The following is a summary of the Suncor Energy, Inc. (SU) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Suncor reported a quarterly production of 835,000 barrels per day, increasing 13% from the previous year, marking the highest in company history.

• They generated $3.2 billion in adjusted funds from operations and had adjusted operating earnings of $1.8 billion.

• Suncor returned around $1 billion to its shareholders through share repurchases and dividends during the quarter.

• The net debt, inclusive of leases, dwindled slightly to $13.5 billion by the end of the quarter.

Business Progress:

• The company's Downstream sector recorded an impressive utilization of 98% in Q1, providing record refined product sales of 581,000 barrels per day.

• Future plans for Suncor include nurturing cultural and leadership development within the company to continue its financial performance.

• High profitability was achieved with a strong focus on safety, operational integrity, and reliability, which led to a high refining utilization rate.

• There is an ongoing plan to increase integration across producing assets for further optimization.

• Suncor's refining system reached a record high EBITDA per margin barrels elevating the company among the top North American refiners.

• They are preparing for a significant change in their operational management systems to boost safety, efficiency, and productivity.

• The company is also constantly evaluating its asset base and potential opportunities to enhance value.

More details: Suncor Energy IR

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