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Mar 31, 2025
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Suncor Q1 2025 Earnings Report
Suncor reported strong Q1 2025 results with record upstream production and downstream throughput driving solid financial performance.
Key Takeaways
Suncor delivered a solid first quarter in 2025, generating strong net earnings and adjusted funds from operations, supported by record first-quarter upstream and downstream operational performance.
Generated $1.689 billion in net income and $3.045 billion in adjusted funds from operations.
Upstream production reached a record 853,200 barrels per day.
Downstream operations achieved record refinery throughput of 482,700 bbls/d and 604,900 bbls/d in refined product sales.
Returned $1.5 billion to shareholders through dividends and share repurchases.
Forward Guidance
Suncor reaffirmed its 2025 corporate guidance, maintaining prior forecasts issued in December 2024.
Positive Outlook
- Strong upstream production performance expected to continue.
- White Rose production safely resumed and is expected to normalize in Q2.
- Continued cost discipline and improved asset utilization across the business.
- Maintaining focus on capital efficiency and free funds flow.
- Integrated business model supports resilience in volatile markets.
Challenges Ahead
- Crack spread weakness may continue to pressure downstream margins.
- Foreign exchange volatility could impact financial results.
- Inventory builds may affect timing of sales and revenue recognition.
- Ongoing geopolitical uncertainty introduces market risk.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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