Suncor Energy Inc. (TSX:SU)

AGM 2017

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Apr 27, 2017

It's 10:30. I'd like to begin this meeting. My name is Jim Simpson. I'm chair of the board, and I would like to welcome you all. A little different today. I'd like to begin by acknowledging that this AGM is being held on the traditional territory of the Treaty Seven's people, the, Stony Nakoda, Soutina, Sikseka, Kainai, Piikani, and lo and behold, we have a guest. And before introducing, our our head table, what I'd like to do is introduce Casey Eagle Speaker, who is an elder from the Kainai Nation, which is part of the Blackfoot Confederacy. So for those who don't know Casey, he was awarded David Croachild Award from the city of Calgary for his work in cross cultural awareness, Doctor Joseph Croeschew Award for the University of Calgary for his work in aboriginal education. And today, he's the aboriginal resource coordinator at the Hull Services, a Calgary nonprofit that focuses on children's mental health and behavioral problems. He regularly conducts workshops and aboriginal ceremonies, and practices and offers sweat lodge ceremonies for both people and the organizations he serves as well as members of the public. He is a well known elder, in in Calgary and in the community across the country, and he's been a wonderful resource for us and a teacher. And, Casey, we appreciate that very much. If you would, sir, please come up. Okay. So I'm gonna do this in black, but then I'll have our board here translate that for you. But it is a great honor, you know, in these times that we say change is at every moment, and we must allow ourselves to shift with change. Our people often say that we don't just try. We just do it. In Blackwood, that's exactly what we say. Someone just let's see. Don't try it because when you try, you're gonna try it again because you're never going to fulfill what you need to do. So we often think that Nike stole our slogan of just let's do it. But I do thank all of you. I was in I've been at the gathering for the last few days. I think one of messages I gave them is that, you know, we're often talking about indigenous, non people. If we were just to remove the word indigenous and non indigenous, we'd be left with the foundation that we're all people, human beings. And we have an obligation in black, but in ceremonies and nec Nixotekrads are all my relations. It's not about acknowledging the holy ones from the spirit world to join us, but true acknowledgment that we have a shared collective responsibility for the well-being of all our people and our community. And that's where we're all at. We all have that collective responsibility. Change is not something that you create because it's happening at every moment. It's how you shift your mind, your heart, your soul to move with time. As I said yesterday, time creates trust, and trust creates time. And time is something that we created by putting it on our face of a clock or a watch. And the teaching I received says time begins from the moment that you open your eyes to see the light of the the light of day for the new lifetime that you've been gifted with. It'll last until you close your eyes at night before you enter the dream world. That's the time that we do have. After all, a lifetime is just a one day event. Yesterday's time is just memory. We cannot undo what has happened, but we can certainly learn from it. Both negative and positive define the strengths in both. As human beings, we will make mistakes every day of our lives, every moment. As we will today. One to 15% of the day, every one of us shall make a mistake. That's a given. That's just being normal. But as I often tell my wife, you know, I'm never right all the time. I'm just never wrong. No. But it is true. We're not guaranteed tomorrow. And nobody in this room can say they're gonna be alive tomorrow because you have no way to prove that. And in saying that, we remember our own families, your relatives, your friends, your coworkers, people you're affiliated with, that every one of them is uniquely one of a kind, and nobody can be replaced from the physical world. It's learning how to appreciate all the people around you. You don't always have to like their choices, but appreciate that they're still with you because you only have that one day lifetime. In our cultures, when we speak in our traditional language, it's always about the present tense We might refer to something from the past for what's happening at the moment so that we may understand what we can do differently. That we're not going to change what has happened, but we can certainly shape what the what tomorrow could look like. And those are the choices that we're set with. As I said yesterday, there's times in corporations and in organizations and even in families and even amongst our own people where power tends to take a different level and is resistant to change. And it even all their efforts, change must happen, and it does happen. I think the analogy I used yesterday is, like, going back to the muscle cars and we had the four in the floor and you're shifting. All the power is in first gear. And if you don't shift from that, ultimately, it's going to break down, and the costs can be astronomical. In building relationships within these communities, it's being able to shift that power, our own personal powers, organizational powers, realizing we must shift in order for movement to happen in a smooth rate. That once you get to that fourth year, flexibility is there, and the costs are much lower than just acknowledging and doing nothing. We have that shared responsibility. You, I, everybody have that shared responsibility. The relationship begins with you. As I said yesterday, the most important relationship that we will ever have in our lives is the one that you carry for yourself. Self acceptance, loving who you are, trusting who you are, creating time for yourself at any given moment. So that you can have a trusting, healthy relationship with others is how healthy is it with you. Your past is the foundation for the journey that lies ahead of you. And those relationships that you're going to have are built upon the foundation of the relationship that you carry for you. We are human beings, and we're all built exactly alike. How many of you are white white people? How many white people are here? There's a few hands up there. Can you prove that to me? You know, when I look at the this is white to me. If you can't match that, then maybe you need to understand something. Creator create us all equally in the image of himself, and that's a spirit within you. That carries no color. It carries no gender. But your body, as I said, gathering over the last few years, is a gift for Mother Earth, and we'll go back here when the time comes. But to realize what that means, the hair in your body represents sweet grass that grows on the prairie. Your skeleton, your bones are mountains and rocks using sermons like a sweat lodge. Your arteries drained and vessels, your river streams and creeks. Your heart will pump pulsate like the core of a mother does. Your breath is the wind. Your tears are waters upon the earth, and they're very healing when you allow them to flow without hindrance. And the shade of shell you carry is like a mother. White and gold sands, brown black soils. Just four different shades of brown. That's what we are. Your truest identity is that you're a human being. Your sense of belonging is knowing and understanding the cultural group that you come from. I think in all the things that we need to do today is to use the power of the human being. Policy and procedures have their place. But when we allow that to be the ultimate power, it's difficult to flow with the change and to make that shift. The same thing with our indigenous laws, our traditional laws. When we let that being the ultimate power, again, it's difficult for us to make that shift. What we need to do, and for those who understand the sweat lodge, is that we take policy and procedure, and we take our traditional laws of our people and bend them to create the sweat lodge, a healing journey to a place of well-being. The 14 ribs that we use that signify the ribs of the American buffalo has 14 ribs on both sides. All others have 13. But those 14 ribs, seven on the indigenous side, the seven sacred teachings. The seven ribs on the opposite side of it are the same identical seven sacred teachings of other worlds. Seven sacred teachings are universal. Until we identify that and accept that, We will not understand diversity in its truest context. We will find racism prejudice and discrimination. Maybe our ancestors did not understand what diversity meant. Maybe they translate that to division. It's about inclusion. We can no longer afford to say there's a non indigenous society in Canada, and over here is the indigenous world. We share the same land to become caretakers of the land as our ancestors were. And the responsibility of the caretakers of land is to have the caretaking for each other too, to see each other from here and to speak from here, to speak your truth and to be honest with the truth. Life does not happen in the mind alone. It happens mentally, emotionally, spiritually, and physically. We have an obligation to each other. And it's something that we cannot walk away from, and we can no longer turn our heads away from that. We have to accept that. We need to accept it. If life is to be whole, then let's become whole together. As I said at the gathering, each of you represent a single blade of sweet grass. When it stands alone, it's quite weak and can be torn apart very easily. But we're all to join those and braid them. There's great strength in that braid, and no two blades of grass are identical to each other, each unique to itself. Each has its own qualities as all of you do. Future is ours to help mold and design for those who are going to inherit that, and that's our children. Because it is the future and the land belongs to them. We're here just to ensure that whatever we do in life, that that will be there and available for them, to get away from the selfish thoughts that today we own it, but we know it's the opposite. He realized that there was this young indigenous boy in grade one. His teacher want to put him in a grade three because that's such a high level of intelligence. So she calls the principal down to her office down to her room and says, can you come down to my office? I wanna put this young and business lab to grade three. He's quite intelligent. He walks down there and says, okay. Can I see the exam? He says, oh, no. It's not a written exam. It's gonna be oral exam for this young man. I want to recognize and honor their tradition. He said, well, how many questions do you have for this young man? He said, I only have three questions. So, well, that's great. Just proceed. So, Susan said, Joey, the first question for you is what do women have too of that cows have for He studies the teacher up and down his legs. Just fantastic. So your second question, Joe, is it, what do men have in their pants that women don't have in their pants? So he studies the teacher and studies the principal. Pockets. Oh, that's another great answer. So your last question, we enjoy that. What starts with the letter f, ends with letter k, is extremely exciting and a lot of fun. Studies the teacher, had a smile on his face as a fire truck. That's when the principal said, put him in grade five because I had all the answers wrong myself. So but you're here. You've been gifted a gift of life today. Everything about you yesterday has already changed. You are not the same person. We don't know what tomorrow holds for us. But don't let that worry you because today is the day that you actually worried about yesterday. When we are in the now, is to understand what you need to do today. My they taught when I was taught that by my elders, I realized that procrastination I have my own definition. Procrastination is the thief of life. That whatever I meant to do yesterday and I put it off to do today, then I rob myself of today's new life and adventure to try and redo what I needed to do yesterday. And in that saying that, is that if you ever find yourself in this position, that if you ever want to avoid something, and many of us have done that, Then the teachings we have is that you're never too busy unless you really want to avoid something. Remember the lifetime that you have is the moment you open your eyes the time you close them. I'll do my prayer in Blackfoot. Pray for you, your families you left at home. We'll pay for the sick, young and old. We'll pay for little people on the streets, the homeless, the starving. We'll pay for the war torn countries abroad. Pay for those who had recent losses in their families, and for all people that we leave no one out. I have not been an adolescent. I do thank you. I wish I could stay, but I shared earlier that, Mike Licks and I do have to head over the hall. I have a sweat lodge to do for some visiting, Scottish students who've never been to Canada. And they're trying to create relationship with indigenous people, but they want to understand things and looking at ceremonies. So we decided that we'll go ahead. They connected with me three months ago to run this sweat lodge for them, and we are gonna blow those kilts off. No. You very much. It's hard to follow that one, but I'd like to say a couple of things. Those are some very profound remarks. Casey, we appreciate them. And, more than that, your blessing and prayer for us, we deeply appreciate. So thank you so much. Last year, at the AGM, we announced that, we were gonna Sunkor was gonna strengthen its focus on relationships with the aboriginal people, and we're committed to that. There's more we can do and more we must do to understand the history and experiences of the aboriginal peoples in Canada. I'd now like to introduce the people sitting next to me on the platform. We'll start, with Steve Williams, our company president and CEO Alistair Cowan, executive vice president and chief financial officer and Jana Sodegaard, senior VP and general counsel and corporate secretary. On behalf of Suncor's directors and management, it's my pleasure to formally welcome you here and begin the formal part of the meeting. And the the first order of business is a safety moment, and I want to draw your attention to the exits. This the alarm system in this building is by voice. And if you you hear anything going off that sounds strange, I think it'll be explained quickly. And the idea is to we're have an orderly withdrawal from this building through the exit doors, and we'll gather on Fourth Avenue, which is right in front of the building. Having trouble hearing? Can you hear me at the back there, Sean? I'll try a little harder. Can you hear me now? I can hear at the back, so that's good. Okay. We'll now proceed with the formal business of the meeting. There's several items on the agenda as as usual. And to expedite things, we've asked a number of people to second motions, make motions and second motions. And we've opened the meeting to members of the media and other guests. However, only shareholders and proxy holders are entitled to participate in the business of the meeting. If there are any questions or comments on the floor relating to today's formal business, please stand. Tell us your name. Confirm whether you are a shareowner or a proxy holder, and now we'll proceed from there. In order to ensure that discussions of the motions during this formal portion of the meeting is productive and efficient, each speaker will be limited to a time of three minutes. All remarks must be relevant to the motion at hand. If you have any general questions, kindly hold them until the end of the meeting. For those shareowners, joining us by webcast, you're invited to submit your questions at any time, using the question box, which is on the bottom of the, webcast display. And we'll be more than happy to respond to them during the Q and A period at the end of this meeting. So let's proceed with the, business of the meeting, starting with the appointment of scrutineers. CompuShare Trust Company of Canada is a transfer agent and registrar of the company and is represented here today by Conor Doyle and Dean Nogler. And if there's no objection, I will appoint them to act as scrutineers, for the meeting, to report on the number and percentage of shares represented at this meeting, and to record and report on the votes cast in a poll that may be taken. So you've all received notice of the meeting, and I'll call on Janice Odegaard to report the mailing of notice. The notice calling this meeting of shareholders was mailed on 03/20/2017 to all shareholders of record as of the close of business on 03/07/2017 and has been provided to each director and to the auditors of the company. Thanks, Janice. A copy of this notice and proof of mailing will be filed within minutes of this meeting. I am advised that the scrutineers report has been completed and a quorum is present. I ask that the court corporate secretary read the scrutineers' report, which indicates the number of shares, represented in person and by proxy. Janice? Thanks. Jim. There's 22 shareholders in person representing approximately 127,000 shares. There are 898 shareholders by proxy representing, approximately 2,000,000,000 shares, 920 total shareholders, therefore, and that represents 71.86% of the outstanding shares of the company. Well, thanks, Janice. That report, will be filed with the minutes of this meeting. I now declare the meeting, regularly called and properly constituted for the conduction or to constitute, and transact business of the meeting. I propose to take votes, excuse me, by ballot for the election of directors, the resolution on the increase in the number of common shares reserved for issuance under the Suncor Energy stock plan of stock option plan, and the resolution on Suncor's approach to executive compensation. I propose to take votes by a show of hands for the appointment of auditors. And based on just so you know, based on the proxies received to date, if we had a ballot on this, less than 1% of the votes would be cast against the motion. Okay. So I now ask that the 2016 annual report, which includes the, financial statements, year end documents, and auditor's report be tabled. And here they are, and they're also at the table at the back. It was mailed to, any shareholder requesting the, this report, and we'd be happy to answer any questions concerning the annual report during the question and answer period following this formal part of the meeting. The next item of business is election of directors. Sunkers' bylaws state that the number of directors to be elected at any meeting of the shareowners shall be the number of directors then in office or such other number has been determined by the board. There are currently 12 directors in office. The board has determined that 11 directors will be elected at the meeting. I am retiring as chair of the board and as a member of the board and will not stand for reelection this year. Of the 11 directors nominated, 10 are independent and one, Steve Williams is a manager is a member of management. Their backgrounds and experience, including principal occupations, are described in the Suncor management proxy circular, that's distributed for this meeting. May I now have a motion, to nominate, to nominate for election to the board of directors, Those candidates named in the proxy circular for this meeting. Good morning. My name is Prit Kotecha, and I'm a Suncor shareholder. I move to nominate the following candidates for election as directors. Patricia M. Bediant, Mel E. Benson, Justin Cote, Dominic D'Acella Del Sandro, John D. Gass, John R. Puff, Maureen McCow, Michael W. O'Brien, Ira m Thomas, Steven w Williams, Michael m Wilson. Thank you very much. May I have a seconder to the motion? My name is Cindy Roberts. I'm a Suncor shareholder. I second the motion. Thank you very much. I declare the nominations closed. 11 directors are to be elected at this meeting, and 11 persons have been nominated. I propose that we vote on this matter by ballot. The corporate secretary will now give instructions on the voting procedure. On this ballot vote, all shares for which proxies in favor of management have been received will be voted in accordance with the instructions of the shareholders giving the proxy. Only proxy holders and shareholders who have not already returned the proxy or who wish to change their previous instructions have to complete a ballot if they wish to vote. The blue ballot handed out during registration at the beginning of the meeting is the ballot to be used for this vote. If you wish to complete a ballot but did not receive one when you registered, please raise your hand. I don't think we've got any there. I don't see any. Okay. The ballot lists the 11 nominees named in the management proxy circular to vote or withhold from voting for each director. Please complete the ballot by placing an x in the appropriate spot beside the name of each nominee. And when you've completed and signed the ballot, please raise your hand, and it will be collected by an attendant and given to the scrutineers of accounting. Thanks very much. Thanks, Janice. Anyone need more time to complete the ballot? Beg your pardon? Of course. Good morning. My name is Moriah Kinshir. I'm a proxy holder for my own investment company, and I'd like to speak on this motion. I understand that the ballots have obviously already been tallied. It's a choo choo train. The directors own most of the shares, so it's a set to complete. However, there are things that need to be said about the directors. One being that, I'm rather upset at the amount of money that we are shoveling into the pockets of our directors for part time work. And I say part time because if you take a very good look, we can see that miss Dent, I'm sorry if I'm mispronouncing the name, it says she has two other directorships. Although, if you read a little closer down, you'll notice it's five. So we're getting one day out of five out of her life, and yet we're paying a big buck. If you carry on the same thing with miss Cote, if I read all the places that she's acted with, it's five as well. We get one day out of five. The amounts of money that these people are earning are sometimes five times more than what the regular person on the is earning. You take a look last year, we spent over $4,000,000 of our money shoveled into these people's pockets. There's 12 of them, 11 this year. My good god. There are many people in this city who are unemployed who we could put on this board for a whole lot less money than what we're getting out of these individuals. I think it's a disgrace, and it's got to stop. I really have not been able to vote for any of them. We need to, as they say, clean house and start over. Thank you. Thanks for your comments. I'll I'll briefly comment that I personally and now that I'm leaving the board, I'm a little more independent. I'd personally like to, express my support for this board of directors. They're a fantastic group of people to work with, and they've contributed immensely to the profitability of this corporation and the and the all the good works that are being done by the company. So appreciate your comments. And while the votes are being counted, the ballots are being counted for this motion, I'm gonna proceed to the next item, which is appointment of auditors. Management has proposed Pricewater PricewaterhouseCoopers be reappointed as the auditors. And since auditors are appointed by shareowners, I ask for a motion appointing PricewaterhouseCoopers as our auditors. May I have a motion? Good morning. My name is Sheila Innis, and I'm a shareholder of Suncor. I move that Price WaterhouseCoopers LLP, the appointed auditors of Suncor Energy Inc, to hold office until the next annual meeting of shareholders or until successor is appointed. Thank you. May we have a seconder? My name is Michael Lawrence, and I'm a Suncor shareholder. I second the motion. Okay. You've heard the motion. Those in favor, please indicate your approval by raising your hand. Thank you very much. The motion is carried. Next item of business is, resolution to approve an amendment to the stock, option plan to increase the number of common shares reserved through issuance by 25,000,000 common shares, as more particularly described in the management proxy circular. As noticed in as noted in this circular, the purpose of the additional reservation is to ensure that a sufficient number of shares remain reserved for issuance under the plan to enable the company, to continue its practice of granting options, to eligible plan persist participants as a component of their long term incentive. May I now ask that a motion be made in this matter? Good morning. My name is Patricia O'Reilly, and I am a Suncor shareholder. I move that the resolution with respect to the increase in the number of common shares reserved for issuance pursuant to the Suncor Energy Inc. Stock option plan by an additional 25,000,000 common shares as set forth on page 15 of the management proxy circular of Suncor Energy Inc, delivered in advance of its twenty seventeen annual meeting of shareholders be approved. Thank you very much. May I now have a seconder? My name is Ed Ma. I'm a Suncor shareholder. I second the motion. Thank you, Ed. You've heard the motion, and I wonder now are there any questions or comments? If there are any, if there are no questions, I propose we now have a ballot on this matter. We have received proxies representing a total of over 90% of votes cast on this motion, which direct that they'd be voted in favor of the motion. We will follow the same ballot procedure as described by the corporate secretary earlier. The yellow ballot handed out during registration at the beginning of this meeting is the ballot to be used for this vote. Please mark the ballot with an x in either the in either box under the words for or against. When you have completed your ballot, please raise your hand. Okay. While ballots are being collected and counted, we'll proceed to the next item on the agenda, which is executive compensation. It's an advisory vote, sometimes called say on pay. The results of these type of votes are considered nonbinding, but they're a vehicle to allow shareowners to express their views and make them known to the board. As noted in the management proxy circular, in considering the company's approach to compensation in the future, the board will take into account the results of the vote, together with any feedback it receives from shareholders in the course of the board's engagement activities. The form of motion set out for the management proxy circular follows the recommended best practices for the Canadian Coalition for Good Governance. May I now ask that this motion, be made. Good morning. My name is Adam Horn, and I'm a Suncor shareholder. I move on an advisory basis and not to diminish the role and responsibilities of the board of directors, that the shareholders accept the approach to executive compensation disclosed in the management proxy circular of Suncor Energy Inc, delivered in advance of its twenty seventeen annual meeting of shareholders. Thank you very much. May we now have a seconder? Good morning. My name is Ryan Robb. I am a Suncor shareholder, and I second the motion. Appreciate that. Thank you. Now it's time for questions. Anyone have comments? Yes, ma'am? I still want to say that I think the mic system in this room is horrible. I can't hear anything hardly, but I am going to speak about the compensation matter. My name is Morika Knipschere again, and I am the proxy holder for my own investment company. I take a look and I see again what we're paying the top five people. Again, the amount of money that we are paying, and I realized that is based on a very high elite group of maybe a 150 people in this city or maybe 200 that are getting, you know, being pooled. And god forbid that our little group shouldn't fit into those because the rest of the city doesn't earn the amount of money. We're looking at mister Williams' total compensation this year of almost 11,000,500, to be exact, 11,000,482 with everything added in. How many of us ever even earned that in our whole lifetime? On top of which, take a look, we have a defined pension plan for this gentleman. I mean, I I can't even find a word to express how disgusted I am. In my own language, it would be called. We see here in our circular $21,000,000 in defined benefit obligations that we as shareholders also have to put forth to this gentleman. Does he not earn enough money out of his 11,000,000 that it said he got this year in combined totals to put a little bit of an aside maybe for his own benefit when he gets to be an old man. Most of us have to do that, and we only earn less than 100,000. Some earn 50, and we have to put aside for ourselves. We're not only overpaying these people, we're then giving them even more when they're sitting on their stuff after they've retired and do nothing with the money that we then continually have to pay them. We know that we as shareholders, the minority ones, we can only speak up, and you don't even listen because you will have all the own your own shares, and you have too many shares, and you can do what you want. But it's sickening. It really is. The majority of the shares are not held by small people, and yet we're having to endure this. We get a measly 3.03% of a dividend. And, yes, from 2014 to 02/2016, mister Williams' nonequity incentive plan increased by 33.819 in a two year period. Right here. I see your face scrunching. It's right here. You can do that. I was just thinking about the time. We do have just three minutes per speaker. Fine for the three minutes. We had a nineteen minute talk in the beginning of this, which was not put on the agenda, which may have been by a gentleman who had or may or may not have been a shareholder. I'm a shareholder. So three minutes, you can at least give me, if not a little bit more, because half the people here may not even realize how bad it is when we take a look and the monies that we are spending on the five top people. I am sorry, but it is just not common sense to do that. There's many people who are unemployed in this city who have abilities who could step into those roles. And you may not think so, sir, but if you take a little look around and not just in your little circle, 200 people or maybe even three. This city is filled with very good experienced people. And what we pay these people, we don't have to give them a pension plan. On top of which, if you take a little look, if we happen to let them go without cause, they get millions as well. We can't even get rid of these people without paying them millions. That's not normal in most little places. If you're let go, you're let go. And that's again written in here. Thank you. I'm just disgusted. Well, thank you. I I think the process is working. I appreciate hearing comments. It's hard to respond to so many, comments, but I'll just assure you of a couple of things. The first one is that, the compensation system that we have, is designed, to reward our senior executives for performance. For nonperformance, the numbers you were quoting don't matter because there will be less compensation and future performance is lower. So it's a crucial principle that we reward performance and we subtract for for nonperformance. And and the second principle that, obviously didn't satisfy you last year was our our need to be competitive. We have to have the highest quality people in this complex company to run it environmentally safe safe soundly and safely. So I think it's it's pretty self evident that the results have been delivered. And I'll just add one final comment that, you're getting more than 3% dividends. The share price, that you for the shares you own has increased to over 20% in 2016, and total shareholder return has increased by 27%. So the performance has been undoubted. But as I said at the beginning, this is an advisory vote. We'll take your comments, under advisement. From last year to this year, the share price did increase by 13.81%, but the dividend is 3.03%. You you're right. I'm talking about 2016. Okay. If there are no further questions, I propose we now vote on this matter by ballot. We've received proxies representing a total of over 94% of the votes cast on this motion, which direct that they'd be voted in favor of our approach to executive compensation. We will follow the same ballot procedures as described by the corporate secretary earlier. Think ballot handed out during the registration is the ballot to be used for this vote. Please mark with an x either in the box under the words for or in the box under the words against. When you have completed and signed the ballot, please raise your hand. Does anyone need more time? Well well, about ballots are being collected and counted, we'll proceed to the next, item of the agenda, which is, remarks from our CEO and CFO, Steve Williams and Alistair Cohen. Mister Williams and I will preside over a question and answer period at the end of the meeting. So if you have any questions, I ask you raise them at that time. So, Steve, over to you. Okay. And thanks, Jim, and thanks to Casey, as well who gave us the blessing this morning. We are deeply respectful of the lands we're on and the neighbors that we have here, and I'm pleased and and delighted, he honored us with his presence this morning. So welcome to to to to everyone. Welcome to the, two thousand seventeen AGM. As I said, it's on the traditional, territory of the, treaty seven, people, so we were delighted to, welcome Casey this morning. I'd like to start my words by expressing, some appreciation, to the board chair, Jim Simpson. As you've heard, Jim announced his retirement from the Board, in February. He retires at the end of today's meeting after eight years on the, Suncor Board and five years, prior to that on the, Petro Canada Board. Jim's impact on Suncor has been considerable through his time both as a director and a chair. I think he's very well known, for his reputation and strong focus on governance, on collaborative working, on focusing on solutions. And really just to say, Jim, you know, we are sincerely thankful, for your your presence and they are they are appreciated. It's been through a period of immense growth and success, for the company. So thank you very much. I'd also like to, just take a moment to, welcome our incoming chair, Michael Wilson. He's been a member of the board since 02/2014. Michael, a warm welcome, to you, and we look forward, to working with you in in in a new role. So welcome. Now looking back over, the past year, 02/2016, was anything, but dull. It proved to be, full of challenge, and in equal measures opportunity. And I think thanks to the, very focused strategy, the integrated business model, we have and the operational and capital discipline, what you've seen is Suncor deliver strong results in a very complicated, external, environment. So let me just take a brief moment to, talk about, 2016 and, that context. As we expected, the average oil price, was the lowest in over a decade. And while prices, did stabilize, and strengthen somewhat, we maintained our focus on operational excellence, that cost management and reliability and, capital discipline in what work we put the shareholders' capital to. Our 2016, oil price environment also created some favorable conditions for acquisitions and divestments. And thanks to the strength of our balance sheet, we were one of the few companies able to take a real strategic advantage of that market opportunity right at the bottom of the cycle. So while with transactions we executed in the past year, our belief is that we've enhanced our portfolio of assets and generated significant returns for our shareholders. And as Jim said, in 2016, the shareholder return was just under 27%. It's impossible to reflect on the past year without mentioning, the wildfires around Fort McMurray. I think the fires tested industries, governments, and communities' response capabilities. I think they also, proved without a doubt, our resolve and our resilience in the face of, that adversity. Climate change continued to be, top of mind in 02/2016, with various regions, introducing legislation, to address this challenge. We continued to support policy promoting economic prosperity, competitiveness, and regulatory certainty, while protecting the environment. The past year also marked, by, energy infrastructure decisions. In November, two key pipeline applications were approved, while another, was denied. And as we all heard recently, a presidential permit, has been issued for the Keystone XL project to get our products down into The US. So if nothing else, 2016 demonstrated what I think of as the importance of vision and focus. First, at Suncor, we've taken those words to heart, building on, what I described as an incredibly resilient company. That was tangibly evident in our response to the Fort McMurray wildfires. Our safety first value guided our efforts in that response. While our assets were undamaged by the fires, we did take the precaution of commencing an orderly shutdown of operations, in the area and then safely, restarted our operations. Our response and our efforts to, help the community recover wouldn't have been possible without the strong focus on operational excellence that we've had over a number of years. And I can honestly say, I've never been more proud of our company, of Fort McMurray, or of the, Suncor team. Our employees also helped to drive solid operating and financial results in 2016. That includes just under six and twenty three thousand barrels of oil equivalent per day in total production, and that was an 8% increase over 2015. We also generated 6,000,000,000 in funds from operations in 2016, even with an average, crude price of, just $43 per barrel. So a significant focus for us has been on managing our costs. We're making real progress, achieving significant and sustainable cost reductions in line, with our vision of operational excellence. And let me just give you an example. Our average oil sands operating costs, for 2016 were CAD26.5 per barrel, and that's a 5%, improvement over the previous year, and that trend is continuing this year. And you'll see us continuing to focus on operational excellence, productivity, business processes and the supply chain into our business. Meanwhile, our Downstream business delivered strong results, including throughput of just under 430,000 barrels per day and a refinery utilization of 93%, which is an industry leading performance. Our E and P business made solid contributions in 2016, including just under 118,000 barrels a day of oil equivalent per day. And as you heard with our first quarter results, that strong performance has continued, this year. So while these are independent business units, together they form a proven, integrated model. And that's one which is helping Suncor, to make the most of its profits through, each part of that value chain. So combine that with the capital discipline, in our integrated model is helping us, to build considerable financial strength. This strong financial position has enabled us to strategically grow the company. A major accomplishment for us in 2016 was increasing our interest in Syncrude through the acquisition of Canadian Oil Sands, and the purchase of the Murphy Oil assets. Those transactions resulted in our ownership rising from 12% to almost 54%. Suncor's focus on the Syncrude asset and operations has increased accordingly. In 2016, we acquired a 30% interest in Rosebank, an offshore development in The UK North Sea. And should that proceed to production, then Rosebank could add 30,000 barrels a day of oil equivalent, very high quality sweet crude to our product mix. Taken together with the sale of our Petro Canada lubricants business and other sales, these transactions reflect a strong record of countercyclical acquisitions and divestments. And we also continue, to invest through the commodity price cycle into, key, long life growth projects, Hebron and Fort Hills. Located off of, the East Coast, Hebron achieved a significant milestone, late last year with towing of the platform to the deepwater construction site, and we expect the platform will be towed, out to the production site, probably in the next few weeks. That first oil will be achieved in the first quarter. Our Fort Hills project advanced significantly through 2016, and into 2017. 83% of the construction is now complete. Four of the six, major project areas have been turned over, to operators. 69% of the operations personnel have been hired, and we've just achieved under, just under 50,000,000, construction man hours, without a single, environmental health and safety or regulatory, enforcement actions. So very proud of the focus of the team up on Fort Hills. And the project is on track for first oil in quarter four of this year. So we think it's quite fitting in a sense that this is our fiftieth year of operations, and now we're bringing Fort Hills on, which is which is going to be with us for the next fifty years. A key part of the Fort Hills is the East Tank Farm development, which, when completed, will significantly contribute to bitumen storage, blending, cooling facilities, and connectivity to third party pipeline systems. And we're really pleased, delighted to have entered into agreements with Fort Mackay and Mikasu Cree First Nations for a combined equity interest of, 49% in that project. And for these two nations, this project will be a substantial business investment, that will provide a stable source of income over a long time, to fund essential, community programs, services, and, the infrastructure they need. For Suncor, these agreements demonstrate, an evolution in our relationship with First Nations. They will become true partners in Suncor assets and will be well positioned to realize their long term, economic prosperity and greater participation in, energy development. So I'd like to extend my personal thanks to, chief, Jim Boucher, and to chief Steve, Courteray, and to our, Mark Little, our president of Upstream, for their leadership in, putting what is a monumental, deal in place. It really is, I think, that has set the trend for the future in terms of, those partnership, relationships. Now as we grow Sun La Core, we've recognized that, access to market is not just, an engineering and financial discussion. It is something that needs to happen in a much broader social, context. We support the, responsible development of pipeline infrastructure, not only to move our products but, as an important contributor to provincial and national economies. We're very encouraged by, the Government of Canada's recent approval of the two pipelines and a presidential, permit being issued for the third. These pipelines will move oil produced, to the highest standards, while staying under the, oil sands emissions limit of the Alberta climate leadership plan. We know that ongoing consultation, listening to communities, and understanding ways to address concerns and explore opportunities need to be part of, that path forward. So that means further working closely with aboriginal peoples so that they're involved in developing resources from from from the start and then through, the life cycle of developments, something you've seen us do with that, East Tank Farm development, by Fort Mackay and Mikisu Cree First Nation. We need to change the way we think, and act in order for aboriginal peace people to be, to play a greater role in our development, and that's part of some key, social goals that we've been setting ourselves, and that we introduced some new ones, last year. So we've committed over the next ten years to, further aboriginal employment recruitment, training, development, partner with aboriginal youth, and advance, these mutually beneficial marketing arrangements. And that's not the work of a few people on the edge of the business. That's the work of all of us, in in in Suncor. And it's it's early days, but, but by inspiring all of our employees to take action, we think we are uncovering real, tremendous opportunities now. Another important, area of collaboration is on climate change, and we're doing our our part there too. First, through a new greenhouse gas goal to reduce total emissions, intensity of our oil sands and petroleum by another 30% by, 02/1930. And then second, by working with others such as, the Canadian Oil Sands Innovation Alliance to accelerate, environmental technology development and and then the rolling out and deployment of that technology. Third, by raising, the bar in, how we report on our progress. You may have seen, that we recently published a climate, report which outlines, Suncor's strategy to be, resilient in a carbon constrained world. The preparation of the report took transparency in the industry to a new level, as we engaged in a broad based dialogue, with a cross section of our stakeholders. And then the fourth area, is by promoting, what we call sound public policy through organizations like Canada's Eco Fiscal Commission. We fully support that view that a healthy environment, social well-being, and a and a prosperous economy go hand in hand. Several years back, we sat, we sat down and worked to crystallize, Suncor's mission, vision, and values. And it took a fair amount of time and effort and reflection, but I'm confident that the discussions were worth it, and we got it in large measure right. Our vision is to be, trusted stewards of valuable natural resources, guided by our values. We will lead the way to deliver economic prosperity, improved social well-being, and a healthy environment today and tomorrow. And that vision has served us extremely well in generating value for our our shareholders. Looking back at what we achieved in 2016 and then reflecting on, what lies ahead, I remain very optimistic. We're well on the path to achieving our vision thanks to our strategy and the disciplined, focus of our leadership team and and most importantly, our employees who demonstrate and live those values every day. So as I turn the, floor over to Alastair, I'd just like to thank you, for your continued support and confidence. Thanks, Steve, and good morning, everyone. So I'm pleased to present Suncor's 2016 operating and financial results for the past year, and they demonstrate that the execution of our business strategy is really driving Suncor's continued success. Thanks to our integrated model, our financial strength and our ongoing focus on operational excellence and capital discipline, Suncor remained well positioned to respond to the dynamics of the year and delivered significant value for the shareholders. As Steve mentioned, we grew our production in 2016 due to an increased stake in Syncrude and strong performance across all our operations. Our total upstream production was just under 623,000 barrels of oil equivalent per day. That's an 8% increase over 2015. Our production included over 117,000 barrels per day in E And P, over 378,000 barrels a day at Oil Sands Operations and 130,000 barrels per day at Syncrude. In our Downstream business, refining utilization remained consistently at the top end of peer performance at 93%, and that drove throughput of over 428,000 barrels per day. Turning to our financial performance. We generated $6,000,000,000 in funds from operations even with an average WTI crude price of just over USD 43 per barrel. Now due to the impact of the forest fires and the decline in the oil prices, we incurred an operating loss of $83,000,000 or $05 per share. I just want to emphasize, however, that our cash flow generation of $6,000,000,000 more than covered our sustaining capital and dividend requirement of $4,200,000,000 in 2016. Being able to generate cash to that degree doesn't mean to say that we rush out and spend it. Suncor continues to maintain a strong focus on controlling our costs and rigorous capital allocation. Therefore, it shouldn't come as a surprise to anyone that our capital allocation priorities haven't changed over the course of the past year, and they won't change in the coming year. So just as a reminder, they are to sustain our asset base and production, to return cash to shareholders through growing dividends and value based share repurchases, to maintain our strong balance sheet and to fund profitable growth, including mergers and acquisitions. We've been conscious of living within our means throughout the downturn, which has included prefunding major growth projects. We've also maintained a very disciplined approach when it comes to managing costs. For example, we have achieved nearly $2,000,000,000 in cost savings over the past two years, inclusive of the additional costs incurred with our increased stake in Syncrude. That capital discipline has also ensured our ability to maintain our strong balance sheet and strong investment grade credit rating. At the same time, our capital discipline and financial strength have enabled us to take advantage of market opportunities to generate and return significant value to our shareholders. That includes a history and its fifteen consecutive years to be exact of annual dividend increases. It also includes preserving the ability to maintain and increase our dividend throughout the downturn and also staying true to our philosophy of being able to sustain capital expenditures and dividends at a US40 dollars per barrel oil price. The sum total of our financial strength, our long term strategy and our disciplined execution is an indicator of the leading company that Suncor has become and we believe is one that represents a strong investor proposition. Investors can rely on Suncor to continue to do the right things, delivering strong returns to our shareholders, maintaining our balance sheet and flexibility, driving profitable growth, and ensuring risks are properly managed. So thank you for your commitment to Suncor. And with that, I'll turn it back to Jim. Thank you, Steve and Alastair, for those remarks. It's now time to finish the formal business of the meeting. We've received the ballots from the scrutineers, and I'll now ask the secretary to give you the results of those ballots. Thanks, Jim. And I'll I will round these numbers to shorten part of the meeting, and we will be publishing the numbers following the meeting as well. First of all, then I'll report on the election of directors. Patricia Bediant, 99% in favor. Mel Benson, 99%. Justin Cote, 99%. Dominic D'Alessandro, 99%. John d Gass, 99%. John r Huff, 99%, Maureen McCaw, 98%, Michael w O'Brien, 99%, Ira m Thomas, 99%, Steven w Williams, 99%, and Michael m Wilson, 98%. Secondly, I will read the report on the ballot relating to motion number three, which was the increase in the common shares reserved for issuance under the Suncor Energy Inc stock option plan. Percentage of votes for the motion, 90%. Percentage of votes against the motion, 10%. And finally, the ballot on motion number four, which is the advisory resolution on executive compensation, percentage of votes for the motion, 95% against the motion, 5%. That concludes my report. Jim? Thank you very much, Janice. The Scrutineers report will be incorporated into the minutes of the meeting. I accept this report and declare that the board of directors will consist of the 11 nominees named in the circular. Congratulations. I also declare that the shareholders have approved the resolution respecting the increase in the number of common shares, reserved for issuance under the stock plan, by an additional 25,000,000 shares. I further declare that the shareholders have accepted the approach to executive compensation to close disclosed in the management proxy circular. If there are no further matters to be brought to this meeting, may I have a motion that the formal portion be terminated? My name is Steve Duke. I'm a Suncor shareholder, and I move that this meeting be terminated. Thank you, Steve. May I please have a motion to terminate or second the motion? My name is Corin Hockey, and I'm a Suncor shareholder. I second the motion. Thank you. Those in favor of the motion, please indicate by raising your hand. Contrary. Motion's carried. Oh, ladies and gentlemen, I now declare the formal portion of this meeting to be terminated. And I'd now like like to open the floor to questions and answers, and we'll respond. But before we get started, I'd like to take a moment to introduce our new chair of the board, Michael Wilson. Michael? Michael has been a director of Suncor since 2014 and has acted most recently as a member of the Suncor Governance Committee and the Human Resources and Comp Committee. I'd like to take a moment now to introduce senior management team, who may be called upon from time to time to answer questions. We've already introduced Steve and Alister, and I'll go down and Janice, of course. And I'd I'd like now for these senior executives to stand when I introduce you. Eric Axford, executive VP, business services Mark Little, president of Upstream Mike McSween, Executive Vice President of Major Projects Steve Rainesch, Executive Vice President Strategy and Corporate Development Chris Smith, Executive Vice President of Downstream and Paul Gartner, senior VP of human resources. So now we will take motion or questions from the floor. Steve or I will endeavor to answer you. Yes, sir. Would you go to the mic, please, Roger? My name is Roger Smith. I messed up your mind here. Roger Smith. I'm a a shareholder. First off, congratulations on an outstanding year. Given all the various pressures, it's quite remarkable. And the other thing that I thought was remarkable was your safety record. I I saw there were zero incidents, and you I don't know if that applied to the entire organization or not, but that that's outstanding. So congrats. A couple of questions, and and I guess they really focus on the oil sands. One, you mentioned that you got your cost down. I think you said $26, and and you mentioned the word sustainable. I'd like you to comment if you if you wouldn't mind on why you think this is gonna be sustainable. There are a lot of competitive reasons, reduction in competition, service cost drops, etcetera, which have contributed to that, I expect. Why do you think that that can be sustained well into the future? The the second is is, looking at the oil sands, what technologies, what operations, what innovative measures are you gonna be taking that are going to to help to improve emissions, productivity, and recovery factor. So I'll just leave it. Steve, I think that's yours. Okay. Thank you. Thanks, Roger. Yeah. I mean, first of all, on, on on the safety records, I think that that they're very worthy of, of mention and comment. The performance on Fort Hills is absolutely world class, in an area which is very difficult to work through, a, you know, challenging construction program. And as you know, we have the forest fires around there too. So Fort Hills was the, was the 50,000,000 man hours. The performance in the rest of the company is at similarly, high level. So, you know, in the past, we have had times when when our our our performance hasn't been satisfactory. We've done an awful lot of work, on safety in our environmental performance, and we're seeing, the rewards of that now. So so so thank you. The costs are are sustainable. In fact, yeah, we talked about, '26, just over '26 for 2016. This morning, when we announced our first quarter results, those costs, were down to, just over 22, dollars a barrel. That's Canadian dollars. So they're down at just over 17, US per barrel. We're comfortable that they, not not not always sustainable at the very low end of the range, but that we permanently, adjusted them down. A lot of it's to do with the long term operational excellence program we've had in place. You've got, you know, very expensive fixed assets and you're trying to get them as reliable as you can. And we've gone through a complete turnaround cycle of the whole facility, through the last, five, six years, And we've got it into a condition where we believe we can start to sustain, the levels of reliability. So that's one of the big contributors to cost. The other one is, you know, the processes. We're getting smarter at what we do. There are some benefits of scale. So as we've been growing, we've been able, to, spread the resource we've got, more more more finely and help the costs come down. So our view is they're sustainable, and the internal challenge we set ourselves is to to try and get it below 20. And we think we could see that, in in in the future. It's probably worth saying that gas prices, I know, you're particularly familiar with the gas world. Gas prices actually came up just under 50% last year. So, so it was in it's, you know, the the the numbers we've got this year, when you look at the $22, that's in spite of nearly a 50% increase versus the year before. So, it's a good performance. We're working hard on it. It's it's sustainable. Technology, a couple of things, I would say. Lots of opportunity in technology, around the mines themselves, which tend to be thought of as as as yesterday's technology. We have a fleet of automated trucks operating, up in the Millennium, mine now. Just on a piece of land to the side of it, it's working. It's working well. We still got some more tests we want to do, and we'll be coming to conclusions as to how broadly we apply that at the end of this year and beginning of next year. We're reasonably confident in the impact it can have, particularly in new mines. So the trucks we've built for we bought for Fort Hills are they have an autonomous capability in them because we believe at some stage in the future, we can we can put those into fully autonomous service. The other big, technology changes are around, in situ itself. We've got now large scale, pilot plants operating with, the new solvent, the new solvent technologies. And it's encouraging. I think that will be, a part of the basis of, the in situ replication we roll out as we go into the 20s. You may have noticed in the first quarter, we got the first approval for East the approvals for East Meadow, the first of, those projects. And we think we'll be rolling out probably, 400,000 barrels a day of, in situ capacity through the 20s. So lots of technology going really well. And probably just worth saying, you know, we we we spent a lot of time and effort in in what's called COSEIA, the the Canadian Oil Sands Innovation Alliance. We're a founding member. We're actively supporting it. There are literally hundreds of projects, very encouraging, addressing all of, all all all all of the challenges, we see in the future. So a lot's going on, and I think we'll make great progress. Thanks, Steve. Any other questions? Yes, sir. And there's great deal of faith that in every every management and discussion analysis about what how to justify that compensation. And I would just suggest that you spend as much time indicating what the company is doing in terms of technology and what the advances it's it's making. And I I mentioned that in the context He ruined several washing machines doing it. And before him, there's a fellow at Kaminco named doctor Diamond. And he came up with an American I'm sorry, a German process and and brought the froth flotation process into mining, which is the kind of thing you're using ultimately in in Suncor. And keeping in mind that and and I'd say this, mister Williams, because you've got an English accent, so you haven't sent the whole of your lights in the prairie such as I have. But keep in mind, we have two commodities that really have made the the West, grain and energy. And grain and low prices, keep in mind, they're both are are governed by the world prices. Now I haven't spent some university time in Ontario, all these tariff protections and everything. We had none of that out here. So the grain at such a low level drove brilliant people from the farms into the oil industry, and that's why we got so many capable people from the Prairies in the oil industry. But we that read these annual reports just to read and go at numbers, and this lady is quite concerned about how the compensation is going. And I think I I do think there's an obscenity about it, but I think that there there's a justification that you can make in your reports. If you're gonna spend that much time having the wordsmith working on the exact compensation, then try to tell us what some of the innovations are, the technologies are, that are going on. And I know that they're going on because I'm a lawyer, and I've acted in cases involving both PetroCanada and Suncor. And I know I've been to the Suncor plant as a result of of one of those cases. And I know that there's that technology, but you're not selling selling it to to your shareholders. And you're not selling it to the East because they just think that we're just a big pool, and you just have to put a straw in and draw it out. And so we got this guy in the East that just comes out here smiles, and there's people here that will line up and have the picture taken because he's better looking than they are. So they go, wow. This is a great selfie. But that's not what what you know, there's quite a bit of intellectualism in this in this, Western area. And I think that you should start appealing to that, and you should take your message. And it would be a real justification for for the executives if they spent some time in the East selling what you have. And start off by selling it to your shareholders because you've got a lot to sell, and I don't think you're doing doing as much as you could. Thank you. Those are great remarks. Thank you very much. I appreciate it. I'll just make one little comment. I you know, I think in the highly competitive, oil price environment that we're in globally right now, innovation and technology are crucial. So I think, your suggestion of explaining what we're doing, and we're doing a lot as you surmised, I think explaining that better is a very good suggestion. Steve, any comments? You know, just make make make an odd comment, and I'll, I'll try not to spend too much time on the minutiae of it. We agree. I mean, we are actively, developing technology. We are actively, talking to federal government as well as provincial government. We're talking way beyond, the back the the the boundaries of of just Canada. We're talking into, into The US and the rest of the world. And that conversation has made tremendous progress. That's why, the Off Oil Sands campaign is not quite as energetic as it was before. That's why we've got three pipelines approved. That's why COSI is in place. So some tremendous work. Can always I take the point. We can always do better. And I would just the the the compensation issue, I keep hearing a thread of it, I hear, Janice did say a number. 95% of our shareholders supported our our compensation system. So we are asking, we are listening, we recognize there are broader views, and the executive compensation has been flat for three years now. So so, you know, there are some arithmetic things that happen there, but salaries have not changed for three years. So what I would say is we're listening. Things have happened, and we're pleased that we've got such a strong support of 95%. Thanks, Steve. I have another question here. Good morning. My name is Ross Girly. I'm a shareholder as well. I just was wondering, and I apologize if it's already in the quarterly report here. I was just wondering the financial impact of the carbon levy on your operations and if it is reported or can it be reported in your quarterly reports? Yeah. I mean, it's it's very complicated, as you could imagine, because it's a staged payment, and it depends on what you actually produce. I think we probably have here, we've just put together a report which is, set it. It's probably the best one, to be honest, which is issued in in in in in the oil and gas industry, which addresses exactly that question. And the simple answer for in the medium to long, term is it's 60¢ a barrel. Yes. I'd like to take issue with the fact that you keep pushing forth that you say 95% approved your compensation. And the reason I take issue with that is because, first of all, when the motions are put forth in the circulars, there are recommendations as to how to vote. And generally speaking, those who hold their hand out will never say don't vote for us and give us more money or anything of that nature. So therefore, you get those people who are reading those circulars, and I hate to say it, but we do have perhaps some shareholders who really don't understand the whole minutiae, and they just follow blindly as to whatever the board recommends. And so there, you're going to get a chunk already. And then, as I said, you've got a big chunk, even yourselves, who keep shoveling yourself all these units. Individually, I'm sure you've got more units than a lot of us will ever get through hard work. So the whole chunk or a large portion is already spoken for. And I hate to say it. Like I say, there's those who just blindly follow because they don't know what else to do. And I'm trying to wake those ones up that are blindly following because paying your board and paying yourselves these obscene amounts of money. This is why we're only getting 3.03, and I think it's gotta stop, really. Thank you. Okay. I I understand your point of view. Next question. Hello. My name is Scott Wenger. I'm a Suncor show Suncor shareholder. I just wanted to ask whether or not, you're seeking opportunities outside of your current, areas of operation. I I mean, the simple you know, we we're we're a global oil company. We've got, an integrated business in in many parts of the world, but the simple answer is no. What we're looking at is concentrating in on our core, our core being the oil sands business integrated through to the customer. So, oil sands through the pipelines to the refineries to the eventual consumers. And and that's the core of our business. We have a very healthy E and P business, which is primarily on the East Coast Of Canada and in the on both sides of the North, North Sea. And you see us look at those areas. But we're not scouring the world. We tend to concentrate on the things we know how to do. Thank you. Yes, sir. Yeah. Hi. My name is Adam Homer. I'm just wondering how low do you think you can get your cost per barrel? That's over to you, Steve. Yeah. I'm not sure that there's far enough away that I can say some things and they can't get to me. I mean, we're we we set the challenge internally to get below $20.20 dollars a barrel. Of course, when we set it, there was parity between The US and and and Canadian dollar. We've beaten it on The US, and Canada is up in the, you know, low, mid twenties. I think you will see us over a number of years continue to target that range, and I think we'll make real progress. So, you know, getting it down in this in this low twenties range is is is is setting the standard in industry. We think we've got a bit more progress to make. And and an essential part of that is this ops excellence. Get the plants reliable, running them full, and then spreading the, the high cost over. So, in in the maybe below 20 if I live if I live long enough. Yes, sir. Good morning. My name is Kelly Carter. I'm a shareholder of Suncor. I've also been a dividend reinvestment plan investor since 1996, so I have strong confidence in the company. In university, I did a research project on the Obama administration energy proposal that brought The United States to 2035 with 85% of their oil production from The United States with a 15% supplement from Canada. With the new administration in The United States, has that model changed? I mean, it's very difficult to forecast exactly, what's gonna happen. I think if there is I'll I'll pick out a few key beliefs that we have. One is that, you know, you can go way into 2050 and beyond, and hydrocarbons will be an important part of the energy mix. So we think there's still an important function for gas and and and oil. If you look at the mix of products, we had a point of view which was on this continent, the the the various, I'm sure you're familiar, various grades of of crude oil. The easiest split is there's some light, light ones and some heavy ones. And and our view was that there would be an abundance of light, sweet crude on this continent, but a shortage of heavy crude. And the the choices the continent would have is either to use the Canadian heavy crudes or to import it from Mexico, Venezuela, some some in The Middle East or or Russia. We believe we can win that competitive that competition to have ours. So we're very comfortable that Canada's crudes have a part to play, right the way through, until supply demand and the remix of energy in a lower carbon world happens. But, certainly gets us through, that period. So, yes, we're we're we're comfortable that Canadian oil sands has a big part to play. Thank you. Good questions. Thank you. Any other questions? None from, the Internet. So, I believe we're done. I'd like to thank everyone for, joining. And I'd actually like to thank the lady that the shareholder that expressed her points of view passionately, and and obviously, it means a great deal to her. And I think it's healthy to have that kind of debate. So thank you. So look forward to connecting with you again. I'll be sitting down there next time, and thanks. Have a great day.