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Suncor Energy (SU) investor relations material
Suncor Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved record third quarter upstream production of 870,000 bbl/day, with strong operational reliability and high asset utilization across upstream and downstream segments, despite major maintenance activities.
Refining throughput reached a record 492,000 bbl/day, with all refineries at or above 100% utilization and record refined product sales of 647,000 bbl/day.
Product sales hit a record 647,000 bbl/day, with high-margin retail sales up 8% year-over-year and export sales down 11%.
Focus on maximizing margins, maintaining high upgrader utilization, and leveraging integration across upstream and downstream operations.
Consistent operational excellence and cost discipline have driven higher, more predictable cash flow and record cash returns to shareholders.
Financial highlights
Adjusted funds from operations (AFFO) for Q3 2025 were CAD 3.8 billion, with free funds flow of CAD 2.3 billion, and net earnings of $1.619 billion ($1.34/share).
Year-to-date free funds flow reached CAD 5.2 billion, close to 2024 levels despite lower oil prices.
Returned over CAD 1.4 billion to shareholders in Q3, including CAD 688 million in dividends and CAD 750 million in buybacks.
Market capitalization at $70B as of Q3 2025.
Net debt at quarter end was CAD 7.1 billion, with net debt to trailing 12-month AFFO at 0.5x.
Outlook and guidance
2025 production guidance raised to 845,000–855,000 bbl/day, refining to 470,000–475,000 bbl/day, and product sales to 610,000–620,000 bbl/day.
Upstream production guidance for 2025: 915,000–935,000 boe/d.
Capital expenditures for 2025 expected at the low end of the revised CAD 5.7–5.9 billion range.
Commitment to maintain annual capital expenditures below CAD 6 billion and to reliable, growing dividend with a 3–5% annual growth target.
Expect to exceed the high end of original guidance for the second consecutive year.
What drove the 2025 guidance increases?
How did Q3 shareholder returns affect net debt?
How did integrated model offset upstream price drops?
Next steps for sustained operational improvements?
How will capital allocation evolve post-debt target?
What drives future value beyond current assets?
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Next Suncor Energy earnings date
Q4 20259 Feb, 2026
Next Suncor Energy earnings date
Q4 20259 Feb, 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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