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Suncor Energy Inc. said it more than tripled profits in the spring quarter to $3.7 billion, allowing the Calgary-based producer to boost shareholder rewards while more than doubling royalty payments to governments.
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“The quarter was led by the exemplary performance of our downstream business,” Rich Kruger, Suncor’s president and chief executive, said in a release.
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Suncor sold 654,800 barrels a day of refined product, a record for the second quarter. The company started producing jet fuel at its Montreal refinery in November, just months before war in the Middle East led to a sharp spike in profit margins for refiners.
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Crack spreads — which measure margins generated by converting oil into fuels like gasoline and diesel — roughly doubled in the period stretching from April to June.
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During the quarter, Suncor’s retail chain, Petro-Canada, announced a loyalty program with WestJet Airlines Ltd. covering fuel and flights.
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Free funds flow, the cash left after spending, hit a record $3.9 billion. Suncor sent $1.7 billion to shareholders with dividends and purchases of its own stock, which can lift the share price.
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The company said it would spend $500 million buying its own stock every month, up from $350 million starting this month. Net debt fell to nearly $4.5 billion from $7.6 billion a year ago.
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Government royalties, which overwhelmingly flow to Alberta, rose to $1.2 billion, up sharply from $600 million a year ago.
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Upstream production fell to 760,900 barrels a day from 808,100 on a planned turnaround at its Firebag oilsands project. Cash operating costs at Fort Hills rose to $44.50 a barrel from $36.75, which Suncor blamed on heavy snow and a fast spring melt at the mines.
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Maintenance at Syncrude that was supposed to happen this spring has been pushed to the third quarter.
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Net earnings worked out to $3.17 a share, up from $1.13 billion or 93 cents in the same quarter of 2025. West Texas Intermediate averaged US$92.85 a barrel against US$63.70 a year ago.
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Suncor holds its analyst call Wednesday morning.
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