SU · Suncor Energy Inc.

Suncor Energy delivered a strong first quarter in 2026, with adjusted operating earnings surging 41% to $2.300 billion ($1.93 per share) from $1.629 billion ($1.31 per share) in the prior year quarter. The improvement was driven by higher downstream margins, stronger upstream price realizations, and increased sales volumes across both segments. Upstream production reached a first quarter record of 875,200 bbls/d, supported by record Oil Sands output and record quarterly production at Fort Hills. Refining throughput also set a first quarter record of 497,800 bbls/d, with refinery utilization of 97%, reflecting a 10% increase in nameplate capacity to 511,000 bbls/d effective January 1, 2026. Refined product sales hit a quarterly record of 680,900 bbls/d, up 76,000 bbls/d year-over-year, as Suncor capitalized on global export opportunities. Net earnings rose to $2.100 billion from $1.689 billion, benefiting from the same operational drivers. The company returned over $1.5 billion to shareholders through $825 million in share repurchases and $712 million in dividends. Subsequent to the quarter, Suncor increased its planned monthly share repurchases from $275 million to $350 million, projecting total 2026 repurchases of nearly $4 billion, a more than 30% increase over 2025. Adjusted funds from operations grew to $4.030 billion ($3.39 per share) from $3.045 billion ($2.46 per share), while free funds flow reached $2.913 billion. The strong cash generation supports the company's commitment to shareholder returns and operational investments.