SU
SU
SU Suncor Energy (SU) Q2 FY25 earnings call
Suncor delivered a strong second quarter, marked by record operational performance across upstream and downstream segments, despite significant turnaround activity and commodity price volatility. The company successfully executed major capital projects ahead of schedule and under budget, leading to a structural reduction in capital expenditure guidance. This operational excellence and capital discipline are driving consistent shareholder returns and positioning the company for future value growth.
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SU operating KPIs by quarter
| KPI | This call Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Change vs prior quarter |
|---|---|---|---|---|
| Oil production Upstream | 808K bbl/dUpstream production was 808,000 barrels per day in the quarter, the highest second quarter in company history.Source: earnings call transcript | 870K bbl/dUpstream production, 870,000 barrels a day in the third quarter, far and away our best third quarter ever.Source: earnings call transcript | 909K bbl/d909,000 barrels a day in the fourth quarter, our best quarter of any quarter ever, 34,000 barrels a day higher than our previous past, which was the fourth quarter of '24.Source: earnings call transcript | +4.5% |
| Oil production Oil Sands | 748K bbl/dOil sands production in the quarter was 748,000 barrels per day, reflecting the impact of the turnaround and Coke drum replacement project at Base Plant Upgrader 1.Source: earnings call transcript | 812K bbl/dWell, to begin with, a number of those records that Rich was just talking about, record third quarter upstream production of 870,000 barrels per day, including oil sands at 812,000 and E&P at 58,000.Source: earnings call transcript | — | +8.6% |
| Oil production E&P | 60K bbl/dMeanwhile, E&P averaged 60,000 barrels per day in the quarter, which is in line with Q1 production.Source: earnings call transcript | 58K bbl/dWell, to begin with, a number of those records that Rich was just talking about, record third quarter upstream production of 870,000 barrels per day, including oil sands at 812,000 and E&P at 58,000.Source: earnings call transcript | — | -3.3% |
| Refinery utilization | 95%Also, despite the significant amount of turnaround activity in the downstream in the quarter, overall refining utilization remained extremely robust at 95% with crude throughput of 442,000 barrels per day, the highest second quarter in company history.Source: earnings call transcript | 106%Our third quarter results were achieved with an industry-leading 106% utilization.Source: earnings call transcript | 108%Refining utilization 108% for the quarter, 103% full year, both best ever.Source: earnings call transcript | +2 pt |
| Refinery throughput | 442K bbl/dAlso, despite the significant amount of turnaround activity in the downstream in the quarter, overall refining utilization remained extremely robust at 95% with crude throughput of 442,000 barrels per day, the highest second quarter in company history.Source: earnings call transcript | 492K bbl/dRefining throughput, 492,000 barrels a day in the third quarter, our best quarter of any quarter ever, exceeded our previous best, the third quarter of last year.Source: earnings call transcript | — | +11.3% |
| Capital expenditures Economic investments | 674M CADCapital expenditures totaled $1.65 billion in the quarter, including $674 million of economic investments and $975 million of sustaining and maintenance capital.Source: earnings call transcript | 565M CADCapital expenditures in the quarter totaled $1.4 billion, including $565 million of economic investments and $874 million of sustaining and maintenance capital as we execute our fall turnaround schedule.Source: earnings call transcript | — | -16.2% |
| Capital expenditures Sustaining and maintenance | 975M CADCapital expenditures totaled $1.65 billion in the quarter, including $674 million of economic investments and $975 million of sustaining and maintenance capital.Source: earnings call transcript | 874M CADCapital expenditures in the quarter totaled $1.4 billion, including $565 million of economic investments and $874 million of sustaining and maintenance capital as we execute our fall turnaround schedule.Source: earnings call transcript | — | -10.4% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.