{"id":650900,"date":"2026-05-06T05:36:24","date_gmt":"2026-05-06T05:36:24","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/650900\/"},"modified":"2026-05-06T05:36:24","modified_gmt":"2026-05-06T05:36:24","slug":"suncor-ceo-as-producers-profit-tops-2b","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/650900\/","title":{"rendered":"Suncor CEO as producer&#8217;s profit tops $2B"},"content":{"rendered":"<p>    <img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/05\/d94818d1b910d59cfedcb1181f081ee1.jpeg\" alt=\"081825-CANADA_OIL\" loading=\"eager\" height=\"698\" width=\"960\" class=\"yf-lglytj  loaded\"\/> Suncor Energy Inc., posted a profit of $2.1 billion in the first quarter of the year, up about 24 per cent from the same period last year, driven by record refined fuel sales and higher oil prices. (Credit: Cole Burston)      <\/p>\n<p class=\"yf-1fy9kyt\">Suncor Energy Inc. chief executive Rich Kruger said regulatory reform is needed to spur investment in Canada\u2019s oilpatch, but said there is \u201cgrowing recognition\u201d among governments and Canadians of the sector\u2019s importance.<\/p>\n<p class=\"yf-1fy9kyt\">\u201cThe conversation is moving from whether Canada should more fully develop its resources to how Canada should do this,\u201d Kruger said Tuesday at the oilsands major\u2019s annual general meeting.<\/p>\n<p class=\"yf-1fy9kyt\">\u201cBut it will take national resolve to grow and compete globally with fiscal and regulatory policies to attract capital growth.\u201d<\/p>\n<p class=\"yf-1fy9kyt\">Kruger\u2019s remarks come as stronger crude prices \u2014 triggered by war in the Middle East \u2014 are lifting earnings across Canada\u2019s energy sector. It also comes as the industry is pushing <a href=\"https:\/\/financialpost.com\/commodities\/energy\/oil-gas\/oilsands-group-progress-mou-slow-carbon-tax\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:back against federal regulations and carbon policies;elm:context_link;itc:0;sec:content-canvas\" data-yga=\"{&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkText&quot;:&quot;back against federal regulations and carbon policies&quot;}\" class=\"link \">back against federal regulations and carbon policies<\/a> it says are making the sector uncompetitive.<\/p>\n<p class=\"yf-1fy9kyt\">The country\u2019s largest integrated oilsands producer reported first-quarter profit of $2.1 billion Tuesday, up about 24 per cent from the same period last year, driven by record refined fuel sales and higher oil prices.<\/p>\n<p class=\"yf-1fy9kyt\">Suncor has already signalled it intends to return a significant portion of the windfall to shareholders, having announced plans in March to hike monthly share buybacks by almost 30 per cent.<\/p>\n<p class=\"yf-1fy9kyt\">The Calgary-based company\u2019s adjusted funds from operations \u2014 Suncor\u2019s preferred cash-flow metric and a measure of cash available to pay dividends \u2014 topped $4 billion in the first three months of the year, up from $3.05 billion a year earlier.<\/p>\n<p class=\"yf-1fy9kyt\">Suncor reported record first-quarter upstream production of 875,000 barrels per day, an increase of 22,000 barrels per day compared to the same period last year, the company said Tuesday.<\/p>\n<p class=\"yf-1fy9kyt\">It also reported higher refinery throughput and set a new all-time quarterly record for refined fuel sales.<\/p>\n<p class=\"yf-1fy9kyt\">Canadian oil producers are reporting strong first-quarter results so far this earnings season, although the period reflects just one month of the higher prices seen since the U.S. and Israel first attacked Iran on Feb. 28.<\/p>\n<p class=\"yf-1fy9kyt\">Prices surged after the fighting effectively closed shipping traffic through the Strait of Hormuz, a critical chokepoint for roughly one-fifth of global oil and gas flows.<\/p>\n<p class=\"yf-1fy9kyt\">\u201cSupplying growing levels of reliable, affordable and abundant energy is how we can strengthen at home and influence abroad,\u201d Kruger said Tuesday.<\/p>\n<p class=\"yf-1fy9kyt\">More to come\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"Suncor Energy Inc., posted a profit of $2.1 billion in the first quarter of the year, up about&hellip;\n","protected":false},"author":2,"featured_media":650901,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[49,48,241710,91704,44,9891,241711,241709,121940,121939],"class_list":["post-650900","post","type-post","status-publish","format-standard","has-post-thumbnail","category-canada","tag-ca","tag-canada","tag-cole-burston","tag-energy-sector","tag-news","tag-oil-prices","tag-regulatory-policies","tag-regulatory-reform","tag-rich-kruger","tag-suncor-energy-inc"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/650900","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=650900"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/650900\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/650901"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=650900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=650900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=650900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}