Suncor Energy Inc has declared a quarterly dividend of CAD 0.6 ($0.4) per share, increased about five percent from the prior three-month period on the back of improved operational performance.
The Canadian oil sands-focused producer and refiner achieved its highest quarterly volumes in bitumen production at 958,300 barrels per day (bpd), refinery throughput at 491,700 bpd and refined product sales at 646,800 bpd in the July-September 2025 period.
“The board’s confidence in our improved operational performance and solid financial foundation underpins its decision to raise the quarterly dividend, reflecting our ongoing commitment to creating value for shareholders”, Suncor said in a statement on its website.
Suncor reported CAD 1.79 billion in third-quarter net profit adjusted for nonrecurring items, up from CAD 873 million for the prior three months but down from CAD 1.88 billion for the same period last year.
Its adjusted earnings per share of CAD 1.34 ($1) beat the Zacks Consensus Estimate of $0.85.
Net income was CAD 1.62 billion. That was up from CAD 1.13 billion for Q2 but down from CAD 2.02 billion for Q3 2024 as upstream price realizations dropped.
Cash flow from operating activities was CAD 3.79 billion, up from CAD 2.92 billion for Q2 but down from CAD 4.26 billion for Q3 2024. After adjustment for changes in non-cash working capital, the figure becomes CAD 3.83 billion, up both quarter-on-quarter and year-on-year.
Upstream output averaged 870,000 bpd, up from 808,100 bpd in Q2 and 828,600 in Q3 2024. Suncor said the Q3 2025 figure is its highest third-quarter upstream production.
The increase in oil sands bitumen production was driven by record quarterly production at Fort Hills and record third-quarter production at Firebag.
Suncor’s net synthetic crude production also set a third-quarter record at 544,100 bpd, having benefited from “excellent upgrader reliability and improved planning and execution of maintenance activities, including the early completion of the Upgrader 1 coke drum replacement project”, the company said.
“The combination of the new coke drums and reliability improvements have enabled Suncor to extend the Upgrader 1 turnaround interval from five to six years, with reduced maintenance required between turnarounds”, Suncor said.
“At Fort Hills, primary separation cell outages are being extended from six-month intervals to annual intervals. In the downstream, maintenance interval extensions are anticipated at the refineries as a result of recent maintenance activities and strategy.
“These changes translate into lower costs, higher utilization rates and more production between turnarounds”.
Non-oil sands production accounted for 57,800 bpd, down from 59,700 bpd in Q2 but up from 52,600 in Q3 2024; the year-over-year increase was due to a higher contribution from the Hebron field and the Q1 restart of the White Rose field, both off Canada’s East Coast.
Upstream sales averaged 887,200 bpd, up both sequentially and by prior-year comparison.
Refined product sales increased “due to higher refinery production, investment in retail growth and by leveraging strategic partnerships, the company’s extensive domestic sales network and export channels”, Suncor said.
It said in Q3 it had paid over CAD 1.4 billion to shareholders, consisting of CAD 750 million in share repurchases and CAD 700 million in dividends.
Cash and cash equivalents stood at CAD 2.94 billion at the end of Q3, while the current portion of long-term debt was CAD 1.48 billion.
Suncor bumped up its full-year guidance. It now expects to produce 845,000-855,000 bpd from upstream assets and sell 610,000-620,000 bpd of refined products.
To contact the author, email jov.onsat@rigzone.com
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