Suncor Energy released its results for the first quarter of 2021. In total, its production increased to 785,900 barrels of oil equivalent per day.

Suncor's total upstream production increased to 785,900 barrels of oil equivalent per day ("boe/d") for the first quarter of 2021, compared to 739,800 boe/d for the same quarter last year, due to a combined utilization rate of recovery facilities of 97% and record in situ production. Together, the fourth quarter of 2020 and the first quarter of 2021 represent the best sequential synthetic crude oil production performance in the Company's history.

Funds from operations increased from $1.001 billion in the same quarter last year to $2.110 billion in the first quarter of 2021, and includes a restructuring charge of $126 million after tax. Cash flow from operating activities, which includes changes in non-cash working capital, was $2.345 billion in the first quarter of 2021, compared to $1.384 billion in the same quarter last year .

"Building on the operational momentum of the prior quarter, Suncor generated funds from operations of $2.1 billion, well above our capital expenditures and dividend commitments in the first quarter of 2021,” said Mark Little, President and Chief Executive Officer. He continued, "Our strong operating performance and the additional free cash flow benefits from our strategic investments have allowed us to make significant progress against our annual debt and stock buyback. In fact, in the first quarter of 2021, we reduced our total debt by $1.1 billion and repurchased over $300 million in common stock, representing approximately 1% of our outstanding common stock."

In the first quarter of 2021, the Company terminated bilateral credit facilities in the amount of $2.8 billion, reduced short-term debt and repaid a long-term receivable with a higher interest rate. It also increased returns to shareholders through the payment of $319 million in dividends and the repurchase of $318 million in shares, representing approximately 12 million shares, or approximately 1% of total common shares outstanding.