SU · Suncor Energy Inc.

Suncor Energy delivered a strong first quarter in 2026, with record upstream production of 875,000 bbls/d and record refining throughput of 498,000 bbls/d. The company generated $4.030 billion in adjusted funds from operations, up 32% year-over-year, driven by higher downstream margins, improved upstream price realizations, and increased sales volumes. Net earnings rose to $2.100 billion ($1.77 per share) from $1.689 billion, while adjusted operating earnings increased to $2.300 billion ($1.93 per share). The results were supported by record quarterly refined product sales of 680,900 bbls/d, reflecting strong export opportunities and domestic retail growth. Management highlighted disciplined capital spending and a strong balance sheet, with net debt of $6.842 billion. The company returned over $1.5 billion to shareholders through dividends and share repurchases, and subsequently increased its monthly buyback program to $350 million, projecting nearly $4 billion in total 2026 repurchases. At its Investor Day, Suncor outlined three-year commitments including a $2 billion increase in free funds flow by 2028 and 100,000 bbls/d of upstream production growth. Guidance for 2026 was updated to reflect a 10% increase in refining nameplate capacity to 511,000 bbls/d, with refinery utilization guidance revised to 90%–93% and throughput unchanged at 460,000–475,000 bbls/d.