Suncor Energy gains on 2026 buyback plan, production growth forecast

Shares of Canadian oil sands producer Suncor Energy SU.TO rise 2% to C$93.78

Company announces a more than 20% increase in its annual share repurchase plan to C$4 billion ($2.87 billion) for 2026

SU estimates roughly 400,000 barrels per day of future production capacity at an average cost of C$30,000/flowing barrel

Company expects upstream production to grow by about 100,000 bpd by 2028 and plans to lift refining network nameplate capacity by 10% to 511,000 bpd

Including session's moves, stock up 53.9% YTD

($1 = 1.3938 Canadian dollars)