Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$), and derived from the company’s condensed consolidated financial statements which are based on Canadian generally accepted accounting principles (GAAP), specifically International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), and are prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting. Production volumes are presented on a working-interest basis, before royalties, except for production values from the company’s Libya operations, which are presented on an economic basis. Certain financial measures referred to in this news release (adjusted funds from operations, adjusted operating earnings, free funds flow, and net debt) are not prescribed by GAAP. See the Non-GAAP Financial Measures section of this news release. References to Oil Sands operations exclude Suncor Energy Inc.’s ownership of Fort Hills and interest in Syncrude.
Calgary, Alberta–(Newsfile Corp. – November 3, 2026) – Suncor Energy (TSX: SU) (NYSE: SU)
Third Quarter Highlights
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Generated record quarterly adjusted funds from operations of $6.7 billion and free funds flow of $5.2 billion.
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Returned more than $2.0 billion to shareholders, with nearly $1.4 billion in share repurchases and nearly $700 million in dividends.
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Leveraged unparalleled integration through record bitumen transfers, supporting strong upstream production of 853,000 bbls/d.
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Achieved record third quarter refined product sales of 677,000 bbls/d, backed by strong refining throughput of 488,000 bbls/d.
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Subsequent to the quarter, monthly share repurchases increased by 50% to $750 million.
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Subsequent to the quarter, increased the quarterly dividend by 10% to $0.66 per share.
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Agreement reached to divest non-core offshore assets including Terra Nova, White Rose and West White Rose.
“The third quarter was highlighted by record adjusted funds from operations and the ingenuity of our teams, who continue to find new ways to create value through our unparalleled integration, most recently by sustaining Edmonton refinery throughput during a turnaround,” said Rich Kruger, Chief Executive Officer. “Our confidence in the continued earnings power and resiliency of our business has allowed us to increase our dividend and our monthly share repurchases, while also returning tremendous value to Canadians with significantly higher royalty payments and income taxes.”
Third Quarter Results
Financial Highlights
Q3
Q2
Q3
($ millions, unless otherwise noted)
2026
2026
2025
Net earnings
3 814
3 732
1 619
Per common share(1) (dollars)
3.27
3.17
1.34
Adjusted operating earnings(2)
4 631
3 804
1 794
Per common share(1)(2) (dollars)
3.97
3.23
1.48
Adjusted funds from operations(2)
6 705
5 329
3 831
Per common share(1)(2) (dollars)
5.75
4.52
3.16
Cash flow provided by operating activities
6 196
5 655
3 785
Per common share(1) (dollars)
5.31
4.80
3.13
Capital expenditures excluding capitalized interest
1 468
1 310
1 439
Free funds flow(2)
5 196
3 980
2 347
Dividend per common share(1) (dollars)
0.60
0.60
0.57
Share repurchases per common share(3) (dollars)
1.16
0.89
0.62
Returns to shareholders(4)
2 048
1 756
1 438
Operating, selling and general expenses
3 552
3 419
3 270
Net debt(2)
1 751
4 481
7 147
Operating Highlights
Total upstream production (mbbls/d)
852.5
760.9
870.0
Refinery crude oil throughput (mbbls/d)
487.7
470.6
491.7
Refinery utilization(5) (%)
95
92
96
(1) Presented on a basic per share basis.
(2) Non-GAAP financial measures or contains non-GAAP financial measures. See the Non-GAAP Financial Measures section of this news release.
(3) Calculated as the cost of share repurchases, excluding taxes paid on share repurchases, divided by the weighted average number of shares outstanding.
(4) Includes dividends paid on common shares and repurchases of common shares; excludes taxes paid on common share repurchases.
(5) Effective January 1, 2026, Suncor increased the nameplate capacity of its refining network by 10% from 466,000 bbls/d to 511,000 bbls/d. Prior quarter utilization rates have been restated to reflect this change.
Financial Results
Adjusted Operating Earnings Reconciliation(1)
Q3
Q2
Q3
($ millions)
2026
2026
2025
Net earnings
3 814
3 732
1 619
Unrealized foreign exchange (gain) loss on U.S. dollar denominated debt
(4)
132
186
Unrealized loss (gain) on risk management activities
65
(131)
5
Gain on disposal of asset
(65)
–
–
Asset impairment related to non-core asset divestiture
1 080
–
–
One-time legislative change to benefits
–
63
–
Income tax (recovery) expense on adjusted operating earnings adjustments
(259)
8
(16)
Adjusted operating earnings(1)
4 631
3 804
1 794
(1) Non-GAAP financial measure. All reconciling items are presented on a before-tax basis and adjusted for income taxes in the income tax (recovery) expense on adjusted operating earnings adjustments line. See the Non-GAAP Financial Measures section of this news release.
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Suncor’s adjusted operating earnings increased to $4.631 billion ($3.97 per common share) in the third quarter of 2026, compared to $1.794 billion ($1.48 per common share) in the prior year quarter, primarily due to higher upstream price realizations, increased downstream margins and increased high-value global export sales, partially offset by a corresponding increase in royalties and tax expense.
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Net earnings increased to $3.814 billion ($3.27 per common share) in the third quarter of 2026, compared to $1.619 billion ($1.34 per common share) in the prior year quarter. In addition to the factors impacting adjusted operating earnings, net earnings for the third quarter of 2026 and the prior year quarter were impacted by the items shown in the table above, which included a non-cash asset impairment of $1.080 billion recorded in the E&P segment related to the planned sale of the company’s non-core offshore assets Terra Nova, White Rose and West White Rose.
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