By Adriano Marchese

Suncor Energy is boosting its share repurchases by more than 20% as part of its thee-year improvement plan, which includes increasing production and refining capacity.

The Calgary, Alberta-based energy company said Tuesday that the increase in its buyback plan brings the amount it will spend up to 4 billion Canadian dollars, equivalent to $2.87 billion.

Suncor is guiding for a C$2 billion increase in normalized free funds flow by 2028 with upstream production reaching 100,000 barrels a day. At the same time, the company expects production costs per barrel to fall. By 2028, Suncor aims to cut its corporate WTI break-even point by $5 a barrel to $38 per barrel.

Refining is also expected to rise, with the company expecting a 10% increase in refining network nameplate capacity to 511,000 barrels per day.

The company's targets come as prices have been increasing, with oil currently trading at more than $100 a barrel, due to the disruption of supplies coming from the Middle East as a result of the war with Iran.

The company now estimates that its contingent resources total 30 billion barrels with no exploration risk. Contingent resources aren't yet classified as reserves because they still require commercial or regulatory steps before development.

Suncor said it has identified projects that could add 400,000 barrels a day in future production at a cost per additional barrel of output of about $30,000 per flowing barrel.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

March 31, 2026 11:34 ET (15:34 GMT)

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