Financial Performance - Suncor generated adjusted funds from operations of 13.846billionin2024,or10.87 per common share, compared to 13.325billion,or10.19 per common share, in the prior year [75]. - Net earnings for 2024 were 6.016billion,or4.72 per common share, down from 8.295billion,or6.34 per common share in 2023 [76]. - The company reported a cash flow from operating activities of 15.960billionin2024,comparedto12.344 billion in 2023 [76]. - Adjusted operating earnings increased to 6.884billionin2024,comparedto6.677 billion in 2023, reflecting a growth of 3.1% [93]. - Corporate loss before income taxes was (1,883)millionin2024,comparedto(1,296) million in 2023, influenced by unrealized foreign exchange losses and asset impairments [188]. - Adjusted funds from operations were 3.493billion(2.78 per common share) in Q4 2024, down from 4.034billion(3.12 per common share) in Q4 2023 [199]. - Net earnings for Q4 2024 were 818million,significantlylowerthan2.820 billion in Q4 2023, influenced by lower refined product realizations and increased royalties [198]. - The effective tax rate increased to 26.5% in 2024 from 21.7% in 2023, influenced by non-taxable gains and foreign exchange losses [195]. Production and Sales - Total Oil Sands production volumes increased to 773.8 mbbls/d in 2024, up from 689.6 mbbls/d in 2023, representing a 12.6% increase [67]. - Suncor achieved record upstream production of 827,600 bbls/d in 2024, up from 745,700 bbls/d in 2023, representing an increase of approximately 11.5% [84]. - Total Oil Sands bitumen production increased to 907,000 bbls/d in 2024, up from 819,800 bbls/d in 2023, primarily due to increased working interest in Fort Hills and strong mining performance [132]. - Total refined product sales reached a record of 600,400 bbls/d in 2024, up from 553,100 bbls/d in 2023, driven by higher refinery throughput [182]. - Total production averaged 53,800 mboe/d in 2024, a decrease from 56,100 mboe/d in 2023, with E&P Canada production increasing to 49,700 bbls/d [165]. Capital Expenditures and Investments - Capital expenditures for 2024 were 6.166billion,anincreasefrom5.573 billion in 2023 [64]. - The company plans to allocate 6.1billionto6.3 billion for capital spending in 2025 [251]. - Economic investment expenditures in Oil Sands Base were 1.852billionin2024,focusingontheUpgrader1cokedrumreplacementandanewcogenerationfacility[227].−RefiningandMarketingcapitalexpenditureswere1.186 billion in 2024, primarily for asset sustainment and maintenance activities [233]. - Exploration and Production capital expenditures were 862millionin2024,mainlyfortheWestWhiteRoseProjectandSeaRoseAssetLifeExtensionProject[232].DebtandFinancialPosition−Suncor′snetdebtdecreasedto6.861 billion in 2024 from 9.852billionin2023,reflectingimprovedfinancialcondition[64].−Totaldebttototaldebtplusshareholders′equitydecreasedto18.93.484 billion, compared to 1.729billionattheendof2023[243].−Availablecreditfacilitiesincreasedto5.475 billion at the end of 2024, up from 4.957billionattheendof2023[255].OperationalEfficiency−Thecompanyachievedarefiningandmarketinggrossmarginof36.40 per barrel in 2024, down from 45.00perbarrelin2023[67].−Suncor′supgraderutilizationreached9826.90 in 2024 from 29.70in2023,duetoincreasedproductionandcostoptimizations[148].−FortHillscashoperatingcostsperbarreldecreasedto32.80 in 2024 from 34.40in2023,primarilyduetoincreasedproductionvolumes[149].−Syncrudecashoperatingcostsperbarreldecreasedto35.15 in 2024 from 37.15in2023,drivenbyincreasedproductionandworkforceoptimizations[150].MarketConditions−TheaveragepricerealizationforupgradednetSCOanddieselwas97.91 per barrel in 2024, slightly down from 99.40perbarrelin2023[67].−TheaverageWTIcrudeoilpricewas75.70/bbl in 2024, down from 77.60/bblin2023,reflectingadecreaseof2.91.35/GJ in 2024 from 2.50/GJin2023[110].−TheAlbertapowerpoolpriceaveraged62.80/MWh in 2024, down from 133.65/MWhinthepreviousyear[111].−TheaverageWTIcrudeoilpriceinQ42024was70.30 per barrel, down from $78.35 per barrel in Q4 2023, indicating a decrease of approximately 10.5% [219].