Suncor Energy Reports First Quarter 2025 Results
Suncor Energy (NYSE: SU) reported strong Q1 2025 financial results with net earnings of $1.689 billion ($1.36 per share), up from $1.610 billion in Q1 2024. The company generated $3.0 billion in adjusted funds from operations and $1.9 billion in free funds flow.
Key operational highlights include record first-quarter upstream production of 853,200 barrels per day, record Q1 refining throughput of 483,000 bbls/d, and record Q1 refined product sales of 605,000 bbls/d. The company achieved exceptional asset utilization with upgraders at 102% and refineries at 104%.
Suncor returned $1.5 billion to shareholders through $750 million in share repurchases and $705 million in dividends. Operating expenses decreased to $3.297 billion from $3.440 billion in Q1 2024. The company's net debt stood at $7.559 billion.
Suncor Energy (NYSE: SU) ha riportato solidi risultati finanziari nel primo trimestre 2025 con un utile netto di 1,689 miliardi di dollari (1,36 dollari per azione), in aumento rispetto a 1,610 miliardi di dollari nel primo trimestre 2024. La società ha generato 3,0 miliardi di dollari in fondi rettificati dalle operazioni e 1,9 miliardi di dollari in flusso di cassa libero.
I principali risultati operativi includono una produzione record nel primo trimestre di 853.200 barili al giorno, un throughput record di raffinazione di 483.000 barili al giorno e vendite record di prodotti raffinati di 605.000 barili al giorno. L'azienda ha raggiunto un'eccellente utilizzazione degli impianti con gli upgrader al 102% e le raffinerie al 104%.
Suncor ha restituito 1,5 miliardi di dollari agli azionisti attraverso 750 milioni di dollari in riacquisti di azioni e 705 milioni di dollari in dividendi. Le spese operative sono diminuite a 3,297 miliardi di dollari rispetto a 3,440 miliardi nel primo trimestre 2024. Il debito netto della società si attestava a 7,559 miliardi di dollari.
Suncor Energy (NYSE: SU) reportó sólidos resultados financieros en el primer trimestre de 2025 con un beneficio neto de 1.689 millones de dólares (1,36 dólares por acción), frente a 1.610 millones en el primer trimestre de 2024. La compañía generó 3.000 millones de dólares en fondos ajustados de operaciones y 1.900 millones en flujo de caja libre.
Los aspectos operativos clave incluyen una producción récord en el primer trimestre de 853.200 barriles por día, un procesamiento récord en refinerías de 483.000 barriles por día y ventas récord de productos refinados de 605.000 barriles por día. La empresa alcanzó una utilización excepcional de activos con los upgraders al 102% y las refinerías al 104%.
Suncor devolvió 1.500 millones de dólares a los accionistas mediante 750 millones en recompra de acciones y 705 millones en dividendos. Los gastos operativos disminuyeron a 3.297 millones desde 3.440 millones en el primer trimestre de 2024. La deuda neta de la empresa fue de 7.559 millones de dólares.
Suncor Energy (NYSE: SU)는 2025년 1분기에 순이익 16억 8,900만 달러(주당 1.36달러)를 기록하며 2024년 1분기의 16억 1,000만 달러에서 증가한 강력한 재무 실적을 보고했습니다. 회사는 조정된 영업활동 현금흐름 30억 달러와 자유현금흐름 19억 달러를 창출했습니다.
주요 운영 성과로는 1분기 상류 생산량 사상 최대인 일일 85만 3,200배럴, 1분기 정제 처리량 사상 최대인 일일 48만 3,000배럴, 1분기 정제 제품 판매량 사상 최대인 일일 60만 5,000배럴을 기록했습니다. 회사는 업그레이더 가동률 102%, 정유공장 가동률 104%로 뛰어난 자산 활용도를 달성했습니다.
Suncor는 주주들에게 15억 달러를 환원했으며, 주식 재매입에 7억 5,000만 달러와 배당금으로 7억 500만 달러를 지급했습니다. 운영비용은 2024년 1분기 34억 4,000만 달러에서 32억 9,700만 달러로 감소했습니다. 회사의 순부채는 75억 5,900만 달러였습니다.
Suncor Energy (NYSE : SU) a publié de solides résultats financiers pour le premier trimestre 2025 avec un bénéfice net de 1,689 milliard de dollars (1,36 dollar par action), en hausse par rapport à 1,610 milliard de dollars au premier trimestre 2024. La société a généré 3,0 milliards de dollars de fonds ajustés provenant des opérations et 1,9 milliard de dollars de flux de trésorerie disponible.
Les faits marquants opérationnels comprennent une production en amont record pour un premier trimestre de 853 200 barils par jour, un débit record de raffinage de 483 000 barils par jour et des ventes record de produits raffinés de 605 000 barils par jour. L'entreprise a atteint une utilisation exceptionnelle des actifs avec des upgrader à 102 % et des raffineries à 104 %.
Suncor a reversé 1,5 milliard de dollars aux actionnaires via 750 millions de dollars de rachats d’actions et 705 millions de dollars de dividendes. Les frais d’exploitation ont diminué à 3,297 milliards de dollars contre 3,440 milliards au premier trimestre 2024. La dette nette de la société s’élevait à 7,559 milliards de dollars.
Suncor Energy (NYSE: SU) meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem Nettoergebnis von 1,689 Milliarden US-Dollar (1,36 US-Dollar je Aktie), gegenüber 1,610 Milliarden US-Dollar im ersten Quartal 2024. Das Unternehmen erzielte 3,0 Milliarden US-Dollar an bereinigten operativen Mitteln und 1,9 Milliarden US-Dollar freien Cashflow.
Wichtige operative Highlights sind eine rekordverdächtige Produktion im ersten Quartal von 853.200 Barrel pro Tag, ein Rekorddurchsatz in der Raffinerie von 483.000 Barrel pro Tag und ein Rekordverkauf von raffinierten Produkten von 605.000 Barrel pro Tag. Das Unternehmen erreichte eine außergewöhnliche Anlagenauslastung mit Upgradern bei 102 % und Raffinerien bei 104 %.
Suncor gab 1,5 Milliarden US-Dollar an die Aktionäre zurück durch 750 Millionen US-Dollar an Aktienrückkäufen und 705 Millionen US-Dollar an Dividenden. Die Betriebskosten sanken von 3,440 Milliarden US-Dollar im ersten Quartal 2024 auf 3,297 Milliarden US-Dollar. Die Nettoverschuldung des Unternehmens lag bei 7,559 Milliarden US-Dollar.
- Record Q1 upstream production of 853,200 barrels per day
- Record Q1 refining throughput of 483,000 bbls/d and refined product sales of 605,000 bbls/d
- Strong shareholder returns with $1.5 billion distributed through dividends and buybacks
- Operating expenses decreased to $3.297 billion from $3.440 billion YoY
- Exceptional asset utilization with upgraders at 102% and refineries at 104%
- Net debt increased to $7.559 billion from $6.861 billion in Q4 2024
- Adjusted operating earnings decreased to $1.629 billion from $1.817 billion YoY
- Cash flow from operating activities declined to $2.156 billion from $2.787 billion YoY
Insights
Suncor delivered record operational performance across upstream and downstream segments while maintaining strong shareholder returns of $1.5 billion.
Suncor's Q1 2025 results demonstrate exceptional operational execution despite what management describes as a volatile business environment. The company achieved record first-quarter metrics across both upstream and downstream segments, with remarkable asset utilization rates of
The financial performance shows $3.0 billion in adjusted funds from operations and $1.9 billion in free funds flow. These figures enabled Suncor to return
On the operational front, Suncor achieved upstream production of 853,200 bbls/d - the highest first quarter in company history. This included record first-quarter production at Firebag. The downstream segment posted equally impressive results with record first-quarter refinery throughput of 482,700 bbls/d and refined product sales of 604,900 bbls/d.
Net earnings increased to
The company's integrated business model continues to provide resilience through market volatility. Operating expenses decreased to
The resumption of production at White Rose represents another positive operational development that will contribute to future quarters as it returns to normal production levels.
Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$), 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--(Newsfile Corp. - May 6, 2025) - Suncor Energy (TSX: SU) (NYSE: SU)
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$705 million in dividends. - Upstream production of 853,000 barrels per day (bbls/d), the highest first quarter in company history.
- Refining throughput of 483,000 bbls/d, the highest first quarter in company history.
- Refined product sales of 605,000 bbls/d, the highest first quarter in company history.
- Exceptional asset utilization with upgraders at
102% and refineries at104% .
"Our strong first quarter financial and operating performance maintained the momentum established in 2024, as we remain laser focused on continuing to deliver safe, reliable, and cost-effective operations. Our results demonstrate this commitment, as represented by record performance across both the upstream and downstream," said Rich Kruger, Suncor's President and Chief Executive Officer. "Our focus on the fundamentals, integrated business model, and continually improving cost structure enable us to deliver free funds flow and shareholder value despite the current volatile business environment."
First Quarter Results
| Financial Highlights | Q1 | Q4 | Q1 | ||||||
| ($ millions, unless otherwise noted) | 2025 | 2024 | 2024 | ||||||
| Net earnings | 1 689 | 818 | 1 610 | ||||||
| Per common share(1) (dollars) | 1.36 | 0.65 | 1.25 | ||||||
| Adjusted operating earnings(2) | 1 629 | 1 566 | 1 817 | ||||||
| Per common share(1)(2) (dollars) | 1.31 | 1.25 | 1.41 | ||||||
| Adjusted funds from operations(2) | 3 045 | 3 493 | 3 169 | ||||||
| Per common share(1)(2) (dollars) | 2.46 | 2.78 | 2.46 | ||||||
| Cash flow provided by operating activities | 2 156 | 5 083 | 2 787 | ||||||
| Per common share(1) (dollars) | 1.74 | 4.05 | 2.16 | ||||||
| Capital and exploration expenditures(3) | 1 087 | 1 498 | 1 237 | ||||||
| Free funds flow(2) | 1 900 | 1 923 | 1 858 | ||||||
| Dividend per common share(1) (dollars) | 0.57 | 0.57 | 0.55 | ||||||
| Share repurchases per common share(4) (dollars) | 0.61 | 0.80 | 0.23 | ||||||
| Returns to shareholders(5) | 1 455 | 1 713 | 995 | ||||||
| Operating, selling and general (OS&G) expenses | 3 297 | 3 411 | 3 440 | ||||||
| Net debt(2)(6) | 7 559 | 6 861 | 9 552 | ||||||
| Q1 | Q4 | Q1 | |||||||
| Operating Highlights | 2025 | 2024 | 2024 | ||||||
| Total upstream production (mbbls/d) | 853.2 | 875.0 | 835.3 | ||||||
| Refinery utilization (%) | 104 | 104 | 98 |
(1) Presented on a basic per share basis.
(2) Non-GAAP financial measures or contains non-GAAP financial measures. See the Non-GAAP Financial Measures section of this news release.
(3) Excludes capitalized interest.
(4) Calculated as the cost of share repurchases, excluding taxes paid on share repurchases, divided by the weighted average number of shares outstanding.
(5) Includes dividends paid on common shares and repurchases of common shares; excludes taxes paid on common share repurchases.
(6) Beginning in the second quarter of 2024, the company revised the definition of net debt to exclude lease liabilities to better align with how management and industry monitor capital structure. Prior period comparatives have been restated to reflect this change.
Financial Results
Adjusted Operating Earnings Reconciliation(1)
| Q1 | Q4 | Q1 | |||||||
| ($ millions) | 2025 | 2024 | 2024 | ||||||
| Net earnings | 1 689 | 818 | 1 610 | ||||||
| Unrealized foreign exchange (gain) loss on U.S. dollar denominated debt | (14 | ) | 514 | 220 | |||||
| Unrealized gain on risk management activities | (60 | ) | (16 | ) | (2 | ) | |||
| Loss on early repayment of long-term debt | - | 144 | - | ||||||
| Asset impairment and derecognition | - | 212 | - | ||||||
| Income tax expense (recovery) on adjusted operating earnings adjustments | 14 | (106 | ) | (11 | ) | ||||
| Adjusted operating earnings | 1 629 | 1 566 | 1 817 |
(1) Non-GAAP financial measure. All reconciling items are presented on a before-tax basis and adjusted for income taxes in the income tax expense (recovery) on adjusted operating earnings adjustments line. See the Non GAAP Financial Measures section of this news release.
Suncor's adjusted operating earnings were
$1.62 9 billion ($1.31 per common share) in the first quarter of 2025, compared to$1.81 7 billion ($1.41 per common share) in the prior year quarter, with the decrease primarily as a result of lower upstream sales volumes due to a build in inventory as production remained strong in the quarter, partially offset by higher refined products sales volumes with record first quarter refining throughput. Higher Oil Sands price realizations, which benefited from narrower differentials compared to the prior year quarter, were mostly offset by lower downstream benchmark crack spreads. The Canadian dollar also weakened against the U.S. dollar in the current quarter, resulting in a foreign exchange loss on working capital items compared to a larger gain in the prior year quarter, but a benefit to upstream price realizations.Net earnings were
$1.68 9 billion ($1.36 per common share) in the first quarter of 2025, compared to$1.61 0 billion ($1.25 per common share) in the prior year quarter. In addition to the factors impacting adjusted operating earnings, net earnings for the first quarter of 2025 and the prior year quarter were impacted by the reconciling items shown in the table above.Adjusted funds from operations were
$3.04 5 billion ($2.46 per common share) in the first quarter of 2025, compared to$3.16 9 billion ($2.46 per common share) in the prior year quarter, and were primarily influenced by the same factors impacting adjusted operating earnings, excluding depreciation, depletion and amortization (DD&A) expense.Oil Sands adjusted funds from operations increased by
$367 million compared to the prior year quarter, primarily due to higher price realizations and strong production, partially offset by a build of inventory in the latter part of the quarter.Exploration and production (E&P) adjusted funds from operations decreased by
$137 million compared to the prior year quarter, primarily due to an inventory build related to the timing of cargo sales as production increased compared to the prior year quarter.Refining and Marketing (R&M) adjusted funds from operations decreased by
$404 million compared to the prior year quarter, primarily due to lower benchmark crack spreads, partially offset by increased refinery production and sales volumes.
Cash flow provided by operating activities, which includes changes in non-cash working capital, decreased to
$2.15 6 billion ($1.74 per common share) in the first quarter of 2025, compared to$2.78 7 billion ($2.16 per common share) in the prior year quarter.Operating, selling and general (OS&G) expenses decreased to
$3.29 7 billion in the first quarter of 2025, compared to$3.44 0 billion in the prior year quarter, primarily due to lower upstream sales volumes and a corresponding decrease in operating expenses as inventory was built in the latter part of the quarter, partially offset by increased mining and maintenance activity, and higher commodity input volumes.
Operating Results
| Q1 | Q4 | Q1 | |||||||
| (mbbls/d, unless otherwise noted) | 2025 | 2024 | 2024 | ||||||
| Upstream | |||||||||
| Total Oil Sands bitumen production | 937.3 | 951.5 | 932.1 | ||||||
| SCO and diesel production | 567.3 | 572.5 | 572.5 | ||||||
| Inter-asset transfers and consumption | (30.7 | ) | (28.9 | ) | (27.5 | ) | |||
| Upgraded production - net SCO and diesel | 536.6 | 543.6 | 545.0 | ||||||
| Bitumen production | 341.7 | 342.6 | 297.9 | ||||||
| Inter-asset transfers | (87.4 | ) | (68.7 | ) | (57.9 | ) | |||
| Non-upgraded bitumen production | 254.3 | 273.9 | 240.0 | ||||||
| Total Oil Sands production | 790.9 | 817.5 | 785.0 | ||||||
| Exploration and Production | 62.3 | 57.5 | 50.3 | ||||||
| Total upstream production | 853.2 | 875.0 | 835.3 | ||||||
| Upstream sales | 828.4 | 865.4 | 847.4 | ||||||
| Downstream | |||||||||
| Refinery utilization (%) | 104 | 104 | 98 | ||||||
| Refinery crude oil processed | 482.7 | 486.2 | 455.3 | ||||||
| Refined product sales | 604.9 | 613.3 | 581.0 |
Total Oil Sands bitumen production increased to 937,300 bbls/d in the first quarter of 2025, compared to 932,100 bbls/d in the prior year quarter, and included record first quarter Firebag production.
The company's net synthetic crude oil (SCO) production was 536,600 bbls/d in the first quarter of 2025, compared to an all-time record of 545,000 bbls/d in the prior year quarter and included the second highest ever quarterly upgrader utilization of
103% at Oil Sands Base and record first quarter upgrader utilization of100% at Syncrude.Non-upgraded bitumen production increased to 254,300 bbls/d in the first quarter of 2025, compared to 240,000 bbls/d in the prior year quarter, primarily due to higher upgrader availability in the prior year quarter.
E&P production increased to 62,300 bbls/d in the first quarter of 2025, compared to 50,300 bbls/d in the prior year quarter, primarily due to increased production at Terra Nova and Hebron.
Strong downstream operating performance resulted in record first quarter refinery throughput of 482,700 bbls/d and refinery utilization of
104% , compared to 455,300 bbls/d and98% , respectively, in the prior year quarter, which was also impacted by higher planned maintenance activities.Downstream achieved record first quarter refined product sales of 604,900 bbls/d in the first quarter of 2025, compared to 581,000 bbls/d in the prior year quarter, with the increase primarily due to higher refinery throughput and the benefit of the company's extensive sales and retail network.
Corporate and Strategy Updates
- Production resumes at White Rose. Production safely restarted at White Rose in the first quarter, with production returning to normal levels in the second quarter.
Corporate Guidance Updates
There have been no changes to the 2025 corporate guidance ranges previously issued on December 12, 2024.
For further details and advisories regarding Suncor's 2025 corporate guidance, see www.suncor.com/guidance.
Non-GAAP Financial Measures
Certain financial measures in this news release - namely adjusted funds from operations, adjusted operating earnings, free funds flow and net debt, and related per share or per barrel amounts - are not prescribed by GAAP. These non-GAAP financial measures are included because management uses the information to analyze business performance, leverage and liquidity, as applicable, and it may be useful to investors on the same basis. These non-GAAP financial measures do not have any standardized meaning and, therefore, are unlikely to be comparable to similar measures presented by other companies. Therefore, these non-GAAP financial measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Except as otherwise indicated, these non-GAAP financial measures are calculated and disclosed on a consistent basis from period to period. Specific adjusting items may only be relevant in certain periods.
Adjusted Operating Earnings
Adjusted operating earnings is a non-GAAP financial measure that adjusts net earnings for significant items that are not indicative of operating performance. Management uses adjusted operating earnings to evaluate operating performance because management believes it provides better comparability between periods. Adjusted operating earnings are reconciled to net earnings in the news release above.
Adjusted Funds From (Used In) Operations
Adjusted funds from (used in) operations is a non-GAAP financial measure that adjusts a GAAP measure - cash flow provided by operating activities - for changes in non-cash working capital, which management uses to analyze operating performance and liquidity. Changes to non-cash working capital can be impacted by, among other factors, commodity price volatility, the timing of offshore feedstock purchases and payments for commodity and income taxes, the timing of cash flows related to accounts receivable and accounts payable, and changes in inventory, which management believe reduces comparability between periods.
| Three months ended March 31 | Oil Sands | Exploration and Production | Refining and Marketing | Corporate and Eliminations | Income Taxes | Total | ||||||
| ($ millions) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Earnings (loss) before income taxes | 1 675 | 1 371 | 158 | 274 | 672 | 1 114 | (215) | (539) | - | - | 2 290 | 2 220 |
| Adjustments for: | ||||||||||||
| Depreciation, depletion, amortization and impairment | 1 199 | 1 185 | 171 | 170 | 257 | 244 | 36 | 29 | - | - | 1 663 | 1 628 |
| Accretion | 124 | 126 | 16 | 16 | 3 | 3 | - | - | - | - | 143 | 145 |
| Unrealized foreign exchange (gain) loss on U.S. dollar denominated debt | - | - | - | - | - | - | (14) | 220 | - | - | (14) | 220 |
| Change in fair value of financial instruments and trading inventory | (68) | 2 | (6) | 3 | 17 | 25 | - | - | - | - | (57) | 30 |
| Gain on disposal of assets | - | - | - | - | - | - | - | (3) | - | - | - | (3) |
| Share-based compensation | (86) | (171) | (6) | 3 | (40) | (78) | (171) | (128) | - | - | (303) | (374) |
| Settlement of decommissioning and restoration liabilities | (79) | (112) | (3) | (2) | (12) | (9) | - | - | - | - | (94) | (123) |
| Other | 45 | 42 | - | 3 | 5 | 7 | 15 | 23 | - | - | 65 | 75 |
| Current income tax expense | - | - | - | - | - | - | - | - | (648) | (649) | (648) | (649) |
| Adjusted funds from (used in) operations | 2 810 | 2 443 | 330 | 467 | 902 | 1 306 | (349) | (398) | (648) | (649) | 3 045 | 3 169 |
| Change in non-cash working capital | (889) | (382) | ||||||||||
| Cash flow provided by operating activities | 2 156 | 2 787 | ||||||||||
Free Funds Flow
Free funds flow is a non-GAAP financial measure that is calculated by taking adjusted funds from operations and subtracting capital expenditures, including capitalized interest. Free funds flow reflects cash available for increasing distributions to shareholders and reducing debt. Management uses free funds flow to measure the capacity of the company to increase returns to shareholders and to grow Suncor's business.
| Three months ended March 31 | Oil Sands | Exploration and Production | Refining and Marketing | Corporate and Eliminations | Income Taxes | Total | ||||||
| ($ millions) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Adjusted funds from (used in) operations | 2 810 | 2 443 | 330 | 467 | 902 | 1 306 | (349) | (398) | (648) | (649) | 3 045 | 3 169 |
| Capital expenditures including capitalized interest | (749) | (995) | (209) | (142) | (180) | (168) | (7) | (6) | - | - | (1 145) | (1 311) |
| Free funds flow (deficit) | 2 061 | 1 448 | 121 | 325 | 722 | 1 138 | (356) | (404) | (648) | (649) | 1 900 | 1 858 |
Net Debt and Total Debt
Net debt and total debt are non-GAAP financial measures that management uses to analyze the financial condition of the company. Total debt includes short-term debt, current portion of long-term debt and long-term debt (all of which are GAAP measures). Net debt is equal to total debt less cash and cash equivalents (a GAAP measure).
| March 31 | December 31 | |||||
| ($ millions, except as noted) | 2025 | 2024 | ||||
| Short-term debt | - | - | ||||
| Current portion of long-term debt | 997 | 997 | ||||
| Long-term debt | 9 335 | 9 348 | ||||
| Total debt(1) | 10 332 | 10 345 | ||||
| Less: Cash and cash equivalents | 2 773 | 3 484 | ||||
| Net debt (1) | 7 559 | 6 861 | ||||
| Shareholders' equity | 44 834 | 44 514 | ||||
| Total debt plus shareholders' equity | 55 166 | 54 859 | ||||
| Total debt to total debt plus shareholders' equity(1) (%) | 18.7 | 18.9 | ||||
| Net debt to net debt plus shareholders' equity(1) (%) | 14.4 | 13.4 | ||||
(1) Beginning in the second quarter of 2024, the company revised the definition of net debt and total debt to exclude lease liabilities to better align with how management and industry monitor capital structure. Prior period comparatives have been restated to reflect this change.
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, including expectations and assumptions concerning: the accuracy of reserves estimates; commodity prices and interest and foreign exchange rates; the performance of assets and equipment; uncertainty related to geopolitical conflict; capital efficiencies and cost savings; applicable laws and government policies; future production rates; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour, services and infrastructure; the satisfaction by third parties of their obligations to Suncor; the development and execution of projects; and the receipt, in a timely manner, of regulatory and third-party approvals. All statements and information that address expectations or projections about the future, and other statements and information about Suncor's strategy for growth, expected and future expenditures or investment decisions, commodity prices, costs, schedules, production volumes, operating and financial results, future financing and capital activities, and the expected impact of future commitments are forward-looking statements. Some of the forward-looking statements may be identified by words like "expects", "anticipates", "will", "estimates", "plans", "scheduled", "intends", "believes", "projects", "indicates", "could", "focus", "vision", "goal", "outlook", "proposed", "target", "objective", "continue", "should", "may", "future", "potential", "opportunity", "would", "priority", "strategy" and similar expressions. Forward-looking statements in this news release include references to: Suncor's strategy, focus, goals and priorities and the expected benefits therefrom, and the anticipated return to normal production at White Rose in in the second quarter. In addition, all other statements and information about Suncor's strategy for growth, expected and future expenditures or investment decisions, commodity prices, costs, schedules, production volumes, operating and financial results and the expected impact of future commitments are forward-looking statements. Some of the forward-looking statements and information may be identified by words like "expects", "anticipates", "will", "estimates", "plans", "scheduled", "intends", "believes", "projects", "indicates", "could", "focus", "vision", "goal", "outlook", "proposed", "target", "objective", "continue", "should", "may" and similar expressions.
Forward-looking statements are based on Suncor's current expectations, estimates, projections and assumptions that were made by the company in light of its information available at the time the statement was made and consider Suncor's experience and its perception of historical trends, including expectations and assumptions concerning: the accuracy of reserves estimates; commodity prices and interest and foreign exchange rates; the performance of assets and equipment; capital efficiencies and cost savings; applicable laws and government policies; future production rates; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour, services and infrastructure; the satisfaction by third parties of their obligations to Suncor; the development and execution of projects; and the receipt, in a timely manner, of regulatory and third-party approvals.
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, Annual Report to Shareholders and Form 40-F, each dated February 26, 2025, Suncor's Report to Shareholders for the First Quarter of 2025 dated May 6, 2025, 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 by referring to suncor.com/FinancialReports or 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.
To view a full copy of Suncor's first quarter 2025 Report to Shareholders and the financial statements and notes (unaudited), visit Suncor's profile on sedarplus.ca or sec.gov or visit Suncor's website at suncor.com/financialreports.
To listen to the conference call discussing Suncor's first quarter results, visit suncor.com/webcasts.
Suncor Energy is Canada's leading integrated energy company. Suncor's operations include oil sands development, production and upgrading; offshore oil production; petroleum refining in Canada and the U.S.; and the company's Petro-CanadaTM retail and wholesale distribution networks (including Canada's Electric HighwayTM, a coast-to-coast network of fast-charging EV stations). Suncor is developing petroleum resources while advancing the transition to a lower-emissions future through investments in lower emissions intensity power, renewable feedstock fuels and projects targeting emissions intensity. Suncor also conducts energy trading activities focused primarily on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.
For more information about Suncor, visit our web site at suncor.com.
Media inquiries:
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media@suncor.com
Investor inquiries:
invest@suncor.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/251050
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