tax royalties to reduce the risk for oil sands capital investments.
The decade ends with the launch of Project Millennium, a four-year, $3.4 billion expansion to increase production capacity to 225,000 by 2002.
Board of Directors elects Richard L. George to the Board and appoints him as president and chief operating officer of Suncor.
Suncor acquires a new lease across the Athabasca River from the company's existing operations and later develops it into the Steepbank Mine.
Riding on the growth and successes of the past, the new millennium focuses on providing energy for the future. This comes in a variety of forms… acquiring a ConocoPhillips’ refinery in Commerce City, Colorado, the opening of both the "Firebag" in situ oil sands facility in Fort McMurray, Alberta, and the development of wind power projects in Alberta and Ontario.
With the completion of Project Millennium, production capacity at oil sands increases to 225,000 barrels per day. With all the activity so far this decade, the future appears bright.
As the 2000s come to a close, Suncor embarks on a new and exciting chapter. While much has changed, the company’s core identity remains unaltered. Suncor continues to be focused on responsibly developing Canada’s oil sands in a way that enhances social and economic benefits while striving to minimize environmental impacts.
With the merger complete, a larger, stronger and more financially flexible Suncor is in a position to compete globally while continuing to invest in both innovation and growth.