Suncor Energy Inc. reported first-quarter net earnings of $2.1 billion, up from $1.5 billion in the same period last year, as the company achieved record upstream production. The Calgary-based oil sands giant said Thursday that its upstream production averaged 808,000 barrels of oil equivalent per day in the first three months of 2026, a 12% increase from the prior year. This record output was driven by strong operational performance at its Fort Hills and Base Plant operations in northern Alberta.
Financial highlights
The company's quarterly revenue rose to $12.8 billion, compared with $10.5 billion a year earlier. Suncor also announced a 5% increase in its quarterly dividend to 55 cents per share, reflecting confidence in its cash flow generation. Operating earnings, which exclude one-time items, came in at $1.9 billion, or $1.45 per share, beating analyst expectations of $1.30 per share.
Record production details
Suncor's record production was supported by improved reliability at its oil sands mining and upgrading operations, as well as higher output from its exploration and production assets. The company's refinery throughput averaged 460,000 barrels per day, up 3% from the prior year. Suncor also benefited from stronger crude oil prices, with benchmark West Texas Intermediate averaging $78 per barrel in the quarter, compared with $75 a year ago.
"Our first-quarter results demonstrate the strength of our integrated model and the dedication of our teams to safe, reliable operations," said Suncor CEO Mark Little in a statement. "We are delivering on our commitments to shareholders, including increasing returns and reducing debt."
Strategic outlook
Suncor maintained its 2026 production guidance of 800,000 to 840,000 barrels of oil equivalent per day. The company also said it expects to reduce its net debt to $12 billion by year-end, down from $13.5 billion at the end of the first quarter. Capital spending for 2026 is forecast at $5.4 billion, with a focus on sustaining current operations and advancing low-carbon projects.
Shares of Suncor rose 1.8% to $52.30 on the Toronto Stock Exchange following the earnings release.
