Suncor CEO Richard Kruger said in the Calgary company’s annual general meeting that it had been “rebuilt brick by brick” in the last three years, adding that the conversation among policyholders is “moving from whether Canada should more fully develop its resources to how Canada should do this.” Still, its 30 per cent year-over-year uptick in net earnings per share failed to hit analyst estimates compiled by S&P Global Market Intelligence in the first quarter. Shares fell more than seven per cent on Wednesday. (The Logic)

Talking point: Asked about new pipelines on an earnings call Wednesday, Kruger argued that Canada should be looking to expand capacity amid geopolitical pressures, noting that the U.S. energy market has changed “dramatically” and faces a “large” and fundamental mismatch between “the crude they produce and the crude that they refine.” Meanwhile, Cenovus saw shares fall about five per cent on Wednesday after posting its first full quarter results since acquiring MEG. On an earnings call, CEO Jon McKenzie said the country needed to course-correct after ceding energy jobs to “countries like Russia, Iran, Iraq and the United States.”