05:33 PM EDT, 05/06/2025 (MT Newswires) -- Suncor Energy ( SU ) (SU.TO, SU) edged up in after-hours New York trading Tuesday as it reported better than forecast earnings for the first quarter on record production.

The oil producer and refiner said its adjusted operating earnings, excluding most one-time items, fell to $1.63 billion, or $1.31 per share, from $1.82 billion, or $1.41, in the prior year quarter. Despite the drop, the result still beat a FactSet forecast for the latest full quarter. of $1.24.

Suncor said the decrease was primarily as a result of lower upstream sales volumes due to a build in inventory as production remained strong in the quarter, partially offset by higher refined products sales volumes with record first-quarter refining throughput.

Higher Oil Sands price realizations, which benefited from narrower differentials to U.S. benchmark prices compared to the prior year quarter, were mostly offset by lower downstream benchmark crack spreads. The Canadian dollar also weakened against the U.S. dollar, resulting in a foreign exchange loss on working capital items compared to a larger gain in the prior year quarter, but a benefit to upstream price realizations.

Net earnings, including items, were $1.69 billion, or $1.36 per share, up from to $1.61 billion, or $1.25.

The company reported upstream production of 853,000 barrels per day (bbls/d), the highest first quarter in company history; refining throughput of 483,000 bbls/d, also the highest first quarter in company history; and refined product sales of 605,000 bbls/d, the highest first quarter in company history.

Also, Suncor said production safely restarted at White Rose field offshore Newfoundland in the first quarter, with production returning to normal levels in the second quarter.

There have been no changes to the 2025 corporate guidance ranges previously issued on December 12.

Suncor' Board of Directors approved a quarterly dividend of $0.57 per share, payable June 25 to shareholders of record at the close of business on June 4.

The company's shares were last seen up US$0.25 to US$35.37 after hours. They closed up $0.16 to $48.36 on the Toronto Stock Exchange.