Fort Hills first PFT oil. Suncor Energy Investor Information Published February 21, 2018

Transcription

1 Fort Hills first PFT oil Suncor Energy Investor Information Published February 21, 2018

2 Canada s leading integrated energy company 2 $89B Enterprise value1 December 31, years 2P Reserve life index 2 as at Dec. 31, mboepd 100% Oil production FY mbpd Refining capacity >531mbpd Product sales FY 2017 ~1750 Retail sites 3 In North America Oda 1, 2, 3 See Slide Notes and Advisories.

3 The Suncor advantage 3 Financial flexibility Strong balance sheet 1.4x Net debt to FFO 1 A low Baa1 Financial Long life & low decline Cost and carbon competitive ~40yrs $34.50 Oil Sands 2P Reserve Life Index sustaining capex + cash cost / bbl 3 E&P 50+ years of operations 16 years of dividend increases 4 $4B authorized stock buyback program 5 $1.4B shares repurchased in 2017 ~4% near-term corporate decline rate 6 Limited exposure to L/H diffs 7 Oil sands Funds flow diversification Profitable offshore business High return growth opportunities Downstream $1.7B 2017 FFO 1 from E&P business ~80% Integrated downstream Highly efficient model maximizing the value of oil sands production Bitumen production NOT exposed to the L/H differential 7 1, 2, 3, 4, 5, 6, 7 See Slide Notes and Advisories.

4 Near-term investment proposition growing shareholder returns mbpd Growth Strong production 1 increase from projects in flight 6% CAGR 2 per share ( ) Planned Return of cash Commitment to dividends with ~20% six year CAGR ( ) Dividend per share 5 Buyback per share 5,6,7 Illustrative Buyback per share 5,6, % Planned CAGR 2 per share ( ) E Cash generation Significant upside FFO 3 sensitivity to WTI, based on TTM 4 actuals US$50.95 WTI, 0.77 C$/US$, US$17.70 NYH crack spread (C$ billion) $14 $12 $10 $8 $6 $4 $2 $0 $7.2B A low Baa1 ~$45 $51 $55 $60 $65 $70 Resilience Managing the balance sheet as a strategic asset Liquidity $2.7B cash and $4.5B in available lines of credit As at December 31, 2017 Credit rating Investment grade DBRS (A Low) Stable, S&P(A-) stable, Moody s (Baa1) Stable WTI FFO Break-Even 8 Sustaining capital + dividend , 2, 3, 4, 5, 6, 7, 8 See Slide Notes and Advisories.

5 $1.5 - $2.0B Medium-term investment proposition free funds flow growth 1 5 Firebag Steam generation & water handling optimization Growth In situ technologies Well & steam productivity improvements E&P Value developments & asset extensions Debottlenecks Fort Hills and MacKay River Suncor - Syncrude pipeline Optimizing Syncrude assets Margin improvements Opex & Sustaining capital Coke fired boiler replacement Lower cost, high efficiency steam with revenue upside Supply & trading Value chain optimization Shipping Suncor sour SCO to Syncrude hydrotreaters Digital Technology Adoption - Business process improvements AHS 2 deployment Basemine implementation Cash costs per bbl Further reductions Tailings management Implementation of PASS 3 High quality opportunities Largely independent of market conditions Capital efficient Short lead time Supply Chain Optimization Discretionary free funds flow 4 improvement potential for years 2020 to 2023 inclusive 5 Excluding commodity price changes Potential to deliver an incremental $500M/year of discretionary free funds flow 4 Growth Margin improvements Opex savings Sustaining capital savings Total improvements 1, 2, 3, 4, 5 See Slide Notes and Advisories.

6 Excluding Alberta Excluding Alberta The foundation of our strategy 6 Operational excellence Optimizing the base business Safety as a core value Industry leading reliability Suncor and Syncrude upgrader reliabilities Multi year journey to reach >90% reliability Baseplant Syncrude 91% 90% 88% 91% Disciplined cost management Leader in sustainable development Capital discipline Rigorous capital allocation process 82% 83% 81% 79% 76% 74% 71% forest fire impact 1 forest fire impact Potential ~360 mbpd of replication production planned 2 71% Vast portfolio of high quality organic growth opportunities Strategic, counter-cyclical acquisitions & divestments Competitive, sustainable and growing dividends Opportunistic share buybacks Additional 46.74% Syncrude WI for ~ $53k/bpd 3 Divestiture of Petro-Canada Lubricants Inc. for $1.13B Additional 2.26% Fort Hills WI for ~ $69k/bpd Annualized dividend increases for 16 consecutive years 4 $1.4B share buyback completed in , 2, 3, 4 See Slide Notes and Advisories.

7 Disciplined cost management 7 Total OS&G ~5% below 2014 levels while production increased ~30% 40% Consistent reductions in unit operating costs C$/bbl Oil Sands 1 30% 685 mbpd $37.05 $37.00 E&P 2 R&M 3 20% Production $33.80 $ % $26.50 $ % -10% -20% 535 mbpd $9.75B $9.25B OS&G $9.92 $8.59 $10.03 $9.67 $8.32 $7.70 $5.20 $5.30 $6.00 $5.10 $5.10 $ YTD >65% of savings attributed to controllable cost Operational Improved reliability, increased scale, maintenance planning, energy inputs Productivity Workforce reduction, technology application Business processes Elimination of low-value added work, streamlined processes, reduced fly in fly out Supply chain Sole sourcing, vendor contract concessions 1, 2, 3 See Slide Notes and Advisories.

8 Generating discretionary free funds flow 1 8 $10 FFO 2 consistently exceeds sustaining capital, associated capitalized interest and dividends (C$ billions) $8 $6 $4 $2 $0 $9.1 $6.8 $6.0 $2.1 $1.6 $1.9 $2.7 $2.3 $ E Expected Impacts to 2018 FFO Fort Hills & Hebron ramp-up Full opex costs Partial production Heavy maintenance year U1 major turnaround Full Edmonton refinery outage Higher interest expense Lower capitalized interest as Fort Hills and Hebron transition to operations WTI US$ 3 $48.75 $43.35 $50.95 $60.45 NYH US$ 4 $19.70 $14.05 $17.70 $20.25 Sustaining capital Dividend FFO 2 Illustrative 2018 FFO 2, Estimated sustaining capital 5 + dividends 6 1, 2, 3, 4, 5, 6, 7 See Slide Notes and Advisories.

9 9 Capital discipline near-term flexible capital allocation plan 1 Capital 1 Production growth to Growth post 2019 Balance sheet leverage metrics Dividend 3 Buybacks 3 $40 WTI USD $4.0B Defer debottlenecking and pre-engineering on replication Upper range None $50-$55 WTI USD $5.0B 9% CAGR per share Invest in value driven projects and pre-engineering on replication Mid range Grow with sustainable funds flow increases $1-$2B Annually $65 WTI USD $5.5B Advance value driven projects and development on replication Low range Extend buyback program Focused on structural free funds flow and dividend growth, while discretionary capital investment and share buybacks are tailored to the business environment 1, 2, 3 See Slide Notes and Advisories.

10 (US$/bbl) (C$/share) Returning cash to shareholders consecutive years of dividend increases 1 & opportunistic share buybacks with planned NCIB renewal 2 5% Dividend + buyback yield 3 As of December 31, % 5-year TSR 4 $1.4B Share repurchases in 2017 Including reinvested dividends Completed 70% NCIB % Dividend increase Q compared to Q >20% Dividend CAGR Dividend per share Q $120 Buyback per share (Actual) 2,6,7,8 Expected buyback in Completion of current NCIB and addition of planned NCIB renewal $3.00 Buyback per share (Expected) 2,6,8 $100 Dividend per share 6 WTI US$ $2.50 $80 $2.00 $60 $40 $20 $ E Dividends expected to grow in line with sustainable funds flow increases 8 Forward $1.50 $1.00 $0.50 $0.00 1, 2, 3, 4, 5, 6, 7, 8 See Slide Notes and Advisories.

11 Strong balance sheet 11 Conservative debt targets <3x Net debt to FFO % Total debt to capitalization Debt metrics - as at December 31, x Net debt to FFO 1 26% Total debt to capitalization Investment grade credit rating A low Baa1 DBRS Rating Limited (A Low) Stable Standard and Poor s Rating Services (A-) Stable Moody s Corp (Baa1) Stable Manageable debt maturity profile 2 (C$ billion) $7.2B Liquidity Cash & cash equivalents ($2.7B) plus available credit facilities ($4.5B) $ $ $1.4 $ $ $1.4 1, 2 See Slide Notes and Advisories.

12 12 Returns & balance sheet superior to oil sands peers Only oil sands company delivering on both shareholder returns and balance sheet commitments Grow the dividend with sustainable funds flow increases and execute opportunistic share repurchases Superior cash yield as a result of annual dividend growth and opportunistic share buyback program Maintain a strong balance sheet as a strategic asset Maintained strong investment grade credit rating through the price cycle thanks to conservative debt metrics Total cash yield (dividend + buyback) Total debt to capitalization 1 7% 70% 6% 60% 5% 4% 3% 2% 1% 0% 50% 40% 30% 20% 10% 0% Suncor dividend yield Suncor buyback yield Oil sands peer Suncor Suncor target Oil sands peer range 4 range 4 1, 2, 3, 4, 5 See Slide Notes and Advisories.

13 Performance in line with supermajors 13 Suncor delivers strong production growth while offering shareholder returns and balance sheet strength in line with the supermajors Production growth Supermajors growth limited by their scale and natural production declines Shareholder returns Grow the dividend with sustainable funds flow increases and execute opportunistic share repurchases Strong balance sheet Balance sheet strength allows for optionality between shareholder returns and growth 30% Production growth since % Total cash yield (dividend + buyback) Total debt to capitalization 1 45% 25% 20% 10% 40% 35% 15% 8% 30% 10% 5% 6% 25% 20% 0% 4% 15% -5% -10% 2% 10% 5% -15% 0% 0% 6 Suncor Supermajor peer range 2 Suncor dividend yield 3 Suncor buyback yield 4 Suncor Suncor target Supermajor peer range 5 Supermajor peer range 5 1, 2, 3, 4, 5, 6 See Slide Notes and Advisories.

14 Regional synergies for existing assets % WI Joint ownership Fort Hills Regional synergy opportunities 1 P Upgrader feedstock optionality Joslyn Syncrude C Turnaround planning optimization Unplanned outage impact mitigations MacKay River In Situ C Syncrude U Base Mine Lewis Firebag In Situ Process and technology sharing Sparing, warehousing and supply chain management Regional contracts (lodging, busing, flights, etc.) Lease development optimization U C P Base mine upgrader and terminal Syncrude upgrader In situ central processing facility Fort Hills primary/secondary extraction Pipelines Proposed bi-directional pipelines Fort McMurray 1 See Slide Notes and Advisories.

15 Oil sands bitumen production Resilient to Western Canadian L/H 1 differential 15 $1.00/bbl widening of WTI-WCS differential expected to result in ~$25 million decrease in FFO 2 in 2018 Royalty paid on bitumen production Revenue made on the value of Suncor s integration and optionality Minimizing exposure to wide differential markets NOT exposed to Western Canadian L/H diff (~80% of bitumen production) Exposed to Western Canadian L/H diff (~20% of bitumen production) Firebag & MacKay River Upgraded at baseplant and Syncrude Sweet SCO 3 & SSP 3 sold to market Sour SCO processed at Suncor refineries Sour SCO influenced by Hardisty heavy pricing Heavy barrels processed at Suncor refineries Barrels shipped to locations attracting global heavy pricing Suncor s marketing team minimizes volumes exposed to the L/H differential utilizing Suncor s vast midstream & downstream optionality Basemine, Fort Hills & Syncrude Bitumen sold at Hardisty pricing 1, 2, 3 See Slide Notes and Advisories.

16 In situ cost reduction history and enhanced future designs 16 Structural cost savings $/bbl $26 SOR 4 Next generation well pad design Simplified sustaining well pad design currently being deployed New in situ well pad compared to previous Suncor designs: 9100 $ $ Sustaining costs Cash costs SOR 3 0 Engineering hours per well pair Previous design Manual valves per well pair 0.7 Number of modules per well pair New lean pad design Sustaining costs Disciplined project execution Brownfield projects such as sidetracks, infills and well stimulations Improved drilling & completion technology and costs Shorter project execution timing between sanction and first oil Cash costs Process and technology improvements Workforce reductions and relocation of work to Calgary Reduced interventions with improved equipment designs Proactive operations increasing run life of well equipment Maintenance planning and execution optimization SOR Increased stability of operations Optimizing steam injection strategy Incorporation of automated systems resulting in quicker operations response times and increased precision of controls New Central Processing Facility (CPF) Complete redesign of CPF for future green field in situ replication New in situ CPF compared to industry leading designs expected 4 : 15% Less equipment Reduced Maintenance & opex 20% Less piping Reduced Fugitive emissions 20% Fewer pumps 45% Smaller footprint 1, 2, 3, 4 See Slide Notes and Advisories.

17 mbpd Replication 1 longer term organic growth 17 Targeting $50 WTI (USD) breakeven cost of capital 1 ~ to 15 Planned phases of 40 mbpd next generation in situ facilities (replication) Phases in regulatory process 2 approved, 1 submitted and an additional 4 to be submitted in 2018 Potential first oil from first phase Months expected between first oil from successive phases 360+ Mbpd production growth plans Potential replication production growth profile Regulator approved replication facilities 200 Replication facility application submitted October 3, 2017 Replication facilities planned to be submitted in , 2 See Slide Notes and Advisories.

18 Syncrude SSP shipments (Mbbls) COS Acquisition Murphy Acquisition Forest Fires Turnaround and unplanned outage & recovery Syncrude increasing ownership of an improving asset % 5% 5% COS WI transaction Effective March 21, 2016 Murphy WI transaction Effective April 1, 2016 Mocal WI transaction 1 Effective January 1, % ~$53 k/bpd Suncor WI As at January 1, 2018 Capital intensity Capital intensity of acquisitions based on ~160 mbpd of additional WI capacity Q % upgrader utilization & $32.80 cash operating cost per barrel 2 Inconsistent production Record setting periods of consistent production Focus on preventative maintenance & reliability improvement processes Monthly volumes Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov 1, 2 See Slide Notes and Advisories.

19 Syncrude realized and near-term synergies 19 Response and recovery following the Syncrude incident in March 2017 Suncor collaborated with Syncrude by: trucking untreated product from Syncrude to baseplant, avoiding complete shutdown of the cokers supplying key parts and materials from Suncor inventory seconding technical and leadership support to Syncrude optimizing lodging plans to support additional workforce required Synergies facilitated a timely and efficient response, alleviated inventory challenges and minimized the cost and duration of the outage $150M/year 1 (gross) in potential cost avoidance and savings 2018 forward ~100 opportunities identified, high value priorities such as regional lodging plant winterization turnaround productivity Sharing operations, maintenance & design best practices Key talent exchange identified between Suncor/Syncrude 1 See Slide Notes and Advisories.

20 Fort Hills transitioned to continuous operation 20 January 2018 First PFT 1 oil 2018 guidance 6,000 bbl/d FH bitumen 2 processed at baseplant in Q % Suncor working interest Production (mbpd) Opex 7 (/bbl) Operations $70-80 $40-50 $30-40 $20-30 Metric Q1 Q2 Q3 Q4 103 mbpd Suncor working interest at nameplate capacity 3,4 $83 k/bpd Suncor capital intensity 3,5 $8.6B Suncor working interest project capital 3,6 Fort Hills is mechanically complete Front end assets fully operational (Mine, primary extraction and utilities) First train of secondary extraction is operational Two remaining trains require completion of insulation Safe staged commissioning and ramp-up planned for trains 2 and 3 1, 2, 3, 4, 5, 6, 7 See Slide Notes and Advisories.

21 Fort Hills designed for safe, reliable, low-cost ramp-up and operations 21 Based on regional benchmarking, Suncor has invested significant capital to meet or exceed ramp-up and performance targets 6-months pre-stripping (~$120M) Ramp-up acceleration Second ore preparation train (~$400M) Reliability improvement Surge bin Investments included in pre-sanction design with associated capex 1 Post-sanction enhancements with associated capex 1 Spare ore sizer (~$50M) Reliability improvement Crusher Rotary wet screen Tailings thickeners (~$50M) Energy intensity & opex reduction Hydrotransport line PFT 2 enhancements (~$400M) Process safety & technology development Separation cell 3-train PFT system (~$200M) Reliability improvement Power and steam cogeneration (~$360M) Energy intensity & opex reduction Tailings pond FSU 3 Froth Storage 3 SRU Bitumen Product tank Administration building & operations lodge (~$370M) Attraction and retention of quality workforce 3 TSRU 1, 2, 3 See Slide Notes and Advisories.

22 Fort Hills safe, staged approach to secondary extraction ramp-up Secondary extraction process by which water and fine solids are removed from bitumen froth using hydrocarbon-based gravity separation Secondary extraction is mechanically complete 65% of secondary extraction is fully commissioned and operating 22 Secondary Extraction Assets to be commissioned (shaded) Second train FSU2*/TSRU2** Second SRU1*** Third train FSU1*/TSRU1** Operating assets (unshaded) First train (FSU3**/TSRU3***), SRU2* and common equipment across all 3 trains * Froth Settling Units (FSU) - used to remove solids, asphaltenes and water from diluted bitumen after solvent is added to froth produced in Extraction ** Tailings Solvent Recovery Unit (TSRU) used to remove remaining solvent after the FSU (a second step) *** Solvent Recovery Units (SRU) used to remove the solvent from the bitumen/solvent mixture produced in the Froth Settling Units (FSUs) See Advisories.

23 Autonomous Haul Trucks operationalizing technology Four year evaluation followed by six year phased implementation starting in Truck evaluation 1 year (2014) 6 truck commercial evaluation optimizing mine operations & processes 3 years ( ) Commercial ramp-up 6 years (2018+) ~10% productivity improvement 1 mine/extraction interface optimization Safety less equipment, reduced human exposure & more layers of safety Reduced operating delays by 2+ hours / truck / day ~$1/bbl expected opex savings 2 AHS Operations Reduced maintenance Fewer trucks per mine plan and steadier vehicle operations Reduced labour decrease in heavy equipment operator positions Further potential enhancements next generation mining systems AHS incorporated into long-term mine design/infrastructure smaller mine footprint 3 rd generation algorithms, truck model upgrades and cabless trucks 1, 2 See Slide Notes and Advisories.

24 ESG leadership 24 Environment Resilience through strategy Stress test carbon strategy against three energy futures scenarios Each scenario points to long-term resilience as a function of cost and carbon competitiveness throughout the value chain GHG reduction Regulatory submission to replace coke-fired boilers with two cogeneration units >60% reduction in Oil Sands 1 GHG intensity since 1990 Goal to reduce GHG intensity by 30% by Estimated average cost of carbon tax legislation for upstream production : $0.60/bbl 3 Meaningful disclosure Issued first sustainability report in 1995 more than two decades ago Published 2017 Climate Risk Report in response to shareholder resolution Alberta, Canada has the most stringent, transparent and compliant environmental legislation regulations in the world 4 Social Governance Advancing relations with Aboriginal Peoples $503 million equity partnership with First Nations on East Tank Farm Development 5 $445 million spend with Aboriginal businesses in 2016; total spend of almost $3.9 billion since Economic contribution $5.8 billion capital and exploration spend $2.1 billion government royalties & taxes 4,600+ vendors across Canada 12,300+ Suncor employees Leading governance 11 of 12 independent Board members with strong Board diversity Aboriginal representation and 33% female Executive compensation linked to financial, operational, and sustainability metrics 1, 2, 3, 4, 5 See Slide Notes and Advisories.

25 Appendix 25

26 2018 Capital and production guidance Capital 2 $ millions Growth capital 3 percent Production 4 boepd Upstream Downstream Corporate 3, , % 0% 0% 425, ,000 50,000 60, , , , , , ,000 Oil Sands operations Fort Hills Syncrude E&P Refinery throughput Total $4,500 $5,000 25% 740, ,000 Upstream production 2018 Planned maintenance for Suncor operated assets and Syncrude 5,6 Upstream Timing Impact on quarter U1 Q2 ~62 mbpd* Syncrude 6 Q2 ~39 mbpd Terra Nova Q3 ~4 mbpd U2 Q3/Q4 ~34/13 mbpd* MacKay River Q3 ~3 mbpd Syncrude 6 Q3 ~7 mbpd * A portion of the SCO volume impact will be supplemented by increasing bitumen sales Downstream Timing Impact on quarter Commerce City Q1 ~8 mbpd Edmonton Q2 ~57 mbpd Sarnia Q2 ~26 mbpd Montreal Q2 ~7 mbpd Commerce City Q2 ~3 mbpd Montreal Q3 ~8 mbpd Commerce City Q4 ~3 mbpd 2018 Sensitivities 7 +1$/bbl Brent +$1/bbl NYH $0.01 FX +$1/GJ AECO +$1L/H Diff (US$) (US$) (US$/C$) (C$) (US$) FFO (C$ MM) (180) (230) (25) 1, 2, 3, 4, 5, 6, 7 See Slide Notes and Advisories.

27 Typical attributes 1 of North American oil plays 27 Illustrative annual funds flow profiles 2 Initial capital Decline rate Sustaining costs Operating cost Reservoir risk Recovery factor Mining High Very low Very low Medium Very low Very high In situ Medium Low Low Low Low High Offshore High High Medium Very low Medium Medium Tight oil 50 Years Low Very high High Medium High Low 1, 2 See Slide Notes and Advisories.

28 High quality mining, in situ and upgrading portfolio 1 28 Base Plant 350,000 bpd capacity Suncor working interest 100% 1,619 mmbbls 2P reserves Syncrude Syncrude operated 188,000 bpd coking capacity (SU WI) Suncor working interest 58.74% 1,438 mmbbls 2P reserves (SU WI) 2 Firebag 203,000 bpd capacity Suncor working interest 100% 2,622 mmbbls 2P reserves Fort Hills Suncor operated 103,000 bpd capacity (planned, SU WI) Suncor working interest 53.06% 1,520 mmbbls 2P reserves (SU WI) 3 First oil achieved in January 2018 MacKay River 38,000 bpd capacity Suncor working interest 100% 528 mmbbls 2P reserves Future opportunities Lewis (SU WI 100%) Meadow Creek (SU WI 75%) 1, 2, 3 See Slide Notes and Advisories.

29 Market access for Oil Sands production 29 Suncor currently has approximately 750 mbpd of near-term market access 1 Proposed projects would provide Suncor with expanded pipeline connectivity to markets Pipeline Current and forecasted gross pipeline capacity 2 Feeder lines Fort McMurray TMPL 300 mbpd capacity Edmonton Rail 30+ TMEP (Proposed) +590 mbpd capacity 3 Vancouver Hardisty Rail 40+ Express, Platte and Rocky Mountain 280 mbpd capacity 2 Regina Cromer Superior 137 Montreal Quebec City St. John TransCanada Keystone 590 mbpd capacity 2 Keystone XL (Proposed) +830 mbpd capacity 3 Rail Sarnia Enbridge Mainline 2600 mbpd capacity 2 San Francisco Los Angeles 98 Denver Cushing Steele City Patoka Chicago Enbridge Line 3 (Proposed) +370 mbpd capacity 3 Enbridge Line mbpd capacity 2 Flanagan South Pipeline 585 mbpd capacity 2 Marine opportunities mbpd Suncor refinery capacity Houston/Texas City St. James mbpd Suncor rail loading capacity 1, 2, 3 See Slide Notes and Advisories.

30 Canada s largest Refining & Marketing business 30 Edmonton refinery 142,000 bpd capacity 100% oil sands feedstock 1 Sarnia refinery 85,000 bpd capacity ~75% oil sands feedstock 1 Commerce City refinery 98,000 bpd capacity ~20% oil sands feedstock 1 Montreal refinery 137,000 bpd capacity ~30% oil sands feedstock 1 Marketing Over 500,000 bpd in product sales 1749 North American retail sites (~50% owned) with largest urban share of market in Canada wholesale sites Other 4 wind farms 3 (111 MW) St. Clair Ethanol plant (400 ML/yr) 51% interest in Parachem Global sulphur and petroleum coke marketing 1, 2, 3 See Slide Notes and Advisories.

31 Refining & Marketing the value of integration 31 R&M annual net earnings 1 US$/bbl of capacity $15 Suncor peers 1 High Average Low Refinery utilization vs. US average Percent of refining capacity 100% Suncor US Average 2 $10 90% $5 $ Q3 YTD % Price realizations & refinery crude costs 3 All Suncor refineries 2017, 39% equity feedstock 4 $120 Realized GM 6 /bbl vs. NYH benchmark All Suncor refineries Q $ $80 $60 $40 $20 54 Brent C$ NYH US$ NYH C$ $0 OS realization Feedstock cost R&M realization Benchmark crack Benchmark crack Crude differential Product mix & location differential Yield/ feedstock/ other Realized FIFO impact GM (LIFO) 7 Realized GM (FIFO) 1, 2, 3, 4, 5, 6, 7 See Slide Notes and Advisories.

32 32 Offshore with >410 million barrels of 2P reserves 1 Terra Nova Suncor Energy operated Suncor working interest % 43 mmboe 2P reserves (SU WI) Hibernia ExxonMobil operated Suncor working interest 20.0% 2 88 mmboe 2P reserves (SU WI) White Rose Husky Energy operated Suncor working interest 27.5% 3 28 mmboe 2P reserves (SU WI) Buzzard Nexen Petroleum UK operated Suncor working interest 29.89% 68 mmboe 2P reserves (SU WI) Hebron ExxonMobil operated Suncor working interest 21% First oil achieved November mboepd planned net capacity 151 mmboe 2P reserves (SU WI) Drilling of first production well began in Q3 Golden Eagle Nexen Petroleum UK operated Suncor working interest 26.69% 23 mmboe 2P reserves (SU WI) Future opportunities: Oda-Norway (30% SU WI), Fenja-Norway (17.5% SU WI) 4 and Rosebank-UK (30% SU WI) 1, 2, 3, 4 See Slide Notes and Advisories.

33 Project A Project B Project C Project D Project E Project F Project G Project H Project I Project J Project K IRR E&P High value projects & upside potential 33 $1.7B of FFO 1, $645M of capex and $746M of operating earnings 1 in 2017 High return investment opportunities Maximizing value of existing assets 50% Average project IRR >30% 2 Planned first oil before 2025 Within discovered resources Range of capital investments Greenfield developments 0% Near field developments such as: Subsea tie-backs Project inventories in core areas 3 East Coast Canada (e.g. West White Rose Project) Field extensions Infill drilling UK (e.g. Buzzard Phase 2) Norway (e.g. Oda) 1, 2, 3 See Slide Notes and Advisories.

34 Track record of counter-cyclical acquisitions ( ) and divestments ( ) 34 $100 WTI US$/bbl $80 $60 $40 Petro-Canada $ Non-core UK offshore Total E&P Canada 10% Fort Hills WI Canadian Oil Sands 37% Syncrude WI Rosebank 30% WI $20 $40 $30 $20 $10 $0 NYH US$/bbl Conoco Commerce City refinery Valero Commerce City refinery Petro-Canada $ Pioneer retail network Murphy Oil 5% Syncrude WI Total E&P Canada 2.26% Fort Hills WI Mocal Energy 5% Syncrude WI 5 Faroe Petroleum 17.5% Fenja WI 6 $8 $6 $4 $2 AECO US$/gj Petro-Canada Colorado, Canadian & Trinidad & Tobago gas assets $ Canadian gas assets $ $ E 1 Other divestments ($) East Tank Farm 2, Lubricants 3, Wind Facilities 4 1, 2, 3, 4, 5, 6 See Slide Notes and Advisories.

35 Notes 35

36 Advisories Forward-Looking Statements This presentation contains certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities legislation (collectively, forward-looking statements ), including statements about: expected compound annual growth rate, funds from operations, discretionary free funds flow, expenses, capital expenditures, WTI break even, cash operating costs and operating and financial results; reliability targets; expectations for dividends, share re-purchases, production growth and balance sheet position; target breakeven cost of capital; Suncor s emissions intensity reduction goal; estimated impact of carbon taxes; potential discretionary free funds flow growth; anticipated rates of return for potential future E&P projects; Suncor s strategy, business plans and growth and discretionary free funds flow growth opportunities; expectations, targets and potential opportunities with respect to Syncrude; expectations with respect to growth projects, including Fort Hills, in situ replication projects and debottlenecks, including planned capacity, production, cost and timing; anticipated benefits of the next generation SAGD optimized centralized processing facility; expectations regarding autonomous haul trucks; planned maintenance and operational activities in 2018; capital and production guidance; planned acquisitions; and potential future pipelines that are based on Suncor s current expectations, estimates, projections and assumptions that were made by Suncor in light of its experience and its perception of historical trends. Some of the forward-looking statements may be identified by words such as planned, estimated, target, goal, illustrative, strategy, expected, focused, opportunities, may, will, outlook, anticipated, potential, guidance, predicts, aims, proposed and similar expressions. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Suncor. Users of this information are cautioned that actual results may differ materially as a result of, among other things, assumptions regarding: commodity prices; timing of commissioning and start-up, cost, characteristics, and capacity of capital projects; assumptions contained in or relevant to Suncor s 2018 Corporate Guidance; fluctuations in foreign exchange and interest rates; product supply and demand; market competition; future production rates; the sufficiency of budgeted capital expenditures in carrying out planned activities; risks inherent in marketing operations (including credit risks); imprecision of reserves estimates and estimates of recoverable quantities of oil, natural gas and liquids from Suncor s properties; expected synergies and the ability to sustain reductions in costs; the ability to access external sources of debt and equity capital; the timing and the costs of well and pipeline construction; the timely receipt of regulatory and other approvals; the timing of sanction decisions and Board of Directors approval; the availability and cost of labour and services; the satisfaction by third parties of their obligations to Suncor; changes in royalty, tax, environmental and other laws or regulations or the interpretations of such laws or regulations; applicable political and economic conditions; risks associated with existing and potential future lawsuits and regulatory actions; improvements in performance of assets; the closing of acquisitions and the timing thereof; and the timing and impact of technology development. Although Suncor believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Suncor s Report to Shareholders for the fourth quarter ended December 31, 2017 and dated February 7, 2018 (the Quarterly Report), Annual Report and its most recently filed Annual Information Form/Form 40-F and other documents it files from time to time with securities regulatory authorities describe the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors are incorporated herein by reference. Copies of these documents are available without charge from Suncor at 150 6th Avenue S.W., Calgary, Alberta T2P 3E3, by calling , or by request to invest@suncor.com or by referring to the company s profile on SEDAR at or EDGAR at Except as required by applicable securities laws, Suncor disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Suncor s actual results may differ materially from those expressed or implied by its forwardlooking statements, so readers are cautioned not to place undue reliance on them. Suncor s corporate guidance includes a planned production range, planned maintenance, capital expenditures and other information, based on our current expectations, estimates, projections and assumptions (collectively, the Factors ), including those outlined in our 2018 Corporate Guidance available on which Factors are incorporated herein by reference. Suncor includes forward-looking statements to assist readers in understanding the company s future plans and expectations and the use of such information for other purposes may not be appropriate. Non-GAAP Measures Certain financial measures in this presentation namely funds from operations, operating earnings, Oil Sands operations cash operating costs, cash operating costs for United Kingdom and East Coast Canada, refining operating expense, discretionary free funds flow, Syncrude cash operating costs, Fort Hills cash operating costs, cash operating costs In Situ bitumen production only, and last in, first out (LIFO) are not prescribed by GAAP. All non- GAAP measures presented herein do not have any standardized meaning and therefore are unlikely to be comparable to similar measures presented by other companies. Therefore, these non-gaap measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. All non-gaap measures are included because management uses the information to analyze business performance, leverage and liquidity and therefore may be considered useful information by investors. 36 Funds from operations is defined in the Quarterly Report, and for 2017 is reconciled to the GAAP measure in the Quarterly Report, and for 2015 and 2016 is reconciled to the GAAP measures in Suncor s management s discussion and analysis for the year ended December 31, 2016 (2016 MD&A); annual E&P funds from operations for 2017 is reconciled to the GAAP measure in the Quarterly Report; Oil Sands operations cash operating costs (previously referred to as Oil Sands cash operating costs) is defined in the Quarterly Report and for 2017 is reconciled to the GAAP measure in the Quarterly Report, for 2014, 2015 and 2016 is reconciled to the GAAP measures in the 2016 MD&A, and for 2012 and 2013 is reconciled to the GAAP measures in Suncor s management s discussion and analysis for the year ended December 31, 2013; refining operating expense is defined in the Quarterly Report, and for the twelve months ended December 31, 2017 is reconciled to the GAAP measure in the Quarterly Report, and for the years 2012 to 2016 is reconciled to the GAAP measures in the Operating Metrics Reconciliation in the Supplemental Financial and Operating Information in Suncor s annual report for the year ended December 31, 2016; discretionary free funds flow (previously referred to as discretionary free cash flow) is defined in the Quarterly Report, and for 2017 is reconciled to the GAAP measure in the Quarterly Report, and for 2015 and 2016 is reconciled to the GAAP measures in the 2016 MD&A; E&P operating earnings for the twelve months ended December 31, 2017 are defined and reconciled to the GAAP measure in the Quarterly Report; the estimated impact of the LIFO method for the fourth quarter of 2017 is defined and reconciled in the Quarterly Report; and Syncrude cash operating costs for the fourth quarter of 2017 are defined and reconciled to the GAAP measure in the Quarterly Report. Reserves Unless noted otherwise, reserves information presented herein for Suncor is presented as Suncor s working interest (operating and non-operating) before deduction of royalties, and without including any royalty interests of Suncor, and is at December 31, For more information on Suncor s reserves, including definitions of proved and probable reserves, Suncor s interest, location of the reserves and the product types reasonably expected please see Suncor s most recent Annual Information Form/Form 40-F dated March 1, 2017 available at and Reserves data is based upon evaluations conducted by independent qualified reserves evaluators as defined in NI BOE (Barrels of oil equivalent) Certain natural gas volumes have been converted to barrels of oil on the basis of six thousand cubic feet to one boe. This industry convention is not indicative of relative market values, and thus may be misleading.

37 Slide Notes Slide (1) Market capitalization + debt - cash and cash equivalents. (2) As at December 31, 2016 and assumes that approximately 7.96 billion barrels of oil equivalent (boe) of proved and probable reserves (2P) are produced at a rate of mboe/d, Suncor s average daily production rate in Reserves are working interest before royalties. See Reserves in the Advisories. (3) 1516 retail sites are operated under the Petro-Canada brand. Slide (1) Funds from operations (FFO) is a non-gaap financial measure. See Non-GAAP Measures in the Advisories. Funds from operations is calculated as cash flow provided by operating activities excluding changes in non-cash working capital. (2) As at December 31, 2016 and assumes that approximately 7.54 billion barrels of oil equivalent (boe) of proved and probable reserves (2P) are produced at a rate of mboe/d, Oil Sands average daily production rate in Reserves are working interest before royalties. See Reserves in the Advisories. (3) Refers to sustaining capital for Oil Sands operations and Oil Sands operations cash operating costs, which is a non-gaap measure, and is calculated by taking the sum of sustaining capital for Oil Sands Base and In Situ and dividing the resulting figure by Oil Sands production, plus Oil Sands operations cash operating costs per barrel, all as indicated for the year ended December 31, 2017 in the Segment Results and Analysis section of the Quarterly Report. See Non-GAAP Measures in the Advisories. (4) Annualized dividend increases for 16 years assumes $0.36/share dividend for each quarter in All dividends are at the discretion of Suncor s Board of Directors. See Forward-Looking Statements in the Advisories. (5) Refers to the $1.4 billion of shares repurchased under Suncor s normal course issuer bid (NCIB) in 2017 and Board authority for share purchases in 2018 and Under its current NCIB, Suncor may purchase up to $2 billion worth of its common shares beginning May 2, 2017 and ending May 1, Suncor anticipates that it will commence a new share buyback program upon completion of the current NCIB. Suncor s share repurchases are opportunistic. The actual number of shares that will be repurchased and the timing of any such purchases will be determined by Suncor and will depend on market conditions, cash flow and other factors, and could differ materially from this amount. See Forward-Looking Statements in the Advisories. (6) Represents Suncor s compounded annual decrease in upstream production for and is calculated on a production-weighted basis using planned production for those years, excluding Fort Hills and Hebron, and assumes no growth or sustaining capital spend, no acquisitions and no divestments during that period. (7) L/H refers to Light-Heavy differential and reflects the difference between WTI and WCS crude pricing. Slide (1) Production excludes North America onshore divested assets, Libya and Syria for all years including 2020 Planned and includes presanction offshore projects that are subject to sanction and Board of Directors approval. Production estimate may vary materially from actual production in the future. See Forward-Looking Statements in the Advisories. (2) Compound annual growth rates (CAGR) are calculated using combined Offshore and Oil Sands 2012 full year liquids production and 2016 full year liquids production and planned volumes for Includes the acquisition of a 5% interest in Syncrude from Mocal Energy, which is expected to close in the first quarter of 2018, and the acquisition of a 17.5% interest in the Fenja Development from Faroe Petroleum, which is expected to close in the second quarter of 2018 and is subject to customary closing conditions and regulatory approvals. Actual production may vary materially. See Forward- Looking Statements in the Advisories. (3) Funds from operations (FFO) is a non-gaap financial measure. See Non-GAAP Measures in the Advisories. Funds from operations is calculated as cash flow provided by operating activities excluding changes in non-cash working capital. (4) Refers to Trailing Twelve Month average value as at December 31, (5) Based on the weighted average number of shares outstanding in each year for 2012 to 2017 and the number of shares outstanding at December 31, 2017 for dividend amount assumes $0.36/share for each quarter. All dividends are at the discretion of Suncor s Board of Directors. See Forward-Looking Statements in the Advisories. (6) Figure does not include the $43 million worth of shares repurchased in the twelve months ended December 31, 2015 ($0.03/share repurchased in 2015). (7) 2017 buyback per share reflects $1.4 billion of actual spend under the NCIB buyback per share assumes the repurchase of $2 billion in Under its NCIB, Suncor may purchase up to $2 billion worth of its common shares beginning May 2, 2017 and ending May 1, Suncor anticipates that it will commence a new share buyback program upon completion of the current NCIB. Suncor s share repurchases are opportunistic. The actual number of shares that will be repurchased and the timing of any such purchases will be determined by Suncor and will depend on market conditions, funds flow and other factors, and could differ materially from this assumption. See Forward-Looking Statements in the Advisories. (8) Refers to average WTI crude prices for 2017 and estimated average WTI crude oil price for 2018 in US dollars required for funds from operations for 2017 and 2018 to equal 2017 and estimated 2018 sustaining capital expenditures inclusive of associated capitalized interest and dividends. Assumes production, sustaining capital and business environment at the midpoint of 2018 guidance released on February 7, 2018 and a $0.36/share dividend for each quarter in All dividends are at the discretion of Suncor s Board of Directors. Actual results may differ materially. See Forward-Looking Statements in the Advisories. Slide (1) Includes possible future opportunities currently being evaluated and which may be subject to Board of Directors, counterparty and regulatory approval. There can be no assurance these opportunities will be pursued or if pursued that they will result in the expected benefits. See Forward Looking Information in the Advisories. (2) Refers to Autonomous haul trucks (AHS). (3) Refers to Permanent Aquatic Storage Structure (PASS). (4) Discretionary free funds flow, previously referred to as discretionary free cash flow, is calculated by taking funds from operations (FFO) and subtracting sustaining capital, inclusive of associated capitalized interest, and dividends. Discretionary free funds flow is a non-gaap measure. See Non-GAAP Measures in the Advisories. (5) Based on company s current business plans and the current business 37 environment, which are subject to change. Actual results may differ materially from potential discretionary free funds flow growth shown. See Forward-Looking Statements in the Advisories. Slide (1) Excludes the impact of operations being shut-in due to forest fires in the Fort McMurray region during the second quarter of (2) Includes projects subject to sanction and Board of Directors and regulatory approval. Production is anticipated to begin as early as 2023 and increasing to this level by See Forward-Looking Statements in the Advisories. (3) Includes the acquisition of a 5% interest in Syncrude from Mocal Energy, which is expected to close in the first quarter of See Forward-Looking Statements in the Advisories. (4) Annualized dividend increases for 16 years assumes $0.36/share dividend for each quarter in All dividends are at the discretion of Suncor s Board of Directors. See Forward-Looking Statements in the Advisories. Slide (1) Refers to Oil Sands operations cash operating costs per barrel, which excludes Syncrude and which is a non-gaap measure. See Non- GAAP Measures in the Advisories. (2) Refers to cash operating costs for United Kingdom and East Coast Canada, which is a non-gaap measure and is calculated by taking the sum of OS&G expenses (a GAAP measure) for the United Kingdom and East Coast Canada, subtracting non-production costs for United Kingdom and East Coast Canada and dividing the resulting figure by the sum of the sales volumes for United Kingdom and East Coast Canada, all as indicated for the applicable year and for the year ended December 31, 2017 in the Exploration and Production Netbacks section of the Operating Metrics Reconciliation in the Supplemental Financial and Operating Information in the Quarterly Report and Suncor s Annual Report for the year ended December 31, See Non-GAAP Measures in the Advisories. (3) Refers to refining operating expense, which is a non-gaap measure. See Non-GAAP Measures in the Advisories. Slide (1) Discretionary free funds flow, previously referred to as discretionary free cash flow, is calculated by taking funds from operations (FFO) and subtracting sustaining capital, inclusive of associated capitalized interest, and dividends. Discretionary free funds flow is a non-gaap measure. See Non-GAAP Measures in the Advisories. (2) Funds from operations (FFO) is defined as cash flow provided by operating activities excluding changes in non-cash working capital. Funds from operations is a non-gaap financial measure. See Non- GAAP Measures in the Advisories. (3) WTI pricing for are actual averages for each respective year. The WTI pricing for 2018 is based on NYMEX forward strip pricing as of January 4, (4) The NYH benchmark numbers for are actual averages for each respective year. The 2018 price is based on NYMEX forward strip pricing as of January 4, continued

38 Slide Notes (continued) Slide 8 (continued) (5) Represents anticipated sustaining capital expenditures (inclusive of associated capitalized interest) based on the company s current business plans. Actual sustaining capital expenditures and associated capitalized interest along with the company s business plans may differ materially from those anticipated and are subject to Board of Directors approval. For the definition of sustaining capital expenditures see the Capital Investment Update section of the Quarterly Report. See Forward-Looking Statements in the Advisories. (6) Assumes 2018 quarterly dividend of $0.36/share. All dividends are at the discretion of Suncor s Board of Directors. See Forward-Looking Statements in the Advisories. (7) Illustrative FFO is not intended to be a forecast of Suncor s FFO. It is indicative of FFO based on the midpoint of 2018 guidance released on February 7, 2018 other than commodity prices, which are based on NYMEX forward strip pricing as at January 4, Also based on continued industry growth fundamentals. Actual results may differ materially. See Forward-Looking Statements in the Advisories. Slide (1) Based on current business plans, which are subject to change. See Forward-Looking Statements in the Advisories. (2) Based on 2016 full year production and planned volumes for Includes the acquisition of a 5% interest in Syncrude from Mocal Energy, which is expected to close in the first quarter of 2018, and the acquisition of a 17.5% interest in the Fenja Development from Faroe Petroleum, which is expected to close in the second quarter of 2018 and is subject to customary closing conditions and regulatory approvals. Actual production may vary materially. See Forward- Looking Statements in the Advisories. (3) Dividends and future NCIBs are at the discretion of Suncor s Board of Directors. See Forward-Looking Statements in the Advisories. Slide (1) Annualized dividend increases for 16 years assumes $0.36/share dividend for each quarter in All dividends are at the discretion of Suncor s Board of Directors. See Forward-Looking Statements in the Advisories. (2) 2018 buyback per share assumes $2 billion of share repurchases in The amount of Normal Course Issuer Bid (NCIB) spent in 2017 is $1.4 billion. Under its NCIB, Suncor may purchase up to $2 billion worth of its common shares beginning May 2, 2017 and ending May 1, Suncor anticipates that it will commence a new share buyback program upon completion of the current NCIB. Suncor s share repurchases are opportunistic. The actual number of shares that will be repurchased and the timing of any such purchases will be determined by Suncor and will depend on market conditions, funds flow and other factors, and could differ materially from this assumption. See Forward- Looking Statements in the Advisories. (3) Dividend + buyback yield is calculated as annual dividend per share plus annual NCIB spend per share divided by Suncor s average share price for the full year (4) Five-year total shareholder return (TSR). (5) Compound annual growth rate (CAGR) is calculated using 2012 annual dividend per share and 2017 annual dividend per share. (6) Based on the weighted average number of shares outstanding in each year for 2002 to dividend amount assumes $0.36/share for each quarter. All dividends are at the discretion of Suncor s Board of Directors. See Forward-Looking Statements in the Advisories. (7) Figure does not include the $43 million worth of shares repurchased in the twelve months ended December 31, 2015 ($0.03/share repurchased in 2015). (8) Based on the company s current business plans, which are subject to change. All dividends are at the discretion of Suncor s Board of Directors. See Forward-Looking Statements in the Advisories. Slide (1) Funds from operations (FFO) is a non-gaap financial measure. See Non-GAAP Measures in the Advisories. Funds from operations is calculated as cash flow provided by operating activities excluding changes in non-cash working capital. (2) All figures are in billions of CAD. U.S dollar facilities converted at a rate of $1.2545, the Bank of Canada Day Daily Rate as at December 29, Slide (1) Total debt to capitalization is calculated as total debt divided by total debt plus shareholder s equity (2) Dividend yield is calculated as annual dividend per share divided by average share price for the full year (3) Buyback yield is calculated as annual NCIB spend per share divided by average share price for the full year (4) Canadian peers in alphabetical order: Canadian Natural Resources Ltd., Cenovus Energy Inc., Husky Energy Inc., Imperial Oil Limited, MEG Energy Corp total cash yield for peers assumes Q4 dividends and buybacks are the same as Q3. Actual cash yield may vary materially. See Forward-Looking Statements in the Advisories. (5) Reflects debt to capitalization as at September 30, Slide (1) Total debt to capitalization is calculated as total debt divided by total debt plus shareholder s equity. (2) Suncor and supermajor production figures represent actual results for the year ended December 31, 2017 where available and corporate guidance where actual results are not yet available. (3) Dividend yield is calculated as annual dividend per share divided by average share price for the full year (4) Buyback yield is calculated as annual NCIB per share divided by average share price for the full year (5) Supermajor peers in alphabetical order: BP plc., Chevron Corporation, ExxonMobil Corporation, Royal Dutch Shell plc., Total S.A total cash yield for peers assumes Q4 dividends and buybacks are the same as Q3. Actual cash yield may vary materially. See Forward-Looking Statements in the Advisories. (6) Represents debt to capitalization as at September 30, Slide (1) Represents possible future opportunities currently being evaluated. There can be no assurance these opportunities will be pursued. See Forward-Looking Statements in the Advisories. Slide (1) L/H refers to Light-Heavy differential and reflects the difference between WTI and WCS crude pricing. (2) Funds from operations (FFO) is a non-gaap financial measure and is calculated as cash flow provided by operating activities excluding changes in non-cash working capital. Assumes production, capital and business environment at the midpoint of 2018 guidance released on February 7, See Non-GAAP Measures in the Advisories. (3) Refers to synthetic crude oil (SCO) and Syncrude sweet premium (SSP). Slide (1) Refers to in situ sustaining capital spend per barrel, which is calculated 38 by dividing in situ sustaining capital by in situ bitumen production, all as indicated for the year ended December 31, 2017 in the Segment Results and Analysis section of the Quarterly Report. (2) Refers to cash operating costs In Situ bitumen production only per barrel, which is a non-gaap measure and as indicated for the year ended December 31, 2017 in the Operating Summary section of the Quarterly Report and in Suncor s Annual Report for the years ended December 31, 2012 to See Non-GAAP Measures in the Advisories. (3) Reflects Firebag steam-to-oil ratio (SOR), as indicated for the year ended December 31, 2017 in the Segment Results and Analysis section of the Quarterly Report and Suncor s Annual Report for the years ended December 31, 2012 to (4) Expected benefits based on design specifications. Actual performance may differ materially. See Forward Looking Statements in the Advisories. Slide (1) Based on current business plans and business environment expectations. Actual results and breakeven cost of capital may differ materially from this target. See Forward Looking Statements in the Advisories. (2) Gross project volume including Nexen s interest. Slide (1) Includes the acquisition of a 5% interest in Syncrude from Mocal Energy, which is expected to close in the first quarter of See Forward-Looking Statements in the Advisories. (2) Refers to Syncrude cash operating costs per barrel, which is a non- GAAP measure. See Non-GAAP Measures in the Advisories. Slide (1) Represents current estimates of potential benefits over life of project and possible future opportunities currently being evaluated. There can be no assurance these opportunities will be pursued. Actual results may differ materially. See Forward-looking Statements in the Advisories. Slide (1) Paraffinic Froth Treatment (PFT) refers to a froth treatment process whereby a lighter diluent, or solvent, that contains more paraffin is used resulting in a higher quality bitumen that can be sold directly to market without further upgrading. (2) Bitumen equivalent of PFT froth produced at Fort Hills. (3) Capital intensity and project capital as at December 31, 2017 and nameplate capacity based on current expectations. See Forward- Looking Statements in the Advisories. (4) Nameplate production capacity, actual results may vary. See Forwardlooking Statements in the Advisories. (5) Suncor s capital intensity includes the impact of acquiring an additional 10% working interest in 2015 and 2.26% in 2017 and may differ from that of the other project partners. (6) Capital as at December 31, 2017 and excludes the impact of foreign exchange (FX) due to the weakness in the Canadian dollar. FX is dealt with at the individual owner level and not at the project level due to individual hedging programs. Suncor did not hedge the US Canadian dollar exchange rate which has resulted in approximately $190M net impact to Suncor. continued