Record Production and Throughput
Upstream production reached the highest second quarter and first half in company history at 831,000 barrels a day, beating the previous best by 28,000 barrels. Refining throughput also set records with 462,000 barrels a day, surpassing the previous best by 20,000 barrels.
Operational Safety and Efficiency
The first half of 2025 was the safest in company history, continuing a trend from the previous two years. Operating costs were reduced by $135 million compared to the first half of 2024, and by $765 million compared to the first half of 2023, despite increased production and throughput.
Successful Project Execution
The Base Plant U1 Coke drum replacement and Syncrude Mildred Lake West mine extension were completed significantly under budget and ahead of schedule, showcasing operational excellence and project management capabilities.
Capital Efficiency and Shareholder Returns
2025 capital guidance was reduced by $400 million due to accelerated turnaround improvements and better execution. The company returned nearly $1.5 billion to shareholders in Q2 through dividends and share buybacks.