Suncor Energy Inc. · TSX:SU
Suncor Energy — Q2 2026 Earnings Presentation
30 slides from Suncor Energy's earnings presentation, Aug 4, 2026
Slide 1: Investor Information Q2 2026
SUNCOR ENERGY Investor Information Q2 2026 Published August 4, 2026 SUNCOR ENERGY 1
Slide 2: Suncor key statistics
Suncor key statistics Market capitalization Q2 2026 $89B Net debt to AFFO Q2 2026 TTM 0.3x Oil sands reserve life index 2025 25 yrs Upgrading capacity 556 kbpd Refining capacity1 511 kbpd Production to Market Q2 YTD 818 kbpd Refinery utilization1 Q2 YTD 95% AFFO Q2 YTD $9.4B Capital expenditures2 Q2
Slide 3: Suncor's value proposition
Suncor’s value proposition Large, long-life, Unparalleled regional Industry-leading Financially resilient, high-quality & vertical integration safety, reliable shareholder- reserves & captures value, operational & focused capital resources reduces volatility financial performance allocation Deliver
Slide 4: Large, long-life, high-quality reserves and resources
Large, long-life, high-quality reserves and resources Geographic concentration provides significant operational and development synergies In situ 2P reserves 4 Bbbls Mining 2P reserves 3 Bbbls In situ Mining contingent resources contingent resources 22 Bbbls 8 Bbbls 5,200 km 2 lease area within a 10
Slide 5: Unparalleled regional & vertical integration
Unparalleled regional & vertical integration Constructed to capture value and reduce volatility Base Mine Edmonton Terminals Base Plant Mining Retail Syncrude Storage Montreal Power Interconnecting pipelines Fort Hills Tankers Wholesale Sarnia Firebag Pipelines In situ Exports MacKay River Syncrude
Slide 6: Oil sands regional integration synergies
Oil sands regional integration synergies Maximizing margins • Sustained 95%+ upgrader utilization1 • Feedstock optionality from multiple assets • All sites connected by pipeline • Future in situ projects integrated by design Close proximity of significant assets • Optimize storage, warehousing, supp
Slide 7: Oil sands outstanding operational performance
Oil sands outstanding operational performance Bitumen production Upgrading (2021 - 2025) (2021 - 2025) • Over 20% increase in production in 5 years • Reliability gains with step-change in turnaround performance and increased integration benefits • Improved reliability, low-cost debottlenecks, infill
Slide 8: #1 Downstream business in the industry
#1 Downstream business in the industry Edmonton refinery – directly connected to oil sands production Montreal and Sarnia refineries - 14 refined supply largest product domestic market terminals >22M people1 across Canada Export capability to 45 countries Commerce City – the only refinery in Colorad
Slide 9: Industry leading refinery utilization & profitability
Industry leading refinery utilization & profitability Refining utilization Industry leading profitability 2021 - 2025 average % 105 $25 100 $20 95 Peer average Refining EBITDA / bbl3 (CAD) $15 90 $10 85 $5 80 75 $0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 SU 1 2 3 4 5 6 7 Suncor1 US average
Slide 10: Downstream's winning formula
Downstream’s winning formula $B ~35% average $60 10 incremental margin1 5-2-2-1 vs. 3-2-1 8 • Low-cost crude feedstocks vs. WTI due to proximity to upstream production $40 Benchmark cracks US$/bbl • Facilities tailored for higher diesel production 6 (2-1-1 vs 3-2-1) • Access to strong product market
Slide 11: $3.3B free funds flow growth delivered in two years
$3.3B free funds flow growth delivered in two years Proven track record of execution and delivering value Normalized Free Funds Flow (@ US$75 WTI) $B >$3.3B Grew upstream production by 114 kbpd Growth vs 2023 Grew downstream throughput by 60 kbpd 8 +$2.3B Outperformance Outperformance Achieved US$10
Slide 12: Stronger global competitiveness
Stronger global competitiveness WTI breakeven of global companies (includes total capital + base dividend) US$/bbl 100 4th quartile 3rd quartile 2nd quartile 1st quartile 90 80 70 60 50 40 30 20 10 0 Suncor Suncor 20231 2025 Canadian peers Global integrateds Source: RBC Capital Markets report dated
Slide 13: Proven track record of cash returns to shareholders
Proven track record of cash returns to shareholders Cash returns 15% $46B Capital allocation priorities 10% Cumulative cash returns • Ensure a strong, resilient balance sheet Cash yield1 • Sustain our existing integrated asset base • Pay a reliable and growing dividend • Return capital to shareholde
Slide 14: Balance sheet strength
Balance sheet strength Debt maturity profile (as at Dec 31, 2025) $B 2.0 Investment grade • ALow DBRS Rating Limited • Baa1 Moody’s Corp 1.5 • BBB+ Fitch Ratings 1.0 $9B liquidity 0.5 1.0x (~$10B) net debt to AFFO (US$50 WTI) 0.0 CAD USD SUNCOR ENERGY 14
Slide 15: 2026 Investor Day – our new commitment
2026 Investor Day – our new commitment Additional US$5/bbl breakeven reduction and $2B free funds flow growth by 2028E WTI breakeven Free Funds Flow (@ US$65 WTI) US$/bbl $B 8 $5/bbl +$2B 7 40 6 35 5 4 30 3 2025 2026E 2027E 2028E 2025 2026E 2027E 2028E normalized1 SUNCOR ENERGY 1 See Slide Notes and
Slide 16: 100 kbpd production growth … again
100 kbpd production growth … again Continued growth from existing upstream assets By year By segment kbpd kbpd 1,000 1,000 900 900 800 800 700 700 2025 2026E 2027E 2028E 2025 Mining In situ E&P 2028E SUNCOR ENERGY 16
Slide 17: Increasing shareholder value
Increasing shareholder value More than doubling FFF per share & shareholder returns by 2028E at $80 WTI vs 2025 actuals 150 2028E vs 2025 actuals (%)1 125 100 75 165% 50 110% 75% 25 0 AFFO per share FFF per share Cash returns per share US$65 WTI US$80 WTI Note: Cash returns include dividends and sha
Slide 18: Appendix
Appendix SUNCOR )
Slide 19: 2026 corporate guidance
2026 corporate guidance1 Economic Business environment Capital expenditures Capital3 ($M) investment4 Brent – Sullom Voe (US$/bbl) 87.00 Oil Sands 3,850 – 3,925 45% WTI – Cushing (US$/bbl) 80.00 E&P 425 – 475 100% WCS – Hardisty (US$/bbl) 65.00 Downstream 1,300 – 1,375 30% Corporate 25 5% SYN – Hard
Slide 20: 2026 corporate guidance
2026 corporate guidance1 Cash Operating 2026 planned maintenance3 Production Costs Production & operating costs (kbpd) ($/bbl) Impact on quarter (kbpd) Total bitumen production 915 – 955 Total bitumen production Q3 Q4 Upgraded – net SCO and diesel 530 – 540 Firebag 5 Non-upgraded bitumen 255 – 270 M
Slide 21: 2026 capital budget
2026 capital budget1 ECONOMIC $millions Project examples: INVESTMENT CAPITAL2 Exploration & Production ~425 – 475 West White Rose Investing in projects to improve efficiency, In Situ well pads ~430 – 460 Firebag and MacKay River well pads flexibility & resilience Other economic investment ~1,745 – 1
Slide 22: Oil sands with ~7.2 billion barrels of 2P reserves
Oil sands with ~7.2 billion barrels of 2P reserves1 *All values net to Suncor Mining & upgrading Base - Millenium & North Steepbank Base Plant Upgraders 2025 bitumen production: 263 kbpd 2025 SCO & diesel production: 344 kbpd Suncor WI 100% 350 kbpd capacity 670M bbls 2P reserves1 Suncor WI 100% Syn
Slide 23: Offshore with ~247 million barrels of 2P reserves
Offshore with ~247 million barrels of 2P reserves1 *All values net to Suncor Hibernia Terra Nova ExxonMobil operated Suncor operated Suncor WI 20%2 Suncor WI 48% 2025 production: 14 kbpd 2025 production: 11 kbpd 62M bbls 2P reserves1 30M bbls 2P reserves1 White Rose Hebron Cenovus operated ExxonMobi
Slide 24: Refining advantage
Refining advantage Feedstock advantages2 Product advantages2 Edmonton Directly connected to Oil Sands Large reach with diverse market access – West 1 production; processes unique custom Coast, PADD 4, Eastern Canada, International 159 kbpd crude blends tailored to maximize yield via tidewater; world
Slide 25: Suncor 5-2-2-1 Index
Suncor 5-2-2-1 Index To help investors and analysts model Suncor’s Refining and Marketing (R&M) business, we have designed an indicative 5-2-2-1 gross margin based on publicly available pricing data. This is a single value that incorporates refining, product supply and rack forward businesses, but e
Slide 26: R&M gross margin calculation example – Q1 2019
R&M gross margin calculation example – Q1 2019 FIFO1 impact calculation example – Q1 2019 Q4 2018 Q1 2019 Dec-18 49.00 70% 34.30 Mar-19 58.15 70% 40.71 WTI ($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 27: 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 28: Advisories
Advisories Forward-Looking Statements – Forward-Looking Statements – This environmental and other laws or regulations or the interpretations of Adjusted funds from operations, free funds flow and net debt are presentation contains certain “forward-looking statements” within such laws or regulations;
Slide 29: Slide Notes
Slide Notes Slide 2 -------------------------------------------------------------- increase; +$10M per US$1/bbl WCS - WTI increase; $150M per impacted by other factors such as mine plan, ore grade, weather (1) Refining nameplate capacity increased to 511 kbpd from 466 kbpd US$1/bbl NYH 2-1-1 increas
Slide 30: Visit us at the Investor Centre on suncor.com
Visit us at the Investor Centre on suncor.com invest@suncor.com SUNCOR ENERGY 30