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    Adam Alexander Wijaya • Goldman Sachs

    Adam Alexander Wijaya's questions to Suncor Energy Inc (SU) leadership

    Adam Alexander Wijaya's questions to Suncor Energy Inc (SU) leadership • Q4 2024

    Question

    Adam Alexander Wijaya of Goldman Sachs requested an update on the progress towards margin improvement targets in the retail business, as outlined at the Investor Day. He also asked for a breakdown of the drivers behind the year-over-year reduction in OS&G expenses and the outlook for 2025.

    Answer

    EVP, Downstream, Dave Oldreive, confirmed Suncor is still on track to deliver the $200 million retail improvement by the end of 2026, highlighting progress through new restaurant offerings and the Canadian Tire partnership. On costs, CEO Richard Kruger attributed the reduction to a cultural shift towards rigor and discipline, noting the $1 billion reduction (ex-Fort Hills) exceeded his expectations and emphasized "we're not done yet."

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    Adam Alexander Wijaya's questions to Cameco Corp (CCJ) leadership

    Adam Alexander Wijaya's questions to Cameco Corp (CCJ) leadership • Q4 2024

    Question

    Adam Alexander Wijaya inquired about the current state of the uranium term market, asking if utilities are re-engaging in long-term contracting and what factors might be causing hesitation. He also asked for an update on discussions with Kazatomprom regarding the Inkai production suspension and its impact on 2025 output, and if Cameco's strategic position in Kazakhstan has changed.

    Answer

    Executive VP and CFO Grant Isaac explained that while 2024 term volumes were down, term prices rose, signaling a constructive market. He noted Cameco is being patient, focusing on its strong contract book and downstream opportunities, while observing some downward pressure on contract floors but not ceilings. President and CEO Timothy Gitzel affirmed that the relationship with their Kazakh partners remains strong despite recent "hiccups," and there is no change to their long-term strategy in the region.

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    Adam Alexander Wijaya's questions to CVR Energy Inc (CVI) leadership

    Adam Alexander Wijaya's questions to CVR Energy Inc (CVI) leadership • Q4 2024

    Question

    Adam Alexander Wijaya asked for an update on CVR Energy's strategy for diversifying its refining footprint and inquired about the operational path to achieving positive EBITDA in the Renewables segment, including the outlook for Sustainable Aviation Fuel (SAF).

    Answer

    CEO David Lamp reiterated the company's interest in diversifying away from the PADD II market, preferably by expanding west, but noted that the bid-ask spread on potential acquisitions has been too wide. On the Renewables segment, Mr. Lamp identified the uncertainty of government subsidies as the main obstacle to profitability. He expressed that for SAF, current subsidies are insufficient to justify investment, leading the company to pause further capital allocation until there is more clarity and durability in government support programs.

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    Adam Alexander Wijaya's questions to Calumet Inc (CLMT) leadership

    Adam Alexander Wijaya's questions to Calumet Inc (CLMT) leadership • Q3 2024

    Question

    Adam Alexander Wijaya asked about the current mid-cycle margin perspective for the base business, potential organic growth or asset sales, and the trends and outlook for feedstock costs at Montana Renewables.

    Answer

    CEO Todd Borgmann and EVP Scott Obermeier noted that the Specialties business has achieved a new, higher mid-cycle margin of $60-$70/barrel, even in a soft commodity environment. They emphasized that deleveraging is the primary capital priority before major growth projects, though value-accretive asset sales are always considered. EVP Bruce Fleming added that feedstock supply is not a concern and that the shift to the PTC should enhance MRL's competitive advantage due to its flexibility.

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    Adam Alexander Wijaya's questions to Imperial Oil Ltd (IMO) leadership

    Adam Alexander Wijaya's questions to Imperial Oil Ltd (IMO) leadership • Q2 2024

    Question

    Adam Alexander Wijaya of Goldman Sachs asked for the team's view on the renewable diesel margin environment for the Strathcona project and the demand and margin outlook for the chemicals business amid expected global supply additions.

    Answer

    Chairman, President and CEO Bradley Corson distinguished the Canadian market, noting Strathcona's economics are supported by refinery integration, local feedstock sourcing, and favorable regulations. For chemicals, he cited strong performance and strengthening polyethylene realizations, emphasizing the strategic advantages of the integrated Sarnia plant.

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