Suncor Maps 2026 Outlook With Strong Production, High Refining Utilization, Reaffirms Cash Flow Strength as It Targets $3.3B in Buybacks for 2026

Suncor Energy (TSX:SU) (NYSE:SU) released its 2026 corporate guidance today, highlighting continued operational excellence while setting the stage for the next phase of free funds flow growth and long-term shareholder value creation.

"The company's 2026 guidance reinforces our focus on best-in-class execution and operational excellence, building on the momentum of the past two record-breaking years," said Rich Kruger, President and Chief Executive Officer. "Using the same shareholder focused, disciplined, and ratable approach undertaken in 2025, 100% of excess funds will continue to be returned to shareholders through share buybacks in 2026. To underscore our commitment, this month we increased buybacks by 10% to $275 million per month, pointing toward a projected $3.3 billion of repurchases in 2026."

Annual upstream production is expected to be between 840,000 to 870,000 bbls/d in 2026, representing growth of more than 100,000 bbls/day compared to 2023 and exceeding targets outlined at the 2024 Investor Day. Annual refining utilization is expected to average between 99% and 102%, reflecting continued improved performance across the company's entire downstream portfolio. These outlooks reflect the sustainability of and company's confidence in the material gains achieved in 2024 and 2025. The outlooks also reflect planned turnaround and maintenance activities, including a major turnaround at Firebag and scheduled maintenance at Base Plant, Syncrude, and Fort Hills. Downstream utilization incorporates planned turnarounds at all four of the company's refineries.

Suncor's 2026 capital program continues to ensure the efficient deployment of sustaining capital while selectively investing in high-value opportunities. Total capital expenditures are expected to be $5.7 billion at the midpoint, achieving the target set at the 2024 Investor Day. Major economic investments planned or continuing in 2026 include in situ well pads, Mildred Lake East, West White Rose, Fort Hills North Pit development and the ongoing execution of the Petro-Canada retail network optimization plan.

"Underpinned by resilient cash flow from our increasingly predictable and ratable operational results, we remain focused on delivering superior shareholder value in 2026 and beyond," said Rich Kruger. "In early January 2026, we will provide an update on 2025 operational results as well as an update on performance relative to the company's 3-year plan detailed in its 2024 Investor Day targets, demonstrating our commitment to both high performance and delivering on our commitments."