Canada's Suncor Energy Q1 profit rises on higher margins and volumes

Suncor Energy (Canada)

05/05/2026 22:24

Overview

Canada integrated energy firm's Q1 adjusted operating earnings rose yr/yr, driven by higher margins and volumes

Q1 net earnings increased yr/yr, supported by improved pricing and sales volumes

Company returned over C$1.5 bln to shareholders via share repurchases and dividends

Outlook

Suncor projects total 2026 share repurchases of nearly C$4 bln, up over 30% from 2025

Company revises 2026 refinery utilization guidance to 90%-93%, down from 99%-102%

Suncor maintains 2026 refinery throughput guidance at 460,000-475,000 bbls/d

Result Drivers

HIGHER DOWNSTREAM MARGINS - Co said increased downstream margins contributed to higher adjusted operating earnings

INCREASED SALES VOLUMES - Upstream and downstream sales volumes rose, helping boost earnings, per co

BENCHMARK PRICING - Strengthening benchmark pricing resulted in a FIFO inventory valuation gain, partially offset by a deferral of intersegment profit

Company press release: ID:nNFC8V8CWX

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Net earnings
C$2.10 bln
Q1 Adjusted Operating Earnings
C$2.30 bln
Q1 Net Debt
C$6.84 bln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 13 "strong buy" or "buy", 6 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the oil & gas refining and marketing peer group is "hold."

Wall Street's median 12-month price target for Suncor Energy Inc (Canada) is C$98.00, about 5% above its May 4 closing price of C$93.30

The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 21 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)