Second Quarter Highlights

• Generated $2.7 billion in adjusted funds from operations and $1.0 billion in free funds flow.
• Returned $1.45 billion to shareholders, with $750 million in share repurchases and $700 million in dividends.
• Record second quarter upstream production of 808,000 bbls/d and record first half production of 831,000 bbls/d.
• Record second quarter refinery throughput of 442,000 bbls/d and record first half throughput of 462,000 bbls/d.
• Executed major upstream and downstream turnaround activity safely and ahead of schedule.
• Completed the Upgrader 1 coke drum replacement project ahead of schedule in early July.
• Reduced 2025 capital guidance by $400 million, reflecting strong execution performance and capital discipline.

"What stands out the most about our strong second quarter is the outstanding execution of major upstream and downstream turnaround activities, completed safely and ahead of schedule," said Rich Kruger, President and Chief Executive Officer. "This performance was a key driver behind Suncor's record-setting second quarter and first half volumes results and positions us extremely well for a strong second half of the year. The quarter once again demonstrates our unwavering commitment and focus on delivering superior results for our shareholders."

Adjusted Operating Earnings Reconciliation(1)

• Suncor's adjusted operating earnings were $873 million ($0.71 per common share) in the second quarter of 2025, compared to $1.626 billion ($1.27 per common share) in the prior year quarter, with the decrease primarily due to lower upstream price realizations, in line with lower benchmark pricing, partially offset by lower royalties and income taxes, and increased sales volumes in both the upstream and downstream.
• Net earnings were $1.134 billion ($0.93 per common share) in the second quarter of 2025, compared to $1.568 billion ($1.22 per common share) in the prior year quarter. In addition to the factors impacting adjusted operating earnings, net earnings for the second quarter of 2025 and the prior year quarter were impacted by the items shown in the table above.
• Adjusted funds from operations were $2.689 billion ($2.20 per common share) in the second quarter of 2025, compared to $3.397 billion ($2.65 per common share) in the prior year quarter, and were primarily influenced by the same factors impacting adjusted operating earnings.
• Cash flow provided by operating activities, which includes changes in non-cash working capital, were $2.919 billion ($2.38 per common share) in the second quarter of 2025, compared to $3.829 billion ($2.98 per common share) in the prior year quarter. 
• Operating, selling and general (OS&G) expenses remained consistent at $3.163 billion in the second quarter of 2025, compared to $3.153 billion in the prior year quarter, as higher commodity input costs and increased mining costs were largely offset by decreased share-based compensation expense.

(1) Non-GAAP financial measure. All reconciling items are presented on a before-tax basis and adjusted for income taxes in the income tax expense (recovery) on adjusted operating earnings adjustments line. 

Operating Results

• Total Oil Sands bitumen production increased to a second quarter record of 860,800 bbls/d, compared to 834,400 bbls/d in the prior year quarter, and included record second quarter production at Firebag.
• The company's net synthetic crude oil (SCO) production was 438,200 bbls/d in the second quarter of 2025, compared to 461,700 bbls/d in the prior year quarter, and was impacted by increased upgrader-related maintenance activities in the current period, including the Upgrader 1 coke drum replacement project and turnaround, which was completed subsequent to the quarter.
• Non-upgraded bitumen production increased to 310,200 bbls/d in the second quarter of 2025, compared to 254,300 bbls/d in the prior year quarter, primarily due to increased bitumen production and lower upgrader availability.
• Exploration and Production (E&P) production increased to 59,700 bbls/d in the second quarter of 2025, compared to 54,600 bbls/d in the prior year quarter and included increased production at Hebron and the addition of production at White Rose, which restarted in the first quarter of 2025.
• Refinery throughput increased to a second quarter record of 442,300 bbls/d with utilization of 95%, compared to 430,500 bbls/d and 92%, respectively, in the prior year quarter. The increase was primarily due to strong operating performance and the efficient execution of planned maintenance activities.
• Refined product sales increased to a second quarter record of 600,500 bbls/d, compared to 594,700 bbls/d in the prior year quarter, with the increase primarily due to higher refinery throughput and execution of the previously announced retail growth plan.

 KeyFacts Energy: Suncor Energy Canada country profile