Suncor Energy triples profits, doubles royalty payments

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeEnergyOil & GasSuncor Energy triples profits, doubles royalty paymentsSuncor Energy tripled profits in the spring quarter to $3.7 billion, allowing it to boost shareholder rewards and more than double royalties You can save this article by registering for free here. Or sign-in if you have an account.Suncor Energy's Edmonton refinery. Photo by David Bloom/Postmedia/FileSuncor Energy Inc. said it more than tripled profits in the spring quarter to $3.7 billion, allowing the Calgary-based producer to boost shareholder rewards while more than doubling royalty payments to governments.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an Account“The quarter was led by the exemplary performance of our downstream business,” Rich Kruger, Suncor’s president and chief executive, said in a release.Suncor sold 654,800 barrels a day of refined product, a record for the second quarter. The company started producing jet fuel at its Montreal refinery in November, just months before war in the Middle East led to a sharp spike in profit margins for refiners.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againCrack spreads — which measure margins generated by converting oil into fuels like gasoline and diesel — roughly doubled in the period stretching from April to June.During the quarter, Suncor’s retail chain, Petro-Canada, announced a loyalty program with WestJet Airlines Ltd. covering fuel and flights.Free funds flow, the cash left after spending, hit a record $3.9 billion. Suncor sent $1.7 billion to shareholders with dividends and purchases of its own stock, which can lift the share price.The company said it would spend $500 million buying its own stock every month, up from $350 million starting this month. Net debt fell to nearly $4.5 billion from $7.6 billion a year ago.Government royalties, which overwhelmingly flow to Alberta, rose to $1.2 billion, up sharply from $600 million a year ago.Upstream production fell to 760,900 barrels a day from 808,100 on a planned turnaround at its Firebag oilsands project. Cash operating costs at Fort Hills rose to $44.50 a barrel from $36.75, which Suncor blamed on heavy snow and a fast spring melt at the mines.Maintenance at Syncrude that was supposed to happen this spring has been pushed to the third quarter.Net earnings worked out to $3.17 a share, up from $1.13 billion or 93 cents in the same quarter of 2025. West Texas Intermediate averaged US$92.85 a barrel against US$63.70 a year ago.Suncor holds its analyst call Wednesday morning.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.