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SUNCOR News Release FOR IMMEDIATE RELEASE Suncor Energy reports third 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 ( October 27 , 2021 ) – “ In the third quarter of 2021 , Suncor generated funds from operations of $ 2.6 billion , underpinned by strong results from the Refining & Marketing business and including the significant planned turnaround at Oil Sands Base , " said Mark Little , president and chief executive officer . " Since the start of 2021 , we have returned $ 2.6 billion to our shareholders through share repurchases and dividends and have reduced net debt by $ 3.1 billion , demonstrating significant progress towards fortifying our balance sheet and meeting our capital allocation targets for the year . " • • • • Funds from operations increased to $ 2.641 billion ( $ 1.79 per common share ) in the third quarter of 2021 , compared to $ 1.166 billion ( $ 0.76 per common share ) in the prior year quarter . Cash flow provided by operating activities , which includes changes in non - cash working capital , was $ 4.718 billion ( $ 3.19 per common share ) in the third quarter of 2021 , compared to $ 1.245 billion ( $ 0.82 per common share ) in the prior year quarter . The company recorded operating earnings ( 1 ) of $ 1.043 billion ( $ 0.71 per common share ) in the third quarter of 2021 , compared to an operating loss of $ 338 million ( $ 0.22 per common share ) in the prior year quarter . The company had net earnings of $ 877 million ( $ 0.59 per common share ) in the third quarter of 2021 , compared to a net loss of $ 12 million ( $ 0.01 per common share ) in the prior year quarter . Refining and Marketing ( R & M ) delivered $ 947 million in funds from operations in the current period , marking the third highest results for third quarter funds from operations on record . The increase in funds from operations in the third quarter of 2021 , compared to $ 594 million in the prior year quarter , was a result of the improving business environment and strong refinery utilizations of 99 % , and was achieved despite Canadian gasoline and diesel demand estimated to be 7 % ( 2 ) below the comparable period in 2019. R & M funds from operations included a first- in , first - out ( FIFO ) inventory valuation gain of $ 84 million after - tax in the third quarter of 2021 , compared to $ 164 million in the prior year quarter . Suncor's total upstream production increased to 698,600 barrels of oil equivalent per day ( boe / d ) in the third quarter of 2021 , compared to 616,200 boe / d in the prior year quarter , due to continued strong performance from the company's In Situ assets and increased production volumes at Syncrude , partially offset by the impact of the significant planned turnaround at Oil Suncor Energy 150 6 Avenue S.W. Calgary , Alberta T2P 3E3 suncor.com