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Suncor Energy
Suncor Energy (SU) investor relations material
Suncor Energy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Feb, 2026
Executive summary
Achieved record operational and financial performance in Q4 and full year 2025, with best-ever safety, production, and reliability metrics across upstream and downstream operations.
Delivered on all three-year performance improvement commitments in just two years, including production growth, breakeven reduction, free funds flow increase, and capital reduction.
Achieved record upgrader utilization of 99% in 2025 and record annual production at Firebag of 245 kbpd, with significant operational reliability improvements.
Maintains a long-life, competitively advantaged asset base with a 25-year oil sands reserve life index and 7.1 billion barrels of 2P reserves.
Embedded a culture of continuous improvement, leadership development, and industry best practice adoption, driving sustainable operational excellence.
Financial highlights
Upstream production reached 909,000 barrels/day in Q4, 34,000 higher than previous best; full year at 860,000 barrels/day, 32,000 above 2024.
Refining throughput hit 504,000 barrels/day in Q4 and 480,000 for the year, both record highs.
Adjusted funds from operations for 2025 reached $12.8 billion, with free funds flow at $6.9 billion.
Net debt reduced to $6.3 billion at year-end 2025, lowest in over a decade.
Over 70% of average market cap returned to shareholders over 10 years, totaling $45 billion in cumulative cash returns.
Outlook and guidance
2026 capital budget set at $5.6–$5.8 billion, with $3.85–$3.93 billion allocated to oil sands and $1.3–$1.38 billion to downstream.
2026 production guidance: total upstream production of 840–870 kbpd; refinery throughput of 600–620 kbpd; refinery utilization targeted at 99–102%.
Buyback rate of $275 million per month to continue into 2026, independent of oil price.
Dividend growth targeted at 3–5% annually, with continued focus on returning excess funds to shareholders.
New value improvement plan to be detailed on March 31, covering both short-term (3 years) and long-term (15 years) horizons.
Rationale for increased 2026 share repurchases?
New strategic targets post-2024 Investor Day goals?
Drivers of 2025 reported vs normalized FFF gap?
Future CapEx strategy beyond 2026?
When will actual refinery capacity be formalized?
How is continuous improvement sustained?
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Next Suncor Energy earnings date
Investor Day 202631 Mar, 2026
Suncor Energy
Next Suncor Energy earnings date
Investor Day 202631 Mar, 2026
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Frequently asked questions
Suncor Energy Inc is an integrated energy company engaged in the production, refining, and marketing of oil and petroleum products. Its operations include oil sands development, conventional and offshore oil production, petroleum refining, and product distribution primarily in Canada and the United States. Suncor operates within the energy and natural resources sectors. The company is headquartered in Calgary, Canada, and its shares are listed on the TSX.
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