Suncor reports strong first-quarter results due to increased refinery output
Suncor Energy Inc. has reported what is says its strongest-ever first-quarter performance in its production, refining and refined product sales segments.
Suncor Energy reported in its quarterly financial results says production was 853,000 barrels of oil per day, refining throughput was 483,000 per day and refined product sales were 605,000 barrels per day. Net earnings for the first three months of 2025 were $1.69 billion, up from $1.61 billion during the same 2024 period. Gross revenues were $13.33 billion, compared to $13.31 billion a year earlier.
“Our strong first quarter financial and operating performance maintained the momentum established in 2024, as we remain laser focused on continuing to deliver safe, reliable, and cost-effective operations. Our results demonstrate this commitment, as represented by record performance across both the upstream and downstream,” said Rich Kruger, Suncor’s president and chief executive officer in a release upon the public disclosure of the results. “Our focus on the fundamentals, integrated business model, and continually improving cost structure enable us to deliver free funds flow and shareholder value despite the current volatile business environment.”
Suncor says its strong results were the results of its Total Oil Sands bitumen production having increased to 937,300 barrels per day in the first quarter of 2025, compared to 932,100 barrels per day in the prior year’s quarter, and included record first quarter Firebag production. As well, its net synthetic crude oil (SCO) production was 536,600 barrels per day in the first quarter of 2025, compared to an all-time record of 545,000 barrels per day in the prior year quarter and included the second highest ever quarterly upgrader utilization of 103% at Oil Sands Base and record first quarter upgrader utilization of 100% at Syncrude.
Suncor says its strong results were the results of its Total Oil Sands bitumen production having increased to 937,300 barrels per day in the first quarter of 2025, compared to 932,100 barrels per day in the prior year’s quarter, and included record first quarter Firebag production. As well, its net synthetic crude oil (SCO) production was 536,600 barrels per day in the first quarter of 2025, compared to an all-time record of 545,000 barrels per day in the prior year quarter and included the second highest ever quarterly upgrader utilization of 103% at Oil Sands Base and record first quarter upgrader utilization of 100% at Syncrude.
“We established several objectives for the three years, from 2024 to 2026, to improve performance and to create shareholder value tied to production growth, cost reduction and flow growth,” Kruger said during an analyst call to discuss the results for the quarter. “I can say that one year into our three-year plan, we’ve exceeded every single target, achieving two-years of our planned improvements in the first year and we are not done yet.”
Dave Oldreive, executive vice-president, downstream spoke about the Suncor’s ongoing efforts to transform and upgrade its Petro-Canada gas stations and convenience retail operations in Canada, a project that began in 2024, and which he says are proceeding well.
At the time of the announcement, Suncor said that some of these sites will be re-built from the ground up to add a quick service restaurant, car wash, convenience store or all three, while other sites would be enhanced by updating existing quick service restaurants, the forecourt, including the canopy and pump, while sites would be closed if they could not be upgraded to include sought-after improvements to services and amenities customers want.
“The larger sites now come with larger c-store operations, quick-serve restaurants and car wash operations, all of which are designed to achieve top returns,” Oldreive added. “We are also completing the rebranding of seven competitor sites to Petro-Canda currently, and that is part of a program of 20 sites that will be rebranded. All the enhancements that we are doing are to drive increased fuel sales and make our sites resilient over time. And we are very pleased with our Canadian Tire relationships that are continuing to grow strong and have over the past year increased our Petro Points membership by 30%.”
-With files from The Canadian Press
