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Suncor Energy to retain and optimize its Petro-CanadaTM retail business

Press Release

Calgary, Alberta (Nov. 29, 2022) – Suncor Energy’s (TSX: SU) (NYSE: SU) Board of Directors, today announced that following a comprehensive review, it has decided to retain and continue to improve and optimize the Petro-Canada retail business, increasing its EBITDA contribution and strengthening Suncor’s integrated refining & marketing business. This will include continued optimization of the Petro-Canada retail sites across the network as well as continued expansion of strategic partnerships in non-fuel related businesses such as quick service restaurants, convenience stores, loyalty partnerships and energy transition offerings.

“After careful consideration, the Board has concluded that retaining and optimizing the Company’s retail business will generate the highest long-term value for shareholders and therefore, has unanimously decided to retain and continue to optimize the network and expand strategic partnerships for the Petro-Canada retail business that enhance our capabilities and capture increased revenue and cash flow opportunities,” said Board Chair Mike Wilson. “Petro-Canada is a unique, differentiated, and strategic asset due to its strong national network and best in market consumer brand and loyalty program.”

A Committee of the Board, comprised of independent directors with support from independent external advisors and management, oversaw a comprehensive review and analysis of the Company’s retail business. The scope of the review consisted in part of, an analysis of the existing business, including an assessment of the value of Suncor’s integrated model, case studies from comparable peers, studies of the future of retail in Canada and Petro-Canada’s growth plans. The Board also reviewed preliminary indications of interest from a global set of third parties in the Petro-Canada business, through an independent market check process, and considered feedback from a broad range of Suncor stakeholders including investors. The Committee considered the pros and cons of a range of alternatives and the likelihood of capturing long-term value for Suncor if the business was sold.

The review highlighted the strength of the retail business, both as a leading marketer in Canada and as a key element of Suncor’s industry leading integrated model, particularly in the Downstream business. With 18% of the Canadian retail fuel sales, Petro-Canada holds the #1 Canadian Kent Fuel Market Share(1). The strength of this network is appreciated by the more than 3 million active members of Petro-Canada’s leading fuel loyalty program, Petro-Points. An iconic Canadian brand, Petro-Canada is recognized as Canada’s leading Energy brand(2) and the Most Trusted Gas Station Brand in Canada (3).

The Company will provide further information at its Investor Update on November 29, 2022.

1.) as measured by Kalibrate
2.) as reported in the 2021 Leger’s survey
3.) per the 2022 Gustavson Brand Trust Index.

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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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