The earnings call showcases a strong operational performance with record production and throughput, cost management success, and early achievement of financial targets. However, challenges such as wildfire impacts and market conditions affecting profitability were noted. Overall, the positive achievements significantly outweigh the lowlights.

Company Guidance

During the Suncor Energy Q3 2024 earnings call, the executives provided strong guidance with multiple metrics underscoring the company's performance and future outlook. Richard Kruger, the President and CEO, highlighted that upstream production reached 829,000 barrels per day, marking a 20% increase from the previous year, while refining throughput set a record at 488,000 barrels per day with 105% utilization. Safety remained a top priority, with personal safety incidents and lost time events reduced by 40% and 23% respectively, positioning the company within the first quartile in North America for process safety. The financial performance was robust, with adjusted funds from operations at $3.8 billion, and total operating, selling, and general expenses trending at $9.65 billion year-to-date, demonstrating a $340 million reduction compared to the previous year. Suncor achieved its $8 billion net debt target earlier than anticipated, allowing for a shift to 100% return of excess funds to shareholders starting in Q4. The company remains optimistic about ongoing operational improvements and achieving its 2026 free funds flow target of $3.3 billion as it continues to focus on asset utilization and cost management.

Record Production and Utilization

Upstream production in Q3 was 829,000 barrels a day, up 20% from Q3 last year. This was the best third quarter in company history with record upgrader utilization at 99%.

Refining Throughput and Sales Achievements

Refining throughput in Q3 was 488,000 barrels a day, up 5% from last year, marking the best quarter in company history. Refined product sales reached 612,000 barrels a day, also a record.

Cost Management Success

Total OS&G expenses year-to-date are down $340 million compared to 2023, and upstream production is 87,000 barrels a day higher.

Early Achievement of Net Debt Target

The company achieved its net debt target of $8 billion earlier than planned, leading to 100% return of excess funds to shareholders starting in Q4.

Operational Improvements

Firebag produced a record 247,000 barrels a day in September. The Fort Hills to base plant capacity increased from 65,000 to 100,000 barrels a day, adding $50 million to $100 million in additional free funds flow annually.

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Suncor Energy (TSE:SU) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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TSE:SU Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 26, 2018	2018 (Q2)	- / 0.73	0.12	508.33% (+0.61)	―	―
Nov 01, 2018	2018 (Q3)	- / 0.96	0.52	84.62% (+0.44)	―	―
Feb 06, 2019	2018 (Q4)	- / 0.36	0.79	-54.43% (-0.43)	―	―
May 02, 2019	2019 (Q1)	- / 0.77	0.6	28.33% (+0.17)	―	―
Jul 24, 2019	2019 (Q2)	- / 0.80	0.73	9.59% (+0.07)	―	―
Oct 30, 2019	2019 (Q3)	- / 0.72	0.96	-25.00% (-0.24)	―	―
Feb 06, 2020	2019 (Q4)	- / 0.51	0.36	41.67% (+0.15)	―	―
May 05, 2020	2020 (Q1)	- / -0.20	0.77	-125.97% (-0.97)	―	―
Jul 22, 2020	2020 (Q2)	- / -0.98	0.8	-222.50% (-1.78)	―	―
Oct 29, 2020	2020 (Q3)	- / -0.20	0.72	-127.78% (-0.92)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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TSE:SU Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 12, 2024	C$52.61	C$54.83	+4.21%
Aug 06, 2024	C$49.93	C$52.12	+4.37%
May 07, 2024	C$51.81	C$52.04	+0.43%
Feb 21, 2024	C$43.45	C$43.33	-0.29%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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