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SU Suncor Energy (SU) Q4 FY25 earnings call
Suncor delivered a record-breaking Q4 FY25, capping off its safest and highest-performing year ever across upstream and downstream operations. The company successfully achieved its ambitious 3-year value improvement plan targets in just two years, demonstrating enhanced operational reliability and financial strength. Management is now focused on a new value improvement plan for 2026 and beyond, aiming for sustained excellence and continued shareholder value creation.
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SU operating KPIs by quarter
| KPI | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | This call 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.