Suncor Energy (NYSE: SU) lifts buybacks to $4B and targets $2B free funds flow gain

Rhea-AI Filing Summary

Suncor Energy outlined a new three-year improvement plan at its 2026 Investor Day and is increasing annual share repurchases by over 20% to a projected $4 billion for 2026. The plan targets a $2 billion increase in normalized free funds flow by 2028 and a US$5 per barrel reduction in corporate WTI breakeven to US$38 per barrel by 2028.

Suncor also aims for 100,000 barrels per day of upstream production growth and a 10% increase in refining network nameplate capacity to 511,000 barrels per day by 2028. The company reported an 11 billion barrel increase in contingent resources, bringing the total to 30 billion barrels, and highlighted 400,000 barrels per day of future production capacity at an average cost of $30,000 per flowing barrel.

Positive

• Over 20% increase in 2026 share repurchases to $4B, highlighting a stronger capital return commitment to shareholders.
• Targeted $2B increase in normalized free funds flow by 2028, supported by lower WTI breakeven and production growth goals.
• 11 billion barrel increase in contingent resources to 30 billion barrels, adding substantial long-term optionality in oil sands development.

Negative

• None.

Insights

Energy sector equity analyst

Suncor boosts capital returns and sets aggressive 2028 operating targets.

Suncor Energy plans to repurchase $4B of shares in 2026, more than 20% above prior expectations, signaling a strong focus on returning cash to shareholders. Alongside this, management outlined a three-year improvement plan in its 2026 Investor Day presentation.

The plan targets a $2B increase in normalized free funds flow by 2028, supported by a US$5 per barrel reduction in corporate WTI breakeven to US$38 per barrel and 100,000 barrels per day of upstream production growth. A 10% increase in refining nameplate capacity to 511,000 barrels per day further strengthens the integrated model.

Suncor also disclosed an 11 billion barrel increase in oil sands contingent resources, for a total of 30 billion barrels, and identified 400,000 barrels per day of future production capacity at about $30,000 per flowing barrel. Outcomes remain subject to execution, commodity prices, and the risks outlined in its 2026 Annual Information Form and Annual Report.

Key Figures

2026 share repurchases: $4B Increase in normalized free funds flow: $2 billion Corporate WTI breakeven: US$38 per barrel +5 more

8 metrics

2026 share repurchases $4B Revised annual projection for 2026, over 20% increase

Increase in normalized free funds flow $2 billion Targeted improvement by 2028

Corporate WTI breakeven US$38 per barrel Target by 2028, US$5 per barrel reduction

Upstream production growth target 100,000 barrels per day Planned increase by 2028

Refining nameplate capacity 511,000 barrels per day 10% increase in refining network capacity by 2028

Increase in contingent resources 11 billion barrels Oil sands contingent resources increase to 30 billion barrels total

Total contingent resources 30 billion barrels Oil sands contingent resources with no exploration risk

Future production capacity cost $30,000 per flowing barrel Average cost for 400,000 barrels per day of future capacity

Key Terms

normalized free funds flow, corporate WTI breakeven, contingent resources, nameplate capacity, +1 more

5 terms

normalized free funds flow financial

"· $2 billion increase in normalized free funds flow by 2028"

The amount of cash a company typically has left over after paying the costs required to run and maintain the business, with one-time gains, losses and seasonal swings removed so the figure reflects a steady, recurring level. Investors use it like a household’s regular spare income — it shows the sustainable cash available for debt repayment, dividends, buybacks or reinvestment, rather than temporary windfalls.

corporate WTI breakeven financial

"US$5 per barrel reduction in corporate WTI breakeven to US$38 per barrel by 2028"

contingent resources financial

"11 billion barrel increase to contingent resources, total of 30 billion barrels with no exploration risk"

Contingent resources are quantities of natural resources (like oil, gas, or minerals) that have been discovered and estimated but are not yet counted as proven reserves because there are unresolved hurdles—technical, legal, financial, or market-related—that must be cleared before they can be produced. For investors, they represent potential future value: like a locked safe containing cash that could increase a company's worth if the lock is opened, but with no guarantee until the obstacles are removed.

nameplate capacity technical

"10% increase in refining network nameplate capacity to 511,000 barrels per day"

Nameplate capacity is the maximum output a power plant, factory, or piece of equipment can produce under ideal conditions, as specified by the manufacturer. Investors care because it sets the upper limit on potential revenue and growth—actual earnings depend on how often and efficiently that capacity is used, similar to a car’s top speed versus how fast you actually drive in daily traffic.

flowing barrel financial

"400,000 barrels per day of future production capacity at an average cost of $30,000 per flowing barrel"

Form 6-K: How Foreign Companies Report to the SEC →

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a - 16 or 15d - 16 of

the Securities Exchange Act of 1934

For the month of:  March, 2026 Commission File Number:  1-12384

SUNCOR ENERGY INC.

(Name of registrant)

150 – 6th Avenue S.W.

P.O. Box 2844

Calgary, Alberta

Canada, T2P 3E3

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ¨  Form 40-F x

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		SUNCOR ENERGY INC.
Date:		By:
March 31, 2026			“Shawn Poirier”
			Shawn Poirier
			Assistant Corporate Secretary

EXHIBIT INDEX

Exhibit		Description of Exhibit
99.1		News Release dated March 31, 2026, Suncor Energy increases shareholder returns, publishes 2026 Investor Day presentation; files contingent resources report

Exhibit 99.1

Suncor Energy increases shareholder returns, publishes 2026 Investor Day presentation; files contingent resources report

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

Calgary, Alberta (March 31, 2026) – Suncor Energy (TSX: SU) (NYSE: SU) published its 2026 Investor Day presentation which outlines a new 3-year improvement plan. As a result, Suncor is increasing its annual share repurchases by over 20% to a revised projection of $4B for 2026.

Investor Day Highlights:

	·	$2 billion increase in normalized free funds flow by 2028
	·	US$5 per barrel reduction in corporate WTI breakeven to US$38 per barrel by 2028
	·	100,000 barrels per day of upstream production growth by 2028
	·	10% increase in refining network nameplate capacity to 511,000 barrels per day
	·	11 billion barrel increase to contingent resources, total of 30 billion barrels with no exploration risk
	·	400,000 barrels per day of future production capacity at an average cost of $30,000 per flowing barrel

The presentation is being webcast live and will be available for future viewing at https://www.suncor.com/en-ca/investors/events-and-presentations.

Additionally, Suncor Energy has filed a report disclosing its contingent resources which can be found on Suncor’s profile on sedarplus.ca, sec.gov, or on Suncor’s website at suncor.com/financialreports.

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

Legal Advisory – Forward-Looking Information

Forward-looking statements in this news release include statements about share repurchases, including the amount and timing of such repurchases, upstream production growth by 2028, increases in normalized free funds flow by 2028, US$5 per barrel reduction to WTI breakeven by 2028, the amount and viability of oil sands contingent resources and the amount and cost of 400,000 barrels per day of new production capacity.

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 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.

FAQ

How is Suncor Energy (SU) changing shareholder returns for 2026?

Suncor Energy plans to increase annual share repurchases by over 20%, targeting $4 billion of buybacks in 2026. This higher repurchase projection accompanies a new three-year improvement plan detailed in the 2026 Investor Day presentation, emphasizing stronger capital returns to shareholders.

What financial improvement targets did Suncor (SU) set for 2028?

Suncor is targeting a $2 billion increase in normalized free funds flow by 2028. Management intends to support this through a US$5 per barrel reduction in corporate WTI breakeven to US$38 per barrel, combined with upstream production growth and refining capacity expansion.

How much production growth does Suncor Energy (SU) plan by 2028?

Suncor aims to add 100,000 barrels per day of upstream production by 2028. The company also plans a 10% increase in refining network nameplate capacity to 511,000 barrels per day, reinforcing its integrated model across production and downstream operations.

What contingent resource update did Suncor (SU) disclose?

Suncor reported an 11 billion barrel increase in oil sands contingent resources, bringing the total to 30 billion barrels. These resources carry no exploration risk and represent long-term development potential, subject to future investment decisions, project economics, and regulatory factors.

What is Suncor Energy’s (SU) new WTI breakeven target?

Suncor is targeting a US$5 per barrel reduction in its corporate WTI breakeven, reaching about US$38 per barrel by 2028. Lowering breakeven can improve resilience across oil price cycles, supporting the company’s plan to grow free funds flow and maintain shareholder returns.

What future capacity and costs did Suncor (SU) highlight?

Suncor identified 400,000 barrels per day of future production capacity at an average cost of about $30,000 per flowing barrel. This potential capacity is backed by expanded contingent resources and could support long-term growth, depending on market conditions and capital allocation decisions.

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EXHIBIT 99.1 9.7 KB