Suncor Energy reports first quarter 2025 results
Press Release
Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$), and derived from the company’s condensed consolidated financial statements which are based on Canadian generally accepted accounting principles (GAAP), specifically International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), and are prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting. Production volumes are presented on a working-interest basis, before royalties, except for production values from the company’s Libya operations, which are presented on an economic basis. Certain financial measures referred to in this news release (adjusted funds from operations, adjusted operating earnings, free funds flow and net debt) are not prescribed by Canadian generally accepted accounting principles (GAAP). See the Non-GAAP Financial Measures section of this news release. References to Oil Sands operations exclude Suncor Energy Inc.’s ownership of Fort Hills and interest in Syncrude.
Calgary, Alberta (May 6, 2025)
First Quarter Highlights
- Generated over $3.0 billion in adjusted funds from operations and $1.9 billion in free funds flow.
- Returned $1.5 billion to shareholders, with $750 million in share repurchases and $705 million in dividends.
- Upstream production of 853,000 barrels per day (bbls/d), the highest first quarter in company history.
- Refining throughput of 483,000 bbls/d, the highest first quarter in company history.
- Refined product sales of 605,000 bbls/d, the highest first quarter in company history.
- Exceptional asset utilization with upgraders at 102% and refineries at 104%.
“Our strong first quarter financial and operating performance maintained the momentum established in 2024, as we remain laser focused on continuing to deliver safe, reliable, and cost-effective operations. Our results demonstrate this commitment, as represented by record performance across both the upstream and downstream,” said Rich Kruger, Suncor’s President and Chief Executive Officer. “Our focus on the fundamentals, integrated business model, and continually improving cost structure enable us to deliver free funds flow and shareholder value despite the current volatile business environment.”
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