Slide 1: Investor Information Q2 2025
SUNCOR ENERGY Investor Information Q2 2025 Published August 5, 2025 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 Q2 2025 $62B Net debt to AFFO Q2 2025 TTM 0.6x Oil sands reserve life index 2024 25 yrs Upgrading capacity 556 kbpd Refining capacity 466 kbpd Production to Market Q2 YTD 831 kbpd Refinery utilization Q2 YTD 99% AFFO Q2 YTD $5.7B Capital expenditures1 Q2 Y
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% $45B $45B 4 $3.0 $2.9 $2.4 C$ billion 2 $1.6 10% Cumulative cash returns Cumulative cash returns Cash yield2 0 2025-29 2030-34 2035-39 2040-51 5% >7
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 825,000 Montreal 466,000 570,000
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 (2025E) 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 & ~10% 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)1 • 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 Plan
Slide 9: Upstream oil sands operations
Upstream oil sands operations Pivotal enhancement in operational reliability Upgrading and Mining Assets In Situ Assets (2020 - 2024) (2015 - 2024) • Upgrader utilization has shown steady improvement, • Combined average of 94%2 utilization over the past with a transformative step change in 2024 deca
Slide 10: #1 Downstream business in the industry
#1 Downstream business in the industry $60 $10 $9 Winning formula ~50% average $8 incremental margin1 $45 5-2-2-1 vs. 3-2-1 $7 Benchmark cracks US$/bbl • Low-cost crude feedstocks vs. WTI due to $6 proximity to upstream production $B CAD $30 $5 • Facilities tailored for higher diesel production (2-1
Slide 11: Industry leading refinery utilization & profitability
Industry leading refinery utilization & profitability Operational execution Industry leading profitability Suncor US average1 Cdn average1 2020 - 2024 average $25 100 $20 95 Refining EBITDA / bbl2 (CAD) Average annual utilization (%) $15 90 Peer average $10 85 80 $5 75 $0 2015 2016 2017 2018 2019 20
Slide 12: New approach to operations management
New approach to operations management Starting to reduce variation & elevate enterprise performance Asset Utilization1,2 Becoming consistently and Elevating Potential 110% predictably excellent across all performance 2024 (higher) assets 2023 100% • Suncor’s new Operational Excellence Management Sys
Slide 13: Delivering on commitments
Delivering on commitments 2024 Free Funds Flow progress vs Investor Day plan Free Funds Flow (normalized) +$3.3B 2026 Target +$2.3B $B 8 Record upstream and downstream volumes Growth in Free Funds Flow vs 2023 Outperformance 6 US$7/bbl WTI breakeven reduction in 2024 Commitment Achieved $8B Net Debt
Slide 14: 2025 capital budget
2025 capital budget1 ECONOMIC $millions Project examples: INVESTMENT CAPITAL2 Exploration & Production ~725 – 775 West White Rose Investing in projects to improve efficiency, In Situ well pads ~325 – 350 Firebag and MacKay River well pads flexibility & resilience Other economic investment ~1,525 – 1
Slide 15: 2025 capital & production guidance
2025 capital & production guidance1 CAPITAL EXPENDITURES PRODUCTION & OPERATING COSTS Capital2 Economic Production Cash Operating Costs ($M) Investment3 (kbpd) ($/bbl) Oil Sands 3,775 – 3,850 40% Total bitumen production 880,000 – 920,000 E&P 725 – 775 100% Upgraded – net SCO and diesel 485,000 – 49
Slide 16: Appendix
Appendix SUNCOR )
Slide 17: Oil sands energy sources
Oil sands energy sources *All values net to Suncor Mining & upgrading Base - Millenium & North Steepbank Base Plant Upgraders 2024 bitumen production: 262 kbpd 2024 SCO & diesel production: 346 kbpd Suncor WI 100% 350 kbpd capacity 783M bbls 2P reserves1 Suncor WI 100% Syncrude – Mildred Lake & Auro
Slide 18: Offshore with ~235 million barrels of 2P reserves
Offshore with ~235 million barrels of 2P reserves1 *All values net to Suncor Hibernia Terra Nova ExxonMobil operated Suncor operated Suncor WI 20% Suncor WI 48% 2024 production: 14 kbpd 2024 production: 11 kbpd 53M bbls 2P reserves1 27M bbls 2P reserves1 White Rose Hebron Cenovus operated ExxonMobil
Slide 19: Refining advantage
Refining advantage 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 types. minimizes inventory. throughput capaci
Slide 20: Refined product markets
Refined product markets 600 kbpd Product sales in 2024 Edmonton refinery services ~20% region from BC to Ontario Canadian Montreal and consumer fuel Sarnia have a local market1 market reach over 22M people4 ~320 Export capability to US Westcoast Wholesale Cardlock & Asia Locations2 ~1,640 Commerce C
Slide 21: 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 22: 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 23: 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 24: 2024 Free Funds Flow normalization
2024 Free Funds Flow normalization Business Environment AFFO AFFO US$75 WTI Actual Delta Sensitivity (C$M) Impact (C$M) WTI (US$/bbl) 75.00 75.70 (0.70) 200 (140) SYN-WTI (US$/bbl) 2.50 (0.60) 3.10 50 155 WCS-WTI (US$/bbl) (16.00) (14.70) (1.30) 10 (13) NYH 2-1-1 (US$/bbl) 27.00 22.90 4.10 150 615 A
Slide 25: Advisories
Advisories Forward-Looking Statements – Forward-Looking Statements – This forward-looking statements are reasonable, there can be no and reconciled in Suncor’s Report to Shareholders for the quarter presentation contains certain “forward-looking statements” within assurance that such expectations wi
Slide 26: Slide Notes
Slide Notes Slide 3 -------------------------------------------------------------- Marathon, PBF, Phillips 66 and Valero. Source of information: estimates of reserves for all properties due to the effects of (1) Excludes $117 million of capitalized interest on debt. Factset. Turnaround expenses that
Slide 27: Visit us at the Investor Centre on suncor.com
Visit us at the Investor Centre on suncor.com invest@suncor.com SUNCOR ENERGY 27