Cover Photograph Fort Hills secondary extraction construction as at October 31, 2016 Investor Information Published February 8, 2017
2 Suncor investment thesis Growth from inflight projects Cash generation upside sensitivity Production1 increase Benchmarked off 2016 5988M Funds from Operations (FFO3) and US43.75 (mbpd) realized Brent pricing, 0.75 C/US, US14.05…
3 Suncor value proposition Operational excellence Optimizing the base business safety as a core value industry leading reliability disciplined cost management leader in sustainability Capital discipline Rigorous capital…
4 Strong production growth through the end of the decade Suncors production growth forecast1 (mbpd) 2016-2019 planned CAGR2 10% per share Hebron 800 E&P 700 600 Syncrude 500 Fort Hills forest fire impact 400 Base Oil…
5 Significant and sustainable cost reductions Operating, selling and general expenses Oil Sands operations cash operating costs1 C billions C/bbl 1.40 10.00 39.05 37.05 37.00 COS & Murphy 9.50 33.80 additions 0.85 9.15…
7 Capital Discipline Let me be clear - for us, having cash available to invest doesn't mean we're going to run out and spend it. We remain steadfast in our commitment to exercise discipline in allocating that capital. Steve Williams,…
8 Returning cash to shareholders A leader in dividend growth1 Growing dividends throughout the crude price cycle Five year dividend growth relative to global peers (Q4 2011 Q4 2016) % dividend growth, 2010 baseline 200% 200%…
9 Strong balance sheet coming out of the downcycle Conservative debt targets Debt metrics as at December 31,…
10 Suncors acquisitions of additional Syncrude Working Interest (WI) Transaction history Near term benefits COS transaction closed Expected annual synergy2 savings 3/21/16 36.74% working interest 25M at time of acquisition…
11 Syncrudes journey to reliable low cost operations 2015 Identification of production constraints and reliability risks 2016 Disciplined execution of the reliability improvement plan Q1 2016 Suncor COS transaction closed Q2…
12 Advancing the Syncrude partnership Owners have aligned on framework to drive and sustain world class performance Ownership Then: seven owners, with 37% WI held by experienced oil sands miners Now: five owners, with 79% WI held…
13 The Suncor view on Syncrude: significant opportunities ahead…
14 Fort Hills progress as at December 31, 2016 Fabrication complete All major plant equipment and materials at site 76% Construction complete All major vessels and process modules installed Mining shovels, trucks and equipment…
15 Fort Hills - Sanction overview and current status Quality - Designed to maximize capacity while optimizing reliability Leverages the best process and technology designs of developed and operating oil sands projects Cost - Building…
16 Fort Hills capital cost and schedule Five of six project scope areas tracking on budget and schedule Project capital increase is primarily related to secondary extraction Post-sanction PFT technology design development with…
17 Fort Hills additional opportunities under consideration Early commissioning of primary extraction assets Initial production of froth as early as Q3 2017, trucked to Suncors base mine for processing to bitumen with potential for…
18 Fort Hills - Designed for safe, reliable, low-cost operations Based on regional benchmarking, Suncor has invested significant capital to meet or exceed performance targets Investments included in pre-sanction 6-months pre-stripping…
19 Fort Hills go forward expectations Q1 2017 through first oil Project execution focus Complete utilities and secondary extraction (PFT) areas Focus on construction productivity Take advantage of attractive labour market Highest…
20 Environmental leadership 55% Reduction in oil sands GHG intensity1 since 1990 Further total GHG emissions intensity reduction 30% target2 by 2030 Investing in and developing integrated renewable energy Wind Developed 8…
21 Appendix
22 Canadas leading integrated energy company 88B enterprise value1 December 31, 2016 35+ years 2P reserve life index as at Dec 31, 2015 2 623 mboepd 99% oil production 462 mbpd refining capacity Average 2016 inclusive of…
23 2017 Capital and production guidance1 2017 Capital2 Growth capital3 Production4 millions Percent boepd Upstream5 4,135 4,475 50% 420,000 450,000 Oil Sands Operations Downstream 625 675 0% 150,000 165,000 Syncrude Corporate 40 50…
24 Current & Proposed Pipeline Projects: Summary Market access for Oil Sands production Suncor currently has approximately 750 mbpd of near-term market access1 Proposed projects could provide Suncor with new or expanded pipeline…
25 Refining & Marketing the value of integration R&M net earnings1 Suncor Peers1 Refinery utilization vs. US average Suncor US/bbl of capacity High Percent of refining capacity US Average3 Average 100% Low 15 10 90% 5 0…
26 Oil Sands production expected to exceed 700 mbpd by 20191 Debottlenecks, brownfield expansions and growth projects expected to raise total Oil Sands production from 463 mbpd (2015) to greater than 700 mbpd (2019). Firebag…
27 Bitumen integration neutralizes the impact of light/heavy differential In situ Bitumen1: 230 mbpd Base Mine Bitumen1: 290 mbpd Syncrude Bitumen1: 185 mbpd In situ bitumen to All Base Mine All Syncrude upgrader: 110 mbpd…
28 Technology: a significant part of Suncors history and future OIL SANDS MINING 1967 GCOS (Suncor) First oil sands mine production 1992 Suncor first to phase in truck and shovel oil 2014 First oil sands AHS pilot sands…
29 Current technology development portfolio1 Reduce GHG emissions Reduce costs & improve Reduce tailings / water / intensity profitability land footprint Surface process (lean facility development) Enhanced SAGD recovery…
30 Track record of counter-cyclical acquisitions ( ) and divestments ( ) 100 WTI 80 US/bbl Non-core UK offshore Rosebank 60 Fort Hills, WI Petro-Canada 10% additional WI 40 Canadian Oil Sands 20 Murphy Syncrude WI 40 NYH…
31 Comparing typical attributes of North American oil plays1 Illustrative annual cash flow profile based off nameplate capacity at Fort Hills of 98 mbpd (Suncor WI)2 Mining & Tight Oil SAGD Offshore Upgrading Initial…
32 High quality mining, in situ and upgrading oil sands portfolio1 Base Plant Syncrude 350,000 bpd capacity Syncrude operated Suncor working interest 100% 188,000 bpd coking capacity (SU WI) 1,662 mmbbls 2P reserves Suncor…
33 Offshore oil projects with 415 million barrels of 2P reserves1 Terra Nova Hibernia Suncor Energy operated ExxonMobil operated Suncor working interest 37.675% Suncor working interest 20.0%2 44.4 mmboe 2P reserves (SU WI) 92.0…
34 Canadas largest refining & marketing business Edmonton Refinery Sarnia Refinery 142,000 bpd capacity 85,000 bpd capacity 100% oil sands feedstock1 75% oil sands feedstock1 Commerce City Refinery Montreal Refinery 98,000…
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