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Suncor Energy Management Discusses Q2 2012 Results - Earnings Call Transcript

Finally, I would like to talk about operational excellence and what we call our journey to 0 or our continuous effort to reduce workplace injuries. Conventional industry wisdom tells us that safety performance is an excellent indicator of overall operational discipline and operations excellence. Now we do have to keep in mind that we've been on this journey for a number of years and we've already come a long way. So it gets harder to improve on past performance, but I am delighted to say that year-to-date in 2012, total injuries across the company are down by 26% versus 2011 and high-risk incidents, which are a leading indicator of safety issues, are also trending down versus last year. So all in all, another very good quarter and we're well-positioned for a strong second half to the year.

That said, it's not just business as usual here at Suncor. The most frequent question I've been asked the past few months is what's going to be different at Suncor under a new Chief Executive. Well, I'd like to take maybe just a few minutes to answer that question. So given the fact I joined Suncor over 10 years ago and I was one of the architects of our strategy, you shouldn't expect to see Suncor take a sudden left-hand turn. Our strategy is well-established, and we'll be working hard to execute it effectively. However, you can expect to see some important changes.

First of, as I said, I'm not focused on getting to 1 million barrels a day of production by 2020. That said, I have no doubt we will eventually get to that level of production and beyond. But what I am focused on is achieving strong returns for our shareholders. Growth for the sake of growth doesn't interest me too much. What interest me is profitable growth. So that leads me to my second point, a rigorous scrutiny on capital discipline. So together with the leadership team, I will examine our spending to ensure that we're laying down that capital effectively, and we're achieving our desired returns for shareholders. So we plan to spend within our means and we spend -- plan to spend efficiently and effectively.

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