Suncor Q1 AFFO $4.03B, Record 875k bbl/d Output; AGM OKs Say-on-Pay
Suncor generated $4.03 billion in adjusted funds from operations and $2.91 billion in free cash flow in Q1 2026 while achieving record upstream output of 875,000 bbl/d and refining throughput of 498,000 bbl/d. AGM participants approved say-on-pay with 94.72% support and rejected a climate governance report with 80.39% opposition.
1. First Quarter 2026 Financial and Operational Performance
In Q1 2026, Suncor recorded net earnings of $2.10 billion and adjusted operating earnings of $2.30 billion, generating $4.03 billion in adjusted funds from operations and $2.91 billion in free cash flow. Upstream production hit a record 875,000 bbl/d and refining throughput rose to 498,000 bbl/d, enabling $825 million in share repurchases and $700 million in dividends.
2. Annual General Meeting Voting Outcomes
At the AGM on May 5, holders of 71.05% of shares voted. Ten directors were re-elected with approval rates above 92%, say-on-pay received 94.72% support, the climate governance proposal was rejected by 80.39%, and KPMG LLP was appointed auditor for the coming year.