Core Viewpoint - Suncor Energy Inc. reported strong first-quarter 2025 adjusted operating earnings of 91 cents per share, exceeding expectations due to robust upstream production growth, although overall earnings declined from the previous year due to weaker downstream performance [1][6]. Financial Performance - Operating revenues reached $8.7 billion, surpassing estimates by 3.9%, but decreased approximately 6.7% year over year due to lower upstream sales volumes [2][14]. - The company declared a quarterly dividend of 57 Canadian cents per share, consistent with the previous quarter, to be paid on June 25, 2025 [2]. - Total expenses decreased by 1.4% to C$10.2 billion, with operating, selling, and general expenses down to C$3.3 billion from C$3.4 billion in the prior year [14]. Production and Segment Performance - The upstream segment achieved record production of 853,000 barrels per day (bbls/d), a 2.14% increase year over year, and exceeded the consensus estimate [5][4]. - Oil sands bitumen production reached a record 937,300 bbls/d, driven by strong output at Firebag [5]. - The company's exploration and production (E&P) volume increased by 23.9% to 62,300 barrels of oil equivalent per day (boe/d), surpassing estimates [6]. Downstream Operations - Adjusted operating earnings for the downstream segment fell to C$667 million from C$1.118 billion in the same quarter last year, primarily due to lower benchmark crack spreads [11]. - Refining throughput was the highest for a first quarter at 482,700 bpd, exceeding the consensus estimate [12][13]. Cash Flow and Capital Expenditures - Cash flow from operating activities was C$2.2 billion, down from C$2.8 billion in the prior year [15]. - Capital expenditures for the first quarter amounted to C$1.1 billion, with total capital expenditures for 2025 expected to be between C$6.1 billion and C$6.3 billion [15][19]. Guidance for 2025 - Suncor Energy anticipates upstream production to range from 810,000 boe/d to 840,000 boe/d for 2025, with cash operating costs for Oil Sands operations expected between C$26 and C$29 per barrel [16][18]. - Refinery throughput is projected to be between 435,000 bpd and 450,000 bpd, with refined product sales expected in the range of 555,000 to 585,000 bpd [18].

[First Quarter Highlights](index=2&type=section&id=1.%20First%20Quarter%20Highlights) Suncor achieved record Q1 upstream production and refining throughput, returning **$1.5 billion** to shareholders despite slight declines in adjusted funds from operations [First Quarter Highlights](index=2&type=section&id=1.%20First%20Quarter%20Highlights) Suncor reported strong operational performance in Q1 2025, achieving record first quarter upstream production of **853,200 bbls/d** and record first quarter refining throughput of **482,700 bbls/d** Q1 2025 Financial Results vs. Q1 2024 | Financial Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Adjusted Funds from Operations | $3.045 billion | $3.169 billion | | Adjusted Operating Earnings | $1.629 billion | $1.817 billion | - Returned approximately **$1.5 billion** to shareholders, consisting of **$750 million** in share repurchases and **$705 million** in dividends[12](index=12&type=chunk) - Achieved record first quarter total upstream production of **853,200 bbls/d**, driven by a record first quarter at Firebag[12](index=12&type=chunk) - Oil Sands production reached **790,900 bbls/d** with an upgrader utilization of **102%**, the second highest in company history[12](index=12&type=chunk) - Set a first quarter record for refining throughput at **482,700 bbls/d** (**104% utilization**) and refined product sales at **604,900 bbls/d**[12](index=12&type=chunk) [Consolidated Financial and Operating Information](index=3&type=section&id=2.%20Consolidated%20Financial%20and%20Operating%20Information) This section provides a comprehensive overview of Suncor's Q1 2025 financial and operational performance, highlighting key metrics and trends [Financial and Operating Highlights](index=3&type=section&id=Financial%20Highlights) In Q1 2025, Suncor's net earnings increased to **$1.689 billion** from **$1.610 billion** in Q1 2024, while adjusted operating earnings and adjusted funds from operations decreased Consolidated Financial Highlights (Q1 2025 vs Q1 2024) | ($ millions) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net earnings | 1,689 | 1,610 | | Adjusted operating earnings | 1,629 | 1,817 | | Adjusted funds from operations | 3,045 | 3,169 | | Cash flow provided by operating activities | 2,156 | 2,787 | | Capital and exploration expenditures | 1,087 | 1,237 | | Free funds flow | 1,900 | 1,858 | Consolidated Operating Highlights (Q1 2025 vs Q1 2024) | (thousand barrels per day, unless otherwise noted) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total upstream production | 853.2 | 835.3 | | Refinery utilization (%) | 104 | 98 | | Refinery crude oil processed | 482.7 | 455.3 | | Refined product sales | 604.9 | 581.0 | [Financial Results Analysis](index=4&type=section&id=Financial%20Results) Adjusted operating earnings decreased to **$1.629 billion** in Q1 2025, mainly due to lower upstream sales volumes from inventory builds, despite strong production - Net earnings for Q1 2025 were **$1.689 billion**, up from **$1.610 billion** in Q1 2024, influenced by a **$14 million** unrealized foreign exchange gain on U.S. dollar debt[17](index=17&type=chunk) - The decrease in adjusted operating earnings was primarily driven by lower upstream sales volumes due to inventory build, partially offset by record first quarter refining throughput and higher refined product sales volumes[21](index=21&type=chunk) - Cash flow from operating activities was impacted by a larger use of cash in working capital (**$889 million**) in Q1 2025 compared to the prior year quarter (**$382 million**), mainly from a build-up of inventory[23](index=23&type=chunk) [Operating, Selling and General (OS&G) Expenses](index=5&type=section&id=Operating,%20Selling%20and%20General%20Expenses) Total OS&G expenses for Q1 2025 decreased to **$3.297 billion** from **$3.440 billion** in the prior year quarter, primarily due to lower upstream sales volumes OS&G Expenses (Q1 2025 vs Q1 2024) | ($ millions) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Operations, selling and corporate costs | 2,666 | 2,815 | | Commodities | 486 | 466 | | Share-based compensation | 145 | 159 | | **Total OS&G expenses** | **3,297** | **3,440** | - The decrease in OS&G was mainly due to lower upstream sales volumes and a related decrease in operating expenses from inventory build-up, partially offset by increased mining, maintenance, and commodity input volumes[25](index=25&type=chunk) [Business Environment](index=6&type=section&id=Business%20Environment) In Q1 2025, key benchmark crude prices like WTI and Dated Brent were lower than in Q1 2024, while heavy and synthetic crude differentials narrowed Key Benchmark Prices (Average for Q1) | Benchmark | Unit | 2025 | 2024 | | :--- | :--- | :--- | :--- | | WTI crude oil at Cushing | US$/bbl | 71.40 | 76.95 | | WCS-WTI heavy/light differential | US$/bbl | (12.65) | (19.35) | | SYN-WTI differential | US$/bbl | (2.35) | (7.40) | | New York Harbor 2-1-1 crack | US$/bbl | 21.05 | 27.05 | | Suncor custom 5-2-2-1 index | US$/bbl | 26.80 | 35.95 | | Exchange rate (average) | US$/Cdn$ | 0.70 | 0.74 | [Segment Results and Analysis](index=7&type=section&id=3.%20Segment%20Results%20and%20Analysis) This section analyzes the financial and operational performance of Suncor's Oil Sands, E&P, R&M, and Corporate segments [Oil Sands](index=7&type=section&id=Oil%20Sands) The Oil Sands segment reported a significant increase in adjusted operating earnings to **$1.620 billion** in Q1 2025, driven by narrower crude differentials and favorable foreign exchange rates Oil Sands Financial Highlights (Q1 2025 vs Q1 2024) | ($ millions) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Operating revenues | 7,141 | 6,922 | | Adjusted operating earnings | 1,620 | 1,365 | | Adjusted funds from operations | 2,810 | 2,443 | - The increase in adjusted operating earnings was primarily due to narrower heavy crude oil and SYN-WTI differentials and favorable foreign exchange rates[31](index=31&type=chunk) Oil Sands Production and Sales (thousand barrels per day) | Volume Type | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Oil Sands bitumen production | 937.3 | 932.1 | | Total Oil Sands production volumes (to market) | 790.9 | 785.0 | | Total Sales Volumes | 773.4 | 784.1 | Oil Sands Cash Operating Costs ($/bbl) | Asset | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Oil Sands operations | 27.80 | 26.85 | | Fort Hills | 33.85 | 32.85 | | Syncrude | 36.10 | 35.70 | [Exploration and Production (E&P)](index=11&type=section&id=Exploration%20and%20Production) The E&P segment's adjusted operating earnings decreased significantly to **$158 million** in Q1 2025, primarily due to lower sales volumes, increased exploration expenses, and lower realized crude prices E&P Financial Highlights (Q1 2025 vs Q1 2024) | ($ millions) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Adjusted operating earnings | 158 | 274 | | Adjusted funds from operations | 330 | 467 | - The decrease in earnings was mainly due to lower sales volumes, increased exploration expense, and lower realized crude prices[53](index=53&type=chunk) E&P Production and Sales (thousand barrels per day) | Volume Type | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total production | 62.3 | 50.3 | | Total sales volumes | 55.0 | 63.3 | - Production increased primarily due to higher output at Terra Nova and Hebron[54](index=54&type=chunk) [Refining and Marketing (R&M)](index=12&type=section&id=Refining%20and%20Marketing) The R&M segment's adjusted operating earnings fell to **$667 million** in Q1 2025, primarily driven by lower benchmark crack spreads and an unfavorable FIFO inventory valuation impact R&M Financial Highlights (Q1 2025 vs Q1 2024) | ($ millions) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Adjusted operating earnings | 667 | 1,118 | | Adjusted funds from operations | 902 | 1,306 | - The earnings decrease was mainly due to lower benchmark crack spreads, narrower crude differentials, and a FIFO inventory valuation loss of **$60 million** compared to a **$40 million** gain in the prior year quarter[63](index=63&type=chunk)[69](index=69&type=chunk) R&M Operational Highlights | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Crude oil processed (thousand barrels per day) | 482.7 | 455.3 | | Refinery utilization (%) | 104 | 98 | | Refined product sales (thousand barrels per day) | 604.9 | 581.0 | | Refining operating expense ($/bbl) | 6.75 | 7.15 | [Corporate and Eliminations](index=14&type=section&id=Corporate%20and%20Eliminations) The Corporate segment's adjusted operating loss increased to **$301 million** in Q1 2025, while the Eliminations segment realized **$72 million** of intersegment profit Corporate and Eliminations Financials (Q1 2025 vs Q1 2024) | ($ millions) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Adjusted operating loss | (229) | (319) | | Adjusted funds used in operations | (349) | (398) | - The Corporate segment's adjusted operating loss increased from **$196 million** to **$301 million**, mainly due to an operational foreign exchange loss[73](index=73&type=chunk) - The company realized **$72 million** of intersegment profit in Q1 2025, compared to an elimination of **$123 million** in Q1 2024, due to lower crude costs and inventory volumes[74](index=74&type=chunk) [Income Tax](index=15&type=section&id=4.%20Income%20Tax) Q1 2025 income tax expense decreased to **$601 million**, with the effective tax rate falling to **26.2%** [Income Tax](index=15&type=section&id=4.%20Income%20Tax) Income tax expense for Q1 2025 was **$601 million**, a slight decrease from **$610 million** in the prior year quarter, reflecting lower taxable earnings Income Tax Expense (Q1 2025 vs Q1 2024) | ($ millions) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Current income tax expense | 648 | 649 | | Deferred income tax recovery | (47) | (39) | | **Income tax expense included in net earnings** | **601** | **610** | - The effective tax rate decreased to **26.2%** in Q1 2025 from **27.5%** in Q1 2024, mainly due to non-taxable foreign exchange gains on the revaluation of U.S. dollar debt[78](index=78&type=chunk) [Capital Investment Update](index=16&type=section&id=5.%20Capital%20Investment%20Update) Q1 2025 capital expenditures decreased to **$1.087 billion**, focusing on economic projects and asset sustainment [Capital Investment Update](index=16&type=section&id=5.%20Capital%20Investment%20Update) Suncor's capital expenditures in Q1 2025 totaled **$1.087 billion**, a decrease from **$1.237 billion** in the prior year quarter, with investments focused on economic projects and asset sustainment Capital Expenditures by Type (Q1 2025 vs Q1 2024) | ($ millions) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Asset Sustainment and Maintenance | 498 | 574 | | Economic Investment | 589 | 663 | | **Total** | **1,087** | **1,237** | - Key economic investments included the Upgrader 1 coke drum replacement, autonomous haul systems at Oil Sands Base, and the West White Rose Project[81](index=81&type=chunk) - Asset sustainment expenditures were primarily for preparation for planned turnarounds and maintenance projects within the Oil Sands and R&M segments[81](index=81&type=chunk) [Financial Condition and Liquidity](index=17&type=section&id=6.%20Financial%20Condition%20and%20Liquidity) Suncor maintains strong liquidity with **$2.773 billion** cash and **$5.470 billion** credit facilities, supporting its capital program [Capital Resources and Liquidity](index=17&type=section&id=Capital%20Resources%20and%20Liquidity) Suncor maintains a strong liquidity position with **$2.773 billion** in cash and cash equivalents and **$5.470 billion** in available credit facilities as of March 31, 2025 Key Financial Indicators (Twelve months ended March 31) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Return on capital employed (ROCE) (%) | 12.8 | 15.7 | | Net debt to adjusted funds from operations (times) | 0.6 | 0.7 | | Total debt to total debt plus shareholders' equity (%) | 18.7 | 21.3 | - As of March 31, 2025, cash and cash equivalents stood at **$2.773 billion**, down from **$3.484 billion** at year-end 2024[88](index=88&type=chunk) - Available credit facilities for liquidity purposes were **$5.470 billion** at the end of the quarter[89](index=89&type=chunk) [Debt Management](index=17&type=section&id=Debt%20Management) Suncor's total debt remained stable at **$10.332 billion** at the end of Q1 2025, though net debt increased to **$7.559 billion** primarily due to decreased cash reserves Change in Debt (Q1 2025) | ($ millions) | Amount | | :--- | :--- | | Total debt – beginning of period | 10,345 | | Total debt – March 31, 2025 | 10,332 | | Less: Cash and cash equivalents | 2,773 | | **Net debt – March 31, 2025** | **7,559** | - The increase in net debt was primarily due to a decrease in cash and cash equivalents[95](index=95&type=chunk) - The company is in compliance with its financial covenant, with total debt and lease liabilities at **24.8%** of total capitalization, well below the **65%** limit[91](index=91&type=chunk) [Shareholder Returns](index=18&type=section&id=Shareholder%20Returns) In Q1 2025, Suncor repurchased **13.6 million** common shares for **$750 million**, and initiated a new Normal Course Issuer Bid (NCIB) Share Repurchase Activity (Q1 2025 vs Q1 2024) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Shares repurchased (thousands) | 13,600 | 6,438 | | Weighted average price ($/share) | 55.15 | 45.53 | | Share repurchase cost ($ millions) | 750 | 293 | - A new NCIB was launched on March 3, 2025, authorizing the repurchase of up to **123.8 million** shares[98](index=98&type=chunk) [Quarterly Financial Data](index=20&type=section&id=7.%20Quarterly%20Financial%20Data) This section summarizes Suncor's key financial and operational metrics, along with business environment indicators, over the past eight quarters [Quarterly Financial and Business Environment Summary](index=20&type=section&id=Quarterly%20Financial%20and%20Business%20Environment%20Summary) This section provides a summary of Suncor's key financial and operational metrics over the past eight quarters, from Q2 2023 to Q1 2025 Quarterly Financial Summary (Selected Data) | Three months ended | Mar 31 2025 | Dec 31 2024 | Sep 30 2024 | Mar 31 2024 | | :--- | :--- | :--- | :--- | :--- | | Total upstream production (thousand barrels per day) | 853.2 | 875.0 | 828.6 | 835.3 | | Net earnings ($ millions) | 1,689 | 818 | 2,020 | 1,610 | | Adjusted operating earnings ($ millions) | 1,629 | 1,566 | 1,875 | 1,817 | | Adjusted funds from operations ($ millions) | 3,045 | 3,493 | 3,787 | 3,169 | | Net debt ($ millions) | 7,559 | 6,861 | 7,968 | 9,552 | Quarterly Business Environment (Selected Data) | (average for the three months ended) | Mar 31 2025 | Dec 31 2024 | Sep 30 2024 | Mar 31 2024 | | :--- | :--- | :--- | :--- | :--- | | WTI crude oil at Cushing (US$/bbl) | 71.40 | 70.30 | 75.15 | 76.95 | | WCS-WTI heavy/light differential (US$/bbl) | (12.65) | (12.55) | (13.50) | (19.35) | | Suncor custom 5-2-2-1 index (US$/bbl) | 26.80 | 24.25 | 26.05 | 35.95 | [Other Items](index=22&type=section&id=8.%20Other%20Items) This section confirms no material changes to accounting policies or internal controls, and no updates to 2025 corporate guidance [Accounting, Controls, and Guidance](index=22&type=section&id=Accounting,%20Controls,%20and%20Guidance) This section confirms that there are no material changes to accounting policies or critical estimates, and internal controls over financial reporting were effective as of March 31, 2025 - Suncor's critical accounting estimates are detailed in the 2024 annual MD&A and audited financial statements, with no updates noted for Q1 2025[110](index=110&type=chunk) - The CEO and CFO concluded that the company's disclosure controls and procedures are effective as of March 31, 2025, with no material changes to internal controls over financial reporting during the quarter[112](index=112&type=chunk) - There have been no changes to Suncor's previously announced 2025 corporate guidance ranges[115](index=115&type=chunk) [Non-GAAP and Other Financial Measures Advisory](index=23&type=section&id=9.%20Non-GAAP%20and%20Other%20Financial%20Measures%20Advisory) This section defines and reconciles non-GAAP financial measures used for performance, leverage, and liquidity analysis, noting their non-standardized nature [Non-GAAP Measures Overview](index=23&type=section&id=Non-GAAP%20Measures%20Overview) This section provides definitions and reconciliations for non-GAAP financial measures used throughout the report, which are not standardized under GAAP - Adjusted operating earnings is a non-GAAP measure that adjusts net earnings for significant items not indicative of operating performance to improve comparability between periods[117](index=117&type=chunk) - Adjusted funds from operations adjusts cash flow from operating activities for changes in non-cash working capital to analyze operating performance and liquidity[123](index=123&type=chunk) - Free funds flow is calculated by subtracting capital expenditures from adjusted funds from operations and is used to measure the capacity to increase shareholder returns and grow the business[126](index=126&type=chunk) - Net debt and total debt are non-GAAP measures used to analyze financial condition. The definitions were revised in Q2 2024 to exclude lease liabilities to better align with industry practice[134](index=134&type=chunk)[135](index=135&type=chunk) [Common Abbreviations](index=30&type=section&id=10.%20Common%20Abbreviations) This section provides a reference list of common abbreviations for measurements, places, currencies, and financial terms [Common Abbreviations](index=30&type=section&id=10.%20Common%20Abbreviations) This section provides a reference list of common abbreviations for measurements, places, currencies, and financial terms used within the Management's Discussion and Analysis Selected Abbreviations | Abbreviation | Meaning | | :--- | :--- | | bbls/d | barrels per day | | WTI | West Texas Intermediate | | WCS | Western Canadian Select | | SCO | Synthetic crude oil | | DD&A | Depreciation, depletion and amortization | [Advisories](index=31&type=section&id=11.%20Advisories) This advisory cautions on forward-looking statements, highlighting that actual results may differ due to various segment-specific and general business risks [Forward-Looking Statements](index=31&type=section&id=Forward-Looking%20Statements) This advisory section cautions readers that the report contains forward-looking statements based on current expectations and assumptions, highlighting that actual results may differ materially due to risks and uncertainties - Forward-looking statements include expectations regarding planned maintenance, production levels at White Rose, the 2025 capital spending program, and management of debt and liquidity[146](index=146&type=chunk) - Key risks for the Oil Sands segment include price volatility, operational reliability, pipeline constraints, and operating costs[144](index=144&type=chunk) - Key risks for the E&P segment include price volatility, operational risks like blow-outs, and political risks in foreign operations such as Libya[145](index=145&type=chunk)[147](index=147&type=chunk) - Key risks for the R&M segment include fluctuations in demand and supply for refined products, market competition, and operational reliability[148](index=148&type=chunk)

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Core Insights - Suncor Energy reported quarterly earnings of $0.91 per share, exceeding the Zacks Consensus Estimate of $0.86 per share, but down from $1.05 per share a year ago, indicating a 13.3% year-over-year decline [1] - The company achieved revenues of $8.67 billion for the quarter, surpassing the Zacks Consensus Estimate by 3.95%, but down from $9.29 billion year-over-year, reflecting a 6.7% decrease [2] - Suncor Energy has consistently outperformed consensus EPS estimates over the last four quarters, with an earnings surprise of 5.81% this quarter and 8.54% in the previous quarter [1][2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.64, with projected revenues of $7.83 billion, while the estimate for the current fiscal year is $3.40 on revenues of $33.34 billion [7] - The trend of estimate revisions for Suncor Energy is mixed, leading to a Zacks Rank of 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6] Industry Context - The Oil and Gas - Integrated - Canadian industry, to which Suncor Energy belongs, is currently ranked in the top 22% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Core Insights - Suncor Energy reported strong first quarter financial and operational performance, maintaining momentum from 2024, with a focus on safe, reliable, and cost-effective operations [3][5] - The company achieved record upstream production and refining throughput, demonstrating effective asset utilization [5][11] Financial Highlights - Net earnings for Q1 2025 were Cdn$1.689 billion, or Cdn$1.36 per common share, compared to Cdn$1.610 billion, or Cdn$1.25 per common share in Q1 2024 [4][8] - Adjusted operating earnings were Cdn$1.629 billion, or Cdn$1.31 per common share, down from Cdn$1.817 billion, or Cdn$1.41 per common share in the prior year [8][10] - Adjusted funds from operations totaled Cdn$3.045 billion, or Cdn$2.46 per common share, compared to Cdn$3.169 billion, or Cdn$2.46 per common share in Q1 2024 [8][10] - Free funds flow was Cdn$1.9 billion, reflecting strong cash generation capabilities [5][18] Operational Highlights - Total upstream production reached 853,200 barrels per day (bbls/d), with Oil Sands bitumen production at 937,300 bbls/d, marking the highest first quarter in company history [5][11] - Refinery utilization was at 104%, with refining throughput of 482,700 bbls/d, also a record for the first quarter [5][11] - Refined product sales reached 604,900 bbls/d, the highest for a first quarter [5][11] Shareholder Returns - The company returned Cdn$1.5 billion to shareholders, including Cdn$750 million in share repurchases and Cdn$705 million in dividends [5][10] - Dividend per common share remained stable at Cdn$0.57 [4][10] Corporate Updates - Production at White Rose resumed in Q1 2025, with expectations to return to normal levels in Q2 2025 [12] - There were no changes to the 2025 corporate guidance previously issued [13]

Core Points - Suncor Energy held its Annual General Meeting in Calgary, with approximately 70.29% of outstanding common shares represented [1] - The company is Canada's leading integrated energy company, involved in oil sands development, offshore oil production, petroleum refining, and renewable energy investments [3] Shareholder Votes - Eleven board members were elected, with voting percentages for individual directors ranging from 94.68% to 99.19% [5] - KPMG LLP was appointed as Suncor's auditors [5] - Management's approach to executive compensation was approved with 97.06% of shares voting in favor [5] - A resolution to commission a report on the impacts and costs of achieving Net Zero by 2050 was denied, with 98.50% voting against it [5]

Core Viewpoint - Suncor Energy is expected to report a decline in quarterly earnings and revenues, with earnings per share projected at $0.86, down 18.1% year-over-year, and revenues forecasted at $8.34 billion, a decrease of 10.2% compared to the previous year [1]. Earnings Estimates - Over the last 30 days, the consensus EPS estimate has been revised downward by 4.5%, indicating a collective reassessment by analysts of their initial forecasts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate revisions and short-term stock price performance [3]. Key Metrics Forecast - Analysts predict that 'Crude oil processed per day - Total' will reach 461.56 million barrels, compared to 455.3 million barrels in the same quarter last year [5]. - The 'Sales Volumes per day - Oil Sands operations - Upgraded (SCO and Diesel)' is expected to be 529.88 million barrels, down from 550.3 million barrels year-over-year [6]. - The estimated 'Sales Volumes per day - Oil Sands operations - non-upgraded bitumen' is projected at 262.12 million barrels, up from 233.8 million barrels last year [7]. - 'Production Volumes per day - Total Fort Hills bitumen production' is expected to be 169.75 million barrels, down from 177.6 million barrels in the same quarter last year [8]. - 'Production Volumes per day - Total Syncrude production' is forecasted at 206.63 million barrels, up from 197.9 million barrels year-over-year [8]. - 'Production volumes per day - E&P Canada' is estimated at 50.68 million barrels, compared to 46.7 million barrels last year [9]. - 'Total refined product sales per day' is expected to reach 572.63 million barrels, down from 581 million barrels in the same quarter last year [9]. - 'Production volumes per day - Total Oil Sands production' is projected at 792.00 million barrels, up from 785 million barrels year-over-year [10]. - The consensus estimate for 'Production volumes per day - Exploration and Production' stands at 52.48 million barrels of oil equivalent, compared to 50.3 million barrels last year [10]. - 'Sales Volumes per day - Total Oil Sands operations' is expected to be 792.00 million barrels, slightly up from 784.1 million barrels in the same quarter last year [11]. - 'Crude oil processed per day - Eastern North America' is estimated at 217.56 million barrels, up from 216.5 million barrels last year [12]. - 'Crude oil processed per day - Western North America' is projected to reach 244.00 million barrels, compared to 238.8 million barrels year-over-year [12]. Stock Performance - Suncor Energy shares have shown a return of -2.9% over the past month, while the Zacks S&P 500 composite has changed by -0.5% [13]. - With a Zacks Rank of 3 (Hold), Suncor Energy is expected to perform in line with the overall market in the near future [13].

Core Viewpoint - Suncor Energy Inc. is expected to report first-quarter 2025 earnings on May 6, with earnings estimated at 86 cents per share and revenues at $8.34 billion, reflecting a year-over-year decrease in both metrics [1][3]. Group 1: Previous Quarter Performance - In the last reported quarter, Suncor's earnings per share were 89 cents, surpassing the Zacks Consensus Estimate of 82 cents, driven by strong production growth in the upstream segment [2]. - The company's operating revenues for the previous quarter were $8.9 billion, exceeding the Zacks Consensus Estimate by 4.3% [2]. - Suncor has consistently beaten earnings estimates in the past four quarters, with an average surprise of 17.58% [3]. Group 2: Operational Insights - Suncor operates in three main segments: Oil Sands, Exploration and Production, and Refining and Marketing, generating revenue through crude oil extraction, offshore production, and refining operations [4]. - The company is projected to process 462 million barrels of crude oil per day in its refineries, an increase of 6.7 mbbls/d from Q1 2024, while oil sands production is expected to reach 792 mbbls/d, up 7 mbbls/d from the same period [5]. Group 3: Market Challenges - Despite operational strengths, profitability may be challenged by external market factors, including weaker oil prices and refining margins, which could limit revenue growth [6]. - Fluctuations in refining crack spreads and fuel demand may pressure downstream margins, impacting financial benefits from record throughput levels [7]. - Inflationary pressures are likely to increase operational expenses, affecting overall profitability in the upcoming quarter [7]. Group 4: Earnings Prediction - The Zacks model does not predict an earnings beat for Suncor this time, as the Earnings ESP is -5.60% and the company holds a Zacks Rank of 3 [8][9].

Suncor Energy to Release First Quarter 2025 Financial Results and Hold Annual General MeetingApril 22, 2025 5:00 PM EDT | Source: Suncor Energy Inc.Calgary, Alberta--(Newsfile Corp. - April 22, 2025) - Suncor Energy (TSX: SU) (NYSE: SU) will release its first quarter financial results on May 6, 2025 before 5:00 p.m. MT (7:00 p.m. ET).A webcast to review the first quarter will be held on May 7, 2025 at 7:30 a.m. MT (9:30 a.m. ET). Representing management will be Rich Kruger, President and Chief ...

Core Viewpoint - Suncor Energy Inc. (SU) is a major integrated energy company with a diversified business model, facing recent challenges in stock performance but showing potential for long-term growth in the energy sector [1][6]. Group 1: Company Overview - Suncor Energy operates through three main segments: Oil Sands, Exploration and Production, and Refining and Marketing [1][2]. - The company has a strong market position in Canada, the United States, and internationally, having been founded in 1917 and headquartered in Calgary, Canada [1]. Group 2: Recent Performance - In the last three months, SU's share price declined by 13.6%, which was less severe than the sub-industry's decrease of 17.6% [2]. - SU achieved record operational performance in 2024, with upstream output reaching 827,600 bbl/d and 98% refinery utilization [7]. - The company generated C$7.4 billion in free funds flow, flat year over year, demonstrating strong cost control and operational leverage [8]. Group 3: Strengths - SU holds significant proved and probable reserves in the oil sands, ensuring stable production for decades [9]. - The company exceeded all 2024 targets under its three-year plan, including breakeven cost reduction goals and production growth [10]. - Improvements in legacy assets like Syncrude and the Base Plant have enhanced operational stability and reduced per-barrel costs [8]. Group 4: Challenges - Suncor's fourth-quarter revenues dropped by 11.6% year over year due to weaker crude prices and refining margins [11]. - The company is heavily reliant on oil sands, which are subject to regulatory scrutiny and ESG concerns [13]. - Earnings remain sensitive to commodity price fluctuations, and prolonged low prices could weaken free cash flow [13][16]. Group 5: Investment Considerations - Given the mix of operational strengths and potential challenges, a hold strategy may be advisable for investors, waiting for a more opportune entry point before adding SU stock to their portfolios [16].