Suncor Energy earnings: September 2026 quarter

Suncor Energy, the Canadian oil sands producer and refiner, had a much more profitable September quarter than a year ago, almost entirely because its refineries earned far more on each barrel they processed. Its own adjusted earnings per share, which leave out one-off items, rose to C$3.97 from C$1.48 a year earlier and from C$3.23 in the June quarter. Reported earnings per share were lower, at C$3.27, because of a C$1.08 billion non-cash write-down on offshore fields it has agreed to sell. It left its plans for 2026 unchanged and expects that sale to close in early 2027. ¹

Against what analysts expected

Analysts expected earnings of $2.35 per US-listed share for the quarter, a forecast in US dollars that cannot be set directly against Suncor's figures in Canadian dollars. ¹²

The strong points

• Suncor's own adjusted earnings per share, which leave out one-off items, rose to C$3.97 from C$1.48 a year earlier. ¹
• Its refining and fuel-selling business made C$3.225 billion in adjusted operating profit, against C$894 million a year earlier. ¹
• Once the offshore sale closes, the buyer takes on about C$1.4 billion of future clean-up and lease obligations, plus a well program due to start in 2027. ¹

The weak points

• Part of the refining jump came from a one-off gain of C$235 million on the value of its fuel stocks, and most of the rest from market margins that Suncor does not control. ¹
• The offshore sale will take away about 17,000 barrels a day of oil production from 2027. ¹

What the company expects

• Suncor kept the ranges for 2026 that it set in August unchanged, and gave no new figures for the rest of the year. ¹
• It expects to complete the sale of its Terra Nova, White Rose and West White Rose offshore stakes in early 2027, for C$1.2 billion plus up to C$350 million more if oil prices are high. ¹

Our verdict on the quarter

A strong report. Profit from running the business more than doubled on a year ago, carried by refining, and Suncor left its plans for the year unchanged, though part of the gain rests on market margins and a one-off stock gain.

The results as published

• The results release itself
• The filing it came with (SEC)
• The previous results, for what it forecast then

Notes

1. Suncor Energy's results release, 3 November 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 4 November 2026. ↩