Suncor Power Inc. has reported CAD 1.69 billion ($1.21 billion) in internet revenue for the primary quarter (Q1) of 2025, up from CAD 1.61 billion for a similar three-month interval final yr because it achieved its highest-ever upstream output and refined product gross sales for the January-March interval. Internet earnings per primary share was CAD 1.36, in comparison with CAD 1.25 for Q1 2024.
The Calgary, Canada-based oil sands developer, which additionally explores for and produces oil and gasoline offshore, produced 853,200 barrels per day (bpd) in Q1 2025, up from 835,300 bpd in Q1 2024. Oil sands manufacturing averaged 790,900 bpd, in comparison with 785,000 bpd in Q1 2024. Offshore manufacturing was 62,300 bpd, up from 50,300 bpd in Q1 2204, Suncor stated in its quarterly report.
Suncor stated the White Rose subject within the Jeanne d’Arc Basin off the coast of Newfoundland and Labrador province has resumed manufacturing. That partly led to the year-on-year manufacturing enhance as the sphere had no quantity contribution in Q1 2024.
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Nonetheless, at the same time as upstream manufacturing grew, working earnings adjusted for nonrecurring gadgets fell from CAD 1.82 billion for Q1 2024 to CAD 1.63 billion for Q1 2025 attributable to upstream gross sales volumes reducing from 847,400 bpd to 828,400 bpd. Suncor attributed the gross sales quantity decline to “a construct in stock as manufacturing remained robust”.
That drop was partially offset by a rise in refined product gross 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, additionally a Q1 file.
On the value aspect, “Increased Oil Sands worth realizations, which benefited from narrower differentials in comparison with the prior yr quarter, had been principally offset by decrease downstream benchmark crack spreads”, the report acknowledged. “The Canadian greenback additionally weakened in opposition to the U.S. greenback within the present quarter, leading to a international alternate loss on working capital gadgets in comparison with a bigger achieve within the prior-year quarter, however a profit to upstream worth realizations”.
Adjusted funds from operations got here at CAD 3.05 billion, down from CAD 3.17 billion for Q1 2024. Money circulate from working actions together with modifications 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 throughout Q1 2025. That consisted of CAD 705 million in dividends and CAD 750 million in share buybacks.
Free funds circulate stood at CAD 1.9 billion. Money and money equivalents totaled CAD 2.77 billion, whereas Suncor’s present portion of long-term debt was CAD 997 million.
“Our robust first quarter monetary and working efficiency maintained the momentum established in 2024, as we stay laser-focused on persevering with to ship protected, dependable, and cost-effective operations”, commented president and chief govt Wealthy Kruger.
“Our give attention to the basics, built-in enterprise mannequin, and regularly bettering value construction allow us to ship free funds circulate and shareholder worth regardless of the present unstable enterprise setting”, Kruger added.
To contact the writer, e mail jov.onsat@rigzone.com
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