Suncor Energy reports fourth 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, normalized 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 (February 3, 2026)
Fourth Quarter Highlights
⦁ Generated $3.2 billion in adjusted funds from operations and $1.7 billion in free funds flow.
⦁ Returned approximately $1.5 billion to shareholders, with $775 million in share repurchases and $719 million in dividends.
⦁ Record quarterly upstream production of 909,000 barrels per day (bbls/d), 34,000 bbls/d higher than the prior year quarter.
⦁ Record quarterly refining throughput of 504,000 bbls/d, 18,000 bbls/d higher than the prior year quarter.
⦁ Record quarterly asset utilization levels, with upgraders at 106% and refineries at 108%.
“Suncor’s record fourth quarter contributed to another record-breaking year, which also saw the company achieve its 2024 Investor Day targets a full year early, demonstrating our focus on best-ever safety results, best-in-class execution and operational excellence,” said Rich Kruger, President and Chief Executive Officer. “As we look ahead to 2026, Suncor is poised to build on this momentum and deliver superior shareholder value and resilient cash flows, powered by one of the industry’s most integrated and high-performing asset portfolios.”
Annual 2025 Highlights
⦁ Generated $12.8 billion in adjusted funds from operations and $6.9 billion in free funds flow.
⦁ Returned approximately $5.8 billion to shareholders, with $3.0 billion in share repurchases and $2.8 billion in dividends.
⦁ Record upstream production of 860,000 bbls/d, 33,000 bbls/d higher than 2024, included record upgrader utilization of 99%.
⦁ Record refining throughput of 480,000 bbls/d, 15,000 bbls/d higher than 2024, included record refinery utilization of 103%.
⦁ Record refined product sales of 623,000 bbls/d, 23,000 bbls/d higher than 2024.
⦁ Suncor achieved its ambitious 2024 Investor Day three-year targets a full year ahead of schedule. These targets included:
o Increase in normalized free funds flow of $3.3 billion per year. o Reduction in corporate WTI breakeven of US$10 per barrel. o Increase in upstream production of 100,000 bbls/day.
o Reduce annual capital expenditures to $5.7 billion.
o Achieved net debt target of $8 billion, with 100% of excess funds to shareholders thereafter.
IBF4
