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Suncor Energy announces 2023 production outlook and capital program

Press Release

Calgary, Alberta (Nov. 29, 2022) – Suncor Energy (TSX: SU) (NYSE: SU) released its 2023 corporate guidance today.

“Over the past several months, our new mining leadership has done an in-depth review of our assets and developed a multi-year plan that will deliver marked improvements in safety, reliability and operational performance,” said Kris Smith interim president and chief executive officer. “In addition, we will continue to optimize our assets to drive value and future growth in areas that are complementary to our base business.”

Members of the Suncor leadership team will discuss this outlook later today at the Company’s previously scheduled Investor Presentation beginning at 11 a.m. MT / 1 p.m. ET. A webcast of the event will be available at Suncor.com.

2023 Full Year Outlook
November 29, 2022
Suncor Total Production (boe/d) (1) 740,000 770,000
Oil Sands Operations (bbls/d) (2) 385,000 425,000
Synthetic Crude Oil (bbls/d) 290,000 310,000
Bitumen (bbls/d) 95,000 115,000
Fort Hills (bbls/d) Suncor working interest of 75.41% (3) 90,000 100,000
Syncrude (bbls/d) Suncor working interest of 58.74% 175,000 190,000
Exploration and Production (boe/d) (4) 65,000 75,000
Suncor Refinery Throughput (bbls/d) 430,000 445,000
Suncor Refinery Utilization (5) 92% 96%
Refined Product Sales (bbls/d) 550,000 580,000
  • Production ranges for Oil Sands operations, Fort Hills, Syncrude and Exploration and Production are not intended to add to equal Suncor Total Production.
  • Oil Sands operations production includes synthetic crude oil, diesel, and bitumen and excludes Fort Hills PFT bitumen and Syncrude synthetic crude oil production. These ranges reflect the integrated upgrading and bitumen production performance risk.
  • Fort Hills production assumes Suncor’s incremental 21.3% share of Fort Hills production acquired from Teck Resources Limited is effective April 1, 2023.
  • Exploration and Production volumes assume UK divestiture takes place effective June 30, 2023.
  • Refinery utilization is based on the following crude processing capacities: Montreal – 137,000 bbls/d; Sarnia – 85,000 bbls/d; Edmonton – 146,000 bbls/d; and Commerce City – 98,000 bbls/d.
Capital Expenditures (6)
(C$ millions) 2023 Full Year
Outlook % Economic
November 29, 2022 Investment (8)
Upstream Oil Sands (7) 3,625 3,875 30%
Upstream E&P 725 775 100%
Total Upstream 4,350 4,650 45%
Downstream 1,025 1,100 25%
Corporate 25 50 45%
Total 5,400 5,800 40%
  • Capital expenditures exclude capitalized interest of approximately $180 million.
  • Upstream Oil Sands capital expenditure includes approximately $100 million for Suncor’s incremental 21.3% share of Fort Hills acquired from Teck Resources Limited, which is assumed to close on April 1, 2023.
  • Balance of capital expenditures represents Asset Sustainment and Maintenance capital expenditures. For definitions of Economic

Investment and Asset Sustainment and Maintenance capital expenditures, see the Capital Investment Update section of Suncor’s Management’s Discussion and Analysis for the Third Quarter of 2022 dated November 2, 2022 (the “MD&A”), available at www. sedar.com.

Suncor’s corporate guidance provides management’s outlook for 2023 in certain key areas of the company’s business. Users of this forward-looking information are cautioned that actual results may vary materially from the targets disclosed. Readers are cautioned against placing undue reliance on this guidance.

For more detail on Suncor’s outlook and capital spending plan, see suncor.com/guidance.

For an updated Investor Relations presentation and the third quarter Investor Relations deck, see suncor.com/investor-centre.

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For more information about Suncor, visit our web site at suncor.com or follow us on Twitter @Suncor

Media inquiries:

(833) 296-4570
[email protected]

Investor inquiries:

(800) 558-9071
[email protected]

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