Suncor Energy Inc. has reported CAD 1.69 billion ($1.21 billion) in net profit for the first quarter (Q1) of 2025, up from CAD 1.61 billion for the same three-month period last year as it achieved its highest-ever upstream output and refined product sales for the January-March period. Net income per basic share was CAD 1.36, compared to CAD 1.25 for Q1 2024.
The Calgary, Canada-based oil sands developer, which also explores for and produces oil and gas offshore, produced 853,200 barrels per day (bpd) in Q1 2025, up from 835,300 bpd in Q1 2024. Oil sands production averaged 790,900 bpd, compared to 785,000 bpd in Q1 2024. Offshore production was 62,300 bpd, up from 50,300 bpd in Q1 2204, Suncor said in its quarterly report.
Suncor said the White Rose field in the Jeanne d’Arc Basin off the coast of Newfoundland and Labrador province has resumed production. That partly led to the year-on-year production increase as the field had no volume contribution in Q1 2024.
However, even as upstream production grew, operating income adjusted for nonrecurring items fell from CAD 1.82 billion for Q1 2024 to CAD 1.63 billion for Q1 2025 due to upstream sales volumes decreasing from 847,400 bpd to 828,400 bpd. Suncor attributed the sales volume decline to “a build in inventory as production remained strong”.
That drop was partially offset by an increase in refined product sales from 581,000 bpd in Q1 2024 to 604,900 bpd in Q1 2025 as processed oil rose from 455,300 bpd to 482,700 bpd, also a Q1 record.
On the price side, “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 report stated. “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”.
Adjusted funds from operations came at CAD 3.05 billion, down from CAD 3.17 billion for Q1 2024. Cash flow from operating activities including changes in non-cash working capital landed at CAD 2.16 billion, down from CAD 2.79 billion for Q1 2024.
Suncor distributed CAD 1.5 billion to shareholders during Q1 2025. That consisted of CAD 705 million in dividends and CAD 750 million in share buybacks.
Free funds flow stood at CAD 1.9 billion. Cash and cash equivalents totaled CAD 2.77 billion, while Suncor’s current portion of long-term debt was CAD 997 million.
“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”, commented president and chief executive Rich Kruger.
“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”, Kruger added.
To contact the author, email jov.onsat@rigzone.com
What do you think? We’d love to hear from you, join the conversation on the
Rigzone Energy Network.
The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy.
element
var scriptTag = document.createElement(‘script’);
scriptTag.src = url;
scriptTag.async = true;
scriptTag.onload = implementationCode;
scriptTag.onreadystatechange = implementationCode;
location.appendChild(scriptTag);
};
var div = document.getElementById(‘rigzonelogo’);
div.innerHTML += ” +
‘
‘ +
”;
var initJobSearch = function () {
//console.log(“call back”);
}
var addMetaPixel = function () {
if (-1 > -1 || -1 > -1) {
/*Meta Pixel Code*/
!function(f,b,e,v,n,t,s)
{if(f.fbq)return;n=f.fbq=function(){n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments)};
if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;
n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t,s)}(window, document,’script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘1517407191885185’);
fbq(‘track’, ‘PageView’);
/*End Meta Pixel Code*/
} else if (0 > -1 && 67 > -1)
{
/*Meta Pixel Code*/
!function(f,b,e,v,n,t,s)
{if(f.fbq)return;n=f.fbq=function(){n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments)};
if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;
n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t,s)}(window, document,’script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘1517407191885185’);
fbq(‘track’, ‘PageView’);
/*End Meta Pixel Code*/
}
}
// function gtmFunctionForLayout()
// {
//loadJS(“https://www.googletagmanager.com/gtag/js?id=G-K6ZDLWV6VX”, initJobSearch, document.body);
//}
// window.onload = (e => {
// setTimeout(
// function () {
// document.addEventListener(“DOMContentLoaded”, function () {
// // Select all anchor elements with class ‘ui-tabs-anchor’
// const anchors = document.querySelectorAll(‘a .ui-tabs-anchor’);
// // Loop through each anchor and remove the role attribute if it is set to “presentation”
// anchors.forEach(anchor => {
// if (anchor.getAttribute(‘role’) === ‘presentation’) {
// anchor.removeAttribute(‘role’);
// }
// });
// });
// }
// , 200);
//});
