Slide 1: Investor Information Q3 2024
SUNCOR ENERGY Investor Information Q3 2024 Published November 12, 2024 SUNCOR ENERGY
Slide 2: Suncor's value proposition
Suncor’s value proposition Long-life, Regional and Operational Disciplined competitively vertical reliability investment & advantaged integration cost assets management Deliver superior long-term shareholder value SUNCOR ENERGY 2
Slide 3: Suncor key statistics
Suncor key statistics Market capitalization Q3 2024 $63B Net debt to AFFO Q3 2024 TTM 0.6x Oil sands reserve life index 2023 26 yrs Upgrading capacity 556 kbpd Refining capacity 466 kbpd Production to Market Q3 YTD 812 kbpd Refinery utilization Q3 YTD 98% AFFO Q3 YTD $10.4B Capital expenditures1 Q3
Slide 4: Strong cash returns & resilient balance sheet
Strong cash returns & resilient balance sheet Strong track record of cash returns Manageable debt maturity profile4 Suncor Peer average1 Cumulative 15% 15% $40B$40B 5 $4.0 $3.0 $2.8 C$ billion $2.5 2.5 Post Q3 10% 10% tender offer Cumulative cash returns Cumulative cash returns $1.7 2 yield 2 Cash y
Slide 5: Returning 100% to shareholders
Returning 100% to shareholders Disciplined capital allocation1 • Returning at or near 100% of excess funds to Excess funds calculation shareholders via share buybacks Adjusted funds from operations • Achieved net debt target of $8B in Q3 2024 Sustaining capital3 Dividends2 • Committed to reliable, g
Slide 6: There is integration…and there is "Suncor Integration"
There is integration…and there is “Suncor Integration” Fort Hills East Coast Edmonton Base Plant Montreal Syncrude Retail In Situ Logistics & Trading Sarnia Commerce City Upstream production Refining capacity Product sales Edmonton Oil Sands mining Oil Sands in situ 790,000 Montreal 466,000 565,000
Slide 7: No exploration risk and ~7 Bbbl of 2P reserves
No exploration risk and ~7 Bbbl of 2P reserves Production Mix1 Decline Reservoir Recovery (2024E) rate risk factor E&P ~15% decline Mining Very low Very low Very high Oil Sands Operations Syncrude ~0% mining decline In Situ Low Low High ~0% decline & ~12% In Situ decline Fort Hills Offshore Medium M
Slide 8: Integrated footprint of oil sands assets
Integrated footprint of oil sands assets Strategy – maximize margins & keep upgraders full (90%+ utilization) • Optionality from multiple oil sands assets (mining & in situ) • All sites are connected by pipeline: • Firebag & MacKay River – Base Plant • Syncrude – Base Plant • Fort Hills – Base Plant
Slide 9: Upstream oil sands operations
Upstream oil sands operations Suncor has a proven track record of improving operational reliability Upgrading and Mining Assets In Situ Assets (2019 - 2023) (2014 - 2023) • Base Plant upgrader utilization consistently ~90%1 • Combined average of >90% utilization over the past 10 years with path to 9
Slide 10: #1 Downstream business in the industry
#1 Downstream business in the industry $50 $10 $9 $45 ~50% average Winning formula incremental margin1 $8 $40 5-2-2-1 vs. 3-2-1 $7 Benchmark cracks US$/bbl $35 • Low-cost crude feedstocks vs. WTI due to proximity to upstream production $6 $B CAD $30 $5 • Facilities tailored for higher diesel $25 pro
Slide 11: Industry leading refinery utilization & profitability
Industry leading refinery utilization & profitability Operational execution Industry leading profitability Suncor US average1 Cdn average1 2019 - 2023 average $25 100 $20 95 Average annual utilization (%) Refining EBITDA / bbl2 (CAD) $15 Peer average 90 $10 85 80 $5 75 $0 2014 2015 2016 2017 2018 20
Slide 12: 2024 capital budget
2024 capital budget1 ECONOMIC $millions Project examples: INVESTMENT CAPITAL2 Exploration & Production ~700 West White Rose and SeaRose Investing in projects to improve efficiency, In Situ well pads ~350 – 370 Firebag and MacKay River well pads flexibility & resilience Other economic investment ~1,8
Slide 13: 2024 capital & production guidance
2024 capital & production guidance1 CAPITAL EXPENDITURES PRODUCTION & OPERATING COSTS Capital2 Economic Production Cash Operating Costs ($ millions) Investment3 (kbpd) ($/bbl) Oil Sands 4,300 – 4,400 45% Oil Sands Operations 430,000 – 460,000 $28.00 – $31.00 E&P 700 100% Fort Hills 155,000 – 165,000
Slide 14: Appendix
Appendix SUNCOR )
Slide 15: Oil sands energy sources
Oil sands energy sources *All values net to Suncor Mining & upgrading Base - Millenium & North Steepbank Base Plant Upgraders 2023 bitumen production: 250 kbpd 2023 SCO & diesel production: 315 kbpd Suncor WI 100% 350 kbpd capacity 850M bbls 2P reserves1 Suncor WI 100% Syncrude – Mildred Lake & Auro
Slide 16: Offshore with ~250 million barrels of 2P reserves
Offshore with ~250 million barrels of 2P reserves1 *All values net to Suncor Hibernia Terra Nova ExxonMobil operated Suncor operated Suncor WI 20% Suncor WI 48% 2023 production: 14 kbpd 30M bbls 2P reserves1 57M bbls 2P reserves1 White Rose Hebron Cenovus operated ExxonMobil operated Suncor WI 39%2
Slide 17: Refining advantage
Refining advantage ~40% equity feedstock & ~100% inland crude Feedstock advantages2 Product advantages2 Edmonton Directly connected to Oil Sands Large market reach with international export 1 production; ability to process multiple capability via tidewater; in-line product blending 146 kbpd crude ty
Slide 18: Refined product markets
Refined product markets ~555 kbpd Product sales in 20231 Edmonton ~20% refinery services region from BC to Ontario Canadian consumer fuel Montreal and Sarnia have a local market2 market reach over 22M people5 ~325 Export capability to Wholesale Cardlock US Westcoast & Asia Locations3 ~1,585 Commerce
Slide 19: Suncor 5-2-2-1 Index
Suncor 5-2-2-1 Index To help investors and analysts model Suncor’s Refining and Marketing (R&M) business, we have designed an indicative 5-2-2-1 gross margin based on publicly available pricing data. This is a single value that incorporates refining, product supply and rack forward businesses, but e
Slide 20: R&M gross margin calculation example – Q1 2019
R&M gross margin calculation example – Q1 2019 FIFO1 impact calculation example – Q1 2019 Q4 2018 Q1 2019 Dec-18 49.00 70% 34.30 Mar-19 58.15 70% 40.71 WTI ($US/bbl) 60% 30.79 60% 34.32 Nov-18 56.70 30% 17.01 Feb-19 55.00 30% 16.50 Dec-18 6.00 70% 4.20 Mar-19 48.20 70% 33.74 WCS ($US/bbl) 20% 1.50 2
Slide 21: First-in, first-out (FIFO) inventory gains and losses
First-in, first-out (FIFO) inventory gains and losses Crude & products inventory & timing 45 The amount of time between purchase of feedstock to sale of refined product has direct correlation to FIFO impact Edmonton Commerce City Montreal / Sarnia Average (~ 1.5 months) Average number of days Crude
Slide 22: Advisories
Advisories Forward-Looking Statements – Forward-Looking Statements – This and dated November 12, 2024 (the Q3 MD&A), Annual Report for the Reserves – Unless noted otherwise, reserves information presented presentation contains certain “forward-looking statements” within year ended December 31, 2023
Slide 23: Slide Notes
Slide Notes Slide 3 -------------------------------------------------------------- current business plans and the current business environment, Slide 19 -------------------------------------------------------------- (1) Excludes $245 million of capitalized interest on debt. which are subject to chan
Slide 24: Visit us at the Investor Centre on suncor.com
Visit us at the Investor Centre on suncor.com invest@suncor.com SUNCOR ENERGY 24