Suncor Energy (SU.TO)(SU) CEO Rich Kruger says his company is better prepared than its Canadian oil and gas rivals to withstand a trade war with the United States, echoing recent comments from Bay Street analysts.

The Calgary-based company reported fourth-quarter and full-year 2024 financial results after markets closed on Wednesday. While net income for the three months ended Dec. 31 fell more than 70 per cent year-over-year, the results topped analysts' profit estimates.

Greg Pardy from RBC Capital Markets says a “robust” fourth quarter capped off an “exceptional” year in 2024 for Suncor. Toronto-listed shares closed less than one per cent lower on Thursday, after gaining as much as two per cent at the start of the trading session.

Suncor’s CEO was asked about the risk of U.S. President Donald Trump imposing tariffs on imported Canadian energy products. Earlier this week, Trump agreed to a month-long pause, after Canadian officials agreed to toughen measures against illegal migration and drug trafficking at Canada’s southern border.

“If we were in a world of tariffs, I like our position relative to our peer group,” Kruger told analysts on a conference call Thursday morning.

Scotiabank estimates the previously proposed 10 per cent tariff on Canadian oil would work out to about US$5.60 per barrel.

“Sixty to 65 per cent of our barrels stay north of the border, and they either go through our refining network, other refineries of customers, and/or off the coast. That’s a high fraction,” Kruger said.

“We have a large Canadian refining footprint, and I believe among our peers, we have more capacity to get crude off of either coast.”

Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist.

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