Q4 2019 Earnings Call

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And one of our first Pandemics, which was back Sars going way back many many years.

And it's a great skill to learn if you're actually managing remote personnel and we've got some leaders that are doing that some folks that are on the other side of being managed to Rmbone billion. So some of this is not new but I think it's a skill that but that may have some interesting possibilities for us going forward, obviously supported by 10.

Knowledge.

You know something that it's it's also just accelerating like.

I think two to win this first happened is one of the questions that came up was Oh my gosh, how are we going to approve our invoice them there was some.

Some smart administrators is it visiting the problem [laughter].

You can actually deal with it you don't need to find these thing.

And the and I like that and I think it's putting a very healthy pressure.

On our existing technology, which is which is actually giving us some healthy.

To me some healthy comfort I mean, I have seen John Hill, our SVP of information technology come in and he's.

With the crushing low Doug.

Remember I think the first meeting he was on is it was like welcome to Sungard, but we're having a lot of connectivity issues that need to fix these analytically he was able to take advantage of.

Have a member hymns, saying, we've got licenses to a better technology and we are actually going to implement this because it's going to improve things and and I continue to see this day by day is out of necessity. We are accelerating our ability. This whole teams thing is to.

Is interesting current and I just had a very great face to face Con Brickets conversation. This morning, it can work and apparently works well better than some of the things we have in and the.

Such a great question, sorry, but but I think society is also going to change.

And and I'm waiting to see kind of what of this becomes structural is that we we maybe we get used to just kind of.

Ordering food from a restaurant to our homes and nobody goes out I don't know when making stuff up but I think there or types of things that we're doing right now the people might go hey, this can work coming for.

Currently working working at home.

I will confesses that I think for probably lots of folks on this call is we have vastly improved productivity.

Yes.

There's no travel time, you start work right away you know you.

And and quite frankly, I think the harder part of it is is working at home becomes I'm at home always working and that's a that's a fine line that we're gonna have to learn to to draw, but but anyway. There's just just some musings.

Again, my thoughts not well organized but just some musings there.

There there are limited snacks.

Yeah I.

I found somebody commenting on that on a.

On a hammer, but.

I'm limited snack, but it is interesting isn't it sort of even you know beyond.

The the coal connectedness that comes from this kind of a crisis and isolating and you know the now I'm going off topic. So indulge me for a moment.

I live in a condo and we reached out to send to note put in November the door of everybody on our floor to say you know sorry. It took a crisis to connect with you, but perhaps we should fare contact info in case anybody needs help or you know we can support one another and we got this system.

Wonderful outpouring from all of our neighbors and we've lived in the building for eight years and I'm embarrassed to say I didn't know all the neighbors on my floor. So hopefully there's some positives to and I I feel some of that same thing at Suncor when I follow yammer on here the stories and read on the core about how piece.

People are carrying for each other some really really proud of that Chris there a couple other questions that I have got I don't know if you have that I was going to just take a quick crowd crack up I know, we're getting close to the end of our call, but one of the questions that I had.

It was about our corporate social responsibility programs and how they are serving communities and families affected by covert 19, and so I'm I'm not going to be able to give you all the details, but certainly the team has activated the community investment team a humanitarian.

Program, so that there's that Matt, saying and if you donate to organizations, helping to support the cobot 19 efforts. There's a matching program at Suncor and you can go on Sun care as and find out about bad.

Where we're also just as a as a note you know we have a reserve fund for community investment. So that just four times like these we don't have to stop giving and supporting the communities that have supported us threw out a throughout our history and so I'm we're very.

Fortunate to be able to continue to meet our commitments and to support the community through that.

In part through the reserve fund and and managing those commitments.

I was also you know just on this last theme that we had somebody had asked about what practices that yelp. He has put in place to enable communication, while maintaining physical distant thing and asking if that you all to use all still in the office I in fact, Mark let alone himself as is working a lot <unk> remotely.

And I'm.

You know getting used to two escaping mark and seeing what his office looks like and and the background to them, but many of the L. team members are working remotely or or spending.

Much reduced amounts of time in the office and going and just for select things are meetings. So.

Where we're trying to do our best to respect the physical distancing and to respect keeping other safe by by working remotely as much as possible. We're also you know if the Thomas' point about.

Productivity, and I mean, where where income connects and a lot and now that we're working remotely it's easier to get into one another's calendars, and and where we're having regular meetings or texting were staying in connection and using the tools that we have.

You know through our system, particularly Skype queries and tried to my fear times.

And then there was another question that I, well and then I'm going to give it back to you to Chris to see if there's anything for closing.

So what our investors biggest concerns with suncor and the yield might suggest they think a dividend cut its coming.

And I would I would just say you know investors are our I understand that what we are focused on right now is creating resilience for the long term.

And so you know our press release that was released if this week was detailed and it was probably more detail than what you've seen from some of our peers. This they announced capital cuts and so on but what we wanted to do with conveyed to investors that the approach that we're taking is very thoughtful not only are.

We considering that says just an upstream issue, but we are considering the impact on downstream impact on demand destruction. We are focused on creating value before volume I mean, we've seen some of our peers come out and say their volumes not changing and we think that's just unrealistic in a world where.

Demand destruction is going to be evident and and so it was a thoughtful and detailed releasing it took the market a little better time to to soak on it then.

And the feedback that we're getting is that they appreciated that thoughtfulness and the approach and the particularly the approach of value over volume as you know dividend decisions our board decisions.

But you know we we pay.

Dividends to our shareholders in the aggregate of almost $3 billion a year. So.

You know it.

It will the board will take into account that quantum and that conditions in the context within weeks, where operating and I certainly wouldn't want to speculate on on what kind of decisions the board might take in that event.

But hopefully that answers or some of the other questions that I had here too Chris do you have anything else that that our folks would like us to answer before we close.

I think there's one here about ironically, a this crisis is bringing us actually closer together in a lot of ways are there any ways that the leadership team is envisioning that we can build on these opportunities even after the crisis.

Oh I love that question.

I mean, I can better if one thing there. Please go ahead [laughter].

Having said that the.

Well, that's just things that we have seen.

And I certainly [noise].

Genesis speaking my teams and a cross into.

Teams as well as each meal collaboration that we've been seeing.

No.

Kinda team work, it's always been good within some quarter legal but it has stepped up in such great wage.

10 days yourself and I don't think so we will go back to having less of that I think because there's an opportunity really for us to get you know each other better too.

Break down some of the silos, we might have and that creates opportunities not just for collaboration but from war learning and for people to dig into areas, where they might not have had an opportunity to do so before and again that will be one at the silver linings I expect.

Great comments, Tom let US do you have anything you want to add to that.

Oh, you know what I mean, the <unk>.

Not much to add except you know the I love the notion of bringing to bring you know, it's bringing us closer and what do we sustain I mean that gets to the short answer is yes is it is I think we want to make sure that to the extent. This is bringing us closer together that we continue to <unk> I think I think if I just observer.

I would just always dangerous is is it becomes is if you get back into an office environment do we go back to our old habits, and how do and I'm talking about the Royal we I'm not talking just our lean and but need and I, but.

Every one of US on this you know on this call is is how do we hold ourselves accountable to two actually continue to nurture. This so that it becomes instilled in or culture, and Ah and not fall back into some of the some of the habitual ways and I love, but need his comments about collaboration and cross training.

Because I I think that's just you know it just makes your your experience you just more rich or whether you're a lawyer apparel legal or an administrator or whatever you may be doing is just to to just to continue to learn and grow your it'll be a lifelong learners. So it's actually one of the <unk> a very healthy.

Things. So those are my thoughts are lean over to you.

Oh, that's great I'm not sure that I can that I can add too much about I think I think that it's gonna be incumbent upon all of us to continue to take advantage of Oh.

The changes in connections that we've made particularly in the way, we work and and I do think that.

Breaking down the silos of our various teams that we've seen happen over the last few weeks in particular, a is gonna be something that well that will benefit us going you know over the long term and.

And and really like this is it for me. This is just brought to the forefront living our purpose and our values and I can see it I can connect to it I think about it every day and and I think it's when you know I don't get them like saying when things go back to.

Almost like what is normal anyway, but you know when we're back in the office or when we're back not to working remotely in the same way.

I think its remembering that purpose and remembering our connections and how we care for each other that is going to really really make a difference.

And I see Chris that I was I was actually looking at my phone to see how long had been on the phone, but I realize I came on before the call started so we do have a little bit of time, if there any more questions, but they don't need to belabor. It if there are it's either.

We have one more that's come in online here. He can answer it asking then maybe we can close out other question on line is.

I do we have a line of sight into how our competitors in the industry are handling the current oil price clinic.

Oh, well I'll take a a ticket crack at it we are definitely following our competitors in terms of how their handling it. So first of all from a safety perspective, and working remotely and understanding the precautions and and ways that are.

Our other companies in our industry are keeping their employees safe we have been in touch with our counterparts from the GETCO. So you know in our own group I've been in a in touch with a with my counterparts I'm on the C. M T.

There are several who've been in touch with their counterparts, including Mark who has had regular updates from from has and and then from an investor perspective, we're following what investors are saying about others and how they're managing expenses and the capital cost reductions.

And so on and frankly.

You know there are many others in our industry, who do not have the luxury and strength from which we began.

Who don't have to strengthen their balance sheets their debt situations are much more precarious.

You know.

Downgrades are occurring from credit for credit ratings.

You know we.

We are where we're coming out this proposition of strength, but we don't see in all of our competitors, but what I would say I guess is we've seen everybody take you know capital spending reductions in varying amounts.

We've seen people cutting expenses.

But this is not.

Something that you know passes.

Any company operating in our industry.

When you look at the Exxon's of the World.

Their debt will go up significantly if this oil price continues over the long term.

So this is something that is affecting all of our peers in the sector.

And.

And so we continue to.

Collaborate in the sense of you know advocacy and understanding how some of our peers or a approaching government.

But but we're also.

Focused on what is best for.

What we see as best for the long term interest interest for our industry and our company and our people and the communities in which we operate.

So maybe I'll pause there does that does anyone want to add anything on terms of power competitors or.

Well, what you're seeing and I've got all the Montana.

Nothing Ted's for me or then okay.

And then okay.

Well, Chris unless there was anything else what I'm going to do is just give each of benita and Thomas a chance to close.

And is there is there any final questions there.

I don't see any at the moment snow.

Okay great.

Well I'll, maybe turn it over to you first Thomas and then to you been eat a true for your closing comments and then I will wrap up.

[laughter] well. Thanks. Thanks, so much certainly I would say from my perspective, Thank you arlene's for your leadership.

I would think and my colleague Benito for her support and collaborations my peers and just frankly my my thanks to each and every one of you I know you were all engaged in a in a multitude of different ways and.

I would persevere through.

Through this we will come out.

The other side.

And [laughter] and it will be better is my beliefs, and ER and I will close with a virtual hug to all of you who received such things take care.

That's great, but that's all we can do these days.

Funny that.

[noise] Thomasville everything I would have said, but I.

[laughter], so thank you and I get out.

But I would add death I can't emphasize enough how important it is too.

All of US I know to our lean as Tom mentioned, all his leadership that each of you take the time in the states to take care of yourselves and your family's through the S.. We appreciate so much the dedication to the company, but it is so important that you also can your concern yourself with your own health your family's health and wellness.

Let's take advantage of so silver linings I was working from home to take your dogs far walk get some fresh air spend some time with your kids. It's all the more important right now and we'll keep you well to that you're able to do all that you argue Lee.

It's unclear as well.

And right.

To help to all of US if you need any supports help.

Anything else.

That's great I I am not gonna repeat what my colleagues and said because they've set up so well.

I will just remind you that if you're trying to keep up to date on whats happening. The the core is a great source theres updated guidance there and information is updated regularly yammer is a great place to to see what's going on in two here I hear what's going on.

On a mark is posting fairly regularly as well so so use those resources.

But I guess I, well I will repeat one thing and that's just my thanks and my.

Concern for each of you I just.

Reiterate what they need US said about looking after yourselves and your families and that is that is job one to stay healthy and safe throughout this and and to look after those who need to.

So I'm really grateful for everything that you do day in and day out and if you had a question that we did not answer or just pop my son notes and we can send out answers to the whole team. So that everybody can see the question and the answer and happy to do that we will.

Try to stay in touch and thank you again stay safe.

Take care, everybody and thank you been even Thomas.

Thank you early.

Take care of Q.

Hi, everybody.

Bye.

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