Suncor Energy to release second quarter 2025 financial results
A webcast to review the second quarter will be held on August 6, 2025 at 7:30 a.m. MT (9:30 a.m. ET). Representing management will be Rich Kruger, President and Chief Executive Officer and Kris Smith, Chief Financial Officer. A question and answer period with analysts will follow brief remarks from management. Troy Little, Senior Vice President, External Affairs will host the call.
To listen to the webcast please follow the instructions provided at https://www.suncor.com/en-ca/investors/events-and-presentations. The event will be archived for 90 days.
Suncor Energy is Canada's leading integrated energy company. Suncor's operations include oil sands development, production and upgrading; offshore oil production; petroleum refining in Canada and the U.S.; and the company's Petro-Canada TM retail and wholesale distribution networks (including Canada's Electric Highway TM, a coast-to-coast network of fast-charging EV stations). Suncor is developing petroleum resources while advancing the transition to a lower-emissions future through investments in lower emissions intensity power, renewable feedstock fuels and projects targeting emissions intensity. Suncor also conducts energy trading activities focused primarily on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.
For more information about Suncor, visit our website at suncor.com.
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CBC
39 minutes ago
- CBC
Proposed Wasaga Beach sale could set 'awful precedent,' environmentalists say
The Ontario government's plan to hand parts of Wasaga Beach Provincial Park over to the local town for tourism development could set an "awful precedent" for other provincially owned parks, environmental advocates say. Premier Doug Ford announced in May that his government would give $38 million to Wasaga Beach to help revitalize the town's tourism scene and support future housing. Part of the proposed plan includes selling the town Beach Area 1, Beach Area 2, New Wasaga Beach and Allenwood Beach. The amount of land being transferred is nearly 60 hectares, a spokesperson for the town said in an email to CBC Toronto. In late June, the province posted a proposal to amend both the Provincial Parks and Conservation Reserves Act (PPCRA) and the Historical Parks Act to support the land transfer. The proposed changes are cause for concern, said Laura Bowman, a lawyer with the environmental law charity Ecojustice. Although the language of the proposed amendments isn't yet public, Bowman said there's already a legislative approval process in place within the PPCRA to dispose of lands greater than 50 hectares, or one per cent of the total park or conservation area in question. So, the desire to change the law suggests there's a desire to dispose of other areas in the future, she said — and to do so in a way that bypasses a legislative vote and avoids scrutiny. "This government has a history of trying to dispose of park lands and public lands," Bowman told CBC Toronto. "I don't find it plausible, frankly, that this is a one-off thing," Bowman said. "This is possibly setting a further precedent in that direction, and the developments are getting bigger and bigger." A spokesperson for the Ministry of Environment denied that the Wasaga Beach changes are more than a one-off. "No other changes are being considered beyond those included in the [Environmental Registry of Ontario]," Alexandru Cioban said in an email to CBC Toronto. Tourism push within ecologically sensitive area The vision for Wasaga Beach is one of the province's latest and largest waterfront tourism redevelopment projects in Ontario. Transferring parts of the provincial park to the town would be especially positive for local residents and businesses, said Wasaga Beach Mayor Brian Smith. "Our vision is and always has been to become a year-round destination here in Wasaga Beach that celebrates the longest freshwater beach in the world, but also the entire ecosystem here," he told CBC Toronto. From an ecological perspective, changes to the beach and the way it's maintained now could have devastating consequences, said Tim Gray, executive director of Environmental Defence. Wasaga Beach is home to the piping plover, a federally and provincially recognized endangered species, Gray said, and the beach dunes across the park play an important role in the region's river system and as a buffer for flooding. "Once these areas are removed from the park, those protections will no longer be in place," Gray said. "We'll set an awful, awful precedent if it's allowed to go ahead." Smith said his "guarantee" is that the town will act as stewards for the environment during the redevelopment process. But Bowman said she isn't confident that it can be done without the "Herculean efforts" provincial conservation scientists made to protect the plovers and their habitat. Even raking the beach and keeping it manicured will prevent the endangered bird from eating, nesting, and successfully hiding from prey, she said. "It really does potentially put the survival of that species in jeopardy," Bowman said. "These are important pieces of land for conservation and biodiversity and important recreation areas for the people of Ontario." Bill 5 sparked environmental concerns All of the environmentalists CBC Toronto spoke to for this story drew a connection between these plans and the government's recently passed Bill 5. The law, which passed in June, removed provincial protections for certain aquatic species and migratory birds — ones that are also protected under the federal Species at Risk Act — and made it easier for the government to exempt companies or projects from complying with provincial laws or regulations. Bill 5, on top of other controversial development flashpoints, such as the sale of Ontario Place and the Greenbelt scandal, has led to a deterioration of trust in the province's willingness to put the environment ahead of investment opportunities, according to Jan Sumner, executive director of Wildlands League, who worked with her organization and Sierra Legal Defence Fund (now Ecojustice) on the current PPCRA. "This is just another example of the Ford government feeling like they can step over the people of Ontario and hand out public land to private developers," Sumner said. The Ministry of Environment spokesperson said via email that the government's support of Destination Wasaga will help "preserve local heritage, create jobs, boost tourism, and drive long-term economic growth across the region." Cioban said changes to the PPRCA would specifically relate to Wasaga Beach Provincial Park, but he declined to provide specific language or details about when proposed PPRCA amendments would be made publicly available.
CBC
39 minutes ago
- CBC
The natural diamond industry is getting rocked. You can thank the lab-grown variety for that
Social Sharing When Aret Oymakas started selling diamonds years ago, engagement ring shoppers came in looking for one thing for their brides-to-be: a real, mined diamond. "It was just a diamond," said Oymakas, owner of Livia Diamonds in Toronto. "And you got what you were able to get … in terms of design and budget." These days, not so much. Lab-grown diamonds have become massively popular in recent years, giving the traditional, mined version a run for its money. Oymakas says natural diamonds made up 100 per cent of his business until 2018 when lab-grown diamonds came on the market in a big way. Now, natural diamonds account for only three to four per cent of his business. According to experts like Oymakas, ethics, cost and the rising price of every other part of life for new couples has chipped away at the popularity of real diamonds. And that's having a big impact on the mining business — including in Canada's North. WATCH | Northern mining industry takes a hit as lab-grown diamond popularity surges: Northern mining industry takes a hit as lab-grown diamond popularity surges 7 days ago Hundreds of people are being laid off at a diamond mine in the Northwest Territories as production halts, signaling a shifting industry. Lab-grown diamonds are surging in popularity, offering a similar sparkle for a fraction of the price. Just last week, Burgundy Diamond Mines announced it would be laying off hundreds of employees and temporarily suspending operations at one of its open-pit mining sites, Point Lake, in the Northwest Territories. A communications manager for the company, Ariella Calin, said the open-pit mine was "proving to be sub-economic," given the recent drop in the value of diamonds. According to data from Tenoris, which tracks diamond retail prices, natural diamonds in stores now cost 26 per cent less than they did just two years ago. Canada exported $2.21 billion worth of diamonds in 2019, making it the third biggest diamond producer in the world at the time. And with three diamond mines in the Northwest Territories alone, the diamond industry employs thousands of people directly in that province and many more indirectly according to experts, meaning declines in the market will have an outsized impact in the North. Mined vs. lab grown? Mined diamonds are forged deep in the earth through heat, pressure and time, before they're dug up, crafted into shape and set into jewelry, such as engagement rings. Lab-grown diamonds essentially replicate that process above ground — using chemicals and extreme heat, diamonds are forged in a chamber in a matter of weeks. "I always make the analogy of ice made in your refrigeration system versus ice made outside in the cold," Oymakas said. "Physically they're identical. There's no difference whatsoever." But some experts stress there is still a difference. Graham Pearson, professor with the University of Alberta's department of earth and atmospheric sciences, says that the natural formation of diamonds deep underground results in a "complexity" you can't get with the lab-grown variety. "What you get with [a natural diamond] is that you're holding an amazing fragment of the deepest part of the earth. A natural diamond is unique," he said. Lab-grown diamonds, he argues, are all the same, made from an exact recipe — like a print of a painting. Why have people flocked to lab-grown? To engagement ring shoppers, however, the only visible difference in the price tag, according to Oymakas. Whereas a two-carat real diamond engagement ring might cost $35,000, Oymakas says a two-carat lab-grown diamond with the same clarity and colour could only be about $3,500. "With the cost of everything going up these days — housing, wedding expenses — people don't want to spend a fortune on a ring," Oymakas said. That means people can afford far bigger stones if they buy synthetic, often still for less than what a natural diamond would have cost. The technology used to make lab-grown diamonds has also dramatically improved since they first came onto the scene, according to Oymakas. He says this allows them to create more customizable stones that have a unique shape or tone for instance, and that's proven to be a draw to customers. Ethics are another reason. Forced labour and child labour are problems in the diamond mining industry in Africa in particular, and the difficult physical work often yields little pay. Many shoppers want to avoid "blood diamonds" — stones mined in African conflict zones that in turn are used to fund rebel movements. While an international grading system called the Kimberley Process has since been instituted to help consumers know where their diamonds come from, there's still debate about how well the system works. Stefanie Beninger, an associate professor of marketing at Nyenrode Business University in the Netherlands who has researched the marketing of diamonds, says the ethical component played a big role in the natural diamond's demise. The blockbuster 2006 movie Blood Diamond starring Leonardo DiCaprio exposed many consumers to the realities of the diamond mining industry. So, years later, when lab-grown diamonds that didn't carry the same ethical concerns emerged on the market, consumers were drawn to them, Beninger said. (Pearson points out that lab-grown diamonds do, however, take a lot of energy to forge in a lab, meaning they're not entirely free of negative impacts either.) Beyond that, Beringer says the shift has been generational. De Beers's famous "A diamond is forever" slogan sold baby boomers and Gen Xers on diamond engagement rings as a traditional symbol of enduring love, Beninger said. But millennials aren't buying it. Beringer says that generation, as well as Gen Z, has faced significant financial challenges, on top of being more socially conscious. "From a functional perspective, [synthetic diamonds] work the same. It's a lot cheaper, and it's more traceable where this came from," Beninger said. And, Beninger says fewer millenials are getting married compared to their parents or grandparents — a Pew Research study found that as of 2021, 25 per cent of 40-year-olds had never been married, a new record. In 1980, that figure was just six per cent. The diamond industry launched a "Real is rare" campaign in 2016, Beninger points out, which attempted to market real diamonds to millennials in a less traditional way. In looking at the sales of lab grown versus natural diamonds, Beninger says it's clear that the campaign didn't pull them back to the mined variety. The idea of a mined diamond as "real" and a lab-grown one as fake just hasn't stuck with younger generations, Beninger said. Northern mining business in trouble For Oymakas, lower diamond prices haven't hurt his business. He says while the price of the rock itself has dropped, people are buying bigger synthetic diamonds or perhaps buying more jewelry because the price is more affordable. But it's a different story for Canada's North, where thousands of people are directly employed in diamond mines in the Northwest Territories. "That region of the country in a lot of cases depends on diamonds for [its] livelihood," Zimnisky said. There are three diamond mines in the Northwest Territories — and all of them are now winding down operations. Diavik diamond mine is set to close early next year, while the Gahcho Kué mine's estimated lifespan is set to 2031. Pearson says the closure of the industry in Canada's North will have a "tremendous" impact — with what Pearson estimates would result in 1,500 direct jobs and many more indirect ones lost, plus an exodus of people from northern communities. The Ekati diamond mine, which the Point Lake mine is part of, was the first in the country when it opened in 1998. To have the industry shutter after only 30 years would be a shame, says Pearson.
CBC
39 minutes ago
- CBC
Tenants of Quebec public lands call proposed rent increases 'unacceptable and indefensible'
A group representing tenants of public lands in Quebec is speaking out against the province's plan to increase the rent for many of its members, describing the proposal as "unacceptable and indefensible." The province rents out public land, mostly in wooded areas and near bodies of water, to Quebecers who can use them as camp sites, hunting camps or to build cottages. Under the Natural Resources and Forestry Ministry's proposal, people with vacation lots would see their minimum rent go up by 46 per cent, meaning it would go from $343 to $500. For those with rough shelters, the hike would be 52 per cent, going from $198 to $300 per year. The new prices, outlined in Quebec's Official Gazette, would take effect next January. The Regroupement des locataires des terres publiques du Québec said the increase would affect about 26,000 members in total. "We understand that it has to increase, but why so much?" said Bertrand Grenier, an administrator of the association who has rented his own public land lot near Chibougamau since 1981. The Ministry said in a statement to Radio-Canada that the rents hadn't been revised in 15 years, and that "it's only fair to update the rates to better reflect the fair value of the land." But Grenier says that the rates have been increasing steadily for years, with his own lot going from 263$ a year in 2010 to 577$ in 2024. His own rent would be raised by less than 46 or 52 per cent because he pays more than the minimum fee, but he is speaking out on behalf of those affected by the steep increases, he said. He added that the association have known of the proposed increases since the winter, and had been in negotiations with the Ministry. "The rent of the land is one thing, but we pay municipal taxes," he said. "And we also, believe it or not, we also pay school taxes." He added that the high demand for the land allows the government to increase prices to their liking. In 2021, over 28,000 people signed up to access the 189 lots made available that year, according to the Ministry of Natural Resources and Forestry. The province uses a lottery system to give out these lands. Grenier says the association hopes to put enough pressure on the government to accept their proposal to spread the increases over five years. In a statement, the ministry wrote that "draft regulations are currently under consultation, and we are listening to all stakeholders."
