The original oilsands miner published the revised estimate of its “contingent resources” ahead of an investor day at which CEO Richard Kruger declared a “new dawn” for the troubled company he took over three years ago. (The Logic)

Talking point: A decade ago, Suncor thought it was sitting on about 19 billion barrels of undeveloped oil. Thanks in part to new technology, that number is now 30 billion, which Kruger likened to “walking into a Costco warehouse.” The revelation comes as Canada talks of becoming an energy superpower that could help reduce dependence on Russia and Iran. Kruger didn’t mention any of that, nor did he allude to the industry’s standoff with the government over pipelines and carbon capture. Instead, he focused on an improved safety record, a new breakeven price to US$43 per barrel, a plan to incrementally increase production over the next decade, and a pledge to increase stock buybacks to a total of $4 billion in 2026.