Suncor raises 2026 buyback plan to $2.87 billion

March 31 (Reuters) - Canadian oil sands producer Suncor Energy SU.TO on Tuesday announced a more than 20% increase in its annual share repurchase plan to C$4 billion ($2.87 billion) for 2026.

It also estimated roughly 400,000 barrels per day of future production capacity at an average cost of C$30,000 per flowing barrel.

The company said it expects upstream production to grow by about 100,000 barrels per day by 2028 and plans to lift refining network nameplate capacity by 10% to 511,000 barrels per day.

($1 = 1.3936 Canadian dollars)