May 06, 2026 [Reuters]- Canada’s Suncor Energy beat Wall Street estimates for first-quarter adjusted profit on Tuesday, driven by higher production and throughput volumes.
The quarter was marked by geopolitical uncertainty and extreme volatility in global oil prices, which have surged more than 87% this year after the U.S.-Israeli war on Iran disrupted supply chains and damaged key energy infrastructure.
Canadian oil and gas producers have steadily boosted output while lowering costs. Suncor and its peers have outperformed many global rivals amid macro uncertainty due to years of investment, making them North America’s lowest-cost operators.
Suncor’s upstream quarterly production rose to 875,000 barrels per day (bpd) from 853,000 bpd a year earlier.
Its refinery throughput rose 15,000 bpd to 498,000 bpd during the quarter, with utilization rates of 97%.
The Canadian producer benefited from incremental capacity additions and higher refining network nameplate capacity.
The company lowered its refinery utilization guidance to 90%–93% from 99%–102%, while keeping throughput guidance unchanged at 460,000–475,000 bpd.
Suncor also raised its projected share repurchases by over 30% and expects to buy back $4 billion worth of shares in 2026.
The Calgary, Alberta-based company posted an adjusted profit of C$1.93 ($1.42) per share for the quarter ended March 31, compared with analysts’ average estimate of C$1.79 per share, according to data compiled by LSEG.
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