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 then President and Chief Executive Officer Rick George is to be a successful "sustainable energy company."
Over the years, Suncor sees many changes and developments, establishing Suncor as a world leader in the energy industry.. 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 2000s end with the launch of Project Millennium, a four-year, $3.4 billion expansion to increase production capacity to 225,000 by 2002.
In 2009, Suncor and Petro-Canada merge, creating, Canada’s largest energy company. Over time, Suncor continues to refine its portfolio, focusing on assets that fit its integrated model. This includes increasing its ownership in Syncrude and building the Fort Hills mine.
The company navigates various external events. In 2016, Suncor plays a significant role safely evacuating the residents of Fort McMurray and surrounding communities during the devastating Fort McMurray wildlife. That same year, Suncor announces its long-term sustainability goals focused on strengthening its relationships with Indigenous Peoples in Canada and reducing GHG emissions intensity and. A few years later, Suncor completes the country’s first coast-to-coast network of fast-charging electric vehicle (EV) chargers at more than 50 Petro-Canada™ stations across Canada,
2020 starts a new decade and Suncor faced one of its biggest challenges yet – responding to the impacts of the global COVID-19 pandemic, while keeping workers safe. Throughout the response, decisions are led by the company’s purpose: to provide trusted energy that enhances people's lives, while caring for each other and the earth.
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.
