Suncor Energy files annual disclosure documents and renews NCIB

Rhea-AI Summary

Suncor Energy (TSX: SU) filed its 2025 Annual Report, 2025 Annual Information Form and 2026 Management Proxy Circular on Feb 25-26, 2026 and renewed a Normal Course Issuer Bid (NCIB).

Beginning March 3, 2026 through March 2, 2027, Suncor may repurchase up to 118,700,000 common shares (about 10% of public float). The company previously repurchased 54,150,911 shares for approximately $3.075 billion at a weighted average price of $56.79.

Positive

• NCIB size up to 118,700,000 shares (~10% public float)
• Prior repurchases: 54,150,911 shares for ~$3.075B
• Annual disclosure: 2025 Annual Report and related filings filed Feb 25-26, 2026

Negative

• Repurchases used ~$3.075B cash, reducing available liquidity

Key Figures

NCIB authorization: 118,700,000 shares Public float: 1,187,545,672 shares Shares outstanding: 1,187,814,362 shares +5 more

8 metrics

NCIB authorization 118,700,000 shares Maximum shares for cancellation between Mar 3, 2026 and Mar 2, 2027

Public float 1,187,545,672 shares Public float as of Feb 18, 2026; NCIB equals ~10% of float

Shares outstanding 1,187,814,362 shares Common shares issued and outstanding on Feb 18, 2026

Prior NCIB cap 123,800,000 shares Maximum repurchases allowed between Mar 3, 2025 and Mar 2, 2026

Shares repurchased 54,150,911 shares Repurchased between Mar 3, 2025 and Feb 24, 2026 under prior NCIB

Buyback spend $3.075 billion Total paid for 54,150,911 repurchased shares under prior NCIB

Avg repurchase price $56.79 per share Weighted average price paid under prior NCIB

TSX daily limit 1,776,141 shares 25% of average daily TSX volume of 7,104,566 shares

Market Reality Check

Price: $55.50 Vol: Volume 2,782,553 is below...

low vol

$55.50 Last Close

Volume Volume 2,782,553 is below 20-day average of 5,488,902, indicating muted trading interest pre-NCIB. low

Technical Price 55.50 is trading above the 200-day MA at 42.44, reflecting a pre-existing uptrend into this NCIB renewal.

Peers on Argus

SU slipped -0.39% while key peers IMO, EQNR, CVE and PBR showed gains between ro...

SU slipped -0.39% while key peers IMO, EQNR, CVE and PBR showed gains between roughly 0.5–1.9%, suggesting today’s modest weakness is stock-specific rather than a sector-wide Energy move.

Historical Context

5 past events · Latest: Feb 03 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 03	Q4 2025 earnings	Positive	-0.6%	Strong Q4 and 2025 results with high throughput and cash returns.
Feb 03	Dividend declaration	Positive	-0.6%	Quarterly dividend of <b>$0.60</b> per share announced for March 2026.
Jan 20	Earnings date set	Neutral	+2.4%	Scheduled Q4 2025 results release and investor webcast in early February.
Jan 05	Record 2025 update	Positive	+1.1%	Reported record 2025 operations and early achievement of Investor Day goals.
Dec 11	2026 guidance	Positive	+0.3%	Released 2026 guidance with strong production, utilization and higher buybacks.

Pattern Detected

Positive capital return and operational updates often saw modestly positive or slightly negative next-day moves, indicating mixed reactions to good news.

Recent Company History

Over the past few months, Suncor has highlighted record 2025 performance and strong shareholder returns. On Dec 11, 2025 it issued 2026 guidance with higher buybacks. A Jan 5, 2026 update reported early delivery of 2024 Investor Day targets and $11.5 billion returned over two years. Q4 and full-year 2025 results on Feb 3, 2026 showed robust cash generation and further buybacks. Today’s NCIB renewal extends this capital return focus alongside the freshly filed 2025 annual disclosure documents.

Market Pulse Summary

This announcement combined routine annual disclosure filings with a renewed NCIB allowing repurchase...

Analysis

This announcement combined routine annual disclosure filings with a renewed NCIB allowing repurchases of up to 118.7 million shares, about 10% of the 1.19 billion-share public float. It builds on prior buybacks of 54.15 million shares for $3.075 billion, signaling continued focus on capital returns. Investors may track actual buyback execution versus this capacity, the daily limit of 1,776,141 TSX shares, and how these actions align with previously communicated long-term strategy and cash-flow priorities.

Key Terms

normal course issuer bid, ncib, public float, average daily trading volume, +2 more

6 terms

normal course issuer bid financial

"Toronto Stock Exchange (TSX) has accepted a notice filed by Suncor to renew its NCIB"

A Normal Course Issuer Bid is when a company buys back its own shares from the stock market over time. This usually shows that the company believes its stock is undervalued and wants to support its price, which can be important for investors to watch.

ncib financial

"Pursuant to Suncor's previous NCIB, Suncor agreed that it would not purchase more than 123,800,000"

A NCIB (Normal Course Issuer Bid) is a formal program that allows a publicly traded company to buy back its own shares on the open market over a set period. For investors, buybacks can shrink the number of shares outstanding, which often raises earnings per share and can support the stock price; like a company buying back slices of a pie so each remaining slice represents a larger share of ownership, but it also uses corporate cash that might have been spent elsewhere.

public float financial

"equal to approximately 10% of Suncor's public float of 1,187,545,672 common shares"

Public float is the total number of a company's shares that are available for trading by the general public. It excludes shares held by company insiders or large stakeholders who are unlikely to sell them easily. This figure helps investors understand how much of the company's stock is actively available, which can influence its liquidity and how easily its price might change.

average daily trading volume market

"25% (1,776,141 common shares) of the average daily trading volume of Suncor's common shares"

The average daily trading volume is the typical number of shares or units of a security that change hands each trading day, calculated over a set period. It tells investors how active a market is—like average traffic on a road—so higher volume usually means easier, faster trades and smaller price swings when buying or selling, while low volume can make orders harder to fill and cause bigger price moves.

automatic share purchase plan financial

"Suncor expects to enter into an automatic share purchase plan in relation to purchases"

An automatic share purchase plan is a pre-arranged agreement that allows investors to buy a set amount of a company's shares at regular intervals without needing to make individual decisions each time. It helps investors steadily build their holdings over time, much like setting a recurring deposit into a savings account, making investing more disciplined and less influenced by short-term market fluctuations.

forward-looking statements regulatory

"This news release contains certain forward-looking information and forward-looking statements"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

AI-generated analysis. Not financial advice.

All financial figures are in Canadian dollars, unless noted otherwise.

Calgary, Alberta--(Newsfile Corp. - February 26, 2026) - Suncor Energy (TSX: SU) (NYSE: SU) has filed its 2025 Annual Report, 2025 Annual Information Form and 2026 Management Proxy Circular.

To view the company's annual disclosure documents, visit Suncor's profile on sedarplus.ca or sec.gov or visit Suncor's website at suncor.com/financialreports.

Normal Course Issuer Bid (NCIB)
Additionally, the Toronto Stock Exchange (TSX) has accepted a notice filed by Suncor to renew its NCIB to purchase the company's common shares through the facilities of the TSX, New York Stock Exchange and/or alternative trading systems in Canada and the U.S. The notice provides that, beginning March 3, 2026, and ending March 2, 2027, Suncor may purchase for cancellation up to 118,700,000 common shares, which is equal to approximately 10% of Suncor's public float of 1,187,545,672 common shares as of February 18, 2026. On February 18, 2026, Suncor had 1,187,814,362 common shares issued and outstanding.

The actual number of common shares that may be purchased under the NCIB and the timing of any such purchases will be determined by Suncor. Suncor believes that, depending on the trading price of its common shares and other relevant factors, purchasing its own shares represents an attractive investment opportunity and is in the best interests of the company and its shareholders. The company does not expect the decision to allocate cash to repurchase shares will affect its long-term strategy. 

Pursuant to Suncor's previous NCIB, Suncor agreed that it would not purchase more than 123,800,000 common shares between March 3, 2025, and March 2, 2026. Between March 3, 2025, and February 24, 2026, and pursuant to Suncor's previous NCIB, Suncor repurchased 54,150,911 shares on the open market for approximately $3.075 billion, at a weighted average price of $56.79 per share.

Subject to the block purchase exemption that is available to Suncor for regular open market purchases under the NCIB, Suncor will limit daily purchases of Suncor common shares on the TSX in connection with the NCIB to no more than 25% (1,776,141 common shares) of the average daily trading volume of Suncor's common shares on the TSX during the previous six-month period (7,104,566 common shares). Purchases under the NCIB will be made through open market purchases at market price, as well as by other means as may be permitted by securities regulatory authorities. Suncor expects to enter into an automatic share purchase plan in relation to purchases made in connection with the NCIB on March 3, 2026.

Legal Advisory - Forward-Looking Information
This news release contains certain forward-looking information and forward-looking statements (collectively referred to herein as "forward-looking statements") and other information based on Suncor's current expectations, estimates, projections and assumptions that were made by the company in light of information available at the time the statement was made and consider Suncor's experience and its perception of historical trends.

Forward-looking statements in this news release include statements about the NCIB, including the amount, timing and manner of purchases under the NCIB, that depending on the trading price of its common shares and other relevant factors, repurchasing its common shares represents an attractive investment opportunity and is in the best interest of the company and its shareholders, the expectation that the decision to allocate cash to repurchase shares will not affect its long-term strategy and the expectation that Suncor will enter into an automatic share purchase plan related to purchases made in connection with the NCIB.

Forward-looking statements and information are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Suncor. Suncor's actual results may differ materially from those expressed or implied by its forward-looking statements, so readers are cautioned not to place undue reliance on them. 

Suncor's Annual Information Form and Annual Report to Shareholders, each dated February 25, 2026, its Form 40-F dated February 26, 2026 and other documents it files from time to time with securities regulatory authorities describe the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors are incorporated herein by reference. Copies of these documents are available without charge from Suncor at 150 6th Avenue S.W., Calgary, Alberta T2P 3E3 or by referring to suncor.com/FinancialReports or to the company's profile on SEDAR+ at sedarplus.ca or EDGAR at sec.gov. Except as required by applicable securities laws, Suncor disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Suncor Energy - Canada's leading integrated energy company
Suncor's operations span the full energy value chain, including oil sands mining and in situ operations, upgrading, offshore production, petroleum refining in Canada and the U.S., marketing and trading, and nationwide Petro-Canada™ retail and wholesale networks - delivering reliable energy that fuels economic growth and meets the needs of customers across Canada and globally. With an unwavering focus on safety, operational excellence, and profitability, Suncor is committed to delivering industry-leading performance and long-term shareholder value. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.

For more information, visit suncor.com or find us on LinkedIn, Instagram and Facebook.

Media inquiries:
1-833-296-4570
media@suncor.com

Investor inquiries:
invest@suncor.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/285526

FAQ

What does Suncor's March 3, 2026 NCIB (TSX: SU) authorize?

It authorizes repurchases of up to 118,700,000 common shares from March 3, 2026 to March 2, 2027. According to the company, this equals about 10% of its public float and may be executed on TSX, NYSE or alternative trading systems.

How many shares did Suncor (SU) repurchase under the prior NCIB and for how much?

Under the prior NCIB Suncor repurchased 54,150,911 shares for approximately $3.075 billion. According to the company, the weighted average purchase price was $56.79 per share between March 3, 2025 and Feb 24, 2026.

What daily limit applies to Suncor (SU) purchases under the renewed NCIB?

Daily TSX purchases will be limited to no more than 25% of average daily volume, equating to up to 1,776,141 shares per day. According to the company, the six-month average daily volume used was 7,104,566 shares.

Will Suncor (SU) use an automatic plan for NCIB purchases and when?

Suncor expects to enter into an automatic share purchase plan related to NCIB purchases on March 3, 2026. According to the company, the plan will facilitate purchases in accordance with regulatory rules and the NCIB parameters.

Where can investors access Suncor's 2025 annual disclosure documents (SU)?

Investors can view the 2025 Annual Report, AIF and proxy circular on suncor.com/FinancialReports, SEDAR+ or EDGAR. According to the company, the filings are dated Feb 25-26, 2026 and are available without charge.