Suncor Energy reports record production and refining throughput
The integrated energy company generated 2.913 billion Cdn$ in free funds flow during the first quarter of 2026
Suncor Energy Inc. (SU), an integrated energy company, reported record first quarter upstream production of 875,000 barrels per day (bbls/d), which was 22,000 bbls/d higher than the prior year quarter. The company also achieved record first quarter refining throughput of 498,000 bbls/d, an increase of 15,000 bbls/d over the same period last year.
Refining and marketing performance reached an all-time quarterly record for refined product sales at 681,000 bbls/d, up 76,000 bbls/d from the prior year quarter. This growth followed a 10% increase in the nameplate capacity of the company's refining network, which rose from 466,000 bbls/d to 511,000 bbls/d effective January 1, 2026. Refinery utilization for the quarter stood at 97%.
Financial results for the three months ended March 31 showed net earnings of 2.100 billion Cdn$, compared to 1.689 billion Cdn$ in the first quarter of 2025. Net earnings per common share were 1.77 Cdn$. Adjusted operating earnings rose to 2.300 billion Cdn$ from 1.629 billion Cdn$ in the prior year quarter.
The company generated over 4.030 billion Cdn$ in adjusted funds from operations and 2.913 billion Cdn$ in free funds flow. Suncor returned over 1.5 billion Cdn$ to shareholders through 825 million Cdn$ in share repurchases and over 700 million Cdn$ in dividends. Cash dividends were 0.60 Cdn$ a share.
Capital expenditures totaled 1.076 billion Cdn$, consisting of 580 million Cdn$ for asset sustainment and maintenance and 496 million Cdn$ for economic investment. This compared to 1.087 billion Cdn$ in total capital expenditures for the first quarter of 2025.
Suncor's total assets were 92.826 billion Cdn$ as of March 31, 2026, up from 89.913 billion Cdn$ on December 31, 2025. Total current liabilities rose to 12.319 billion Cdn$ from 10.210 billion Cdn$ at the end of 2025.
Chief Financial Officer Troy Little stated that the company increased its monthly share repurchases for the second time in four months.