Mark Little countered Elliott Investment Management’s proposal that Suncor explore divesting parts of its customer-facing business, including its Petro-Canada gas stations, as the U.S. firm pushes for structural changes at the company. “We think we have the best downstream business in North America, and we think it’s important that it stay together,” Little said in a conference call with analysts on Tuesday. (The Logic)

Talking point: Suncor’s position on maintaining its current retail holdings could mark a significant hurdle in discussions with Elliott, which is calling on the company to add five new board directors and review its management and operations. The Calgary-based oilsands giant is a major Canadian oil producer and refiner, but also owns more than 1,800 Petro-Canada gas stations. Suncor has missed production targets and its share price has lagged its peers by 91 per cent, Elliott said in a letter to its board last month. Little has struck a conciliatory tone thus far on Elliott’s shakeup efforts, telling analysts on Tuesday he “looks forward to engaging in constructive discussions.” Suncor posted a $2.95 billion profit in its quarterly earnings Monday, more than tripling its earnings amid higher oil prices; it also increased its dividend by 12 per cent.