Slide 1: Investor Information Q4 2023
SUNCOR ENERGY Investor Information Q4 2023 Published February 21, 2024 SUNCOR ENERGY
Slide 2: Suncor's value proposition
Suncor’s value proposition Long-life, Physical Disciplined Innovation competitively integration investment and advantaged and business- and cost responsible assets line synergies management growth Deliver superior long-term shareholder value SUNCOR ENERGY 2
Slide 3: Suncor key statistics
Suncor key statistics Market capitalization Q4 2023 $55B Net debt to AFFO Q4 2023 TTM 1.0x Oil sands reserve life index 2022 26 yrs Upgrading capacity 556 mbpd Refining capacity 466 mbpd Production to Market Q4 YTD 746 mbpd Refinery utilization Q4 YTD 90% AFFO Q4 YTD $13.3B Capital expenditures1 Q4
Slide 4: Strong balance sheet and industry leading cash returns
Strong balance sheet and industry leading cash returns1 Industry leading integrated model cash generation Strong track record of cash returns (C$ billion) $20 ~60 %(lessofsustaining 10yr cumulative AFFO capex) returned to shareholders $15 Top Tier ~$5/share Cash yield5 AFFO $10 TTM2 AFFO Mid (less s
Slide 5: Disciplined capital allocation
Disciplined capital allocation1 O R D E R O F P R I O R I T Y Annual AFFO Allocation Net Debt (incl. ~$3.8B cap leases) Sustaining Economic Share Buyback / Net Debt Reduction Dividend3 ($ billion) Capital2 Capital2 (annualized %) 12 – 15 50 / 50 ~$2.9 ~$3.5 $2.18/ share 9 – 12 billion 75 / 25 billio
Slide 6: Physical integration to maximize value of every barrel
Physical integration to maximize value of every barrel Deep regional Oil Sands integration ~26 year Oil Sands Reserve Life Index ~25 mmbbl storage Western Canada Brent (E&P) Brent (E&P) ~15 mmbbl storage Eastern Canada Gasoline Diesel & National wholesale Jet & retail network ~75% Value Bitumen upli
Slide 7: No exploration risk and ~7 Bboe of 2P reserves
No exploration risk and ~7 Bboe 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% • Combined average of >90% utilization over the past 10 years with path to 95
Slide 10: Industry leading refinery utilization and profitability
Industry leading refinery utilization and profitability Operational execution Industry leading profitability Suncor US average1 Cdn average1 2019 - 2022 average 100 $15 95 Average annual utilization (%) Refining EBITDA / bbl2 (CAD) $10 90 Peer average 85 $5 80 75 $0 2014 2015 2016 2017 2018 2019 202
Slide 11: Our GHG emissions objective – net zero by 2050
Our GHG emissions objective – net zero by 20501,2 GHG reduction opportunities to 2030 10 Mt per year reduction by 20301,2 Base business Contributing to Suncor’s net-zero goal Value chain Reducing our customer’s footprint • Reduce our own emissions through energy efficiency, fuel switching and CCUS C
Slide 12: Sustainability leadership
Sustainability leadership 1995 2000 2005 2010 2015 2016 2017 2018 2019 2020 2021 2022 First First Set four Set long- First climate risk report Completed Canada’s Invested in CCUS environment renewable long-term term carbon first coast-to-coast EV technology with report energy environmental and socia
Slide 13: 2024 capital budget
2024 capital budget1 ECONOMIC $millions INVESTMENT CAPITAL2 Exploration & Production ~700 West White Rose: ~$500M Investing in projects to improve efficiency, In Situ well pads ~350 – 370 Firebag and MacKay River well pads flexibility & resilience Other economic investment ~1,850 – 1,895 Mildred Lak
Slide 14: 2024 capital and production guidance
2024 capital and production guidance1 CAPITAL EXPENDITURES PRODUCTION & OPERATING COSTS Capital2 Economic Production Cash Operating Costs ($ millions) Investment3 (mbpd) ($/bbl) Oil Sands 4,300 – 4,400 45% Oil Sands Operations 430,000 – 460,000 $28.00 – $31.00 E&P 700 100% Fort Hills6 155,000 – 165,
Slide 15: Appendix
SUNCOR ENERGY Appendix SUNCOR )
Slide 16: Oil sands energy sources
Oil sands energy sources *All values net to Suncor unless specified 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 954 mmbbls 2P reserves1 Suncor WI 100% Syncrude – M
Slide 17: Offshore with ~265 million barrels of 2P reserves
Offshore with ~265 million barrels of 2P reserves1 *All values net to Suncor Hibernia Terra Nova ExxonMobil operated Suncor Energy operated Suncor WI 20% Suncor WI 48% 2023 production: 14 mbbls/d 32 mmboe 2P reserves1 61 mmboe 2P reserves1 White Rose Hebron Cenovus operated ExxonMobil operated Sunco
Slide 18: Refining advantage
Refining advantage ~40% equity feedstock and ~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 mbpd crude
Slide 19: Refined product markets
Refined product markets ~555 mbpd Product sales in 20231 ~20% Edmonton refinery services Canadian region from BC to consumer fuel Ontario Montreal and market2 Sarnia have a local market reach over 22mm people5 ~325 Export capability to US Wholesale Cardlock Pacific NW Locations3 ~1,585 Commerce City
Slide 20: 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 21: 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 Dec-19 58.15 70% 40.71 WTI ($US/bbl) 60% 30.79 60% 34.32 Nov-18 56.70 30% 17.01 Nov-19 55.00 30% 16.50 Dec-18 6.00 70% 4.20 Dec-19 48.20 70% 33.74 WCS ($US/bbl) Nov-18 11.
Slide 22: 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 23: Advisories
Advisories Forward-Looking Statements – Forward-Looking Statements – This satisfaction by third parties of their obligations to Suncor; the impact interest. presentation contains certain “forward-looking statements” within of royalty, tax, environmental and other laws or regulations or the the meani
Slide 24: Slide Notes
Slide Notes Slide 3 -------------------------------------------------------------- comparability. Refining peers in alphabetical order: CVR, Maintenance capital expenditures. For a description of asset (1) Excludes capitalized interest on debt of $255 million and includes HollyFrontier, Imperial, Ma
Slide 25: Visit us at the Investor Centre on suncor.com
Visit us at the Investor Centre on suncor.com 1-800-558-9071 invest@suncor.com SUNCOR ENERGY 25