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SUNCOR News Release FOR IMMEDIATE RELEASE Suncor Energy reports second 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 ) and free funds flow ) 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 exclude Suncor Energy Inc.'s interest in Fort Hills and Syncrude . Calgary , Alberta ( July 28 , 2021 ) – “ Suncor generated $ 2.4 billion in funds from operations in the quarter while also completing significant turnaround activities in the upstream and downstream businesses , " said Mark Little , president and chief executive officer . " The improved cash generation enabled us to increase shareholder returns to approximately $ 1.0 billion , representing approximately 40 % of our funds from operations and we're targeting further debt reduction in the latter half of the year in line with our previously announced capital allocation strategy . " • • • Funds from operations increased to $ 2.362 billion ( $ 1.57 per common share ) in the second quarter of 2021 , compared to $ 488 million ( $ 0.32 per common share ) in the prior year quarter . Cash flow provided by operating activities , which includes changes in non - cash working capital , was $ 2.086 billion ( $ 1.39 per common share ) in the second quarter of 2021 , compared to cash flow used in operating activities of $ 768 million ( $ 0.50 per common share ) in the prior year quarter . The company recorded operating earnings¹ of $ 722 million ( $ 0.48 per common share ) in the second quarter of 2021 compared to an operating loss of $ 1.345 billion ( $ 0.88 per common share ) in the prior year quarter . The company had net earnings of $ 868 million ( $ 0.58 per common share ) in the second quarter of 2021 , compared to a net loss of $ 614 million ( $ 0.40 per common share ) in the prior year quarter . Suncor's total upstream production increased to 699,700 barrels of oil equivalent per day ( boe / d ) in the second quarter of 2021 , compared to 655,500 boe / d in the prior year quarter , due to strong Oil Sands operations production including record In Situ volumes , partially offset by the impact of planned turnaround maintenance at Syncrude . Significant turnaround activities were completed at Syncrude , Buzzard and across all of the company's refineries during the second quarter of 2021. The company exited the quarter with refinery utilization of approximately 94 % , and with Syncrude and Buzzard having returned to production , the company is set up for a strong second half of the year . Canadian gasoline and diesel demand in the second quarter of 2021 is estimated to be 13 % ² below the comparable pre - COVID - 19 period in 2019 , reflecting the continued COVID - 19 related restrictions across Canada . With the lifting of many restrictions in July , gasoline and diesel demand is estimated to have improved to 6 % ² below the comparable 2019 levels . The company shared its updated strategy , which focuses on increasing shareholder returns while accelerating its greenhouse gas ( GHG ) emissions reduction targets , growing its business in low GHG fuels , electricity and hydrogen , sustaining and optimizing its base business and transforming its GHG footprint to be a net - zero company by 2050 . Suncor Energy 150 6 Avenue S.W. Calgary , Alberta T2P 3E3 suncor.com