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Suncor Energy Inc. reported adjusted operating earnings of $1.6 billion in the first quarter, down from $1.8 billion in the first quarter of last year, the result of lower upstream sales volumes due to a buildup in inventory.
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The oilsands major also had record upstream production of 853,200 barrels per day (bbl/d) in the three months ending March 31, marking a new high for the company, in part due to record-setting bitumen production at its Firebag in-situ mining facility and the resumption of offshore production at its White Rose facility in Newfoundland and Labrador.
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Downstream, Suncor’s refineries processed a record 483,000 bbl/d during the quarter, compared to 455,300 bbl//d in the same period last year, performing at a 104 per cent utilization rate.
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Capital spending was $1.09 billion, coming in below analyst estimates for the first quarter, but in line with Suncor’s 2025 guidance that targeted a midpoint capital spending program of $6.2 billion, according to RBC Capital Markets.
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Suncor is hosting a conference call with investors later this morning.
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