The Calgary-based oilsands giant said it would “retain and continue to improve” its Petro-Canada branded gas stations, partly by expanding its footprint in non-fuel businesses like loyalty programs and convenience stores. (The Logic) 

Talking point: Suncor’s decision not to sell the business is a stark rebuttal of major U.S. activist investor Elliott Investment Management’s recommendations, which called for broad operational changes and a management shakeup after disclosing its stake in the company earlier this year. Former Suncor CEO Mark Little, who was replaced by interim leader Kris Smith in July, had already pushed back against Elliott’s call to sell its Petro-Canada stations, saying Suncor had the “best downstream business in North America.” The company’s decision runs counter to oilsands rival Cenovus Energy, which sold its Husky-branded gas stations last year to free up operating capital. Suncor expects to invest between $5.4 billion and $5.8 billion in 2023, according to its latest capital guidance, about $1 billion of which will go toward downstream assets.