The CEO of Suncor Energy, Steve Williams, explained to investors recently that the company will not go back to the way it used to operate. Right now the company is in the process of completing 2 projects, the Hebron East Coast offshore project at $14 billion and the Fort Hills oilsands project at $13.5-billion. Suncor owns 50% of the Fort Hills project and has a 21% stake in the Hebron project. After these two are complete major growth projects may be difficult to see. According to Williams “We’ve got two major growth projects coming to a conclusion, (but) it is difficult in the current economic environment to see how you would approve those types of projects. You will see us taking a breath around growth projects, because what the market is offering is cheaper alternatives in terms of buying capacity, so there isn’t a go back to how we were.”

The two major growth projects that Suncor Energy is currently finishing up with are expected to add roughly 123,000 barrels of oil production to the daily total of the company. In addition the company recently announced that it was purchasing an additional stake in the amount of another 5% in the Syncrude oilsands project. Suncor will pay Murphy Oil Corp. $937 million for this stake. After this acquisition Suncor Energy will be the majority stake holder with 54%. Steve Williams also discussed the possibility that Suncor could sell off assets in the next year valued at between $1 billion and $1.5 billion, and that the sale of the retail gas business that the company has is possible.