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SUNCOR News Release FOR IMMEDIATE RELEASE Suncor Energy reports first quarter 2021 results Unless otherwise noted , all financial figures are unaudited , presented in Canadian dollars ( Cdn $ ) , and have been prepared in accordance with International Financial Reporting Standards ( IFRS ) , specifically International Accounting Standard ( IAS ) 34 Interim Financial Reporting as issued by the International Accounting Standards Board . Production volumes are presented on a working - interest basis , before royalties , except for production values from the company's Libya operations , which are presented on an economic basis . Certain financial measures referred to in this news release ( funds from operations , operating earnings ( loss ) , free funds flow , Oil Sands operations cash operating costs and Syncrude cash operating costs ) are not prescribed by Canadian generally accepted accounting principles ( GAAP ) . See the Non - GAAP Financial Measures section of this news release . References to Oil Sands operations , production and cash operating costs exclude Suncor Energy Inc.'s interest in Fort Hills and Syncrude . Calgary , Alberta ( May , 3 , 2021 ) – “ Building on the previous quarter's operational momentum , Suncor generated $ 2.1 billion in funds from operations , far exceeding all of our capital expenditures and dividend commitments in the first quarter of 2021 , " said Mark Little , president and chief executive officer . " Strong operational performance , combined with the incremental free funds flow benefits from our strategic investments , have enabled us to make significant progress towards our annual debt reduction and share buyback targets . In fact , in the first quarter of 2021 , we reduced our total debt by $ 1.1 billion and repurchased over $ 300 million in common shares , representing approximately 1 % of our outstanding common shares . " • • Funds from operations increased to $ 2.110 billion ( $ 1.39 per common share ) in the first quarter of 2021 , which included an after - tax restructuring charge of $ 126 million ( $ 0.08 per common share ) , compared to $ 1.001 billion ( $ 0.66 per common share ) in the prior year quarter . Funds from operations included a first - in , first - out ( FIFO ) inventory valuation gain of $ 373 million after - tax in the first quarter of 2021 , compared to a FIFO inventory valuation loss of $ 446 million after - tax in the prior year quarter . Cash flow provided by operating activities , which includes changes in non - cash working capital , was $ 2.345 billion ( $ 1.54 per common share ) in the first quarter of 2021 , compared to $ 1.384 billion ( $ 0.91 per common share ) in the prior year quarter . The company recorded operating earnings¹ of $ 746 million ( $ 0.49 per common share ) in the first quarter of 2021 , which included a FIFO inventory valuation gain of $ 373 million after - tax , compared to an operating loss of $ 421 million ( $ 0.28 per common share ) in the prior year quarter , which was impacted by a FIFO inventory valuation loss of $ 446 million after - tax . The company had net earnings of $ 821 million ( $ 0.54 per common share ) in the first quarter of 2021 , compared to a net loss of $ 3.525 billion ( $ 2.31 per common share ) in the prior year quarter , which was impacted by $ 1.798 billion of non - cash after - tax asset impairment charges and a $ 1.021 billion unrealized after- tax foreign exchange loss on the revaluation of U.S. dollar denominated debt . Suncor's total upstream production increased to 785,900 barrels of oil equivalent per day ( boe / d ) in the first quarter of 2021 , compared to 739,800 boe / d in the prior year quarter , on combined upgrader utilization² of 97 % and record In Situ production . Together , the fourth quarter of 2020 and first quarter of 2021 represent the best sequential synthetic crude oil ( SCO ) production performance Suncor Energy 150 6 Avenue S.W. Calgary , Alberta T2P 3E3 suncor.com