Core Viewpoint - Suncor Energy reported strong second quarter results driven by effective execution of major operational activities, positioning the company well for the second half of the year [3][5]. Financial Highlights - Net earnings for Q2 2025 were Cdn$1.134 billion, or Cdn$0.93 per common share, compared to Cdn$1.568 billion, or Cdn$1.22 per common share in Q2 2024 [4][9]. - Adjusted operating earnings were Cdn$873 million, or Cdn$0.71 per common share, down from Cdn$1.626 billion, or Cdn$1.27 per common share in the prior year [4][9]. - Adjusted funds from operations decreased to Cdn$2.689 billion, or Cdn$2.20 per common share, from Cdn$3.397 billion, or Cdn$2.65 per common share in Q2 2024 [4][9]. - Cash flow from operating activities was Cdn$2.919 billion, or Cdn$2.38 per common share, compared to Cdn$3.829 billion, or Cdn$2.98 per common share in the prior year [4][9]. Operational Highlights - Total upstream production reached a record of 808,000 bbls/d in Q2 2025, compared to 770,600 bbls/d in Q2 2024 [5][13]. - Refinery throughput also set a record at 442,300 bbls/d with a utilization rate of 95%, compared to 430,500 bbls/d and 92% in the prior year [5][13]. - The company executed major turnaround activities safely and ahead of schedule, including the Upgrader 1 coke drum replacement project [5][11]. Shareholder Returns - Suncor returned Cdn$1.45 billion to shareholders, comprising Cdn$750 million in share repurchases and Cdn$700 million in dividends [5][9]. - The dividend per common share remained stable at Cdn$0.57, consistent with the previous quarter [4][5]. Corporate Guidance - The company reduced its 2025 capital expenditure guidance by Cdn$400 million, now estimating a range of Cdn$5.7 billion to Cdn$5.9 billion [12][19]. - Adjustments were made to estimated ranges for current income taxes and royalties to reflect the current business environment [12].

Core Insights - Canadian Natural achieved record quarterly production of approximately 1,582,000 BOE/d in Q1/25, with liquids production of approximately 1,174,000 bbl/d and natural gas production of 2,451 MMcf/d [1][12][13] - The company reported adjusted net earnings of $2.4 billion or $1.16 per share, and adjusted funds flow of $4.5 billion or $2.16 per share in Q1/25 [4][13] - Canadian Natural's focus on continuous improvement has led to significant cost efficiencies, allowing a reduction in the 2025 capital budget by $100 million to a total of $6.05 billion [4][6] Production and Operational Performance - Record quarterly Synthetic Crude Oil (SCO) production of approximately 595,000 bbl/d was achieved, reflecting a 34% increase from Q1/24 levels [2][29] - The company maintained industry-leading SCO operating costs of $21.88/bbl (US$15.25/bbl), a decrease of 12% from Q1/24 [2][29] - Thermal in situ production averaged 284,706 bbl/d, a 6% increase from Q1/24, with operating costs averaging $11.23/bbl (US$7.83/bbl), down 20% from Q1/24 [26][29] Financial Highlights - Canadian Natural returned approximately $1.7 billion to shareholders in Q1/25, including $1.2 billion in dividends and $0.5 billion in share repurchases [4][5][14] - The company reported cash flows from operating activities of approximately $4.3 billion in Q1/25, an increase from $2.9 billion in Q1/24 [8][13] - The company maintained liquidity of approximately $5.1 billion as of March 31, 2025, enhancing financial flexibility [6][13] Shareholder Returns - The Board of Directors approved a 4% increase in the quarterly dividend to $0.5875 per common share, marking the 25th consecutive year of dividend increases with a CAGR of 21% [5][21] - Year-to-date returns to shareholders totaled approximately $3.1 billion, including $2.4 billion in dividends and $0.7 billion in share repurchases [14][15] Market and Pricing - The average WTI benchmark price was $71.42/bbl in Q1/25, a decrease of $5.55/bbl compared to Q1/24 [31][32] - SCO pricing averaged $69.07/bbl in Q1/25, representing a $2.35/bbl discount to WTI pricing [31][32] - Natural gas realized price was $3.13/Mcf, reflecting a 52% premium over the AECO benchmark price [34]

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 Insights - Canadian Natural Resources Limited (CNQ) reported fourth-quarter 2024 adjusted earnings per share of 66 cents, missing the Zacks Consensus Estimate of 69 cents, and down from 97 cents in the previous year due to lower natural gas prices and increased expenses [1] - Total revenues for the quarter were $6.8 billion, down from $7 billion year-over-year, primarily due to increased royalty expenses, but exceeded the Zacks Consensus Estimate of $6.4 billion due to higher product sales [2] Financial Performance - CNQ's net earnings for the fourth quarter were approximately C$1.1 billion, with adjusted net earnings from operations around C$2 billion [6] - Cash flows from operating activities totaled approximately C$3.4 billion, while adjusted funds flow reached approximately C$4.2 billion [6] - Total expenses in the quarter were C$7.9 billion, an increase from C$6.6 billion in the prior year, driven by higher transportation, blending, and feedstock costs [17] Shareholder Returns - The board approved a 4.4% increase in the quarterly cash dividend to 58.75 Canadian cents per share, payable on April 4, 2025 [3] - In 2024, CNQ returned approximately C$7.1 billion to shareholders, comprising C$4.4 billion in dividends and C$2.7 billion through share repurchases [8] Production and Operational Highlights - CNQ reported quarterly production of 1,470,428 barrels of oil equivalent per day (Boe/D), a 3.6% increase from the prior year [9] - Natural gas production volumes totaled 2,283 million cubic feet per day (MMcf/d), up 2.3% year-over-year [10] - The company achieved record quarterly production in its Oil Sands Mining and Upgrading operations, reaching 534,631 barrels per day of synthetic crude oil [13] Cost Management and Capital Expenditure - Capital expenditure for the quarter was C$1.3 billion, compared to C$1 billion a year ago [17] - The company achieved industry-leading annual operating costs for Oil Sands Mining and Upgrading at C$20.97 per barrel in the fourth quarter [15] Balance Sheet and Debt - As of December 31, CNQ had cash and cash equivalents of C$131 million and long-term debt of C$16.4 billion, with a debt to total capital ratio of about 50% [18] Future Guidance - For 2024, CNQ expects a 12% increase in production, targeting a range of 1,510 MBOE/d to 1,555 MBOE/d, and anticipates a 14% rise in natural gas production [19]