- Suncor reported $2.7 billion in adjusted funds from operations and C$1.0 billion in free funds flow, with adjusted operating earnings of C$873 million, down from C$1.6 billion in Q2 2024 due to lower benchmark pricing
- The company achieved record Oil Sands bitumen production of 860,800 bbls/d and refinery throughput of 442,300 bbls/d, with strong performance across upstream and downstream operations despite maintenance impacts
- Suncor lowered its 2025 capital spending forecast to C$5.7 to C$5.9 billion and adjusted expectations for taxes and royalties to reflect current market conditions
- Suncor Energy stock (TSX:SU) opened trading at C$54.40
Suncor Energy (TSX:SU) announced its Q2 2025 financial results, working through a challenging pricing environment while achieving several production and throughput records.
This content has been prepared as part of a partnership with Suncor Energy Inc. and is intended for informational purposes only.
The company generated C$2.7 billion in adjusted funds from operations and C$1.0 billion in free funds flow during the quarter. Adjusted operating earnings came in at C$873 million, or $0.71 per common share, down from C$1.626 billion (C$1.27 per share) in Q2 2024. The decline was primarily attributed to lower upstream price realizations, consistent with reduced benchmark pricing, partially offset by lower royalties and income taxes, and increased sales volumes across both upstream and downstream operations.
Net earnings for the quarter totalled C$1.134 billion ($0.93 per share), compared to C$1.568 billion (C$1.22 per share) in the same period last year.
Operationally, Suncor achieved a Q2 record in Oil Sands bitumen production, reaching 860,800 barrels per day (bbls/d), up from 834,400 bbls/d in Q2 2024. This included record production at the Firebag facility. However, synthetic crude oil production declined to 438,200 bbls/d, impacted by upgrader maintenance activities, including the Upgrader 1 coke drum replacement and turnaround, which concluded after the quarter.
Non-upgraded bitumen production rose to 310,200 bbls/d, up from 254,300 bbls/d a year earlier, driven by increased bitumen output and reduced upgrader availability. Meanwhile, Exploration and Production volumes increased to 59,700 bbls/d, supported by higher output at Hebron and the restart of White Rose in Q1 2025.
On the downstream side, Suncor set a second quarter record for refinery throughput, processing 442,300 bbls/d with 95 per cent utilization, compared to 430,500 bbls/d and 92 per cent in Q2 2024. Refined product sales also hit a quarterly high of 600,500 bbls/d, up from 594,700 bbls/d, reflecting higher throughput and progress on the company’s retail growth strategy.
Suncor also revised its 2025 corporate guidance, lowering its full-year capital expenditure estimate from C$6.1 to C$6.3 billion to C$5.7 to C$5.9 billion, and adjusting expectations for income taxes, royalties, and other business environment factors to reflect current market conditions.
“What stands out the most about our strong second quarter is the outstanding execution of major upstream and downstream turnaround activities, completed safely and ahead of schedule,” Rich Kruger, Suncor’s president and CEO stated in a news release. “This performance was a key driver behind Suncor’s record-setting second quarter and first half volumes results and positions us extremely well for a strong second half of the year. The quarter once again demonstrates our unwavering commitment and focus on delivering superior results for our shareholders.”
Suncor is a Canadian integrated energy company, including oil sands development, production and upgrading; offshore oil and gas; petroleum refining in Canada and the U.S.; and the Petro-Canada retail and wholesale distribution networks.
Suncor Energy stock (TSX:SU) opened trading more than 2 per cent higher at C$54.40 and has climbed 7.64 per cent since the year began.
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