Suncor Energy reports third quarter 2026 results
The offshore sale would transfer investment commitments and future liabilities to the purchaser, including a $500 million compliance program.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Suncor Energy (SU) reported third-quarter 2026 net earnings of C$3.814 billion, more than double the prior-year quarter's earnings. Basic earnings per share rose to C$3.27 from C$1.34. Operating cash flow increased to C$6.196 billion from C$3.785 billion; non-GAAP free funds flow reached C$5.196 billion versus C$2.347 billion.
Upstream production fell to 852,500 barrels per day from 870,000, while refined product sales rose to 676,900 from 646,800. Net debt declined to C$1.751 billion from C$7.147 billion a year earlier. After quarter-end, Suncor raised its quarterly dividend 10% to C$0.66 per share and increased planned monthly buybacks to C$750 million. It agreed to sell offshore interests for C$1.2 billion plus up to C$350 million contingent on future oil prices, with closing expected in early 2027 subject to approvals and partner consents. A related C$1.080 billion non-cash impairment reduced quarterly earnings. Financial amounts are Canadian dollars.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointNet earnings rose to C$3.814 billion, or C$3.27 per basic share, from C$1.619 billion, or C$1.34.
- Moderate pointNon-GAAP adjusted operating earnings rose to C$4.631 billion from C$1.794 billion in the prior-year quarter.
- Moderate pointNon-GAAP adjusted funds from operations increased to C$6.705 billion from C$3.831 billion a year earlier.
- Moderate pointOperating cash flow increased to C$6.196 billion from C$3.785 billion in the prior-year quarter.
- Moderate pointNon-GAAP free funds flow increased to C$5.196 billion from C$2.347 billion a year earlier.
- Moderate pointNon-GAAP net debt fell to C$1.751 billion from C$7.147 billion a year earlier.
- Moderate pointShareholder returns totalled C$2.048 billion, versus C$1.438 billion in the prior-year quarter.
- Moderate pointQuarterly dividend increased 10% to C$0.66 per share after quarter-end.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Planned monthly buybacks increased to C$750 million from C$500 million beginning October 2026; Suncor projects C$5.5 billion for 2026.
- Moderate pointOffshore sale agreement provides C$1.2 billion plus up to C$350 million contingent on future oil prices.
- Moderate pointRefined product sales increased to 676,900 barrels per day from 646,800 in the prior-year quarter.
3 minor points
- Minor point. Forward-looking: it has not happened yet and may not happen.Offshore liability transfer includes a C$500 million compliance program and C$1.4 billion present value of estimated abandonment and lease liabilities.
- Minor pointEdmonton refinery maintenance impacts on expected throughput were fully mitigated through integration with Oil Sands.
- Minor pointEastern Canada pipeline outage impacts were largely mitigated through feedstock options and logistics capabilities.
Negative
- Moderate pointC$1.080 billion non-cash impairment related to the planned offshore sale reduced third-quarter earnings.
- Moderate pointOperating, selling and general expenses increased to C$3.552 billion from C$3.270 billion a year earlier.
- Moderate pointUpstream production fell to 852,500 barrels per day from 870,000 in the prior-year quarter.
- Moderate pointUpstream sales declined to 837,500 barrels per day from 887,200 in the prior-year quarter.
- Minor point. Forward-looking: it has not happened yet and may not happen.Offshore sale closing is expected in early 2027, pending regulatory approvals and partner consents.
3 minor points
- Minor pointCapital expenditures excluding capitalized interest increased to C$1.468 billion from C$1.439 billion in the prior-year quarter.
- Minor pointCurrent income tax and royalty expenses totalled C$3.518 billion in the quarter and C$8.067 billion year-to-date.
- Minor pointRefinery throughput fell to 487,700 barrels per day from 491,700; utilization declined to 95% from 96%.
Key Figures
- Net earnings
- Cdn$3.814 billion
- Q3 2026
- Adjusted operating earnings
- Cdn$4.631 billion
- Q3 2026
- Adjusted funds from operations
- Cdn$6.705 billion
- Q3 2026
- Free funds flow
- Cdn$5.196 billion
- Q3 2026
- Returns to shareholders
- Cdn$2.048 billion
- Q3 2026
- Monthly share repurchases
- Cdn$750 million, increased from Cdn$500 million
- Beginning October 2026
- Quarterly dividend
- Cdn$0.66 per share, increased 10%
- Approved subsequent to Q3 2026
- Offshore asset sale consideration
- Cdn$1.2 billion upfront; up to Cdn$350 million contingent
- Sale agreement for Terra Nova, White Rose and West White Rose interests
Previous Earnings Reports
-
Q2 reported $5.3 billion adjusted funds from operations and $4.0 billion free funds flow.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
ifrs financial
ias 34 interim financial reporting financial
gaap financial
non-gaap financial measures financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$), 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 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. - November 3, 2026) - Suncor Energy (TSX: SU) (NYSE: SU)
Third Quarter Highlights
Generated record quarterly adjusted funds from operations of
$6.7 billion and free funds flow of$5.2 billion .Returned more than
$2.0 billion to shareholders, with nearly$1.4 billion in share repurchases and nearly$700 million in dividends.Leveraged unparalleled integration through record bitumen transfers, supporting strong upstream production of 853,000 bbls/d.
Achieved record third quarter refined product sales of 677,000 bbls/d, backed by strong refining throughput of 488,000 bbls/d.
Subsequent to the quarter, monthly share repurchases increased by
50% to$750 million .Subsequent to the quarter, increased the quarterly dividend by
10% to$0.66 per share.Agreement reached to divest non-core offshore assets including Terra Nova, White Rose and West White Rose.
"The third quarter was highlighted by record adjusted funds from operations and the ingenuity of our teams, who continue to find new ways to create value through our unparalleled integration, most recently by sustaining Edmonton refinery throughput during a turnaround," said Rich Kruger, Chief Executive Officer. "Our confidence in the continued earnings power and resiliency of our business has allowed us to increase our dividend and our monthly share repurchases, while also returning tremendous value to Canadians with significantly higher royalty payments and income taxes."
Third Quarter Results
| Financial Highlights | Q3 | Q2 | Q3 |
| ($ millions, unless otherwise noted) | 2026 | 2026 | 2025 |
| Net earnings | 3 814 | 3 732 | 1 619 |
| Per common share(1) (dollars) | 3.27 | 3.17 | 1.34 |
| Adjusted operating earnings(2) | 4 631 | 3 804 | 1 794 |
| Per common share(1)(2) (dollars) | 3.97 | 3.23 | 1.48 |
| Adjusted funds from operations(2) | 6 705 | 5 329 | 3 831 |
| Per common share(1)(2) (dollars) | 5.75 | 4.52 | 3.16 |
| Cash flow provided by operating activities | 6 196 | 5 655 | 3 785 |
| Per common share(1) (dollars) | 5.31 | 4.80 | 3.13 |
| Capital expenditures excluding capitalized interest | 1 468 | 1 310 | 1 439 |
| Free funds flow(2) | 5 196 | 3 980 | 2 347 |
| Dividend per common share(1) (dollars) | 0.60 | 0.60 | 0.57 |
| Share repurchases per common share(3) (dollars) | 1.16 | 0.89 | 0.62 |
| Returns to shareholders(4) | 2 048 | 1 756 | 1 438 |
| Operating, selling and general expenses | 3 552 | 3 419 | 3 270 |
| Net debt(2) | 1 751 | 4 481 | 7 147 |
| Operating Highlights | |||
| Total upstream production (mbbls/d) | 852.5 | 760.9 | 870.0 |
| Refinery crude oil throughput (mbbls/d) | 487.7 | 470.6 | 491.7 |
| Refinery utilization(5) (%) | 95 | 92 | 96 |
(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) Calculated as the cost of share repurchases, excluding taxes paid on share repurchases, divided by the weighted average number of shares outstanding.
(4) Includes dividends paid on common shares and repurchases of common shares; excludes taxes paid on common share repurchases.
(5) Effective January 1, 2026, Suncor increased the nameplate capacity of its refining network by
Financial Results
Adjusted Operating Earnings Reconciliation(1)
| Q3 | Q2 | Q3 | |
| ($ millions) | 2026 | 2026 | 2025 |
| Net earnings | 3 814 | 3 732 | 1 619 |
| Unrealized foreign exchange (gain) loss on U.S. dollar denominated debt | (4) | 132 | 186 |
| Unrealized loss (gain) on risk management activities | 65 | (131) | 5 |
| Gain on disposal of asset | (65) | - | - |
| Asset impairment related to non-core asset divestiture | 1 080 | - | - |
| One-time legislative change to benefits | - | 63 | - |
| Income tax (recovery) expense on adjusted operating earnings adjustments | (259) | 8 | (16) |
| Adjusted operating earnings(1) | 4 631 | 3 804 | 1 794 |
(1) Non-GAAP financial measure. All reconciling items are presented on a before-tax basis and adjusted for income taxes in the income tax (recovery) expense on adjusted operating earnings adjustments line. See the Non-GAAP Financial Measures section of this news release.
- Suncor's adjusted operating earnings increased to
$4.631 billion ($3.97 per common share) in the third quarter of 2026, compared to$1.794 billion ($1.48 per common share) in the prior year quarter, primarily due to higher upstream price realizations, increased downstream margins and increased high-value global export sales, partially offset by a corresponding increase in royalties and tax expense.
Net earnings increased to
$3.814 billion ($3.27 per common share) in the third quarter of 2026, compared to$1.619 billion ($1.34 per common share) in the prior year quarter. In addition to the factors impacting adjusted operating earnings, net earnings for the third quarter of 2026 and the prior year quarter were impacted by the items shown in the table above, which included a non-cash asset impairment of$1.080 billion recorded in the E&P segment related to the planned sale of the company's non-core offshore assets Terra Nova, White Rose and West White Rose.Adjusted funds from operations increased to
$6.705 billion ($5.75 per common share) in the third quarter of 2026, compared to$3.831 billion ($3.16 per common share) in the prior year quarter, and were primarily influenced by the same factors impacting adjusted operating earnings. Adjusted funds from operations benefited from the strength of Suncor's integrated operations, as the upstream captured strong benchmark pricing and the downstream benefited from higher cracking margins.Cash flow provided by operating activities, which includes changes in non-cash working capital, was
$6.196 billion ($5.31 per common share) in the third quarter of 2026, compared to$3.785 billion ($3.13 per common share) in the prior year quarter.Free funds flow increased to
$5.196 billion ($4.46 per common share), compared to$2.347 billion ($1.94 per common share) in the prior year quarter, and was primarily influenced by the same factors impacting adjusted funds from operations.Operating, selling and general (OS&G) expenses were
$3.552 billion in the third quarter of 2026, compared to$3.270 billion in the prior year quarter, with the increase primarily due to increased mining activity, higher share-based compensation expense and higher commodity input costs.Strong net earnings translated to third quarter current income tax and royalties expenses totalling
$3.518 billion , predominantly attributable to Canada. Current income tax and royalties expenses for the nine months ended September 30, 2026, totalled$8.067 billion .
Operating Results
| Q3 | Q2 | Q3 | |
| (mbbls/d, unless otherwise noted) | 2026 | 2026 | 2025 |
| Upstream | |||
| Total Oil Sands bitumen production | 948.0 | 815.2 | 958.3 |
| SCO and diesel production | 557.9 | 510.0 | 571.2 |
| Inter-asset transfers and consumption | (29.8) | (27.8) | (27.1) |
| Upgraded production - net SCO and diesel | 528.1 | 482.2 | 544.1 |
| Bitumen production | 352.1 | 273.9 | 334.6 |
| Inter-asset transfers | (91.7) | (66.0) | (66.5) |
| Non-upgraded bitumen production | 260.4 | 207.9 | 268.1 |
| Total Oil Sands production | 788.5 | 690.1 | 812.2 |
| Exploration and Production | 64.0 | 70.8 | 57.8 |
| Total upstream production | 852.5 | 760.9 | 870.0 |
| Upstream sales | 837.5 | 782.1 | 887.2 |
| Downstream | |||
| Refinery utilization(1) (%) | 95 | 92 | 96 |
| Refinery crude oil throughput | 487.7 | 470.6 | 491.7 |
| Refined product sales | 676.9 | 654.8 | 646.8 |
Total Oil Sands bitumen production was 948,000 bbls/d in the third quarter of 2026, compared to 958,300 bbls/d in the prior year quarter, with the decrease primarily due to lower mining production at Syncrude related to increased maintenance activities, partially offset by record third quarter Firebag production.
The company's net synthetic crude oil (SCO) production decreased to 528,100 bbls/d with upgrader utilization of
98% in the third quarter of 2026, compared to 544,100 bbls/d and102% , respectively, in the prior year quarter, primarily due to the planned upgrader maintenance activities at Syncrude.Non-upgraded bitumen production was 260,400 bbls/d in the third quarter of 2026, compared to 268,100 bbls/d in the prior year quarter, consistent with lower bitumen production.
Exploration and Production (E&P) production increased to 64,000 bbls/d in the third quarter of 2026, compared to 57,800 bbls/d in the prior year quarter, primarily due to higher production at Terra Nova.
Refinery crude oil throughput of 487,700 bbls/d with refinery utilization([1]) of
95% was comparable to 491,700 bbls/d and96% , respectively, in the prior year quarter. Strong current quarter operating performance was offset by increased planned maintenance activities at the Montreal refinery. The company was able to fully mitigate the expected throughput impacts of planned maintenance at its Edmonton refinery by leveraging its regional integration with Oil Sands. In Eastern Canada, the impacts of a third-party refinery supply pipeline outage were largely mitigated through the company's feedstock optionality and logistics capabilities.Refined product sales increased to a third quarter record of 676,900 bbls/d, compared to 646,800 bbls/d in the prior year quarter, as Suncor leveraged prior debottlenecking efforts to increase high-value export capacity, and delivered more domestic volumes through high-value retail channels, including Canada's number one retail brand.
Corporate and Strategy Updates
Share repurchases increased to
$750 million per month. Beginning in October 2026, Suncor increased planned monthly share repurchases to$750 million , from$500 million , projecting total 2026 share repurchases of$5.5 billion .Quarterly dividend increase. Subsequent to the third quarter, Suncor's board of directors approved a quarterly dividend of
$0.66 per share, an increase of10% over the prior quarter dividend, reflecting Suncor's confidence in the earnings power and resiliency of its business.Suncor to divest non-core offshore assets. Subsequent to the quarter, Suncor executed an agreement to sell its
48% interest in Terra Nova,40% interest in White Rose and38.6% interest in West White Rose offshore assets for$1.2 billion (US$860 million ) and an additional contingent payment of up to$350 million (US$250 million ), based on future oil prices. For the nine months ended September 30, 2026, total production of these assets was 17,000 bbls/d. All investment commitments and future liabilities associated with the assets will be transferred to the purchaser, including a$500 million regulatory well compliance program starting in 2027 at Terra Nova and the total present value of estimated future abandonment and lease liabilities of$1.4 billion . The transaction has an effective date of July 1, 2026, and is expected to close in early 2027, subject to customary closing conditions, regulatory approvals and partner consents.
Corporate Guidance Updates
There have been no changes to the 2026 corporate guidance ranges previously updated on August 4, 2026.
For further details and advisories regarding Suncor's 2026 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, 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 believes reduces comparability between periods.
| Three months ended September 30 | Oil Sands | Exploration and Production | Refining and Marketing | Corporate and Eliminations | Income Taxes | Total | ||||||
| ($ millions) | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
| Earnings (loss) before income taxes | 2 833 | 1 638 | (657) | 142 | 3 194 | 878 | (404) | (441) | - | - | 4 966 | 2 217 |
| Adjustments for: | ||||||||||||
| Depreciation, depletion, amortization and impairment | 1 350 | 1 261 | 1 222 | 161 | 291 | 275 | 31 | 34 | - | - | 2 894 | 1 731 |
| Accretion | 129 | 126 | 20 | 16 | 4 | 3 | - | - | - | - | 153 | 145 |
| Unrealized foreign exchange (gain) loss on U.S. dollar denominated debt | - | - | - | - | - | - | (4) | 186 | - | - | (4) | 186 |
| Change in fair value of financial instruments and trading inventory | 83 | (122) | (18) | (30) | 100 | 62 | - | - | - | - | 165 | (90) |
| Gain on disposal of assets | (65) | - | - | - | - | (16) | - | (1) | - | - | (65) | (17) |
| Share-based compensation | 94 | 59 | 6 | 3 | 43 | 30 | 130 | 89 | - | - | 273 | 181 |
| Settlement of decommissioning and restoration liabilities | (116) | (107) | (6) | (16) | (21) | (24) | - | - | - | - | (143) | (147) |
| Other | 44 | 45 | 3 | 3 | 1 | 8 | (3) | (19) | - | - | 45 | 37 |
| Current income tax expense | - | - | - | - | - | - | - | - | (1 579) | (412) | (1 579) | (412) |
| Adjusted funds from (used in) operations | 4 352 | 2 900 | 570 | 279 | 3 612 | 1 216 | (250) | (152) | (1 579) | (412) | 6 705 | 3 831 |
| Change in non-cash working capital | (509) | (46) | ||||||||||
| Cash flow provided by operating activities | 6 196 | 3 785 | ||||||||||
| Exploration and | Refining and | Corporate and | ||||||||||
| Nine months ended September 30 | Oil Sands | Production | Marketing | Eliminations | Income Taxes | Total | ||||||
| ($ millions) | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
| Earnings (loss) before income taxes | 7 040 | 4 157 | 190 | 465 | 6 944 | 1 927 | (1 403) | (608) | - | - | 12 771 | 5 941 |
| Adjustments for: | ||||||||||||
| Depreciation, depletion, amortization and impairment | 3 826 | 3 708 | 1 564 | 499 | 842 | 792 | 107 | 104 | - | - | 6 339 | 5 103 |
| Accretion | 388 | 374 | 59 | 48 | 12 | 10 | - | - | - | - | 459 | 432 |
| Unrealized foreign exchange loss (gain) on U.S. dollar denominated debt | - | - | - | - | - | - | 267 | (289) | - | - | 267 | (289) |
| Change in fair value of financial instruments and trading inventory | 51 | 25 | (14) | (2) | 86 | 17 | - | - | - | - | 123 | 40 |
| Gain on disposal of assets | (60) | - | - | - | (8) | (16) | (10) | (1) | - | - | (78) | (17) |
| Share-based compensation | 52 | (20) | 3 | (2) | 25 | (6) | 13 | (88) | - | - | 93 | (116) |
| Settlement of decommissioning and restoration liabilities | (364) | (272) | (22) | (30) | (47) | (51) | - | - | - | - | (433) | (353) |
| Other | 132 | 137 | 4 | 3 | 38 | 60 | 23 | 96 | - | - | 197 | 296 |
| Current income tax expense | - | - | - | - | - | - | - | - | (3 674) | (1 472) | (3 674) | (1 472) |
| Adjusted funds from (used in) operations | 11 065 | 8 109 | 1 784 | 981 | 7 892 | 2 733 | (1 003) | (786) | (3 674) | (1 472) | 16 064 | 9 565 |
| Change in non-cash working capital | (1 778) | (705) | ||||||||||
| Cash flow provided by operating activities | 14 286 | 8 860 | ||||||||||
Free Funds Flow (Deficit)
Free funds flow (deficit) 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.
| Exploration and | Refining and | Corporate and | ||||||||||
| Three months ended September 30 | Oil Sands | Production | Marketing | Eliminations | Income Taxes | Total | ||||||
| ($ millions) | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
| Adjusted funds from (used in) operations | 4 352 | 2 900 | 570 | 279 | 3 612 | 1 216 | (250) | (152) | (1 579) | (412) | 6 705 | 3 831 |
| Capital expenditures including capitalized interest | (1 062) | (998) | (117) | (182) | (321) | (290) | (9) | (14) | - | - | (1 509) | (1 484) |
| Free funds flow (deficit) | 3 290 | 1 902 | 453 | 97 | 3 291 | 926 | (259) | (166) | (1 579) | (412) | 5 196 | 2 347 |
| Exploration and | Refining and | Corporate and | ||||||||||
| Nine months ended September 30 | Oil Sands | Production | Marketing | Eliminations | Income Taxes | Total | ||||||
| ($ millions) | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
| Adjusted funds from (used in) operations | 11 065 | 8 109 | 1 784 | 981 | 7 892 | 2 733 | (1 003) | (786) | (3 674) | (1 472) | 16 064 | 9 565 |
| Capital expenditures including capitalized interest | (2 722) | (2 856) | (371) | (620) | (853) | (832) | (29) | (29) | - | - | (3 975) | (4 337) |
| Free funds flow (deficit) | 8 343 | 5 253 | 1 413 | 361 | 7 039 | 1 901 | (1 032) | (815) | (3 674) | (1 472) | 12 089 | 5 228 |
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).
| September 30 | December 31 | |
| ($ millions, except as noted) | 2026 | 2025 |
| Short-term debt | - | - |
| Current portion of long-term debt | 561 | 973 |
| Long-term debt | 9 191 | 9 014 |
| Total debt | 9 752 | 9 987 |
| Less: Cash and cash equivalents | 8 001 | 3 650 |
| Net debt | 1 751 | 6 337 |
| Shareholders' equity | 49 673 | 45 124 |
| Total debt plus shareholders' equity | 59 425 | 55 111 |
| Total debt to total debt plus shareholders' equity (%) | 16.4 | 18.1 |
| Net debt to net debt plus shareholders' equity (%) | 3.4 | 12.3 |
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; Suncor's projection of
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, Form 40-F, Suncor's Report to Shareholders for the Third Quarter of 2026 dated November 3, 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 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 third quarter 2026 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 third quarter results, visit suncor.com/webcasts. The event will be archived for 90 days.
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.
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(1) Effective January 1, 2026, Suncor increased the nameplate capacity of its refining network by
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FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Suncor's third-quarter 2026 earnings?
Suncor earned C$3.814 billion, or C$3.27 per basic common share, compared with C$1.619 billion, or C$1.34, a year earlier. Higher upstream price realizations and downstream margins supported results, while a C$1.080 billion non-cash impairment related to the planned offshore divestiture reduced earnings.
Which offshore interests is Suncor selling, and what obligations transfer to the buyer?
Suncor agreed to sell its 48% Terra Nova, 40% White Rose and 38.6% West White Rose interests, transferring all associated investment commitments and future liabilities to the purchaser. These include a C$500 million Terra Nova regulatory well compliance program starting in 2027 and C$1.4 billion in present value of estimated future abandonment and lease liabilities. The transaction's effective date is July 1, 2026.
Did Suncor change its 2026 guidance with its third-quarter results?
Suncor made no changes to its 2026 corporate guidance ranges previously updated on August 4, 2026.