Suncor Energy files annual disclosure documents and renews NCIB

Press Release

Calgary, Alberta (February 26, 2025) – Suncor Energy (TSX: SU) (NYSE: SU) has filed its 2024 Annual Report, 2024 Annual Information Form and 2024 Management Proxy Circular.

To view the company’s annual disclosure documents, visit Suncor’s profile on sedarplus.com or sec.gov or visit Suncor’s website at suncor.com/financialreports.

Normal Course Issuer Bid (NCIB)

Additionally, the Toronto Stock Exchange (TSX) has accepted a notice filed by Suncor to renew its NCIB to purchase the company’s common shares through the facilities of the TSX, New York Stock Exchange and/or alternative trading systems in Canada and the U.S. The notice provides that, beginning March 3, 2025, and ending March 2, 2026, Suncor may purchase for cancellation up to 123,800,000 common shares, which is equal to approximately 10% of Suncor’s public float of 1,238,099,685 common shares as of February 18, 2025. On February 18, 2025, Suncor had 1,238,456,851 common shares issued and outstanding.

The actual number of common shares that may be purchased under the NCIB and the timing of any such purchases will be determined by Suncor. Suncor believes that, depending on the trading price of its common shares and other relevant factors, purchasing its own shares represents an attractive investment opportunity and is in the best interests of the company and its shareholders. The company does not expect the decision to allocate cash to repurchase shares will affect its long-term strategy.

Pursuant to Suncor’s previous NCIB, Suncor agreed that it would not purchase more than 128,700,000 common shares between February 26, 2024, and February 25, 2025. Between February 26, 2024, and February 25, 2025, and pursuant to Suncor’s previous NCIB, Suncor repurchased 61,065,792 shares on the open market for approximately $3.258 billion, at a weighted average price of $53.35 per share.

Subject to the block purchase exemption that is available to Suncor for regular open market purchases under the NCIB, Suncor will limit daily purchases of Suncor common shares on the TSX in connection with the NCIB to no more than 25% (2,017,894 common shares) of the average daily trading volume of Suncor’s common shares on the TSX during the previous six-month period (8,071,576 common shares). Purchases under the NCIB will be made through open market purchases at market price, as well as by other means as may be permitted by securities regulatory authorities. Suncor expects to enter into an automatic share purchase plan in relation to purchases made in connection with the NCIB on March 3, 2025.

For more information about Suncor, visit our website at suncor.com.

Media inquiries:
833-296-4570
media@suncor.com

Investor inquiries:
invest@suncor.com

IBF4