Suncor Energy Inc. (SU): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de la production d'énergie, Suncor Energy Inc. apparaît comme une force pionnière, naviguant stratégiquement sur les terrains complexes de l'extraction des sables bitumineux, du développement des énergies renouvelables et de la durabilité environnementale. En fabriquant méticuleusement une toile complète du modèle commercial, Suncor démontre son approche innovante pour équilibrer les opérations traditionnelles du pétrole avec des initiatives vertes avant-gardistes, se positionnant comme un acteur transformateur dans le secteur de l'énergie du Canada. Cette exploration dévoile les mécanismes complexes qui stimulent l'excellence opérationnelle de Suncor, les partenariats stratégiques et l'engagement à fournir des solutions énergétiques fiables, efficaces et de plus en plus durables dans plusieurs segments de marché.

Suncor Energy Inc. (SU) - Modèle commercial: partenariats clés

Alliances stratégiques avec des communautés autochtones en Alberta

Suncor Energy a établi des partenariats avec plusieurs communautés autochtones de l'Alberta, notamment:

Communauté autochtone	Détails du partenariat	Pourcentage de propriété
Première nation de Fort McKay	Coentreprise dans les opérations de sable pétrolier	Papé de propriété de 12%
Première nation Mikisew Cree	Surveillance environnementale collaborative	Contrat de partenariat de 7%

Coentreprises avec de grandes sociétés d'exploration pétrolière et gazière

Les principaux partenariats de coentreprise de Suncor comprennent:

• Total E&P Canada - Projet de développement des sables bitumineux
• Syncrude Canada Ltd. - Opération d'exploration de sables bitumineux majeure
• Canadian Natural Resources Limited - Initiatives d'exploration collaborative

Partenaire	Projet	Valeur d'investissement
Syncrude Canada Ltd.	Mine millénaire	3,2 milliards de dollars d'investissement
Total E&P Canada	Projet énergétique de Fort Hills	2,7 milliards de dollars d'investissement

Partenariats technologiques pour la capture du carbone et les énergies renouvelables

Les partenaires de collaboration technologique de Suncor comprennent:

• Canadian Natural Resources Limited - Recherche de capture de carbone
• Shell Canada - Développement de technologies à faible teneur en carbone
• Pembina Institute - Innovation d'énergie renouvelable

Partenaire technologique	Domaine de mise au point	Budget de recherche annuel
Shell Canada	Technologies de capture de carbone	125 millions de dollars
Pembina Institute	Solutions d'énergie renouvelable	85 millions de dollars

Collaboration avec les fabricants d'équipements et les fournisseurs de services

Suncor maintient des équipements stratégiques d'équipement et de service avec:

• Caterpillar Inc. - Approvisionnement en équipement lourd
• Schlumberger - Technologies de forage et d'extraction
• Baker Hughes - Solutions de service Oilfield

Fournisseur d'équipement	Type d'équipement	Valeur du contrat
Caterpillar Inc.	Équipement d'exploitation	Contrat annuel de 450 millions de dollars
Schlumberger	Technologies de forage	Contrat de service de 320 millions de dollars

Partenariats de la chaîne d'approvisionnement avec les entreprises de transport et de logistique

Les partenariats de logistique et de transport de Suncor comprennent:

• Canadian Pacific Railway - Transport du pétrole brut
• Keyera Corporation - Midstream Logistics
• Enbridge Inc. - Infrastructure de pipeline

Partenaire de logistique	Type de service	Volume de transport annuel
Chemin de fer canadien du Pacifique	Transport de pétrole brut	250 000 barils par jour
Enbridge Inc.	Infrastructure de pipeline	300 000 barils par jour

Suncor Energy Inc. (SU) - Modèle d'entreprise: activités clés

Extraction du pétrole brut à partir de sables bitumineux en Alberta

Suncor exploite plusieurs sites de sables bitumineux en Alberta, avec une capacité de production totale d'environ 525 000 barils par jour en 2023. Les principaux actifs de sables pétroliers de la société comprennent:

Asset	Capacité de production (BPD)	Emplacement
Usine de base	194,000	Fort McMurray, Alberta
Millénaire	127,000	Fort McMurray, Alberta
Fort Hills	194,000	Nord-est de l'Alberta

Affinage et traitement des produits pétroliers

Suncor exploite six raffineries à travers le Canada avec une capacité de raffinage totale de 460 000 barils par jour:

• Edmonton Refinery (Alberta): 140 000 bpd
• Montréal Refinery (Québec): 137 000 bpd
• Responsable de l'Ontario: 85 000 bpd
• Trois raffineries régionales supplémentaires

Développement et mise en œuvre des énergies renouvelables

Investissements en énergie renouvelable à partir de 2023:

Projet renouvelable	Capacité	Emplacement
Énergie éolienne	270 MW	Alberta
Énergie solaire	60 MW	Alberta

Initiatives de réduction de la durabilité et des émissions environnementales

Cibles de réduction des émissions:

• Réduction des émissions de gaz à effet de serre d'ici 2030
• Émissions opérationnelles nettes zéro d'ici 2050
• 4,5 milliards de dollars investis dans des technologies à faible émission de carbone entre 2022-2023

Exploration et production de ressources pétrolières et gazières

Détails de production en amont pour 2023:

Type de production	Production quotidienne	Pourcentage du total
Sabots à l'huile	525 000 bpd	78%
Huile conventionnelle	85 000 bpd	12%
Gaz naturel	70 000 BOE / D	10%

Suncor Energy Inc. (SU) - Modèle d'entreprise: Ressources clés

De vastes réserves de sables d'huile en Alberta

Suncor Energy possède environ 8,4 milliards de barils de réserves de sables bitumineux en Alberta, au Canada. En 2023, la superficie totale des terres de la société pour les opérations de sable pétrolier s'étend sur 92 000 hectares dans la région d'Athabasca.

Type de réserve	Volume (barils)	Emplacement
Réserves de sables à l'huile éprouvées	8,4 milliards	Alberta, Canada
Réserves probables	3,6 milliards	Alberta, Canada

Infrastructure d'extraction et de traitement avancée

Suncor exploite plusieurs installations avec une capacité de production importante:

• Installation de l'usine de base: 194 000 barils par jour
• Millennium Plante: 180 000 barils par jour
• Mine Fort Hills: 194 000 barils par jour (intérêt de travail de Suncor)

Main-d'œuvre qualifiée avec une expertise technique

Suncor emploie 13 855 employés à temps plein à partir de 2023, avec une expertise technique importante en matière de production d'énergie et d'extraction.

Catégorie des employés	Nombre d'employés
Total de main-d'œuvre	13,855
Spécialistes techniques	4,612

Capacités financières et investissements solides

Mesures financières pour l'énergie Suncor en 2023:

• Actif total: 86,2 milliards de dollars
• Revenu annuel: 52,3 milliards de dollars
• Dépenses en capital: 4,9 milliards de dollars
• Caisse provenant des opérations: 10,7 milliards de dollars

Innovations technologiques dans la production d'énergie

Suncor a investi 1,2 milliard de dollars Dans la recherche et le développement des technologies d'extraction innovantes, en se concentrant sur la capture du carbone et l'amélioration de l'efficacité.

Zone d'investissement technologique	Montant d'investissement
Technologies de capture de carbone	487 millions de dollars
Améliorations d'efficacité d'extraction	715 millions de dollars

Suncor Energy Inc. (SU) - Modèle d'entreprise: propositions de valeur

Approvisionnement énergétique fiable et cohérent

Suncor Energy a produit 796 000 barils par jour de production totale en amont en 2022. La production de sables pétroliers était en moyenne de 670 000 barils par jour, la production offshore contribuant 126 000 barils par jour.

Métrique de production	Volume 2022
Production totale en amont	796 000 barils / jour
Production de sables bitumineux	670 000 barils / jour
Production offshore	126 000 barils / jour

Engagement à réduire l'impact environnemental

Suncor vise à réduire l'intensité des émissions de gaz à effet de serre de 35% d'ici 2030 par rapport à la ligne de base de 2014. L'intensité actuelle des émissions s'élève à 22,4 kg de CO2E / baril de production.

Solutions énergétiques intégrées sur plusieurs secteurs

• Opérations de sables bitumineux en amont
• Raffinage et marketing en aval
• Développement d'énergie renouvelable
• Extraction des sables à l'huile in situ
• Production d'huile offshore

Produits de pétrole et d'énergie renouvelable de haute qualité

Le portefeuille d'énergies renouvelables comprend 270 MW de capacité de production d'énergie éolienne. La capacité de production de biocarburants atteint 400 millions de litres par an.

Actif d'énergie renouvelable	Capacité
Production d'énergie éolienne	270 MW
Production de biocarburant	400 millions de litres / an

Prix ​​compétitifs et efficacité opérationnelle

Les coûts d'exploitation pour la production de sables pétroliers étaient en moyenne de 28,20 $ le baril en 2022. Les dépenses d'exploitation totales étaient de 10,2 milliards de dollars pour l'exercice.

Métrique coût	Valeur 2022
Coût de production de sables bitumineux	28,20 $ / baril
Dépenses d'exploitation totales	10,2 milliards de dollars

Suncor Energy Inc. (SU) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec des clients industriels et commerciaux

Suncor Energy maintient des accords d'approvisionnement stratégiques à long terme avec des clients industriels majeurs dans plusieurs secteurs. En 2023, la société a déclaré 87 contrats de fourniture d'énergie à long terme actifs d'une durée de contrat moyenne de 7,4 ans.

Segment de clientèle	Nombre de contrats	Valeur du contrat moyen
Fabricants industriels	42	124,6 millions de dollars
Entreprises commerciales	35	89,3 millions de dollars
Secteur des transports	10	67,5 millions de dollars

Ventes directes et canaux de support client

Suncor exploite 247 points de service à la clientèle directe à travers le Canada, avec une équipe de support client dédiée de 612 représentants.

• Prise en charge du téléphone disponible 24/7
• Portail client en ligne avec gestion de compte en temps réel
• Application mobile pour les demandes de service

Communication transparente sur les efforts de durabilité

En 2023, Suncor a investi 287 millions de dollars dans la communication et les rapports de durabilité, mettant en évidence ses engagements environnementaux envers les clients.

Canal de rapport de durabilité	Investissement annuel	Atteindre
Rapport annuel de durabilité	89 millions de dollars	Parties prenantes mondiales
Plateforme de durabilité numérique	112 millions de dollars	Engagement en ligne
Forums de durabilité communautaire	86 millions de dollars	Interactions locales des parties prenantes

Plateformes numériques pour l'engagement des clients

Les plateformes d'engagement numérique de Suncor desservent 2,4 millions d'utilisateurs enregistrés, avec une cote de satisfaction de 92% en 2023.

• Application mobile avec 1,2 million d'utilisateurs mensuels actifs
• Portail Web gantant 3,6 millions de transactions annuelles
• Chatbot de support client alimenté par AI

Investissement communautaire et collaboration des parties prenantes

En 2023, Suncor a alloué 156 millions de dollars aux programmes d'investissement communautaire et d'engagement des parties prenantes.

Catégorie d'investissement	Allocation	Impact les métriques
Partenariats communautaires autochtones	62 millions de dollars	18 accords de collaboration actifs
Programmes de gestion de l'environnement	54 millions de dollars	12 initiatives de conservation régionales
Développement économique local	40 millions de dollars	26 projets d'infrastructure communautaire

Suncor Energy Inc. (SU) - Modèle commercial: canaux

Équipes de vente directes

Suncor Energy maintient une force de vente B2B dédiée de 157 représentants commerciaux professionnels ciblant les consommateurs d'énergie industriels, commerciaux et à grande échelle à travers le Canada.

Segment de l'équipe de vente	Nombre de représentants	Couverture géographique
Ventes d'énergie industrielle	67	Ouest canadien
Ventes d'énergie commerciale	54	Canada central
Ventes de grandes entreprises	36	Couverture nationale

Plateformes numériques en ligne

Suncor exploite plusieurs canaux de vente numériques avec 2,3 millions d'utilisateurs en ligne enregistrés sur ses plateformes.

• Plate-forme de gestion des cartes de carburant en ligne Petro-Canada
• Système de commande de lubrifiant commercial
• Portail d'approvisionnement en énergie d'entreprise

Réseaux de distribution de pétrole en gros

Suncor gère 1 872 points de distribution de pétrole en gros à travers le Canada, desservant des clients commerciaux et industriels.

Segment de réseau de distribution	Nombre de points de distribution	Volume annuel (litres)
En gros commercial	892	4,6 milliards
Gros industriel	612	3,2 milliards
Distribution de carburant de l'aviation	368	1,1 milliard

Stations de carburant au détail

Suncor exploite 1 500 stations de carburant de vente au détail de pétro-canada à travers le Canada, générant 12,4 milliards de dollars de ventes annuelles de carburant au détail.

Type de station	Nombre de stations	Transactions quotidiennes moyennes
Emplacements urbains	872	1,200
Lieux routiers	428	800
Lieux ruraux	200	350

Site Web d'entreprise et marketing numérique

Le marketing numérique de Suncor atteint 4,7 millions de visiteurs mensuels uniques via son site Web d'entreprise et les canaux numériques associés.

• Trafficage du site Web: 4,7 millions de visiteurs uniques mensuels
• Abonnés des médias sociaux: 328 000 sur toutes les plateformes
• Budget publicitaire numérique: 14,2 millions de dollars par an

Suncor Energy Inc. (SU) - Modèle d'entreprise: segments de clientèle

Consommateurs d'énergie industrielle

Suncor dessert les principaux clients industriels dans plusieurs secteurs avec des volumes annuels de consommation d'énergie:

Secteur	Consommation d'énergie annuelle (GWH)
Exploitation minière	4,215
Fabrication	3,687
Construction	1,893

Sociétés de transport commercial

Suncor fournit des solutions de carburant et de lubrifiant aux flottes de transport:

• Les entreprises de camionnage servaient: 2 347
• Volume total de carburant de la flotte: 1,2 milliard de litres par an
• Valeur du contrat de carburant annuel moyen: 5,6 millions de dollars

Distributeurs de produits pétroliers

Segments de distribution de produits de pétrole en gros:

Canal de distribution	Volume annuel (litres)
Détaillants indépendants	3,4 milliards
Distributeurs en vrac	2,1 milliards

Organisations du gouvernement et du secteur public

Contrats énergétiques du gouvernement et du secteur public:

• Contrats du gouvernement fédéral: 17
• Contrats du gouvernement provincial: 42
• Contrats du gouvernement municipal: 89
• Valeur du contrat annuel total: 324 millions de dollars

Les consommateurs de vente au détail à travers des stations de carburant

Statistiques du réseau de la station de carburant de détail:

Métrique	Valeur
Stations totales de pétro-canada	1,500
Transactions des clients quotidiens	375,000
Ventes annuelles de carburant au détail	5,6 milliards de litres

Suncor Energy Inc. (SU) - Modèle d'entreprise: Structure des coûts

Dépenses en capital élevés pour les infrastructures

En 2023, les dépenses en capital totales de Suncor Energy étaient de 4,8 milliards de dollars, avec des investissements importants dans les infrastructures de sable pétrolier et l'entretien des actifs.

Catégorie de dépenses en capital	Montant (USD)
Opérations de base de sables bitumineux	2,3 milliards de dollars
Expansion du sac d'incendie des sables bitumineux	650 millions de dollars
Actifs offshore	450 millions de dollars
Infrastructure en aval	400 millions de dollars

Dépenses opérationnelles pour l'extraction et le traitement

Les dépenses opérationnelles de Suncor pour l'extraction et le traitement en 2023 ont totalisé 3,2 milliards de dollars.

• Coûts de production par baril: 25,50 $
• Ratio d'efficacité opérationnelle: 87%
• Coûts opérationnels de drainage de la gravité à la vapeur (SAGD): 18,75 $ par baril

Investissements de recherche et développement

Suncor a alloué 185 millions de dollars aux initiatives de recherche et développement en 2023, en se concentrant sur la réduction du carbone et l'innovation technologique.

Zone de focus R&D	Investissement (USD)
Technologies de capture de carbone	85 millions de dollars
Efficacité d'extraction	55 millions de dollars
Intégration d'énergie renouvelable	45 millions de dollars

Coûts de conformité environnementale et de durabilité

Les frais de conformité environnementale pour Suncor en 2023 ont atteint 312 millions de dollars.

• Investissements de réduction des émissions: 145 millions de dollars
• Coûts de récupération des terres: 87 millions de dollars
• Gestion et traitement de l'eau: 80 millions de dollars

Dépenses de gestion de la main-d'œuvre et de la main-d'œuvre

Les coûts totaux de main-d'œuvre pour Suncor en 2023 étaient de 1,6 milliard de dollars.

Catégorie de dépenses de main-d'œuvre	Montant (USD)
Salaires de base	1,1 milliard de dollars
Avantages et pension	350 millions de dollars
Formation et développement	150 millions de dollars

Suncor Energy Inc. (SU) - Modèle d'entreprise: Strots de revenus

Ventes de pétrole brut

En 2022, la production de pétrole brut de Suncor Energy était en moyenne de 736 100 barils par jour. Le chiffre d'affaires total du pétrole brut pour 2022 était de 19,7 milliards de dollars.

Type de production	Production quotidienne (barils)	Revenus annuels
Opérations de sables bitumineux	520,000	14,2 milliards de dollars
Brut offshore	116,100	3,5 milliards de dollars
Coentreprise syncrude	100,000	2,0 milliards de dollars

Ventes de produits de pétrole raffinés

Les ventes de produits raffinées de Suncor en 2022 ont atteint 12,3 milliards de dollars, avec une production de produits raffinée de 460 000 barils par jour.

• Ventes à l'essence: 5,6 milliards de dollars
• Ventes diesel: 4,2 milliards de dollars
• Ventes de carburant à jet: 2,5 milliards de dollars

Production d'énergie renouvelable

Les revenus des énergies renouvelables pour 2022 étaient de 213 millions de dollars, ce qui représente 1,1% du total des revenus de l'entreprise.

Source d'énergie renouvelable	Capacité (MW)	Revenus annuels
Énergie éolienne	111	89 millions de dollars
Énergie solaire	43	62 millions de dollars
Biocarburants	N / A	62 millions de dollars

Trading et marketing de pétrole

Les revenus de négociation pétrolière en 2022 étaient de 3,8 milliards de dollars, avec une présence importante sur le marché international.

Ventes de carburant en aval

Les ventes de carburant au détail via le réseau Petro-Canada ont généré 2,5 milliards de dollars en 2022, avec environ 1 500 emplacements de vente au détail à travers le Canada.

Segment de vente au détail	Nombre d'emplacements	Revenus annuels
Dépanneurs	800	1,2 milliard de dollars
Stations-service	700	1,3 milliard de dollars

Suncor Energy Inc. (SU) - Canvas Business Model: Value Propositions

You're looking at the core promises Suncor Energy Inc. makes to its customers, investors, and the market as of late 2025. Honestly, the value proposition is built on making their massive, complex system work as one seamless machine.

Integrated Value Chain: Maximizing margins by controlling the process from wellhead to pump.

The integrated model is definitely delivering on volume and efficiency. For the third quarter of 2025, Suncor Energy Inc. hit record upstream production at 870,000 barrels per day (bbls/d). That crude then flowed into their downstream assets, which ran hot, with refinery utilization hitting 106% and upgraders at 102%. This operational strength translated into record quarterly refinery throughput of 492,000 bbls/d and record refined product sales of 647,000 bbls/d in Q3 2025. It's a tight loop; they managed to keep operating, selling, and general expenses flat at C$3.270 billion in Q3 2025, even with those higher volumes. The 2025 guidance for total production sits between 810,000 to 840,000 bbls/d. This whole structure is designed to generate higher, more reliable free cash flow with less volatility.

Reliable Supply: Consistent delivery of crude oil and refined products across North America.

Reliability is demonstrated by the record performance and the commitment to the network. The Petro-Canada retail network, which includes thousands of locations, is a key part of this delivery promise, acting as a hedge against oil price volatility. The company's Q3 2025 results showed they are hitting new performance plateaus, which speaks directly to supply consistency.

Here are some key operational metrics from the third quarter of 2025:

Metric	Q3 2025 Result	Comparison/Context
Upstream Production (bbls/d)	870,000	Record third quarter output; 41,000 bbls/d higher than Q3 2024
Refinery Throughput (bbls/d)	492,000	Record quarterly throughput
Refined Product Sales (bbls/d)	647,000	Record quarterly sales
Refinery Utilization Rate	106%	Record setting levels

Shareholder Returns: Commitment to return 100% of excess funds via buybacks and dividends.

Suncor Energy Inc. made a firm commitment to return 100% of excess funds to shareholders once the net debt target of $8 billion was achieved, which they did ahead of schedule in Q3 2024. In the third quarter of 2025 alone, they returned over $1.4 billion to shareholders, split between $750 million in share repurchases and $700 million in dividends. Year-to-date through Q3 2025, the company bought back approximately 46.7 million shares for $2.5 billion at an average price of $53.56 per share. The quarterly dividend was recently increased by approximately 5% to $0.60 per share. This focus on capital return is significant; over the 12 months ending September 2025, dividends and buybacks totaled C$6 billion, representing about 8% of the market cap.

Cost Competitiveness: Reducing corporate WTI breakeven by US$10/bbl versus 2023.

You see the focus on cost discipline in the guidance. Suncor Energy Inc. reports significant progress on its goal to reduce its corporate WTI breakeven cost by US$10 per barrel compared to 2023 levels. In fact, their breakeven has dropped below $46 as of late 2025. This efficiency drive is reflected in the 2025 full-year cost guidance for Oil Sands operations, which is set between $26.00 to $29.00 per barrel. The company is clearly prioritizing operational excellence to improve margins regardless of the immediate commodity price environment.

Energy Transition Path: Advancing a 2050 net-zero goal through low-carbon investments.

The long-term value proposition includes a credible path to decarbonization. Suncor Energy Inc. has a stated objective to be net-zero from its operations by 2050. The interim milestone is a reduction of 10 megatonnes (MT) of GHG emissions across the value chain by 2030. The planned annual capital spend through 2025 is $5 billion, which balances sustaining the core business with growing low-carbon ventures. Key to this is the collaboration with other energy firms in the Pathways Alliance to build shared carbon capture and storage (CCS) infrastructure. In 2022, the company allocated $540 million for low-carbon initiatives.

The capital allocation strategy through 2025:

• Focus on optimizing the integrated value chain.
• Sustaining the base business operations.
• Growing low-carbon businesses.
• Expected to deliver an annual $2 billion of incremental free funds flow by 2025.

Suncor Energy Inc. (SU) - Canvas Business Model: Customer Relationships

You're looking at how Suncor Energy Inc. manages its diverse customer base, which spans millions of individual retail consumers to massive industrial buyers. This relationship strategy is deeply integrated, using the downstream network to drive consumer loyalty while the upstream strength underpins B2B reliability.

Transactional: High-volume, self-service interactions at Petro-Canada retail stations.

The retail fuel business, operating under the Petro-Canada brand, is the primary touchpoint for high-volume, self-service transactions. Petro-Canada is the leading fuel brand in Canada, holding an 18 per cent market share. As of May 2025, the network comprises more than 1,800 retail and wholesale locations nationwide, supported by approximately 15,000 associates and their staff. This physical presence is being actively managed, with the execution of a Petro-Canada retail network improvement plan listed as a major economic investment for the 2025 capital program. The network includes over 1,600 retail stations and 300 Petro-Pass wholesale locations.

The transactional relationship is enhanced by strategic co-location partnerships. As of May 2025, more than 90 A&W quick serve restaurants are co-located at Petro-Canada sites. Furthermore, the company has made strides in supporting the energy transition through its retail offering, including the 6,300 km long Canada's Electric Highway™.

Metric	Value (as of late 2025 data)
Petro-Canada Market Share	18 per cent
Total Retail & Wholesale Locations	More than 1,800
Retail Stations	Over 1,600
Petro-Pass Wholesale Locations	300
Retail Segment EBITDA Improvement Target	40 per cent by 2027

Dedicated Account Management: Long-term contracts with large B2B industrial and commercial clients.

For the Business-to-Business (B2B) segment, which includes industrial, commercial, and governmental entities, the relationship is built on long-term supply contracts ensuring consistent and reliable energy delivery. These large-scale customers drive significant revenue streams for Suncor Energy Inc. The importance of this segment is clear from historical figures; for instance, in Q3 2024, commercial sales generated approximately $10 billion in revenue. These contracts leverage Suncor's integrated upstream and refining capacity to secure supply.

Loyalty Programs: Petro-Points program to retain individual retail consumers.

The Petro-Points loyalty program, which originally launched in 1995, is central to retaining individual retail consumers. The structure is designed to encourage frequent engagement and higher spend across the network. Members earn 10 points per litre on fuel purchases and 10 points for every dollar spent on in-store purchases, including car wash. Every 1,000 points converts to $1 in free stuff, redeemable for fuel, car wash, and more.

Suncor Energy Inc. deepens this relationship through partnerships, allowing members to earn more value. For example, linking an RBC credit or debit card can provide up to 7¢ per litre in value every day. Furthermore, linking Petro-Points with Triangle Rewards® allows members to earn 20% more Petro-Points on qualifying purchases. Top-tier members, such as those achieving Platinum Status (requiring fueling 1,000L in 3 months starting January 1, 2026), could receive up to $500 in value back annually.

• Petro-Points Earning Rate (Fuel): 10 points per litre
• Petro-Points Earning Rate (In-Store): 10 points per dollar
• Redemption Value: 1,000 points = $1
• Maximum Annual Value for Platinum Status: Up to $500

Investor Relations: Transparent communication focused on free funds flow growth per share.

Investor relationships are managed with a clear focus on financial discipline and shareholder returns, with management stating they are 100% focused on growing free funds flow per share. This focus is demonstrated through tangible financial results and capital allocation commitments. Suncor achieved its net debt target of $8 billion ahead of schedule in Q3 2024, which enabled a policy of returning at or near 100% of excess funds to shareholders via share buybacks.

For the trailing twelve months ending September 2025, the Free Cash Flow per Share was $4.62, resulting in a Price-to-Free-Cash-Flow Ratio of 9.58 as of November 25, 2025. The company also maintains a commitment to a reliable, growing dividend, targeting annual growth of 3-5%. In the fourth quarter of 2025, the board approved a quarterly dividend increase of approximately 5% to $0.60 per share. The 2025 capital program was disciplined, with guidance reduced to a range of $5.7-$5.9 billion.

Financial performance in 2025 supports this narrative. For Q2 2025 year-to-date, Adjusted Funds From Operations (AFFO) reached $5.7 billion, yielding $2.9 billion of free funds flow. In Q3 2025 alone, the company generated $2.3 billion in free funds flow and returned over $1.4 billion to shareholders.

Finance: draft 13-week cash view by Friday.

Suncor Energy Inc. (SU) - Canvas Business Model: Channels

You're looking at how Suncor Energy Inc. moves its products from the wellhead and refinery to the end-user, which is a massive logistical undertaking across North America. Honestly, this part of the business model is where the integrated nature really shows up.

Petro-Canada Retail Stations

The Petro-Canada brand is the most visible channel for Suncor Energy Inc.'s direct-to-consumer (B2C) refined products. This network is key for capturing margin on every litre sold to the public. Suncor Energy Inc. retains this business to maximize cash flow and value generation, rather than selling it off.

The scale of this channel is substantial, providing a direct link to millions of Canadian consumers.

• Petro-Canada operates more than 1,600 retail stations nationwide.
• The network includes 300 Petro-Pass wholesale locations.
• Petro-Canada holds an 18 per cent market share of Canada's retail fuel sales.
• The company aims to boost earnings from its retail segment by 40 per cent by 2027 (a target set in late 2022).

Here's a quick look at the physical footprint of this consumer-facing channel as of late 2025:

Channel Component	Metric	Latest Reported Number
Retail Stations	Number of Locations	More than 1,600
Wholesale Locations	Petro-Pass Sites	300
Market Reach	Canadian Retail Fuel Market Share	18 per cent

Wholesale Distribution

Beyond the gas pump, Suncor Energy Inc. supplies commercial and industrial customers directly through its wholesale network. This channel moves bulk refined products like diesel and gasoline to large-volume users, which is a different kind of customer relationship than the retail side. This is supported by the output from Suncor Energy Inc.'s refineries.

For context on the volume flowing through downstream channels, Suncor Energy Inc. achieved a record first half 2025 refinery throughput of 462,000 barrels per day (bbls/d). By the third quarter of 2025, refined product sales hit a new quarterly record of 646,800 bbls/d.

Pipelines and Rail

Moving crude oil from the oil sands and refined products from the refineries requires significant transportation infrastructure. Suncor Energy Inc. relies on its own assets and third-party systems, like the Trans Mountain pipeline, to get product to market.

The Trans Mountain Expansion Project (TMEP) is a critical piece of infrastructure for Canadian oil exports. The expanded system has a nameplate capacity of 890,000 barrels per day (bpd). Since its startup, the TMX system has averaged 82% utilization. Total throughputs across all major Canadian export pipelines, including TMX, reached a record high of 5.0 million bpd in January 2025. Suncor Energy Inc.'s own Q3 2025 upstream production was 958,300 bbls/d, much of which needs this type of bulk transport.

Future capacity on the TMX system could increase further, with optimization projects potentially raising the system's capacity to about 1.25 million barrels/day.

Energy Trading Desks

Suncor Energy Inc. conducts energy trading activities focused principally on the marketing and trading of crude oil, natural gas, byproducts, refined products, and power. These desks act as a channel by marketing the company's production and refined products to other traders, utilities, and large industrial buyers, often leveraging market differentials to maximize realized prices. The trading function is essential for managing the output from the company's record Q3 2025 upstream production of 958,300 bbls/d.

Canada's Electric Highway

This channel represents Suncor Energy Inc.'s direct move into the electric vehicle (EV) charging space, integrated within the Petro-Canada retail sites. It supports the company's lower-emissions fuel options strategy. The network is described as a coast-to-coast network of fast-charging EV stations.

The overall Canadian public EV charging network saw significant growth leading up to 2025. As of March 1, 2025, Canada had 2,192 DC fast charger stations across the country. The Petro-Canada network itself spans approximately 6,300 km from Halifax, NS to Victoria, BC.

Suncor Energy Inc. (SU) - Canvas Business Model: Customer Segments

You're analyzing Suncor Energy Inc.'s customer base as of late 2025, looking at how their integrated model serves distinct groups across the energy value chain. The company's structure, which includes upstream production, refining, and the Petro-Canada retail network, means their customers span from large industrial buyers to everyday drivers.

The primary customer groups Suncor Energy Inc. serves are segmented by the nature of the product and the point of sale in their integrated system. The Refining and Marketing segment, which brought in 31.34 B CAD in revenue in the last full year, is the direct interface for the downstream customers.

Here is a look at the operational scale relevant to these segments based on the third quarter of 2025 results:

Customer Group Proxy	Relevant Metric (Q3 2025)	Value
Upstream Buyers (Global Refiners/Traders)	Total Upstream Production (Working Interest)	870,000 bbls/d
Downstream/Retail (B2C & B2B)	Record Quarterly Refined Product Sales	647,000 bbls/d
Refining Operations (Feedstock for Downstream)	Record Refinery Throughput	492,000 bbls/d
Refined Product Output (SCO & Diesel)	Net SCO and Diesel Production	544,100 bbls/d

Business-to-Business (B2B): Industrial, commercial, and governmental entities needing bulk fuel/energy.

This group is served by the wholesale side of the Refining and Marketing business. These customers require large, consistent volumes of refined products like diesel, gasoline, and heating oil delivered directly or through terminals. The upstream segment also sells crude oil directly to other refiners who are not Suncor Energy Inc. themselves, though intersegment sales are eliminated for consolidated reporting.

• The company's integrated structure provides a natural hedge, meaning when crude prices are low, the refining margins for these B2B customers can sometimes improve.
• The total upstream production volume of 870,000 bbls/d in Q3 2025 represents the maximum potential supply for both internal use and external crude sales.

Individual Consumers (B2C): Drivers and households purchasing fuel and convenience items via retail.

Suncor Energy Inc. reaches this segment through its extensive Petro-Canada™ retail and wholesale distribution networks, which also includes the coast-to-coast Canada's Electric Highway™ for EV charging. These customers purchase finished products like gasoline and convenience store items.

• Refined product sales, which include retail volumes, hit a record of 647,000 bbls/d in the third quarter of 2025.
• The company recently increased its quarterly dividend per share by approximately 5% to $0.60 per share, which is a direct financial signal to this investor segment.

Global Refiners/Traders: Buyers of crude oil and natural gas produced upstream.

This segment consists of counterparties purchasing crude oil and natural gas from Suncor Energy Inc.'s Exploration and Production (E&P) and Oil Sands operations. These are typically large, sophisticated entities in the global commodity markets.

The total Oil Sands bitumen production was 812,200 bbls/d in Q3 2025. A portion of this, along with E&P output (which was 57,800 bbls/d in Q3 2025), is sold externally after Suncor's own refineries take their share.

Airlines and Transportation: Customers for jet fuel and heavy-duty diesel.

These are specialized B2B customers within the downstream market, requiring specific, high-specification fuels. Jet fuel and heavy-duty diesel are key components of the refined product slate.

The net production of SCO and diesel was 544,100 bbls/d in Q3 2025. This output feeds the demand from transportation logistics companies, trucking fleets, and aviation partners.

Finance: draft 13-week cash view by Friday.

Suncor Energy Inc. (SU) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Suncor Energy Inc.'s operational engine, and honestly, it's a capital-intensive machine. The cost structure is dominated by the sheer scale of maintaining and running the oilsands facilities and the integrated refining infrastructure. This isn't a light-asset business; it requires massive, ongoing investment just to keep the lights on and the barrels flowing.

The total planned capital expenditure (capex) for 2025 reflects this reality, though Suncor has shown discipline by reducing the overall budget. The updated 2025 capital program is set between C$5.7 billion and C$5.9 billion. This budget is strategically split between growth and keeping the existing base running smoothly.

Capital Intensive: High Fixed Costs

The fixed cost base is inherently high because you can't just turn off an oilsands mine or a major upgrader overnight without massive cost implications. The company's strategy is to balance this fixed cost burden by maximizing utilization, targeting annual refining utilization rates between 93 percent and 97 percent initially, later revised up to 101 percent to 102 percent by Q3 2025.

Asset Sustainment and Operating Costs

A significant portion of the capex is dedicated to keeping assets reliable. For 2025, the allocation for asset sustainment and maintenance capital expenditures is firmly set between C$3.125 billion and C$3.225 billion. This spend supports major activities like the 91-day outage at Base Plant Upgrader 1 for coke drum replacement and turnarounds at the Edmonton and Sarnia refineries, which are factored into production guidance.

Operating expenses, or cash operating costs, are tracked closely on a per-barrel basis. Here's how those costs looked under the initial 2025 guidance:

Cost Component	2025 Guidance Range (Per Barrel)
Oil Sands operations cash operating costs	C$26.00 to C$29.00
Fort Hills cash operating costs	C$33.00 to C$36.00
Syncrude cash operating costs	C$34.00 to C$37.00

Suncor has made progress in efficiency, reporting a reduction in its corporate WTI breakeven cost by US$10 per barrel compared to 2023.

Low-Carbon Investment

The transition cost structure includes specific, large-scale decarbonization spending. Suncor has a stated commitment of C$2.1 billion towards carbon capture technologies, aligning with its Pathways Alliance membership to reduce emissions intensity at its core industrial assets. This is part of a disciplined capital program that selectively invests in high-value economic opportunities, which for 2025 included approximately C$2.575 billion to C$2.675 billion for economic investment capital.

Royalties and Taxes

Payments to governments are a variable but substantial cost. Production volumes are reported before royalties, meaning these payments are a direct deduction from revenue. For the second quarter of 2025, the reported adjusted operating earnings were partially offset by lower royalties and income taxes compared to the prior year quarter, reflecting adjustments to the current business environment. The company updated its guidance ranges for current income taxes and royalties in August 2025 to reflect this environment.

• Total 2025 Capital Expenditures (Updated Guidance): C$5.7 billion to C$5.9 billion.
• Allocation to Asset Sustainment/Maintenance: C$3.125 billion to C$3.225 billion.
• Allocation to Economic Investment: C$2.575 billion to C$2.675 billion.
• Stated CCS/Decarbonization Commitment: C$2.1 billion.
• WTI Breakeven Cost Reduction (vs. 2023): US$10 per barrel.

Suncor Energy Inc. (SU) - Canvas Business Model: Revenue Streams

You're looking at the core ways Suncor Energy Inc. brings in cash, which is really the engine of this integrated model. It's a mix of selling raw materials and finished goods, plus some market activity.

Refined Product Sales: Gasoline, diesel, and jet fuel sales from the downstream segment.

This stream benefits directly from high utilization rates in the downstream assets. For the third quarter of 2025, Suncor Energy Inc. achieved record quarterly refined product sales volumes of 647,000 barrels per day (bbls/d). The refinery utilization hit a record 106% during that same period, showing they pushed maximum product out the door. The total sales figure for Q3 2025 was reported as CAD 13,565 million.

Crude Oil and Bitumen Sales: Revenue from upstream oil sands and E&P production.

This is the foundation, moving raw product from the ground. Suncor Energy Inc. reported record third quarter upstream production of 870,000 bbls/d in Q3 2025. This production included record quarterly output at Firebag and record production at Fort Hills. The upgraders ran at 102% utilization, which is key for upgrading bitumen into synthetic crude oil for sale or further refining.

Here's a quick look at the operational scale driving these two major revenue components for the third quarter of 2025:

Metric	Upstream Production (bbls/d)	Refinery Throughput (bbls/d)	Refined Product Sales (bbls/d)
Q3 2025 Value	870,000	492,000	647,000

Retail Fuel and Non-Fuel Sales: Income from Petro-Canada stations and convenience stores.

Suncor Energy Inc. operates the Petro-Canada retail and wholesale distribution networks. While specific Q3 2025 revenue figures for the non-fuel convenience store sales aren't isolated here, the overall downstream performance, which includes these retail sales, was strong, evidenced by the record refined product sales volumes.

• Petro-Canada network includes Canada's Electric Highway^TM for EV charging.
• The company's operations include petroleum refining in Canada and the U.S.

Energy Trading: Profits from marketing and trading crude, natural gas, and power.

This segment manages market exposure and captures margins from trading activities. For the first nine months of 2025, Suncor Energy Inc.'s results included a $16 million unrealized loss on risk management activities. The company also notes that revenue from power sales helps partially mitigate exposure to commodity costs in operating expenses.

Q3 2025 Revenue: Reported quarterly revenue of $12.55B CAD.

Suncor Energy Inc. reported revenue of $12.55B CAD for the quarter ending September 30, 2025. This compares to total reported sales of CAD 13,565 million for the same period. The adjusted operating earnings for Q3 2025 were $1.794 billion, which reflects the net result of these revenue streams offsetting costs.