Suncor Energy Shares Climb After Earnings Beat, Record Production

By Robb M. Stewart

Suncor Energy's shares jumped after the Canadian oil producer's quarterly earnings beat expectations on the back of record-high output and asset utilization.

The shares climbed 5.8% in Toronto to C$58.89, widening the advance in 2025 to 15%. On the New York Stock Exchange, its shares were 5.4% higher at $41.59, for a 17% rise year to date.

The Calgary, Alberta-based company recorded third-quarter earnings of 1.62 billion Canadian dollars ($1.15 billion), down from C$2.02 billion a year earlier but up from C$1.13 billion the quarter before.

Cash flow from operations on an adjusted basis came in at C$3.79 billion, or C$3.13 a share, down from C$4.26 billion, or C$3.36 a share, last year but ahead of the C$3.12 billion penciled in by analysts polled by FactSet.

Revenue for the three months was down 3% year over year at C$12.67 billion, in part due to lower crude-oil prices.

The energy company's refinery throughput for the quarter hit a record 492,000 barrels a day. Upstream production, at 870,000 barrels daily, was 41,000 higher in the same period of 2024 and also a fresh high. Asset utilization also hit record-setting levels, Suncor said.

For the full year, the company is now aiming for production of between 845,000 and 885,000 barrels a day on average, whereas it previously was expecting 810,000 to 840,000 barrels. It also raised its targets for refinery throughput to between 470,000 and 475,000 barrels daily from 435,000 to 450,000 previously. Utilization is now expected at 101% to 102% of capacity from a prior target of 93% to 97%.

Suncor's operations include oil-sands developments in Western Canada, offshore oil production, Canadian and U.S. petroleum refining and the Petro‑Canada retail chain.

"Once again Suncor beat on all major metrics in 3Q, despite heavy maintenance," said Manav Gupta, an analyst at UBS, which raised its target on the company's shares to C$65 from C$61 and affirmed a buy recommendation.

Jefferies analyst Lloyd Byrne said Suncor's performance continues to improve, and that the company is focused on optimization and pushing its assets harder outside of maintenance periods.

TD Securities lifted its target on the shares by C$3 to C$70.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

November 05, 2025 13:40 ET (18:40 GMT)