Suncor Energy net earnings rise to $2.1 billion
The integrated energy company reported first-quarter net earnings of $2.100 billion compared to $1.689 billion in the prior year period.
Suncor Energy Inc. (SU), Canada’s leading integrated energy company, reported consolidated net earnings of $2.100 billion for the first quarter of 2026, up from $1.689 billion in the same period the previous year. Adjusted operating earnings for the three months ended March 31 rose to $2.300 billion from $1.629 billion in the prior year quarter.
Upstream production volumes increased to 875.2 thousand barrels per day from 853.2 thousand barrels per day. This growth was supported by an increase in exploration and production volumes to 76.4 thousand barrels per day from 62.3 thousand barrels per day, and a rise in non-upgraded bitumen production to 279.5 thousand barrels per day from 254.3 thousand barrels per day. Upgraded oil sands and diesel production declined to 519.3 thousand barrels per day from 536.6 thousand barrels per day.
Downstream operations saw refinery utilization rise to 97% from 94%. The company increased the nameplate capacity of its refining network by 10% to 511,000 barrels per day from 466,000 barrels per day effective January 1, 2026. Consequently, refinery crude oil processed rose to 497.8 thousand barrels per day from 482.7 thousand barrels per day, and refined product sales increased to $680.9 million from $604.9 million.
Cash flow provided by operating activities rose to $2.435 billion from $2.156 billion. This result followed a $1.595 billion increase in non-cash working capital, compared to an $889 million increase in the prior year. Capital expenditures for the quarter were $1.117 billion, slightly lower than the $1.145 billion spent in the first quarter of 2025.
Financing activities used $1.648 billion, compared to $1.612 billion in the prior year. The company paid $712 million in dividends on common shares and spent $825 million on the repurchase of common shares.
Net earnings were affected by an unrealized foreign exchange loss on U.S. dollar denominated debt of $139 million, compared to a $14 million gain in the first quarter of 2025. The company also recorded an unrealized loss on risk management activities of $92 million, whereas it had recorded an unrealized gain of $60 million in the prior year period.