Suncor shares jump after oil giant ups production forecasts, delivers earnings beat

Suncor Energy Inc. president and CEO Rich Kruger waits to appear before the House of Commons Standing Committee on Natural Resources in Ottawa, Monday, Oct. 16, 2023. THE CANADIAN PRESS/ Patrick Doyle

CALGARY — Shares in Suncor Energy Inc. rose almost six per cent after the oil giant increased its production and refinery throughput forecasts for the year and delivered better-than-expected third-quarter results.

The stock was up $3.29 to $58.94 in midday trading on the TSX on Wednesday.

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Suncor says it expects to finish 2025 with oil and gas production ranging between 845,000 and 855,000 barrels per day, up from its August forecast of 810,000 to 840,000 bbls/d.

The company also expects its refineries to handle between 470,000 and 475,000 barrels per day this year, an increase from its earlier forecast of 435,000 to 450,000 barrels.

The company reported earnings per share for the three months ended Sept. 30 of $1.34 — a drop from $1.59 a year earlier, but handily beating the $1.10 analysts had been expecting, according to financial markets firm LSEG Data & Analytics.

Suncor chief executive Rich Kruger says having the business tied together from mines and wells all the way through to fuel at the pump is key to the company’s success.

“In today’s world of commodity price uncertainty and volatility, owning all the way through the customer is a competitive advantage,” Kruger told analysts on a conference call Wednesday.

“All integration is not created equal ... and our unparalleled integration is a part of our story and a part of our performance.”

This report by The Canadian Press was first published Nov. 5, 2025.

Companies in this story: (TSX:SU)

Lauren Krugel, The Canadian Press