1 November 2017
Steve, could you tell us a little more about your role and focus at Suncor?
I am Executive Vice President, Strategy & Corporate Development. I (along with Suncor’s CEO) have responsibility for Strategic Direction of the Corporation. This includes M&A, Business Planning & Economic Modelling. I also have responsibility for the Supply Chain function.
In the current climate many companies have been loathe to commit to any corporate development, however Suncor have made 3 acquisitions in 2016 so far. Could you tell us a bit more about your M&A strategy?
Our strategic focus is in four key areas:
Operational Excellence/ Cost Competitiveness
Returning Cash to Shareholders
Prudent Growth/ Integrated Business Model
We like to maintain a strong balance sheet and act counter cyclically. As a result, we have added additional production at a low point in the crude price cycle and well below replacement cost. Those that follow the company will know we sold non-core assets at, or near the top of the cycle.
Suncor have recently acquired a 30% stake in the Rosebank project in the North Sea. Could you tell us a bit more about Suncor’s strategy in the North Sea?
We focus growth within our existing areas of expertise. This includes the Alberta Oil Sands, East Coast Canada and the North Sea. The Rosebank project offered an attractive entry price, in a region we know well, with top tier partners and with an investment profile that aligns well with our forward plans.
At World Oil & Gas Week you will be joining the M&A panel, why are you getting involved in the event this year and what points of discussion do you hope to cover with your fellow panellists?
We are at an interesting point in time with respect to capital investments in Oil and Gas projects and the potential impact of today’s decisions will materially impact the next decade. I am keen to learn more about potential consolidation in the industry and where the next generation of investment projects are likely to be.
Tell us a little bit more about yourself, what do you enjoy doing in your spare time?
As a family we like to travel and explore, as well as playing some golf from time to time.
About Steve Reynish
As Suncor’s executive vice president, Strategy & Corporate Development, Steve is responsible for the company’s strategy and corporate development, joint venture governance which includes Fort Hills, Syncrude and the proposed Josyln project and oversight of corporate technology development.
Steve has extensive experience in joint venture partnerships. Before joining Suncor, he held several senior positions developing and managing large scale oil sands operations. Most recently he served as president of Marathon Oil Canada.
Steve is a past member of the board of governors for the Canadian Association of Petroleum Producers (CAPP) and is a past member of the Alberta Shock Trauma Air Rescue Society and Foundation (STARS) board of directors.
Holding a master’s degree in both mining engineering and business administration, Steve is a graduate of IMD in Switzerland and the Wharton School at the University of Pennsylvania.