Thursday, May 08, 2025

Doug Ford says Carney should extend an olive branch to the West. Liberal strategists agree

Story by Rahim Mohamed


Premier Danielle Smith speaks to reporters during a press conference at the Alberta Legislature, in Edmonton Tuesday May 6, 2025.

OTTAWA — Prime Minister Mark Carney could soon be facing a national unity crisis after Alberta Premier Danielle Smith lowered the bar for a referendum on the province’s independence in 2026.

Liberal insiders with ties to Alberta say this is a threat that Carney shouldn’t take lightly. And Ontario Premier Doug Ford told reporters on Wednesday that he agrees.

“About two in 10 Albertans say routinely that they want to see the province separate from Canada,” says Dan Arnold, an ex-Alberta Liberal organizer who’s now an executive with Pollara Strategic Insights .

“These people are in the minority, to be clear, but they’re too numerous to be written off as a radical fringe.”

NOT TRUE THEY ARE A RADICAL FRINGE OF AMERICAN MIGRANTS WHO LIVE IN THE SOUTH OF THE PROVICE WHO SUPPORTED THE WESTERN CONCEPT PARTY WHOM PREMIER PETER LOUGHEED OPPOSED

Arnold points to the grim numbers from Pollara’s latest Western Identity Report, released in February . The report found that 55 per cent of Albertans feel that their province is being treated unfairly by the federal government.

Albertans were also the least pessimistic group anywhere in Canada about their province’s prospects outside of confederation and the least opposed to joining the United States.






Related video: Doug Ford dispels talk of feud with Danielle Smith, maintains he's against Alberta separation (Global News)
No, I'm not, I'm not for that whatsoever.
Duration 2:37


Arnold said the silver lining for Carney is that most Albertans have a gripe with Ottawa, not with Canada as a whole.

“Albertans still identify strongly as Canadians,” said Arnold. “Alberta separatism isn’t identity-based in the same way as Quebec separatism.”

Bloc Québécois Leader Yves-François Blanchet riffed on the notion of Alberta’s lack of a distinct cultural identity when speaking with reporters on Wednesday, joking that he wasn’t sure that “oil and gas qualify to define a culture.”

Arnold also said that now is a good time for Carney to “sell Canada” to disaffected Albertans, with national pride rising in the face of tariffs and annexation threats from U.S. President Donald Trump.

He noted that next month’s G7 summit in Kananaskis, Alta., will give Carney a great opportunity to send a message of national unity to Albertans.

Carney reportedly gave Trump a hat and golf gear bearing the logo of the Kananaskis Country Golf Course as a gift during his visit to Washington, D.C. on Tuesday.

Ford said Wednesday that he’s personally told Carney to take a less confrontational approach to Alberta and the other western provinces than his Liberal predecessor Justin Trudeau.

“I said it’s time that your government starts showing some love to Saskatchewan and Alberta (because) the last prime minister showed no love,” Ford told reporters in Toronto.

Ford said that the two Prairie provinces, both major oil producers, had been “treated terribly” under Trudeau.

He added he was a “big believer” in pipelines and scrapping the Liberals’ Bill 69, which critics have called the “no-new-pipelines” law .

Calgary-based Liberal strategist Sabrina Grover said that Carney’s outreach to Alberta can start with the more than 600,000 Albertans who marked “Liberal” on their ballot in last week’s federal election.

“The Liberals had their best showing in Alberta in years, if you look at the number of votes they won,” said Grover.

“That tells me that Carney already has hundreds of thousands of Albertans behind him… and those are the kinds of people that you want to mobilize and bring on your team.”

Provincewide, the Liberals won 28 per cent of the popular vote, a double-digit improvement over the 15.5 per cent they won in the last federal election in 2021.

Grover said that Carney can build even more goodwill with Albertans by listening attentively to their concerns, especially surrounding natural resource development.

“You’ve had that with (Carney’s) scrapping of the carbon tax already… and I think there will be some give-and-take on things like the federal emissions cap and clean electricity regs,” said Grover.

Grover added that Intergovernmental Affairs Minister Dominic LeBlanc could be a huge asset for Carney on the national unity file, assuming he stays in the portfolio when Parliament resumes.


“Dominic LeBlanc has decades of intergovernmental experience and will be a great voice to be engaging with Alberta and the other provinces,” said Grover.

LeBlanc’s office didn’t immediately respond to a request for comment on the story.

Carney, who grew up in Edmonton, launched his campaign for the Liberal leadership near his childhood home in the city’s Laurier Heights neighbourhood .

He brought up his upbringing in the province when asked on Tuesday about the possibility of an Alberta referendum.

“Canada is stronger when we work together,” Carney told reporters in Washington.

“As an Albertan, I firmly believe that.”

National Post

rmohamed@postmedia.com




 

  1. Western Canada Concept - Wikipedia

    The Western Canada Concept was a Western Canadian federal political party founded in 1980 to promote the separation of the provinces of Manitoba, Saskatchewan, Alberta and British Columbia, and the Yukon and Northwest Territories (which included present-day Nunavut) from Canada in order to … See more

    Alberta
    The Alberta wing first ran for office in by-elections to the 19th Alberta Legislature. One member of the party, Gordon Kesler, was elected in a 1982 … See more


    Wikipedia text under CC-BY-SA license
  2. WESTERN CANADA CONCEPT

    The Western Canada Concept was launched by a speaking tour of Western Canada in 1980 just as Doug Christie had launched the Committee for Western Independence in 1978. Every city of Western Canada had a public meeting; …

  3. How some Albertans advocated for separation in the …

    Apr 15, 2019 · In the riding of Olds-Didsbury, the candidate for the Western Canada Concept party was posing a real challenge to the more established parties in a provincial byelection race.



Provincial wings

The CoR captured about 2% of the vote in provincial elections in the 1988 Manitoba election and the 1990 Ontario election.
The CoR's Alberta wing nominated candidates in the 1986 provincial election and the … See more

Party program

The party program was set out in a website that aimed to re-establish CoR as a federal political party. Grammatical, punctuation and formatting errors have been left intact.
COR wants to become a nationwide Federal Party, and w… See more

CEOs call on Carney to 'take action' to support domestic energy sector


Story by Nick Murray
CANADIAN PRESS


Prime Minister Mark Carney responds to a question during a news conference in Ottawa on Friday, May 2, 2025. THE CANADIAN PRESS/Adrian Wyld© The Canadian Press

OTTAWA — Canada's energy CEOs are calling on Prime Minister Mark Carney to scrap the emissions cap on oil and gas producers and repeal industrial carbon pricing to help bolster the industry.

Thirty-eight CEOs of Canadian energy companies signed a letter congratulating Carney on his election win and pitching policy measures they say would help the prime minister make good on his promise to build the fastest-growing economy in the G7.

"As a major contributor to the Canadian economy, with significant untapped potential, the energy sector must play a pivotal role in your pursuit of this ambition," the letter reads.

"Your focus on fostering energy independence and enhancing Canada’s energy infrastructure and clean technology requires major sector investment and globally competitive energy and carbon policies. Over the last decade, the layering and complexity of energy policies has resulted in a lack of investor confidence and, consequently, a barrier to investment."

The CEOs say they want an overhaul of the Impact Assessment Act — which sets out the process for assessing major projects — and of the Oil Tanker Moratorium Act, which bans oil tankers carrying more than 12,500 metric tons of crude from stopping along parts of B.C.'s coastline.

Carney campaigned on expediting reviews of major energy infrastructure projects. He promised before the election to move forward with a "one project, one review" approach by recognizing assessments conducted by the provinces and territories.


Related video: B.C. moves to speed up energy projects amid growing demand and environmental concerns (cbc.ca)
Duration 2:09


The energy CEOs also called on Carney to repeal the industrial carbon pricing system. Carney campaigned on strengthening the policy after he scrapped the consumer carbon price.

"The current federal price and stringency trajectory results in uncompetitive costs compared to those we compete with to deliver our products to market," the CEOs wrote.

"A solution is to revert to the functioning system where provinces administer the policies and pricing to enable emissions-reduction investments, improve emissions performance, and maintain competitiveness."

The federal government unveiled its proposed emissions cap regulations late last year. They would compel upstream oil and gas operations to reduce emissions to 35 per cent below where they were in 2019 by sometime between 2030 and 2032.

Carney said before the election he wouldn't be scrapping the regulations.

"We continue to believe the federal government’s cap on emissions creates uncertainty, is redundant, will limit growth and unnecessarily result in production cuts, and stifle infrastructure investments," the CEOs wrote.

"Together, we can drive investment into emissions reductions by simplifying the regulatory regime, establishing an attractive fiscal environment, and ensuring carbon policies protect our export industries."

This report by The Canadian Press was first published May 7, 2025.

Nick Murray, The Canadian Press
Canadian American Business Council CEO says she was ‘heartened’ by comments from Trump-Carney meeting

By Daniel Johnson
Published: May 06, 2025 


Beth Burke, CEO of the Canadian American Business Council, breaks down the Carney-Trump meeting and what it means for Canada-U.S. business ties.

The chief executive officer of the Canadian American Business Council says she is optimistic following the meeting between Prime Minister Mark Carney and U.S. President Donald Trump.

The highly anticipated meeting took place at the White House Tuesday and was the first in-person meeting since the Canadian election, coming amid trade tensions between the two nations. Carney said there were “very comprehensive and tangible discussions,” and that the two leaders did “make progress.”

“I think it’s exactly what we had all hoped for, the beginning of a conversation that brings us back to business. Having a conversation about how we work well together is so important because we’ve done it in all of our history,” Beth Burke, the CEO of the Canadian American Business Council told BNN Bloomberg Tuesday afternoon.

“We have collaborated, to make our economies stronger and having the conversation to get back to that place is really important and I feel heartened by the comments today.”

Earlier Tuesday morning, Trump posted a message on Truth Social saying the U.S. doesn’t need “ANYTHING” Canada has, including cars, lumber and energy.

Burke said she thinks the U.S. president’s comments on the issue are part of the negotiation.

“You put all of your leverage as far as you can out in the beginning. You don’t want to concede the points before you’re in the negotiation. So, I think it’s a tool and something we’ve seen him do before,” she said.

When asked if there was anything Carney could say for the U.S. to lift tariffs on Canadians goods, Trump said “No.” Burke said she hopes that position is also a negotiation tactic.

“I think we’ve seen, as he’s utilized this throughout really the beginning of his presidency to today, he has been open to conversations and shifting the position a bit as facts come to light and impacts show,” she said.

“I think we have a job as the business community to highlight those impacts and really show the interconnectedness. I think we’ve been doing it, and we will continue to come to the table to talk about how important our economic reliance and security on one another really is.”

 BNNBloomberg.ca


WORKERS CAPITAL

Oxford Properties to buy CPPIB stake in US$1.1 billion of offices


P3 PUBLIC PENSIONS FUND PRIVATE CAPITALI$M

Published: 

Oxford Properties, which helped develop New York City’s Hudson Yards, struck a deal to buy out Canada Pension Plan Investment Board’s stake in seven office buildings, valuing the portfolio at $1.5 billion (US$1.1 billion), according to a person familiar with the matter.

Oxford, the real estate arm of the Ontario Municipal Employees Retirement System, agreed to purchase the 50 per cent of the portfolio that it doesn’t already own, said the person, who asked not to be identified discussing private information.

The portfolio is made up of three properties in Calgary and four in Vancouver, including one that’s a recently completed tower call the Stack, the person said. Spokespeople for Oxford and CPPIB declined to comment.

While the North American office market was walloped by the pandemic and the rise in remote work, there’s been some tentative signs of stabilization in recent years. At the end of last year, vacancy rates for Canada’s downtown office buildings inched down for the first time since 2020.

In the U.S., Blackstone Inc. has been seeking a stake in a New York City office tower, Bloomberg News has reported.

While Oxford is digging deeper into the office market with its purchase, other major investors, including CPPIB, have been looking to cut their exposure to those properties.

In 2023, the pension sold stakes in two U.S. office properties at steep discounts, including a deal to offload one in Manhattan for just US$1 plus CPPIB’s share of debt. This year, CPPIB said it sold its stake in a Toronto office building.

Last week, Bloomberg reported that Canada’s second-largest pension manager, the Caisse de Dépôt et Placement du Québec, is looking to sell a Chicago office tower in a deal expected to generate bids 59 per cent lower than its last purchase price about eight years ago.

Omers has not been spared from the pain spurring its peers to get out of offices. Last year, the pension’s real estate portfolio posted a net loss of 4.9 per cent, due in part to declines in the valuations of office and life science building. But the fund manager noted that there were signs of improved office leasing for high-quality buildings.

Along with its Canadian portfolio, Oxford Properties also has exposure to office buildings in cities including New York. The firm partnered with Related Cos. on its sprawling Hudson Yards development on the western side of Manhattan.

Ari Altstedter and Layan Odeh, Bloomberg News

 

Canada banks keep climate pledges as rival RBC drops targets



BOYCOTT RBC


Published: 

Royal Bank of Canada’s decision to drop its sustainable finance commitment has sparked speculation that other major Canadian players could quietly walk away from their own goals on climate-related lending, underwriting and advisory work.

Canada’s biggest bank abandoned its pledge on that front in its latest sustainability report, pointing to changes to the country’s Competition Act that restrict the kinds of environmental claims firms can make. Royal Bank’s report, published last week, also cited “evolving” methodologies for measuring and reporting on sustainable finance.

Asked if they planned to amend or drop their own climate-finance goals, Canada’s other large banks — Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce and National Bank of Canada — all directed Bloomberg News to their most recent sustainability reports or other publications including the targets.

“Nothing to report on our end,” National Bank spokesperson Alexandre Guay said by email. “We are maintaining the targets announced in our sustainability reports.”

The amended rules on deceptive marketing, which were enacted last June, don’t prevent banks from making public claims backed up by diligent efforts and real metrics, said competition lawyer Julien Beaulieu. But he added that he wouldn’t be surprised to see others follow Royal Bank’s lead.

“It’s a very good excuse to stop making these commitments. They’re probably a bit afraid about what’s happening in the U.S. There’s this wave of anti-ESG lawsuits and all these anti-ESG policies in the U.S.,” Beaulieu said. He argued that the U.S. backlash has generated a “greenhushing” movement in which firms remain silent on climate-related initiatives.

Earlier this year, Canada’s big banks followed peers in the U.S. in leaving the Net-Zero Banking Alliance, marking a major change in North America’s approach to climate finance. The development is part of a larger shift that coincided with Donald Trump’s return to the White House, with other banks including Wells Fargo & Co. and HSBC Holdings Plc walking back environmental commitments.

“It’s a really bad time for leading financial institutions to say, ‘We’re going to quietly quit on climate,’” said Richard Brooks, climate finance director at Stand.earth. “It sends the wrong message to corporate Canada.”

Still, Beaulieu said, it’s not necessarily a bad thing for banks to drop commitments that have attracted criticism for being overly broad and vague.

Royal Bank itself has faced allegations of greenwashing over its sustainable-finance claims, and Canada’s Competition Bureau said in 2022 it was investigating a complaint about Royal Bank’s environmental marketing filed by Indigenous and climate activists.

Deleting claims

Canada’s so-called anti-greenwashing law, which amended rules around deceptive marketing practices to bar environmental claims that can’t be backed up by “internationally recognized methodology,” immediately stirred controversy when it was enacted last year.

Major oil-sands industry groups deleted material from their websites and social-media feeds, arguing the changes created significant uncertainty about how Canadian companies should communicate their efforts to improve environmental performance.

Competition Bureau spokesperson Marianne Blondin said the agency, which is in charge of enforcing antitrust laws, has since consulted on proposed guidelines to help businesses assess whether their climate claims follow the new law.

“Companies are free to make environmental claims, as long as they are not false or misleading, and have been adequately and properly tested or substantiated as required,” Blondin said, noting that the bureau is now finalizing its guidelines.

Christine Dobby, Bloomberg News

©2025 Bloomberg L.P.




‘Real problem’: One third of Canadians say down payment costs blocking homeownership, according to survey

By Daniel Johnson
Published: May 06, 2025 


David-Alexandre Brassard, CPA Canada chief economist, on a new survey saying one third of Canadians say down payments are blocking homeownership.

One third of Canadians, around 32 per cent, say saving for a down payment is the main barrier for them entering the housing market as rent prices outpace inflation amid lagging wages, according to a new survey.

CPA Canada and BDO Debt solutions released the survey results Wednesday.

Other key findings include:30 per cent of respondents highlighted mortgage payment costs as their main obstacle to owning home
Only 10 per cent indicated a preference toward the flexibility of renting compared to owning a home

“I think the main takeaway here is affordability is becoming a real problem. It goes beyond housing. You start looking at what the majority of respondents are saying in that they’re really struggling with cost of living,” Li Zhang, financial literacy leader at CPA Canada, said in an interview with BNNBloomberg.ca Monday.

“And so that really goes beyond just the question of can I maintain the home that I’m living in, or can I afford to buy? It’s how Canadians are struggling day to day. And that was really evident by just the overall results.”

Forty-three per cent of survey respondents highlighted high cost of living as the number one factor challenging their finances, while 14 per cent cited paying down debt.

David-Alexandre Brassard, chief economist at CPA Canada, said in a press release that rising housing costs in Canada are weighing on consumer spending similar to “sucking the oxygen out of the room.”

“High down payments restrict access to real estate investments and exacerbate wealth inequality, leading to social consequences,” he said.

The survey also found a generational divide, where 74 per cent of those over the age of 55 own their home, a number that falls to 63 per cent in the 35 to 55 age group and to 31 per cent in the 18 to 34 bracket.

Nearly half of homeowners were focused on saving, according to the survey, with only around 12 per cent of renters.

“Homeownership is closely tied to financial stability and wealth accumulation,” Zhang said in the release.

“This is reflected in the behaviour of Canadians: homeowners are more likely to save for retirement and invest, while renters often live paycheque to paycheque. Only four per cent of renters report prioritizing lifestyle spending—most are simply struggling to cover the basics.”

Methodology:

Leger conducted the 2025 Housing Market OMNIbus online survey from Feb. 7 to Feb. 10, 2025, among 1,590 randomly selected Canadians aged 18 and over
Parkland agrees to be bought by U.S. heavyweight Sunoco in US$9.1B deal

By The Canadian Press
Updated: May 05, 2025 


A judge has sided with Parkland Corp. in its last-minute decision to delay its shareholder meeting by more than a month so investors can vote on a US$9.1-billion takeover by Sunoco LP at the same time they elect a board of directors.

A showdown had been set to take place in Calgary on Tuesday, with shareholders voting on competing nominee slates put forward by Parkland’s management and by Simpson Oil, which owns just under 20 per cent of the Canadian fuel retailer and refiner’s shares.

But Parkland postponed the meeting to June 24, when shareholders are to also vote on the cash-and-stock deal with Dallas-based Sunoco that would create the largest independent fuel distributor in the Americas.

Simpson applied to the Alberta Court of King’s Bench for an order to have the Tuesday meeting go ahead, calling the Parkland move “deplorable” and an attempt to “cling to power.”

Justice Douglas Mah says in a decision late Monday that any order to reinstate the meeting would be “impractical and confusing” to shareholders and the market.

Mah says Simpson will have ample opportunity express its views and that shareholders should have full information about the Sunoco deal before they vote on it.

In a news release earlier Monday, Cayman Islands-based Simpson lambasted Parkland for the vote delay and called on 11 incumbent Parkland directors to resign, including executive chair Mike Jennings.

“Delaying the meeting and pushing forward with any transaction ahead of board transition represents a clear breach of fiduciary duty — an obvious attempt to cling to power and sidestep shareholder will,” Simpson said in a statement Monday.

The takeover requires shareholder and regulatory approval and also has to be cleared under the Investment Canada Act. The U.S. company has committed to maintain a Canadian headquarters in Calgary, significant employment in Canada and investment in Parkland’s refinery in Burnaby, B.C.

Parkland owns the Ultramar, Chevron and Pioneer gas station chains as well as several other brands in 26 countries. Sunoco outlets that had long operated in Canada were rebranded in 2009 under the Petro-Canada banner.

“This combination with Sunoco provides Parkland’s shareholders with the highest value and the greatest proceeds, while also affirming Sunoco’s and Parkland commitment to Canada, a country that has played a vital role in our combined history,” said Parkland chief executive Bob Espey, who announced last month that he would step down before year-end.

On a conference call, an analyst asked Sunoco CEO Joe Kim about potential issues with large Parkland shareholders, but did not name Simpson specifically.

“For the Parkland shareholders, you get a very, very healthy premium, material cash and a stronger company underlying the equity going forward,” Kim replied.

“So we think this is an offer that’s going to be hard for people to pass up.”

Analysts said a better offer is unlikely.

“If this deal is rejected, we may be looking at the company being sold in parts as its unclear who else would be interested in (Parkland’s) full mix of assets,” analysts with TD Cowen said in a report.

ATB Financial said in a report: “Given the appropriate return compensation, $275-million break fee and strategic combination to create a leader in global fuel distribution, we expect shareholders will support the transaction.”

Parkland and Simpson have been at odds over the fuel refiner and retailer’s performance and governance for at least a year.

Under shareholder pressure, Parkland said in March it would review options to boost its share price, including a sale of the entire company, after rebuffing such a move.

Simpson has criticized Parkland for rejecting a potential acquisition at a “material premium” in 2023. The Globe and Mail has reported it was from Sunoco and worth $45 a share.

Sunoco intends to form a new publicly traded company named SUNCorp LLC that will hold limited partnership units of Sunoco that are economically equivalent to Sunoco’s publicly traded common units.

Parkland shareholders will receive 0.295 SUNCorp units and C$19.80 for each Parkland share. Parkland shareholders can also receive C$44 per Parkland share in cash or 0.536 SUNCorp units for each Parkland share. The deal would also see Sunoco assume Parkland’s debt.

Parkland shares rose more than 5.5 per cent to C$38.28 on Monday.

In early 2019, Parkland closed a deal to buy a 75 per cent stake in Simpson subsidiary Sol, the largest independent fuel marketer in the Caribbean, for $1.6 billion. Sol got a 10 per cent stake in Parkland.

Parkland gained full ownership of Sol in 2022 and Simpson doubled its stake.

At the time, the founder of Simpson, Kyffin Simpson, had glowing words for Parkland and Espey.

“We have tremendous confidence in the company, its management team and its bright future,” he said in August 2022.

Three years later, Simpson says on its Refuel Parkland website that the elements that first attracted it to the partnership have been “mismanaged out of existence.”

This report by The Canadian Press was first published May 5, 2025.

Lauren Krugel, The Canadian Press
Heavy lifting begins as Suncor starts refurbishing decades-old upgrader components

Story by Lauren Krugel



Suncor's base plant and upgrader in the oil sands in Fort McMurray Alta
 THE CANADIAN PRESS/Jason Franson


CALGARY
© The Canadian Press — Oilsands giant Suncor Energy Inc. has begun a three-month outage at one of its upgraders so it can begin to replace enormous components first installed almost six decades ago.

The Calgary-based company is in the midst of a multi-year project to replace eight original coke drums dating back to 1967 at its Base Mine site north of Fort McMurray, Alta., with the goal of extending the upgrader's life by 30 years.

The drums, weighing 270 tonnes and standing nearly 30 metres, are used in the upgrading process, where tarry oilsands bitumen is converted into a lighter crude that can then be refined into fuel.

In a website post last year when one of the drums was being transported from Edmonton to the mine, Suncor said the load took up the entire width of the road, including the shoulder lanes.

The outage at the upgrader — one of two at the mine — began on May 1 and is expected to last 91 days.

Shelley Powell, the Suncor senior vice-president in charge of major capital projects, says the first major crane lift of equipment was successfully completed over the weekend.

The project is using one of the biggest cranes in the world, the Mammoet PTC210DS.

"We were really well prepared. We have all of the pre-work done, and that included actually doing some early planning and preparatory lifts," Powell told Suncor's first-quarter conference call Wednesday.

"So we practised some of this stuff ahead of time to make sure we had the equipment in the right spot, we had people trained and ready to go, and everybody knew what their role was going to be."

Powell added that some of the operators involved in the project have experience doing similar heavy-lifting jobs elsewhere in the world.

CEO Rich Kruger said collaboration between different teams is key to pulling off a project of this scale.

"We have to be seamless in our execution and our handoffs," he told investors. "We won't declare victory until we're done, but we feel quite good about our level of preparation and planning."

Desjardins Securities analyst Chris McCulloch said in a note that much is riding on the coke drum replacement going according to plan.

"Maintaining operational momentum will be pivotal for Suncor entering the heaviest stretch of scheduled maintenance this year," he wrote.

"In our view, success of the Base Plant and other planned turnarounds will materially impact the company’s ability to achieve its 2025 production guidance and (capital expenditure) targets, which we maintain have been conservatively set."

Late Tuesday, Suncor said its production for the first three months of 2025 was 853,000 barrels of oil per day, refining throughput was 483,000 barrels per day and refined product sales were 605,000 barrels per day.

All three measures set new first-quarter records for the company.

Net earnings for the first three months of 2025 were $1.69 billion, up from $1.61 billion during the same 2024 period.

That amounted to $1.36 per share versus $1.25 per share.

Gross revenues were $13.33 billion, compared to $13.31 billion a year earlier.

Adjusted operating earnings, a measure Suncor says provides a better comparison between quarters, were $1.63 billion, down from $1.82 billion, which it says was due to lower crude oil sales.


Chief financial officer Kris Smith said Suncor is positioned well to weather a West Texas Intermediate crude price of US$60 per barrel, the level it's been hovering around in recent weeks.

This report by The Canadian Press was first published May 7, 2025.

Companies in this story: (TSX:SU)

Lauren Krugel, The Canadian Press
'We don't spy among friends': Key ally demands US ambassador ​answer for Trump's espionage


Story by Matthew Chapman
• MAY 7, 2925
RAW STORY

The government of Denmark is outraged at new reports of U.S. intelligence spying on Greenland, reported Bloomberg News — and is summoning the U.S. ambassador to provide answers.

The report, first detailed by the Wall Street Journal this week, highlighted how espionage operations are focusing on the island to learn more about the “independence movement and attitudes on American resource extraction,” evidently in furtherance of President Donald Trump's long-held ambitions to claim Greenland from Denmark, which has emphatically rejected any attempt to transfer over the island.


Greenlanders have expressed virtually no interest in polls for joining the United States, with 85 percent opposing the idea. However, there is a long-simmering independence movement that may seek to take advantage of the Trump administration's interest to advance its own goals.

Want more breaking political news? Click for the latest headlines at Raw Story.

ALSO READ: ‘Pain. Grief. Anger’: Families heartbroken as Trump backlash smashes adoption dreams

"Foreign Minister Lars Lokke Rasmussen ... told reporters at an informal meeting of European Union foreign affairs ministers in Warsaw that the article 'worries me a lot because we don’t spy among friends,'" said the report. “It is worrying if they have the approach that they must now obtain intelligence in Denmark and Greenland, obviously with the aim of finding a way to drive a wedge,” he continued. “That is not the cooperation we should have, so it is something I view with great seriousness.”

It's a significant escalation from Trump's public statements about wanting to acquire Greenland, and the trips Trump allies have been making to the island for public relations.

Director of National Intelligence Tulsi Gabbard has responded to the report by attacking the press, claiming that the disclosure of intelligence operations is illegal and endangers national security.