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Suncor Energy Reports Fourth Quarter 2024 Results
SUSuncor(SU) Newsfile·2025-02-05 22:00

Core Insights - Suncor Energy Inc. reported strong performance in Q4 2024, achieving record production levels and operational efficiency, setting the stage for continued success in 2025 [3][6][7] Financial Highlights - Net earnings for Q4 2024 were Cdn818million,downfromCdn818 million, down from Cdn2.820 billion in Q4 2023 [5][12] - Adjusted operating earnings were Cdn1.566billion,comparedtoCdn1.566 billion, compared to Cdn1.635 billion in the prior year [12] - Adjusted funds from operations totaled Cdn3.493billion,downfromCdn3.493 billion, down from Cdn4.034 billion year-over-year [12][13] - Free funds flow reached Cdn1.923billioninQ42024[8]OperationalPerformance−Recordupstreamproductionof875,000barrelsperday(bbls/d)inQ42024,comparedto808,100bbls/dinQ42023[6][17]−Refineryutilizationwasat1041.923 billion in Q4 2024 [8] Operational Performance - Record upstream production of 875,000 barrels per day (bbls/d) in Q4 2024, compared to 808,100 bbls/d in Q4 2023 [6][17] - Refinery utilization was at 104%, with throughput of 486,200 bbls/d, up from 455,900 bbls/d in the prior year [17] - Refined product sales reached a record 613,300 bbls/d, exceeding the previous record of 575,500 bbls/d [17] Shareholder Returns - Suncor returned Cdn1.7 billion to shareholders in Q4 2024, including Cdn1billioninsharerepurchasesandCdn1 billion in share repurchases and Cdn700 million in dividends [6][24] - The quarterly dividend was increased by approximately 5% to Cdn0.57pershare[24]DebtandFinancialPosition−NetdebtdecreasedtoCdn0.57 per share [24] Debt and Financial Position - Net debt decreased to Cdn6.861 billion from Cdn9.852billionyear−over−year[36]−TotaldebtwasreportedatCdn9.852 billion year-over-year [36] - Total debt was reported at Cdn10.345 billion, down from Cdn11.581billion[36]CorporateStrategy−Thecompanyhascommittedtoreturning10011.581 billion [36] Corporate Strategy - The company has committed to returning 100% of excess funds to shareholders following the achievement of its Cdn8 billion net debt target [24][21] - Suncor is focused on maintaining high performance and operational reliability to achieve free cash flow targets and enhance shareholder value [3][6]