• Growth in upstream consistent with plan to add over 100,000 bbls/d between 2023 and 2026
• Increased refinery utilization reflecting stronger asset performance and market position
• Lower oil sands costs driven by productivity improvements
• Disciplined capital program with select high quality strategic investments
• Financial performance aligned with May 2024 Investor Day commitments 

Suncor Energy released its 2025 corporate guidance today including growing annual upstream production to 810,000 to 840,000 bbls/d as well as increased annual refining utilization of 93% to 97%, both reflecting the sustainability of the higher performance achieved throughout 2024. Suncor's upstream production increase is consistent with the plan presented at its Investor Day earlier this year and builds on the tangible improvements to free funds flow growth achieved in 2024, which are ahead of target. Upstream production reflects planned turnaround and maintenance activities during the year; including a 91-day outage at Base Plant Upgrader 1 for the coke drum replacement project. Downstream utilization also reflects the impact of planned turnarounds at the Edmonton and Sarnia refineries totaling 58 and 40 days, respectively. 

"We are 100% focused on growing free funds flow per share through increased volumes, margins, cost reductions, and a disciplined capital investment program. Our 2025 guidance embodies this focus and is aligned with the commitments we set in our May 2024 Investor Day," said Rich Kruger, President and Chief Executive Officer. "We are delivering value to shareholders ahead of expectations through Suncor's unparalleled, integrated upstream and downstream asset base, underpinned by large scale, long-life oil sands resources."

Suncor's 2025 capital program is a balance between investments in sustaining its business, while selectively investing in high value economic opportunities. Major economic investments planned or continuing in 2025 include the replacement of the Upgrader 1 coke drums at Base Plant, the development of the Mildred Lake West Mine Extension and West White Rose projects, and the execution of our Petro-Canada retail network improvement plan. 

Suncor's lower cash operating costs per barrel continue to reflect progress on its initiatives to reduce its corporate WTI breakeven by US$10 per bbl versus 2023. Fort Hills cash operating costs per barrel include a continuation of accelerated activities at the North Pit to unlock long-term production faster than originally planned.

"Our confidence in our ability to deliver the commitments outlined in the three year plan we put forward in May 2024 increases each day," added Rich Kruger. "The best is yet to come at 'Today's' Suncor." 

KeyFacts Energy: Suncor Energy Canada country profile