Suncor Energy reports third quarter 2023 results
Press Release
Suncor Energy reports third quarter 2023 results
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 interest in Fort Hills and Syncrude.
Calgary, Alberta (November 8, 2023)
• Delivered adjusted funds from operations of $3.6 billion and adjusted operating earnings of $2.0 billion.
• Returned nearly $1.0 billion to shareholders through $676 million in dividends and $300 million in share repurchases.
• Delivered total upstream production of 690,500 barrels of oil equivalent per day (boe/d) which included combined upgrader utilization of over 100% outside of planned maintenance activities and continued strong In Situ performance, partially offset by asset divestments in Exploration and Production (E&P).
• Strong refinery operating performance resulted in refinery utilization of 99%.
• Successfully completed the first full plant turnaround at Fort Hills and, subsequent to the quarter, completed significant planned turnaround activities at Upgrader 2.
• Subsequent to the quarter, reached an agreement to acquire the remaining 31.23% working interest in Fort Hills for $1.468 billion.
“We generated over $3.6 billion in adjusted funds from operations and returned nearly $1.0 billion to shareholders this quarter,” said Rich Kruger, Suncor’s President and Chief Executive Officer. “Outside of planned maintenance activities, our upgrader and refinery utilizations were over 100%, highlighting our strong operating performance in the third quarter.”
IBF4
