Suncor Energy (SU) on Thursday said that it expects a major production surge by 2026, projecting 840,000 to 870,000 barrels per day—more than 100,000 barrels above 2023 levels and ahead of the company’s previously stated goals.
The Canadian energy company also increased share repurchases to $275 million per month, projecting C$3.3 billion in 2026.
The company anticipates that annual refining utilization will average between 99% and 102%, reflecting continued improved performance across the company’s entire downstream portfolio.
These outlooks reflect planned turnaround and maintenance activities, including a major turnaround at Firebag and scheduled maintenance at Base Plant, Syncrude, and Fort Hills, Suncor Energy (SU) said in a statement.
Downstream utilization incorporates planned turnarounds at all four of the company’s refineries.
In terms of the 2026 capital program, total capex is expected to be $5.7 billion at the midpoint, achieving the target set at the 2024 Investor Day.
Major economic investments planned or continuing in 2026 include in situ well pads, Mildred Lake East, West White Rose, Fort Hills North Pit development, and the ongoing execution of the Petro-Canada retail network optimization plan.