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Suncor Energy (SU) · 0 slides · Filed Mar 31, 2026
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Slide 1 — 2026 Investor Day
S U N C O R E N E R G Y 1 2026 Investor Day March 31, 2026
Slide 2 — S U N C O R E N E R G Y
S U N C O R E N E R G Y 2 Agenda Today’s Suncor 1 2 4 5 Rich Kruger Chief Executive Officer Dave Oldreive Executive VP, Downstream Peter Zebedee Executive VP, Upstream Troy Little Chief Financial Officer We’re not done yet Oil sands future Why buy Suncor 3 Superior returns Adam Albeldawi Senior VP, External Affairs & Chief HR Officer Shelley Powell Senior VP, Operations Improvement & Support Services
Slide 3 — Executive summary
S U N C O R E N E R G Y 3 Executive summary $2B of free funds flow growth by 2028E (@ US$65 WTI) • Additional US$5/bbl WTI breakeven reduction to US$38/bbl Today’s Suncor … rebuilt to win • Comprehensive integration of leadership, strategy, structure, culture 25-year 2P reserve life, additional 95 years of contingent resources • Oil sands contingent resources of 30 Bbbls, up 11 Bbbls since last assessment 100 kbpd production growth by 2028E, 10% refining capacity re-rate • Upstream and downstream growth from existing assets 400 kbpd of undeveloped production capacity at an average of $30k/bpd • Growing in situ production mix drives structural cash flow improvement Increasing cash returns to shareholders • Capital allocation prioritizes reliable, growing dividend and substantial, ratable buybacks
Slide 4 — Today’s
S U N C O R E N E R G Y 4 Today’s Suncor
Slide 5 — Rebuilt to win
S U N C O R E N E R G Y 5 Rebuilt to win Completely transformed … team-based, results-oriented, high-performance • Uniquely integrated asset base • Acutely focused on the fundamentals • Best-in-class performance ambitions Strategy • Deep functional expertise • Bottom-line results-orientation • Driven to compete and win Leadership • Standardized management systems • Common operational site design • Value-based central support Structure • Team-based, high-performance • Value mindset – clarify, simplify, focus • Performance-based compensation Culture
Slide 6 — Institutionalizing excellence
S U N C O R E N E R G Y 6 • Replaced 15-year-old legacy system • Proprietary design, best-practice based • Developed – 2023/2024, implemented – 2025 • 21 standardized operational work processes • Roadmap for “how” to achieve excellence • Fast learning and knowledge sharing • Site structure enhances effectiveness Institutionalizing excellence Systematically reducing variation and elevating overall performance Illustrative performance Asset 1 Asset 2 Asset 3 Asset 4 Asset 5 Asset 6 Operational excellence (OEMS)
Slide 7 — Safety above all else
S U N C O R E N E R G Y 7 0.00 0.02 0.04 0.06 2022 2023 2024 2025 0.00 0.10 0.20 0.30 2022 2023 2024 2025 Safety above all else Injuries and events down 75% in three years Lost time injury frequency Process safety event rate
Slide 8 — Industry-leading reliability
S U N C O R E N E R G Y 8 89 92 98 99 80 85 90 95 100 2022 2023 2024 2025 93 90 100 103 80 85 90 95 100 2022 2023 2024 2025 Industry-leading reliability Record utilization in both the upstream and downstream % % Upgrading Refining1
Slide 9 — Record high volumes
S U N C O R E N E R G Y 9 743 746 828 860 600 700 800 900 2022 2023 2024 2025 433 421 465 480 350 400 450 500 2022 2023 2024 2025 Record high volumes Consistently meeting or exceeding commitments kbpd kbpd Upstream production Refining throughput
Slide 10 — Delivering on commitments
S U N C O R E N E R G Y 10 2024 Investor Day commitments achieved a year early Delivering on commitments 2024 through 2026 Upstream production growth WTI breakeven reduction Normalized free funds flow growth1 Capital spend reduction to $5.7B Net debt “at or near” $8B 3-year commitment 2-year achievement 100 kbpd US$10/bbl $3.3B 2026 mid-2025 114 kbpd US$10/bbl >$3.3B 2025 Q3 2024
Slide 11 — Financial outperformance
S U N C O R E N E R G Y 11 53 49 47 43 46 43 30 40 50 60 2023 2024 2025 2026 0 2 4 6 8 10 2023 2024 2025 US$/bbl $B WTI breakeven Normalized FFF1 >$3.3B 2024 Investor Day commitment Actual Financial outperformance Breakeven of US$43/bbl and free funds flow growth of 65% +65% 2024 Investor Day commitment Actual $10/bbl growth
Slide 12 — Global competitiveness
S U N C O R E N E R G Y 12 0 10 20 30 40 50 60 70 80 90 100 Suncor 2023 Today's Suncor US$/bbl Global competitiveness WTI breakeven of global companies (includes total capital + base dividend) 4th quartile 3rd quartile 2nd quartile 1st quartile Canadian peers Global integrateds Source: RBC Capital Markets report dated February 17, 2026 1
Slide 13 — Our playbook
S U N C O R E N E R G Y 13 Ability to win Size & scale Longevity & durability Capital allocation Financial resilience Upstream production Downstream capacity Integration synergies Reserve life Resource quality Reinvestment rate Upstream supply cost Downstream profitability Enterprise breakeven Balance sheet strength Investment discipline Return of capital Operational excellence Competitive advantages Superior returns Our playbook Attributes to compete and win in today’s oil and gas world
Slide 14 — We’re not
S U N C O R E N E R G Y 14 We’re not done yet
Slide 15 — Our new commitment
S U N C O R E N E R G Y 15 30 35 40 2025 2026E 2027E 2028E 3 4 5 6 7 8 2025 2026E 2027E 2028E Our new commitment Additional US$5/bbl breakeven reduction and $2B free funds flow growth by 2028E WTI breakeven FFF (@ US$65 WTI) +$2B US$/bbl $B normalized1 $5/bbl
Slide 16 — Our competitive advantage
S U N C O R E N E R G Y 16 Our competitive advantage Unique integration & high performance … constructed to deliver in all business environments Upstream production 860,000 bpd Refining throughput 480,000 bpd Product sales 620,000 bpd Interconnecting pipelines Nat gas trading Power trading Crude trading E&P Mining Upgrading Sales & Marketing Distribution & Logistics Exports Wholesale Retail Base Plant Syncrude Base Mine Syncrude Fort Hills Firebag MacKay River East Coast Terminals Storage Pipelines Rail Tankers Edmonton Montreal Commerce City Sarnia Refining Product trading In situ Power
Slide 17 — 100 kbpd production growth … again
S U N C O R E N E R G Y 17 700 800 900 1,000 2025 Mining In situ E&P 2028E kbpd 700 800 900 1,000 2025 2026E 2027E 2028E kbpd 100 kbpd production growth … again Continued growth from existing upstream assets By year By segment
Slide 18 — In situ growth
S U N C O R E N E R G Y 18 260 270 280 290 300 310 2025 Infills Gas co-injection Solvent 2028E kbpd In situ growth • Continuing Firebag debottleneck • Further steam optimization • Additional infill drilling • Increasing gas co-injection • Utilizing solvent technology Increase of 30 kbpd bitumen to greater than 300 kbpd by 2028E $390M/yr margin improvement
Slide 19 — Mining growth
S U N C O R E N E R G Y 19 Mining growth • Opening Fort Hills North mine • Advanced blend management • Precision mining techniques • Increasing extraction capacity • Improving extraction recovery Increase of 45 kbpd bitumen to greater than 700 kbpd by 2028E 625 650 675 700 725 2025 Fort Hills Base Plant / Syncrude 2028E kbpd $460M/yr margin improvement
Slide 20 — Higher mining performance
S U N C O R E N E R G Y 20 5,000 5,250 5,500 5,750 6,000 6,250 2025 2026E 2027E 2028E Higher mining performance • Higher equipment reliability • Enhancing mine road design • Optimizing fleet management • Increasing shovel payloads • Continuing AHS deployment • Better “mud-mode” operations Productive hours per truck hours/yr 10% improvement in truck productive hours and reduced haul cycle time $220M/yr cost improvement
Slide 21 — Even better turnarounds
S U N C O R E N E R G Y 21 0 100 200 300 400 2024 Investor Day target Additional improvement 2026 Investor Day target Even better turnarounds • OEMS-managed process • Risk-based work selection • Improving job planning • Reducing durations • Extending intervals $M Capital improvement (vs 2023) Cost Duration Interval 4th 3rd 2nd 1st Pre-2023 2025 2025 2025 2028 2028 2028 Pre-2023 Pre-2023 Driving towards Solomon 1st quartile performance in North America Quartile $200M/yr margin & capital improvement
Slide 22 — Step-change in maintenance
S U N C O R E N E R G Y 22 Step-change in maintenance • Informed by Solomon benchmarking • Integrated work planning & scheduling • Materials management efficiencies • Improving workforce management • Technology & data-driven efficiencies Unplanned work break-in Efficient workforce utilization Planned work completion Asset 1 Asset 2 Asset 3 Asset 4 Asset 1 Asset 2 Asset 3 Asset 1 Asset 2 Asset 3 Illustrative performance Applying learnings from turnaround success … targeting 1st quartile performance 1st 2nd 3rd 4th Asset 4 Asset 4 Quartile $350M/yr capital & cost improvement
Slide 23 — Refining re-rate of 10%
S U N C O R E N E R G Y 23 Refining re-rate of 10% 466 kbpd 511 kbpd • Low-cost debottlenecking • Improving turnaround performance • Maximizing secondary unit utilization • Relentless focus on reliability • Improving “respond & recover” Increasing nameplate capacities at all refineries and growing total throughput Old nameplate New nameplate $150M/yr margin improvement Edmonton Sarnia Commerce City Montreal +45 kbpd
Slide 24 — High-grading product sales
S U N C O R E N E R G Y 24 High-grading product sales Retail (owned) Commercial transport Retail (partners) Wholesale National accounts Spot sales Proportion of sales1 Refining crack Growing total sales and increasing volumes in the highest value channels Relative value $100M/yr margin improvement 12% higher volumes (2025 vs 2023) • Upgrading controlled retail sites • Leveraging strategic partnerships • Strengthening loyalty program • Growing branded wholesale • Maximizing logistics optionality
Slide 25 — Differentiated value capture
S U N C O R E N E R G Y 25 Differentiated value capture • Growing trading activities • Optimizing logistics utilization • Improving pipeline tolls & tariffs • Reducing truck, rail, marine costs • Expanding export capabilities Maximizing the value of each and every barrel while also reducing costs $200M/yr margin & cost improvement 100 crudes 265 products 45 countries 1,400 customers
Slide 26 — Superior
S U N C O R E N E R G Y 26 Superior returns
Slide 27 — Our new commitment
S U N C O R E N E R G Y 27 30 35 40 2025 2026E 2027E 2028E 3 4 5 6 7 8 2025 2026E 2027E 2028E Our new commitment Additional US$5/bbl breakeven reduction and $2B free funds flow growth by 2028E WTI breakeven FFF (@ US$65 WTI) +$2B US$/bbl $B normalized1 $5/bbl
Slide 28 — Growing cash flow
S U N C O R E N E R G Y 28 0 5 10 15 20 2025 2026E 2027E 2028E $/sh 0 5 10 15 20 2025 2026E 2027E 2028E $B Growing cash flow normalized2 AFFO per share1 AFFO normalized2 US$65 WTI US$80 WTI US$65 WTI US$80 WTI $40B of cumulative AFFO over three years at $65 WTI … $50B at $80 WTI
Slide 29 — Capital discipline
S U N C O R E N E R G Y 29 0 10 20 30 40 50 60 70 0 1 2 3 4 5 6 7 2026E 2027E 2028E $B % Capital discipline Major economic projects • Fort Hills North Pit • Firebag debottleneck • Firebag gas co-injection • Retail controlled network • Mildred Lake Extension East • In situ growth strategy Sustaining Economic Capital as % of AFFO (US$65 WTI) Reducing sustaining capital and executing high-return projects
Slide 30 — Growing free funds flow
S U N C O R E N E R G Y 30 0 2 4 6 8 10 12 2025 2026E 2027E 2028E $B 0 2 4 6 8 10 12 2025 2026E 2027E 2028E $/sh Growing free funds flow FFF FFF per share1 normalized2 normalized2 US$65 WTI US$80 WTI US$65 WTI US$80 WTI $22B of cumulative FFF over three years at $65 WTI … $32B at $80 WTI
Slide 31 — Balance sheet strength
S U N C O R E N E R G Y 31 Balance sheet strength Debt maturity profile $B CAD USD 12-year average debt tenor Investment grade credit rating 0.5x current net debt to AFFO (Dec. 31 2025) $9B liquidity 1.0x (~$10B) net debt to AFFO (US$50 WTI) 0.0 0.5 1.0 1.5 2.0
Slide 32 — Increasing cash to shareholders
S U N C O R E N E R G Y 32 Capital allocation priorities • Ensure a strong, resilient balance sheet • Sustain our existing integrated asset base • Pay a reliable and growing dividend • Return capital to shareholders via buybacks • Invest in high-value growth opportunities 0 2 4 6 8 10 12 2026E 2027E 2028E $B Increasing cash to shareholders Dividends1 Share buybacks @ US$65 WTI Share buybacks @ US$80 WTI $23B of cumulative cash returns over three years at $65 WTI … $33B at $80 WTI Cash returns
Slide 33 — Oil sands
S U N C O R E N E R G Y 33 Oil sands future
Slide 34 — Long-life resource base
S U N C O R E N E R G Y 34 30 Bbbls contingent resources 19 Bbbls contingent resources 2025 7 Bbbls 2P reserves 7 Bbbls 2P reserves 95 yr1 25 yr RLI2 Reserves • Certified annually by 3rd party experts • 100% replacement, despite 2.6 Bbbls produced Contingent resources • 3rd party evaluation in 2025 • Delineation & improved technology • No exploration risk Long-life resource base 11 billion barrels of contingent resources added since the last assessment Oil sands resources 2014 last assessment +11 Bbbls
Slide 35 — Geographically concentrated
S U N C O R E N E R G Y 35 In situ contingent resources 22 Bbbls In situ 2P reserves Mining 2P reserves Mining contingent resources 8 Bbbls Geographically concentrated Concentration provides significant operational and development synergies 5,200 km2 lease area within a 100 km radius
Slide 36 — High quality in situ
S U N C O R E N E R G Y 36 High quality in situ Among the largest, highest quality, undeveloped in situ resource base in industry Average pay thickness (based on public data1 on undeveloped assets) 10 15 20 25 30 35 40 Firebag Expansion Lewis m Chard Meadow Creek Suncor Other Lewis 9 Bbbls Firebag Expansion 9 Bbbls All Other 4 Bbbls
Slide 37 — Design one, build many
S U N C O R E N E R G Y 37 Design basis • 500 – 700 Mbbls1 per development • 60 kbpd processing modules • 10 – 12 injector/producer pairs per pad • “Hub-and-spoke” fluid management Benefits • Increasing efficiency per phase • Shortening durations, lowering costs • Enhancing operability & performance • Providing capital spend flexibility Design one, build many Standardize and replicate in situ development strategy
Slide 38 — Regional integration synergies
S U N C O R E N E R G Y 38 • Utilizing surplus steam for SAGD1 • Leveraging existing field infrastructure • Internally sourced solvent for ES-SAGD2 • Internally sourced diluent for shipping • Integrating water management systems • Optionality for upgrader feedstock Regional integration synergies Development plans leverage unique asset base and drive capital efficiency
Slide 39 — Firebag expansion
S U N C O R E N E R G Y 39 Proposed regulatory boundary Existing regulatory boundary Producing area >1 Bbbls produced since first oil in 2003 • Existing regulatory limit of 368 kbpd • Expansion to 700 kbpd filed March 30th • Leveraging existing asset infrastructure • Roads, power, pipelines, aerodrome, lodges • Deploying ES-SAGD1 technology Firebag expansion Scaling a large, high-quality asset with industry-leading performance Project details Developed resource2 3.0 Bbbls (4 Phases) Phase 1 60 kbpd, 1st oil 2032E Phase 2 60 kbpd, 1st oil 2033E Phase 3 60 kbpd, 1st oil 2035E Phase 4 60 kbpd, 1st oil 2036E Capital intensity3 $35 – 40k / bpd Resource life 30+ yrs Operating costs $10 – 12 / barrel Future well pads
Slide 40 — 30%+
S U N C O R E N E R G Y 40 • Piloted ES-SAGD1 from 2021 – 2025 • Solvent injection of 10% • 30%+ production uplift • 20%+ SOR reduction • 80% solvent recovery • 8 new ES-SAGD well pads through 2029 • EBRT2 pilot startup early 2027 • Solvent to replace up to 90% of steam Scaling solvent technology Actively deploying commercially proven ES-SAGD at Firebag 0 1 2 3 Years 30%+ peak production rate kbpd Well production ES-SAGD1 SAGD3
Slide 41 — Lewis
S U N C O R E N E R G Y 41 • Regulatory approval of 160 kbpd • Leveraging existing Base Plant assets • Cogen steam and power • Extraction separation cells • Water treatment and utilities • Sequenced with Base Mine depletion Lewis No central processing facility required, leveraging existing regional assets Base Plant New scope Project details Developed resource1 900 Mbbls (2 Phases) Phase 1 40 kbpd, 1st oil 2033E Phase 2 40 kbpd, 1st oil 2036E Capital intensity2 $25 – 30k / bpd Resource life 30+ yrs Operating costs $10 – 12 / barrel Cogen Extraction Well pads Oil & water pipeline Water treatment & utilities Steam pipeline
Slide 42 — Capital efficient portfolio
S U N C O R E N E R G Y 42 0 10 20 30 40 0 100 200 300 400 500 Incremental production (kbpd) Fort Hills debottleneck Capital efficient portfolio 400 kbpd of undeveloped production capacity at an average capital cost of $30k/bpd Firebag Expansion Phase 1 Firebag Expansion Phase 2 Firebag Expansion Phase 3 Firebag Expansion Phase 4 Lewis Phase 1 Lewis Phase 2 Next in situ Phase 1 Next in situ Phase 2 $k/bpd1 Firebag debottleneck Further growth potential Growth plan Base Mine production
Slide 43 — In situ execution plan …
S U N C O R E N E R G Y 43 Initial capacity (kbpd) Developed resource1 (Mbbls) 20 26 20 27 20 28 20 29 20 30 20 31 20 32 20 33 20 34 20 35 20 36 20 37 20 38 20 39 20 40 Detailed engineering Firebag debottleneck 30 45 n/a Firebag Expansion Phase 1 60 750 Lewis Phase 1 40 450 Firebag Expansion Phase 2 60 750 Lewis Phase 2 40 450 Development planning Firebag Expansion Phase 3 60 750 Firebag Expansion Phase 4 60 750 Preliminary screening Next in situ TBD 60 500 – 700 Next in situ TBD 60 500 – 700 In situ execution plan … Engineering & design Execution First oil Ramp-up 2026E 2040E Sequencing to maximize capital efficiency and capture lessons learned
Slide 44 — … delivering long-term value …
S U N C O R E N E R G Y 44 0 50 100 150 200 250 300 350 400 450 2026E 2028E 2030E 2032E 2034E 2036E 2038E 2040E … delivering long-term value … High execution confidence given repeatable modular design $B kbpd Project capital Production Lewis Phase 1 & 2 Firebag Exp Phases 3 & 4 Firebag debottleneck Fort Hills debottleneck Firebag debottleneck Lewis Phases 1 & 2 Firebag Expansion Phases 1 - 4 Firebag Exp Phases 1 & 2 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 2026E 2028E 2030E 2032E 2034E 2036E
Slide 45 — … while maintaining capital discipline
S U N C O R E N E R G Y 45 0 200 400 600 800 1,000 1,200 1,400 2026E 2028E 2030E 2032E 2034E 2036E 2038E 2040E 0 1 2 3 4 5 6 7 2026E 2028E 2030E 2032E 2034E 2036E 2038E 2040E … while maintaining capital discipline In situ development plan executed with enterprise capital at or below $6B per year $B Sustaining capital Other economic In situ projects Mining In situ Firebag Exp 1 & 2 Lewis 1 & 2 Firebag Exp 3 & 4 Bitumen production kbpd Further growth potential Enterprise capital
Slide 46 — All barrels are not created equal …
S U N C O R E N E R G Y 46 0% 25% 50% 75% 100% 2025 2030E 2035E 2040E All barrels are not created equal … In situ production has 2x the relative cash flow per barrel vs mining Relative cash flow (@ US$65 WTI) Production mix Mining In situ Mining In situ Price per barrel total costs + sustaining capital total costs + sustaining capital 2x 1x
Slide 47 — … in situ growth drives structural cash flow
S U N C O R E N E R G Y 47 … in situ growth drives structural cash flow Greater than 20% increase in relative cash flow per barrel from production mix alone Today Future 1.3x (weighted average) 1x 1x 1x 1x 2x 2x 2x 2x 2x 2x 2x 2x 2x >20% increase Production mix (relative proportion) Cash flow (per barrel) 1.6x (weighted average) 1x 1x 1x 1x 1x 1x 1x
Slide 48 — Why buy
S U N C O R E N E R G Y 48 Why buy Suncor
Slide 49 — Executive summary
S U N C O R E N E R G Y 49 Executive summary $2B of free funds flow growth by 2028E (@ US$65 WTI) • Additional US$5/bbl WTI breakeven reduction to US$38/bbl Today’s Suncor … rebuilt to win • Comprehensive integration of leadership, strategy, structure, culture 25-year 2P reserve life, additional 95 years of contingent resources • Oil sands contingent resources of 30 Bbbls, up 11 Bbbls since last assessment 100 kbpd production growth by 2028E, 10% refining capacity re-rate • Upstream and downstream growth from existing assets 400 kbpd of undeveloped production capacity at an average of $30k/bpd • Growing in situ production mix drives structural cash flow improvement Increasing cash returns to shareholders • Capital allocation prioritizes reliable, growing dividend and substantial, ratable buybacks
Slide 50 — Increasing shareholder value
S U N C O R E N E R G Y 50 0 25 50 75 100 125 150 AFFO per share FFF per share Cash returns per share Increasing shareholder value More than doubling FFF per share and shareholder returns by 2028E at $80 WTI vs 2025 actuals US$65 WTI US$80 WTI 2028E vs 2025 actuals (%)1 75% 110% 165% Note: Cash returns include dividends and share buybacks
Slide 51 — Why buy Suncor
S U N C O R E N E R G Y 51 Industry leading safety & operational integrity Reliable, ratable financial & operating performance Uniquely integrated to capture value, reduce volatility Large, long-life, high-quality reserves & resources Financially resilient in all business environments Shareholder-focused capital allocation philosophy Executive team aligned, driven to compete & win Why buy Suncor
Slide 52 — Appendix
S U N C O R E N E R G Y 52 Appendix
Slide 53 — Business environment assumptions
S U N C O R E N E R G Y 53 Business environment assumptions (US$ per barrel, unless otherwise noted) US$65 WTI US$80 WTI 2026 Guidance WTI 65.00 80.00 62.00 Brent 69.00 84.00 66.00 WTI-WCS (13.00) (13.00) (13.00) WTI-SYN 0.50 0.50 0.50 AECO (C$/GJ) 3.00 3.00 3.00 Alberta Power (C$/MWh) 70.00 70.00 55.00 New York Harbor 2-1-1 crack 25.00 25.00 24.00 Exchange rate average (CAD/USD) 0.73 0.73 0.73
Slide 54 — Calculating breakeven at year-end 2025
S U N C O R E N E R G Y 54 Calculating breakeven at year-end 2025 WTI breakeven1 US$/bbl 0 Total expenses (OS&G, royalties, taxes, etc.) Sustaining capital + capitalized interest Dividends Downstream margin & other 2025 breakeven normalized $43
Slide 55 — +$2B
S U N C O R E N E R G Y 55 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Upstream production Mine performance Turnarounds Maintenance Refinery throughput Sales & Marketing Trading & Logistics Other Headwinds Total $B Improvement initiatives Indicative free funds flow contribution 2026E to 2028E (@ US$65 WTI) +$2B 1
Slide 56 — Advisories
S U N C O R E N E R G Y 56 Advisories S U N C O R E N E R G Y Forward-Looking Statements – This presentation contains certain “forward- looking statements” and forward-looking information (collectively, “forward- looking statements”) within the meaning of applicable Canadian and U.S. securities laws, and other information based on Suncor’s current expectations, estimates, projections and assumptions that were made by the company in light of information available at the time the statement was made and consider Suncor’s experience and its perception of historical trends. Some forward- looking statements may be identified by words like “expects”, “anticipates”, “will”, “estimates”, “plans”, “scheduled”, “intends”, “believes”, “could”, “goal”, “expected”, “outlook”, “proposed”, “target”, “commitment”, “objective”, “estimated” (or “E”), “should”, “may”, “potential”, “forecast” and similar expressions. In particular, this presentation contains forward-looking statements regarding, without limitation: - Suncor’s strategy, goals, targets, ambitions, business plans, objectives and expectations relating to projects, asset performance, financial performance, production volumes and capital expenditures, including: • expectations regarding OEMS, including the expected benefits and the timing thereof, • statements regarding Suncor’s cost structure, free funds flow, normalized free funds flow and WTI breakeven initiatives, including taking related actions and the timing, outcome and impact of such actions, • statements regarding Suncor’s anticipated production growth and the projects expected to underpin such growth, • Suncor’s planned US$5/bbl reduction in WTI breakeven and $2B growth in free funds flow, and the expected timing thereof, • 100 kbpd of production growth from existing assets, including the components thereof (in situ bitumen production growth to greater than 300 kbpd and mining bitumen production growth to greater than 700 kbpd) and the anticipated projects and sources of such increases and the expected benefits and timing thereof, • expectations regarding mining performance, turnaround performance and maintenance performance improvements, including the projects and sources of such improvements and the expected benefits and timing thereof, • Suncor’s plan to increase network nameplate capacity by 10% to 511 kbpd, including the sources of such increases and the expected benefits thereof, and • Suncor’s plan to increase high-value channel sales, grow trading activities, and reduce logistics costs, the manner in which they expect to do so and the expected benefits thereof; - statements regarding Suncor’s reserves, including reserves estimates and reserve life indices, reserves volumes and production estimates; - statements regarding Suncor’s contingent resources, including the contingent resources estimate, volumes and production estimates; - statements regarding Suncor’s in situ development strategy at Firebag and Lewis, including: • the development Phases and profiles and the timing and expected benefits therefrom, • resource, production, pay thickness, SOR, capital expenditure, and operating cost estimates, • future boundaries of Firebag and expected synergies, and • expectations regarding technology, including the use of ES-SAGD, NCG and EBRT; - Suncor’s capital outlook, the components thereof and how it is expected to enable in situ expansion; - Suncor’s bitumen production outlook, including the components and timing thereof and the relative margins per barrel of mining and in situ; - statements regarding reductions in the company’s WTI breakeven price, including the amount and timing of such reductions, actions taken in relation to the company’s WTI breakeven initiatives and the timing, outcome and impacts of such actions; and - statements regarding the company’s capital allocation and cash flow priorities, including: • expectations for future shareholder returns, including expected improvements in free funds flow and AFFO per share as well as increased cash returns to shareholders, • the company’s expected capital expenditures and the major economic projects associated therewith, and • the company’s long-term debt maturities. The forward-looking statements in this presentation also include financial outlooks and other forward-looking financial metrics, including references to: financial and business prospects; future results of operations, performance and cash flows (including figures related to anticipated free funds flow, normalized free funds flow, AFFO, breakeven price reductions, and returns to shareholders); estimated capital, operating and maintenance costs (including estimated cost savings); and expected revenue and production figures. Such information, which may be considered financial outlooks within the meaning of applicable Canadian securities laws, has been approved by management of the Company and is based on current expectations, estimates, projections and assumptions (collectively, the “Factors”), including those outlined in our 2026 corporate guidance, as applicable, which are available on www.suncor.com/guidance (which Factors are incorporated by reference into this presentation), as well as the assumptions, uncertainties, risk factors and qualifications set out in this presentation and discussed below. Management believes that such Factors were reasonable as of the date of this presentation, having regard to the industry, business, financial conditions, plans and prospects of Suncor. These projections are provided to describe the prospective performance of the company and to assist in understanding the company’s future plans and expectations, and users of this information are cautioned that such information may not be appropriate for other purposes. Further, such information is highly subjective and should not be relied on as necessarily indicative of future results and actual results may differ significantly from such projections. Forward-looking statements are based on various assumptions, expectations and opinions that are believed by management to be reasonable at the time, including assumptions regarding: - market and economic conditions and market competition; - prevailing business environments, commodity and carbon prices and inflation, interest, tax and foreign exchange rates; - the performance of technology, assets and equipment in a manner consistent with management’s current expectations; - expected capital efficiencies and cost savings; - prevailing regulatory, tax, legal and government policies; - future production rates; - the development and execution of projects in a manner consistent with management’s current expectations; - product supply and demand; - dividends and share repurchases approved and declared; - expected synergies and the ability to sustain reductions in costs; - the ability to access external sources of debt and equity capital on acceptable terms; - the timing and the costs of well and pipeline construction being consistent with current expectations; - the sufficiency of budgeted capital expenditures in carrying out planned activities; - the timely receipt of regulatory and other approvals; - the timing of sanction decisions and Board of Directors’ approval; - the availability and cost of labour, services, and infrastructure; - the satisfaction by third parties of their obligations to Suncor; - anticipated improvements in performance of assets; - the expected timing and impact of technology development; - assumptions contained in or relevant to Suncor’s 2026 corporate guidance; and - those factors and assumptions described under the heading “Advisories – Forward-Looking Statements” in Suncor’s annual report for the year ended December 31, 2025 (the “2025 Annual Report”) and under the heading “Advisory – Forward-Looking Statements and Non-GAAP Financial Measures” in Suncor’s Annual Information Form (the “2025 AIF”) and Form 40-F dated February 25, 2026 and February 26, 2026, respectively, which sections are incorporated by reference into this presentation and which documents are available on the Company’s SEDAR+ profile at www.sedarplus.ca. continued …
Slide 57 — Advisories
S U N C O R E N E R G Y 57 Advisories S U N C O R E N E R G Y 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) which may cause actual results, events or performance to differ materially from that expressed or implied by forward looking statements. Such risks and uncertainties include, but are not limited to: - adverse changes in market and economic conditions, business environments, commodity and carbon prices and/or inflation, interest, tax and foreign exchange rates; - assets and facilities not performing as anticipated; - expected debottlenecks, cost savings, capital reductions and margin improvements not being achieved to the extent anticipated; - imprecision of reserves and resources estimates and estimates of recoverable quantities of oil, natural gas and liquids from Suncor’s properties; - adverse changes in royalty, tax, environmental and other laws or regulations or the interpretations of such laws or regulations; - deteriorations in applicable political and economic conditions; and - the other risks and uncertainties described under the heading “Risk Factors” in the 2025 Annual Report, which section is incorporated by reference into this presentation. 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 forward-looking statements, so users of such information are cautioned not to place undue reliance on them. Non-GAAP and Other Financial Measures – Certain financial measures and ratios in this presentation – namely adjusted funds from operations, free funds flow, normalized free funds flow, net debt and related per share amounts or metrics that contain such measures – are not prescribed by GAAP. All non-GAAP measures and non-GAAP ratios presented in this presentation 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 and non-GAAP ratios should not be considered in isolation or as a substitute for measures and ratios of performance prepared in accordance with GAAP. All non- GAAP measures and non-GAAP ratios are included because management uses the information to analyze business performance, leverage and liquidity and therefore may be considered useful information by investors. See the “Advisories - Non-GAAP and Other Financial Measures” section of the 2025 Annual Report. All non-GAAP measures presented in this presentation are defined and reconciled, as applicable, in the 2025 Annual Report in the “Advisories - Non-GAAP and Other Financial Measures” section or Suncor’s report to shareholders for the fourth quarter of 2025, dated February 3, 2026, in the “Non-GAAP and Other Financial Measures Advisory” each of which are available on the company’s SEDAR+ profile available at www.sedarplus.ca and each such reconciliation is incorporated by reference into this presentation. WTI breakeven price is a supplementary financial measure that represents the U.S. dollar WTI price per barrel that is equal to Suncor’s operating costs, dividend payment amount and sustaining capital on a per barrel basis. Management uses WTI breakeven price to measure the company’s performance and believes it provides investors with important information regarding the efficiency and profitability of Suncor’s operations. Reserves – Unless noted otherwise, reserves information presented in this presentation 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, 2025. 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 the 2025 AIF. Reserves data is based upon evaluations conducted by independent qualified reserves evaluators as defined in NI 51-101. Contingent Resources – Unless noted otherwise, contingent resources information presented in this presentation is based upon evaluations conducted by GLJ Ltd. (GLJ), contained in its report dated March 27, 2026 with an effective date of December 31, 2025. For more information on Suncor’s contingent resources, please see the Statement of Contingent Resources dated March 30, 2026 which is available on the Company’s SEDAR+ profile at www.sedarplus.ca. There is uncertainty that it will be commercially viable to produce any portion of the contingent resources.
Slide 58 — Slide Notes
S U N C O R E N E R G Y 58 Slide Notes S U N C O R E N E R G Y Slide 8 ------------------------------------------------------------------- 1. Utilization percentages based on previous refining nameplate capacity of 466 kbpd. Slide 10 ------------------------------------------------------------------- 1. 2023 results have been normalized to US$75 WTI business environment assumptions, as presented in the 2024 Q4 Report, based on annual AFFO sensitivities previously published for 2023: +$200M per US$1/bbl WTI increase; +$50M per US$1/bbl SYN - WTI increase; +$20M per US$1/bbl WCS - WTI increase; $140M per US$1/bbl NYH 2-1-1 increase; +$160M per C$1/GJ AECO decrease; +$200M per US$0.01/C$ decrease. 2025 results have been normalized to US$75 WTI business environment assumptions, as presented in the 2025 Q4 Report, based on annual AFFO sensitivities previously published for 2025, including: +$210M per US$1/bbl WTI increase; +$50M per US$1/bbl SYN - WTI increase; +$0M per US$1/bbl WCS - WTI increase; $170M per US$1/bbl NYH 2-1-1 increase; +$230M per C$1/GJ AECO decrease; +$135M per C$20/MWh Alberta Power Pool Price increase;+$240M per US$0.01/C$ decrease. Slide 11 ------------------------------------------------------------------- 1. 2023 results have been normalized to US$75 WTI business environment assumptions, as presented in the 2024 Q4 Report, based on annual AFFO sensitivities previously published for 2023: +$200M per US$1/bbl WTI increase; +$50M per US$1/bbl SYN - WTI increase; +$20M per US$1/bbl WCS - WTI increase; $140M per US$1/bbl NYH 2-1-1 increase; +$160M per C$1/GJ AECO decrease; +$200M per US$0.01/C$ decrease. 2024 results have been normalized to US$75 WTI business environment assumptions, as presented in the 2024 Q4 Report, based on annual AFFO sensitivities previously published for 2024: +$200M per US$1/bbl WTI increase; +$50M per US$1/bbl SYN - WTI increase; +$10M per US$1/bbl WCS - WTI increase; $150M per US$1/bbl NYH 2-1-1 increase; +$150M per C$1/GJ AECO decrease; +$230M per US$0.01/C$ decrease. 2025 results have been normalized to US$75 WTI business environment assumptions, as presented in the 2025 Q4 Report, based on annual AFFO sensitivities previously published for 2025, including: +$210M per US$1/bbl WTI increase; +$50M per US$1/bbl SYN - WTI increase; +$0M per US$1/bbl WCS - WTI increase; $170M per US$1/bbl NYH 2- 1-1 increase; +$230M per C$1/GJ AECO decrease; +$135M per C$20/MWh Alberta Power Pool Price increase;+$240M per US$0.01/C$ decrease. Slide 12 ------------------------------------------------------------------- 1. Based on RBC estimates for Suncor’s current WTI breakeven plus US$10/bbl. Slide 15 ------------------------------------------------------------------- 1. 2025 results have been normalized to US$65 WTI business environment assumptions based on annual AFFO sensitivities previously published for 2025, including: +$210M per US$1/bbl WTI increase; +$50M per US$1/bbl SYN - WTI increase; +$0M per US$1/bbl WCS - WTI increase; $170M per US$1/bbl NYH 2-1-1 increase; +$230M per C$1/GJ AECO decrease; +$135M per C$20/MWh Alberta Power Pool Price increase;+$240M per US$0.01/C$ decrease. 2025 includes adjustments for non-structural items as presented in the 2025 Q4 Report. Slide 24 ------------------------------------------------------------------- 1. Based on gasoline and diesel sales in Canada. Slide 27 ------------------------------------------------------------------- 1. 2025 results have been normalized to US$65 WTI business environment assumptions based on annual AFFO sensitivities previously published for 2025, including: +$210M per US$1/bbl WTI increase; +$50M per US$1/bbl SYN - WTI increase; +$0M per US$1/bbl WCS - WTI increase; $170M per US$1/bbl NYH 2-1-1 increase; +$230M per C$1/GJ AECO decrease; +$135M per C$20/MWh Alberta Power Pool Price increase;+$240M per US$0.01/C$ decrease. 2025 includes adjustments for non-structural items as presented in the 2025 Q4 Report. Slide 28 ------------------------------------------------------------------- 1. Estimated average shares outstanding is impacted by share buybacks. 2. 2025 results have been normalized to US$65 WTI business environment assumptions based on annual AFFO sensitivities previously published for 2025, including: +$210M per US$1/bbl WTI increase; +$50M per US$1/bbl SYN - WTI increase; +$0M per US$1/bbl WCS - WTI increase; $170M per US$1/bbl NYH 2-1-1 increase; +$230M per C$1/GJ AECO decrease; +$135M per C$20/MWh Alberta Power Pool Price increase;+$240M per US$0.01/C$ decrease. 2025 includes adjustments for non-structural items as presented in the 2025 Q4 Report. Slide 30 ------------------------------------------------------------------- 1. Estimated average shares outstanding is impacted by share buybacks. 2. 2025 results have been normalized to US$65 WTI business environment assumptions based on annual AFFO sensitivities previously published for 2025, including: +$210M per US$1/bbl WTI increase; +$50M per US$1/bbl SYN - WTI increase; +$0M per US$1/bbl WCS - WTI increase; $170M per US$1/bbl NYH 2-1-1 increase; +$230M per C$1/GJ AECO decrease; +$135M per C$20/MWh Alberta Power Pool Price increase;+$240M per US$0.01/C$ decrease. 2025 includes adjustments for non-structural items as presented in the 2025 Q4 Report. Slide 32 ------------------------------------------------------------------- 1. Dividends shown in the chart are based on US$65 WTI. Slide 34 ------------------------------------------------------------------- 1. The 95-year Contingent Resource Life Index is as at December 31, 2025 and assumes that approximately 30.4 billion barrels of unrisked mining and in situ contingent resources (reported as SCO & bitumen and equivalent to 32.4 billion barrels of bitumen) are produced at a rate of 293 Mbbl/yr (reported as SCO & bitumen and equivalent to 342 Mbbl of bitumen per year), Suncor’s production rate in 2025. 2. The 25-year Reserve Life Index is as at December 31, 2025 and assumes that approximately 7.2 billion barrels of proved and probable reserves (2P) are produced at a rate of 293 Mbbl/yr, Suncor’s production rate in 2025. Slide 36 ------------------------------------------------------------------- 1. Based on public data from AER applications and performance reports. Slide 37 ------------------------------------------------------------------- 1. Refers to contingent resources developed per phase. Slide 38 ------------------------------------------------------------------- 1. SAGD refers to steam assisted gravity drainage. 2. ES-SAGD refers to expanding solvent steam assisted gravity drainage. Slide 39 ------------------------------------------------------------------- 1. ES-SAGD refers to expanding solvent steam assisted gravity drainage. 2. Refers to contingent resources developed per phase. 3. Based on expected stream-day capacity. Slide 40 ------------------------------------------------------------------- 1. ES-SAGD refers to expanding solvent steam assisted gravity drainage. 2. EBRT refers to enhanced bitumen recovery technology. 3. SAGD refers to steam assisted gravity drainage. Slide 41 ------------------------------------------------------------------- 1. Refers to contingent resources developed per phase. 2. Based on expected average production over the life of field. Slide 42 ------------------------------------------------------------------- 1. Capital intensities based on expected stream-day capacity or expected average production over the life of field. Slide 43 ------------------------------------------------------------------- 1. Refers to contingent resources developed per phase. Slide 50 ------------------------------------------------------------------- 1. Estimated average shares outstanding is impacted by share buybacks. Slide 54 ------------------------------------------------------------------- 1. Downstream margin and other includes adjustments to normalize for the US$65 WTI business environment, specifically the NYH 2-1-1 refining crack at US$25.00, and impact of upstream realizations relative to WTI. Slide 55 ------------------------------------------------------------------- 1. Includes additional improvement initiatives related to margin and cost improvement.
Slide 59 — Notes
S U N C O R E N E R G Y 59 Notes
Slide 60 — Visit us at the Investor Centre on suncor.com
S U N C O R E N E R G Y 60 S U N C O R E N E R G Y Visit us at the Investor Centre on suncor.com [email protected]