Suncor Energy Inc. (SU): Business Model Canvas [Dec-2025 Updated]

You're looking to crack the code on Suncor Energy Inc. (SU) right now, and honestly, after two decades analyzing energy giants, I can tell you their integrated model-controlling everything from the oil sands wellhead to the Petro-Canada pump-is their defintely defining strength heading into late 2025. This structure is what lets them target a cost competitiveness goal of cutting their corporate WTI breakeven by US$10/bbl versus 2023, which is a serious advantage in this market. So, if you want to see exactly how this massive operation is structured across its nine key building blocks, check out the full canvas breakdown below; it shows you where the real money is made and where the big capital, like the C$5.7B-C$5.9B budget for 2025, is going.

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

Pathways Alliance: Building a shared carbon capture and storage (CCS) network

Suncor Energy is a member of the Pathways Alliance, alongside Canadian Natural, Cenovus Energy, ConocoPhillips Canada, Imperial, and MEG Energy. The Alliance members operate approximately 95% of Canada's oil sands production. The proposed CO2 Transportation Network and Storage Hub project is valued at $16.5 billion. The project aims to cut carbon dioxide emissions from member companies' oil sands operations by 22 million tpa by 2030. The target for net zero by 2050 is equivalent to about 30 million tpa reduction. The proposed network includes a 400-kilometre-plus main transportation line and more than 250 kilometres of connecting pipelines. Public information sessions for communities and Indigenous groups are planned for late 2025 and into 2026.

Joint Ventures: Major oil sands operations like Syncrude and Fort Hills

Suncor Energy's 2025 corporate guidance includes cost estimates for its major joint venture assets.

Indigenous Communities: Strategic alliances, including ownership stakes

Suncor Energy has established significant equity partnerships with Indigenous communities.

• Astisiy Partnership: Eight Indigenous communities partnered with Suncor Energy to purchase 15% ownership of the Northern Courier Pipeline (NCP).
• East Tank Farm Development (ETF-D): Fort McKay First Nation and Mikisew Cree First Nation acquired a 49% equity position in Suncor's ETF-D.
• Fort McKay First Nation: Signed a Memorandum of Understanding (MOU) for an oilsands lease development opportunity, providing the First Nation an opportunity to financially benefit.

Logistics Firms: Securing pipeline and rail capacity for product transport

Suncor Energy secures capacity through logistics firms for product transport via pipeline and rail. The company's 2025 guidance reflects increased annual refining utilization of 93% to 97%.

ATCO: Exploring a potential world-scale clean hydrogen project in Alberta

Suncor Energy and ATCO Ltd. are collaborating on a potential clean hydrogen project near Fort Saskatchewan, Alberta. The facility design is capable of producing more than 300,000 tonnes per year of clean hydrogen. This project could reduce Alberta's $\text{CO}_2$ emissions by more than two million tonnes per year. Expected operational date is as early as 2028, pending a sanctioning decision anticipated in 2024.

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

You're looking at the core engine room of Suncor Energy Inc. as of late 2025. This isn't about future potential; it's about the massive, ongoing physical and financial work that keeps the integrated machine running. Here's the breakdown of what Suncor Energy Inc. is actively doing day-to-day, project-to-project.

Oil Sands Extraction: Mining and in-situ production in the Athabasca region

The primary activity is moving massive amounts of bitumen. Suncor Energy Inc. has been pushing volumes hard, consistent with its plan to add over 100,000 bbls/d of oil and gas production between 2023 and 2026. The latest 2025 guidance, updated in November 2025, shows a clear target for this effort.

The operational reality in the third quarter of 2025 saw total oil sands bitumen production hit 958,300 bbls/d, contributing to a total oil sands production figure of 812,200 bbls/d for that quarter. For the full year 2025, the updated upstream production guidance is set between 845,000 to 855,000 bbls/d. To keep this running efficiently, the company is targeting Oil Sands operations cash operating costs between C$26.00 and C$29.00 per barrel for 2025, aiming to reduce its corporate WTI breakeven by US$10 per bbl compared to 2023 levels. That's the cost discipline you want to see.

Here are the key production metrics for 2025 guidance:

Refining and Upgrading: Converting bitumen/crude into high-value products like diesel

This is where Suncor Energy Inc. connects the heavy crude to the consumer market. The company is running its assets hard, reflecting better operational reliability. The initial 2025 utilization guidance was 93% to 97%, but the updated guidance reflects even stronger performance.

The updated 2025 guidance projects refinery throughput between 470,000 to 475,000 bbls/d, pushing utilization to 101% to 102%. For context, the individual refinery capacities are:

• Edmonton: 146,000 bbls/d
• Montreal: 137,000 bbls/d
• Sarnia: 85,000 bbls/d
• Commerce City: 98,000 bbls/d

The expected refined product sales for 2025 are now guided to be 610,000 to 620,000 bbls/d. In Q3 2025, the oil sands base upgrader ran at 106% capacity, and Syncrude hit 98% capacity, showing this high utilization is already being achieved.

Downstream Marketing: Managing the extensive Petro-Canada retail and wholesale network

This network is a vital cog in the downstream mix, which Suncor Energy Inc. decided to retain and maximize. Petro-Canada is the leading fuel brand in Canada, holding an 18 per cent market share. The scale is significant:

• Total Petro-Canada retail and wholesale locations: More than 1,800 nationwide.
• Company-controlled convenience store operations (SuperStop/Neighbours): 750 sites.
• Length of Canada's Electric Highway™ (EV charging): 6,300 km.

The strategy here is optimization, including expanding partnerships with quick service restaurants and loyalty programs, rather than selling the asset base. It's about maximizing cash flow from the existing footprint.

Capital Project Execution: Developing Mildred Lake West Mine Extension and West White Rose

Suncor Energy Inc.'s 2025 capital program is a deliberate balance, allocating capital to sustain the business while prioritizing high-value economic growth projects. The total projected capital spending for 2025 is between C$6.1 to C$6.3 billion. Critically, 45% of this capital is earmarked for economic investments, which includes the major projects you mentioned.

This 2025 spending is slightly leaner than the 2024 forecast, which was between C$6.3 billion and C$6.5 billion. The focus remains on long-life assets, specifically the Mildred Lake West Mine Extension and the offshore West White Rose project, alongside the Petro-Canada retail network improvement plan.

Decarbonization: Investing in lower-emissions intensity power and renewable feedstock fuels

The key activity here is large-scale, centralized emissions reduction, not diversification into distributed energy resources. Suncor Energy Inc. has committed C$2.1 billion to carbon capture technologies overall, with C$1.2 billion specifically targeted for carbon capture at its upgrader facilities. The goal tied to this is a 30% reduction in greenhouse gas emissions by 2030.

This internal investment is coupled with industry collaboration. Suncor is part of the Pathways Alliance, which is proposing a monumental carbon capture, utilization, and storage (CCUS) project estimated to cost C$16.5 billion across the alliance members. This signals a major commitment of capital and operational focus toward mitigating the emissions profile of their core assets.

For perspective on prior commitment levels, the company allocated $540 million for low-carbon initiatives back in 2022.

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

You're looking at the hard assets and financial commitments that make Suncor Energy Inc. run, which is the core of its competitive advantage. These aren't just lines on a balance sheet; they are the physical engines of the business.

Integrated Asset Base: Unparalleled upstream, midstream, and downstream infrastructure.

Suncor Energy Inc.'s strength comes from connecting the wellhead to the gas pump. This integration helps manage volatility by capturing margins across the value chain. For example, in Q3 2025, the company achieved a total production of 870,000 barrels per day (bbls/d). The downstream side supports this with a refining capacity of 466 thousand barrels/day.

The operational expertise is evident in the latest throughput numbers. While initial 2025 guidance targeted refinery utilization between 93% to 97%, the updated guidance reflects even stronger performance, projecting utilization between 101% to 102% for the full year 2025. In fact, Q3 2025 saw record refining throughput totaling 492,000 bbls/d with utilization at 106%.

Here's a quick look at the updated 2025 production and throughput targets:

Oil Sands Reserves: Large-scale, long-life resources underpinning decades of production.

The foundation of Suncor Energy Inc.'s long-term stability is its massive oil sands resource base. The nature of these assets means the company has decades of reserve life across its portfolio. This scale allows for sustained investment and production planning.

Petro-Canada Network: Industry-leading retail brand and distribution system in Canada.

The downstream retail presence acts as a hedge against crude price volatility. Suncor Energy Inc. retains and optimizes this network, recognizing its value as a strategic asset.

• Network size is more than 1,900 retail and wholesale locations across Canada.
• This includes 1,600+ retail stations and 300 Petro-Pass wholesale locations nationwide.
• The network includes Canada's Electric Highway™, a coast-to-coast network of EV chargers.
• The company aims to grow earnings from this network by C$200 million by the end of 2026.

2025 Capital Budget: Revised guidance of C$5.7B-C$5.9B for sustaining and economic investments.

Suncor Energy Inc.'s capital program for 2025 balances keeping current assets running with selective growth. The total budget is set between C$5,700 million and C$5,900 million (C$5.7B to C$5.9B). This spending is strategically split to maintain reliability while funding high-value opportunities.

The allocation breakdown for the 2025 Full Year Outlook shows where the capital is directed:

Operational Expertise: High refining utilization, targeting 93% to 97% in 2025.

The company's operational focus has translated into performance exceeding initial targets. The initial guidance for 2025 refining utilization was 93% to 97%, but the latest outlook projects utilization between 101% and 102%. This is supported by planned throughput capacity across its refineries: Edmonton at 146,000 bbls/d, Montreal at 137,000 bbls/d, Sarnia at 85,000 bbls/d, and Commerce City at 98,000 bbls/d.

Finance: draft 13-week cash view by Friday.

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:

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™.

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:

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:

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:

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:

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.