Slides
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SUNCOR ENERGY Investor Information Q2 2026 Published August 4 , 2026 SUNCOR
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SUNCOR ENERGY 2 Suncor key statistics 2 Market capitalization Q2 2026 $89B Net debt to AFFO Q2 2026 TTM 0.3x Oil sands reserve life index 2025 25 yrs Upgrading capacity 556 kbpd Refining capacity1 511 kbpd Production to Market Q2 YTD 818 kbpd Refinery utilization1 Q2 YTD 95% AFFO Q2 YTD $9.4B Capital expenditures2 Q2 YTD $2.4B FFF Q2 YTD $6.9B 1, 2 See Slide Notes and Advisories
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SUNCOR ENERGY 3 Large, long-life, high-quality reserves & resources Unparalleled regional & vertical integration captures value, reduces volatility Industry-leading safety, reliable operational & financial performance Financially resilient, shareholder- focused capital allocation Suncor’s value proposition Deliver superior long-term shareholder value
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SUNCOR ENERGY 4 In situ contingent resources 22 Bbbls In situ 2P reserves 4 Bbbls Mining 2P reserves 3 Bbbls Mining contingent resources 8 Bbbls Large, long-life, high-quality reserves and resources Geographic concentration provides significant operational and development synergies 5,200 km2 lease area within a 100 km radius 25 yr reserve life1 95 yr contingent resource life2 1, 2 See Slide Notes and Advisories
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SUNCOR ENERGY 5 Unparalleled regional & vertical integration Constructed to capture value and reduce volatility Upstream production 860,000 bpd1 Refining throughput 480,000 bpd1 Product sales 620,000 bpd1 Interconnecting pipelines Nat gas trading Power trading Crude trading E&P Mining Upgrading Sales & MarketingDistribution & 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 1 See Slide Notes and Advisories
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SUNCOR ENERGY 6 Maximizing margins • Sustained 95%+ upgrader utilization1 • Feedstock optionality from multiple assets • All sites connected by pipeline • Future in situ projects integrated by design Close proximity of significant assets • Optimize storage, warehousing, supply chain management • Consolidate regional contracts (lodging, busing, flights, etc.) • Internally sourced diesel, solvent and diluent Oil sands regional integration synergies 1 See Slide Notes and Advisories
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SUNCOR ENERGY 7 0% 25% 50% 75% 100% • Over 20% increase in production in 5 years • Improved reliability, low-cost debottlenecks, infill drilling, stronger mine productivity, effective use of data and technology, etc. • Reliability gains with step-change in turnaround performance and increased integration benefits • Record combined upgrader utilization in 2025 of 99%1 Oil sands outstanding operational performance Upgrading (2021 - 2025) Base Plant Syncrude Bitumen production (2021 - 2025) Record utilization 99%1 Record utilization 100%1 1 See Slide Notes & Advisories 0 300 600 900 In SituMining kbpd +36 kbpd +131 kbpd +167 kbpd
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SUNCOR ENERGY 8 #1 Downstream business in the industry 1, 2, 3, 4 See Slide Notes & Advisories Edmonton refinery – directly connected to oil sands production Commerce City – the only refinery in Colorado & largest refinery in the US Rockies Montreal and Sarnia refineries - supply largest domestic market >22M people1 Export capability to 45 countries 14 refined product terminals across Canada 623 kbpd Product sales2 ~20% Canadian fuel market3 480 kbpd Crude throughput2 ~1,730 Petro-Canada retail sites4 511 kbpd Refining capacity
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SUNCOR ENERGY 9 $0 $5 $10 $15 $20 $25Refining EBITDA / bbl3 (CAD) Industry leading profitability 75 80 85 90 95 100 105 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Industry leading refinery utilization & profitability 2021 - 2025 average Refining utilization US average2 Cdn average2Suncor1 SU 1 2 3 4 5 6 7 Peers4 % 1, 2, 3, 4 See Slide Notes & Advisories Peer average
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SUNCOR ENERGY 10 • Low-cost crude feedstocks vs. WTI due to proximity to upstream production • Facilities tailored for higher diesel production (2-1-1 vs 3-2-1) • Access to strong product markets • Industry leading retail and wholesale business enhancing 5-2-2-1 Downstream’s winning formula Cumulative margin contribution 3-2-1 crack35-2-2-1 index 1, 2, 3 See Slide Notes & Advisories 0 2 4 6 8 10 $0 $20 $40 $60 2021 2022 2023 2024 2025 Benchmark cracks US$/bbl $9.3B 5 year margin uplift2 5-2-2-1 vs 3-2-1 ~35% average incremental margin1 5-2-2-1 vs. 3-2-1 $B
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SUNCOR ENERGY 11 0 2 4 6 8 2023 2024 2025 $B $3.3B free funds flow growth delivered in two years Proven track record of execution and delivering value 1, 2, 3 See Slide Notes and Advisories Normalized Free Funds Flow (@ US$75 WTI) Commitment Outperformance >$3.3B Growth vs 2023 +$2.3B Commitment Outperformance Delivered capital spend objective of $5.7B Returned 100% of excess funds to shareholders Maintained net debt at $8B target Achieved US$10/bbl WTI breakeven reduction Grew upstream production by 114 kbpd Grew downstream throughput by 60 kbpd 1 2 3
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SUNCOR ENERGY 12 0 10 20 30 40 50 60 70 80 90 100 Stronger global competitiveness WTI breakeven of global companies (includes total capital + base dividend) 4th quartile 3rd quartile 2nd quartile 1st quartile Canadian peers Global integrateds Source: RBC Capital Markets report dated February 17, 2026 US$/bbl Suncor 20231 Suncor 2025 1 See Slide Notes and Advisories
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SUNCOR ENERGY 13 $0B $46B 0% 5% 10% 15% 2016 2025 Cumulative cash returns Cash yield1 1, 2, 3 See Slide Notes and Advisories Proven track record of cash returns to shareholders 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 Cash returns >70% of average market cap returned to shareholders over 10 years2 Peer average3 CumulativeSuncor
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SUNCOR ENERGY 14 Balance sheet strength Debt maturity profile (as at Dec 31, 2025) $B CAD USD Investment grade • ALow DBRS Rating Limited • Baa1 Moody’s Corp • BBB+ Fitch Ratings $9B liquidity 1.0x (~$10B) net debt to AFFO (US$50 WTI) 0.0 0.5 1.0 1.5 2.0
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SUNCOR ENERGY 15 30 35 40 2025 2026E 2027E 2028E 3 4 5 6 7 8 2025 2026E 2027E 2028E 2026 Investor Day – our new commitment Additional US$5/bbl breakeven reduction and $2B free funds flow growth by 2028E WTI breakeven Free Funds Flow (@ US$65 WTI) +$2B US$/bbl $B normalized1 $5/bbl 1 See Slide Notes and Advisories
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SUNCOR ENERGY 16 700 800 900 1,000 2025 Mining In situ E&P 2028E 700 800 900 1,000 2025 2026E 2027E 2028E 100 kbpd production growth … again Continued growth from existing upstream assets By year By segment kbpd kbpd
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SUNCOR ENERGY 17 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 & shareholder returns by 2028E at $80 WTI vs 2025 actuals US$65 WTI US$80 WTI 2028E vs 2025 actuals (%)1 75% 110% 165% Note: Cash returns include dividends and share buybacks2 1, 2 See Slide Notes and Advisories
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Appendix
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SUNCOR ENERGY 19 2026 corporate guidance1 1, 2, 3, 4, 5, 6 See Slide Notes & Advisories Business environment Brent – Sullom Voe (US$/bbl) 87.00 WTI – Cushing (US$/bbl) 80.00 WCS – Hardisty (US$/bbl) 65.00 SYN – Hardisty (US$/bbl) 82.50 NYH 2-1-1 (US$/bbl) 50.00 CHI 2-1-1 (US$/bbl) 44.00 Suncor custom 5-2-2-1 index (US$/bbl) 48.35 AECO – C Spot (C$/GJ) 2.00 Alberta Power (C$/MWh) 35.00 Exchange Rate (US$/C$) 0.72 Sensitivities2 (approximate impact) AFFO ($M) +US$1/bbl WTI 190 +US$1/bbl NYH 2-1-1 180 +0.01 FX (US$/C$) (270) +C$1/GJ AECO (250) +C$20/MWh Alberta Power 140 +US$1/bbl WCS – WTI Diff 0 +US$1/bbl SYN – WTI Diff 60 Other information Current income tax expense ($M)5 4,400 - 4,700 Canadian effective tax rate 24% - 25% US effective tax rate 22% - 23% Average corporate interest rate 5% - 6% Oil Sands Operations Crown royalties6 12% - 15% Fort Hills Crown royalties6 4% - 6% Syncrude Crown royalties6 11% - 14% East Coast Canada royalties6 18% - 22% Capital expenditures Capital3 ($M) Economic investment4 Oil Sands 3,850 – 3,925 45% E&P 425 – 475 100% Downstream 1,300 – 1,375 30% Corporate 25 5% Total 5,600 – 5,800 45%
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SUNCOR ENERGY 20 2026 corporate guidance1 1, 2, 3 See Slide Notes & Advisories Impact on quarter (kbpd) Refinery throughput Q3 Q4 Edmonton 15 Montreal 25 40 0 Production & operating costs Production (kbpd) Cash Operating Costs ($/bbl) Total bitumen production 915 – 955 Upgraded – net SCO and diesel 530 – 540 Non-upgraded bitumen 255 – 270 Total Oil Sands production 785 – 810 E&P 55 – 60 Total Upstream production 840 – 870 By Asset Oil Sands Operations 470 – 495 $26.00 – $29.00 Fort Hills 175 – 185 $33.00 – $36.00 Syncrude (58.74% WI) 200 – 210 $34.00 – $37.00 Inter-asset transfers & consumption (60) – (80) E&P 55 – 60 Total Upstream production 840 – 870 Refinery throughput 460 – 475 Refinery utilization2 90% – 93% Refined product sales 600 – 620 Note Maintenance table above distinguishes between impacts on total bitumen production vs. upgrader SCO & diesel production. Base Mine and Syncrude bitumen production impacts (new in 2026) do not reflect additional maintenance but simply provide more information for clarity. Impacts for bitumen production and SCO & diesel production cannot be summed to calculate total production impact because a portion of total bitumen production is used as feedstock in the upgraders to produce SCO & diesel. Please see MD&A for historical upgrader yield percentages. Impact on quarter (kbpd) SCO & diesel production Q3 Q4 Base Plant 15 5 Syncrude (58.74%) 30 45 5 Impact on quarter (kbpd) Total bitumen production Q3 Q4 Firebag 5 MacKay River 5 Base Mine 15 Syncrude (58.74%) 35 45 15 2026 planned maintenance3
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SUNCOR ENERGY 21 $millions Exploration & Production ~425 – 475 In Situ well pads ~430 – 460 Other economic investment ~1,745 – 1,765 ~2,600 – 2,700 $millions Oil Sands ~2,100 – 2,150 Downstream ~875 – 925 Corporate ~25 ~3,000 – 3,100 Total ~5,600 – 5,800 ECONOMIC INVESTMENT CAPITAL2 Investing in projects to improve efficiency, flexibility & resilience ASSET SUSTAINMENT & MAINTENANCE CAPITAL2 Investing in base business & regular maintenance 2026 capital budget1 1, 2 See Slide Notes & Advisories Fort Hills North Pit Petro-Canada retail growth Mildred Lake East West White Rose Firebag and MacKay River well pads Project examples:
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SUNCOR ENERGY 22 Base - Millenium & North Steepbank 2025 bitumen production: 263 kbpd Suncor WI 100% 670M bbls 2P reserves1 Base Plant Upgraders 2025 SCO & diesel production: 344 kbpd 350 kbpd capacity Suncor WI 100% Syncrude – Mildred Lake & Aurora North 2025 bitumen production: 222 kbpd Suncor WI 58.74%, Suncor operated 862M bbls 2P reserves 1 Syncrude Upgrader 2025 SCO & diesel production: 205 kbpd 206 kbpd capacity Suncor WI 58.74%, Suncor operated Fort Hills 2025 bitumen production: 175 kbpd Suncor WI 100% 1,925M bbls 2P reserves 1 Oil sands with ~7.2 billion barrels of 2P reserves1 1 See Slide Notes and Advisories *All values net to Suncor Firebag 2025 bitumen production: 245 kbpd Suncor WI 100% 3,184M bbls 2P reserves 1 MacKay River 2025 bitumen production: 33 kbpd Suncor WI 100% 552M bbls 2P reserves 1 In Situ Mining & upgrading
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SUNCOR ENERGY 23 Offshore with ~247 million barrels of 2P reserves1 Hebron ExxonMobil operated Suncor WI 21% 2025 production: 29 kbpd 92M bbls 2P reserves 1 Terra Nova Suncor operated Suncor WI 48% 2025 production: 11 kbpd 30M bbls 2P reserves1 Hibernia ExxonMobil operated Suncor WI 20%2 2025 production: 14 kbpd 62M bbls 2P reserves1 White Rose Cenovus operated Suncor WI 39% 3 2025 production: 4 kbpd 64M bbls 2P reserves1 West White Rose Extension in progress Expected peak production ~30 kbpd 1, 2, 3 See Slide Notes and Advisories *All values net to Suncor
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SUNCOR ENERGY 24 Refining advantage Feedstock advantages2 Product advantages2 Edmonton 159 kbpd1 throughput capacity (146 kbpd in 2025) Directly connected to Oil Sands production; processes unique custom crude blends tailored to maximize yield and utilization. 23% diluted bitumen, 27% sour, 38% sweet, 12% other Large reach with diverse market access – West Coast, PADD 4, Eastern Canada, International via tidewater; world class advanced process control maximizing blending value. 43% gasoline, 47% distillate, 5% jet, 5% other Sarnia 92 kbpd1 throughput capacity (85 kbpd in 2025) Tied into Western market for oil sands crude; crude source flexibility between mid-west and oil sands crude. 51% sour, 42% sweet, 7% others Integrated with Montreal refinery to supply large local market; has a partial ownership in refined products pipeline to the Greater Toronto Area; direct access to international waters. 47% gasoline, 35% distillate, 5% jet, 13% other Montreal 157 kbpd1 throughput capacity (137 kbpd in 2025) Strong feedstock optionality with access to Western Canadian, US, and tidewater crudes via pipeline, rail and marine. 22% diluted bitumen, 1% sour, 76% sweet, 1% other Integrated with Sarnia refinery to supply large local market; advantaged logistics including access to Atlantic tidewater; feedstock & products optimization to Ontario/Quebec; synergy with chemicals and asphalt market. 41% gasoline, 41% distillate, 18% other (jet capability brought online Q4 2025 up to 10%) Commerce City 103 kbpd1 throughput capacity (98 kbpd in 2025) Bulk of crude from Colorado and local basins resulting in transportation and pricing advantages; optionality for North Dakota, Wyoming, Montana & Western Canadian crude. 15% diluted bitumen, 18% sour, 66% sweet, 1% other Core supplier of jet fuel used at Denver International Airport via direct pipeline; Colorado's largest producer & supplier of paving-grade asphalt, optionality to PADD 4/5. 50% gasoline, 24% distillate, 9% jet, 17% other 1, 2 See Slide Notes and Advisories
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SUNCOR ENERGY 25 Q1 2019 Example WTI + NYH 2-1-1 73.15 40% 29.26 WTI + Chicago 2-1-1 70.25 40% 28.10 WTI 54.9 20% 10.98 Seasonal Factor 6.50 Product Value ($US/bbl) 74.85 SYN 52.6 40% 21.04 WCS 42.5 40% 17.00 WTI 54.9 20% 10.98 Crude Value ($US/bbl) 49.00 Gross Margin ($US/bbl) 25.85 FX ($US/$C) 0.75 Average Refinery Production (mbbls)1 44,000 Gross Margin excl-FIFO ($C millions) 1,515 Suncor 5-2-2-1 Index 1 See Slide Notes & Advisories To help investors and analysts model Suncor’s Refining and Marketing (R&M) business, we have designed an indicative 5-2-2-1 gross margin based on publicly available pricing data. This is a single value that incorporates refining, product supply and rack forward businesses, but excludes the impact of first-in, first-out (FIFO) accounting. New York Harbor (NYH) 2-1-1 & Chicago 2-1-1 These regional benchmark cracking margins are indicative of Suncor’s western and eastern refining margins. Each 2-1-1 formula represents the spread between 2 barrels of WTI crude oil and 1 barrel each of gasoline and ULSD. WTI is added to cracking margins to represent full product value. Seasonal Factor An estimate of USD $6.50/bbl in Q1/Q4 and USD $5.00/bbl in Q2/Q3 reflect the grade quality and location spreads for refined products sold in the company’s core markets during the winter and summer months, respectively. WTI = West Texas Intermediate crude oil at Cushing SYN = Sweet Synthetic crude at Edmonton WCS = Western Canadian Select at Hardisty Gross Margin = Product Value – Crude Value Product Value = NYH 2-1-1 (40%) + Chicago 2-1-1 (40%) + WTI (20%) + Seasonal Factor Crude Value = SYN (40%) + WCS (40%) + WTI (20%)
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SUNCOR ENERGY 26 Q4 2018 Q1 2019 WTI ($US/bbl) Dec-18 49.00 70% 34.30 60% 30.79 Mar-19 58.15 70% 40.71 60% 34.32 Nov-18 56.70 30% 17.01 Feb-19 55.00 30% 16.50 WCS ($US/bbl) Dec-18 6.00 70% 4.20 20% 1.50 Mar-19 48.20 70% 33.74 20% 9.47 Nov-18 11.05 30% 3.32 Feb-19 45.35 30% 13.61 SYN ($US/bbl) Dec-18 17.70 70% 12.39 20% 4.52 Mar-19 58.30 70% 40.81 20% 11.45 Nov-18 34.10 30% 10.23 Feb-19 54.80 30% 16.44 Average inventory cost/bbl 36.81 55.24 Inventory barrels (mmbbls) 25 25 Inventory Value ($US) 920 1,381 19.10 25.39 35.25 49.65 Benchmark crack Benchmark crack Crude differential Product mix, location differential & other Realized GM (LIFO) FIFO impact Realized GM (FIFO) R&M gross margin calculation example – Q1 2019 1 See Slide Notes & Advisories FIFO1 impact calculation example – Q1 2019 Q1 2019 vs. Q4 2018 FIFO gain of US$460M/C$615M All Suncor refineries Realized GM/bbl vs. NYH 2-1-1 benchmark – Q1 2019 NYH 2-1-1 US$ NYH 2-1-1 C$ 1
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SUNCOR ENERGY 27 First-in, first-out (FIFO) inventory gains and losses 1 See Slide Notes & Advisories 30% Middle month of the quarter price 70% last month of the quarter price 30% Middle month of the quarter price 70% last month of the quarter price SYN (~20%) Composition of average inventory barrel Illustration of how to calculate prices used for FIFO impact Prior reporting quarter price Current reporting quarter price The change in inventory value each quarter indicates the magnitude of the FIFO impact A decrease in inventory value reflects a loss Associated with a decreasing business environment An increase in inventory value reflects a gain Associated with an increasing business environment FIFO impact Key rules of thumb 45 Average number of days in inventory across refineries1 Edmonton Commerce City Montreal / Sarnia Average (~ 1.5 months) Products storage time1 – Time between product processed and shipment beyond refinery gate Crude logistics time1 – Time between purchase of feedstock to receipt at refinery gate Crude & products inventory & timing The amount of time between purchase of feedstock to sale of refined product has direct correlation to FIFO impact Commodity mix in inventory1 WCS (~20%) WTI (~60%) *Transit & storage time will vary depending on market & operating conditions
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SUNCOR ENERGY 28 Advisories Forward-Looking Statements – Forward-Looking Statements – This presentation contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward- looking statements”), including statements about: Suncor’s strategy, objectives and business plans; expected operating and financial results, including the targets of an additional US$5/bbl WTI breakeven reduction, $2B free funds flow growth and 100 kbpd production growth from existing upstream assets; expected AFFO, free funds flow and cash returns per share; Suncor’s expected capital allocation priorities; reserves estimates and reserve life indices; contingent resource estimates and resource life indices; expectations for future in situ projects at Firebag and Lewis; expectations for adjusted funds from operations, planned capital expenditures (including the allocation between sustaining capital and economic capital) and Suncor’s 2026 capital allocation framework including dividends and share repurchases; expectations about Suncor’s 2026 net debt and related ratios; Suncor's debt maturity profile; Suncor’s 2026 expected production mix and decline rates; expectations regarding the benefits and impacts of OEMS; Suncor’s 2026 capital budget; expected utilization of assets; nameplate capacities; Suncor’s corporate guidance including capital and production guidance for 2026, planned maintenance and the timing thereof and business environment outlooks; West White Rose expected peak production; and the assumption that Suncor's 5-2-2-1 index will continue to be an appropriate measure against Suncor's actual results. Forward- looking statements are based on Suncor’s current expectations, estimates, projections and assumptions that were made by Suncor in light of its experience and its perception of historical trends. Some of the forward-looking statements may be identified by words such as “planned”, “estimated”, “target”, “goal”, “commitment”, “illustrative”, “strategy”, “expected”, “focused”, “opportunities”, “may”, “will”, “outlook”, “anticipated”, “potential”, “guidance”, “predicts”, “aims”, “proposed”, “seeking” and similar expressions. 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. Users of this information are cautioned that actual results may differ materially as a result of, among other things, assumptions regarding: commodity prices, interest and foreign exchange rates and potential trade tariffs; the performance of assets and equipment; capital efficiencies and cost-savings; applicable laws and government policies; future production rates; the development and execution of projects; assumptions contained in or relevant to Suncor’s 2026 Corporate Guidance; product supply and demand; market competition; future production rates; assets and facilities performing as anticipated; expected debottlenecks, cost reductions and margin improvements being achieved to the extent anticipated; dividends declared and share repurchases; the sufficiency of budgeted capital expenditures in carrying out planned activities; expected synergies and the ability to sustain reductions in costs; the ability to access external sources of debt and equity capital; the timing and the costs of well and pipeline construction; 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; the impact of royalty, tax, environmental and other laws or regulations or the interpretations of such laws or regulations; applicable political and economic conditions; improvements in performance of assets; and the timing and impact of technology development. Although Suncor believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Suncor’s Report to Shareholders for the quarter ended June 30, 2026 and dated August 4, 2026 (the Q2 MD&A), Annual Report for the year ended December 31, 2025 (the 2025 Annual Report) and its most recently filed Annual Information Form/Form 40-F and other documents it files from time to time with securities regulatory authorities describe the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors are incorporated herein by reference. Copies of these documents are available on SEDAR+ at www.sedarplus.ca or EDGAR at www.sec.gov. 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 readers are cautioned not to place undue reliance on them. Suncor’s corporate guidance includes a planned production range, planned maintenance, capital expenditures and other information, based on our current expectations, estimates, projections and assumptions (collectively, the Factors), including those outlined in our 2026 Corporate Guidance available on www.suncor.com/en- ca/investors/financial-reports-and-guidance, which Factors are incorporated herein by reference. Suncor includes forward-looking statements to assist readers in understanding the company’s future plans and expectations and the use of such information for other purposes may not be appropriate. Non-GAAP Measures – Certain financial measures in this presentation – namely adjusted funds from operations (AFFO), free funds flow (FFF), normalized free funds flow, net debt, last-in first-out (LIFO), Oil Sands operations cash operating costs, Fort Hills cash operating costs and Syncrude cash operating costs - are not prescribed by GAAP. Non-GAAP measures presented herein 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 should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. All non-GAAP measures 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 “Non-GAAP and Other Financial Measures Advisory” section of the Q2 MD&A. Adjusted funds from operations is calculated as cash flow provided by operating activities excluding changes in non-cash working capital. Net debt is equal to total debt less cash and cash equivalents. Free funds flow is calculated by taking adjusted funds from operations and subtracting capital expenditures, including capitalized interest. Normalized free funds flow is calculated by taking free funds flow and normalizing it for US$75 or US$65 WTI business environment assumptions. Adjusted funds from operations, free funds flow and net debt are defined in the Q2 MD&A and are reconciled to the GAAP measure in the Q2 MD&A for the period ended June 30, 2026, and for all prior periods are reconciled in the management’s discussion and analysis (MD&A) for the respective year. Normalized free funds flow is defined and reconciled in the Report to Shareholders for the quarter ended December 31, 2025 and December 31, 2024, as applicable. Measures contained in Oil Sands cash operating costs, Fort Hills cash operating costs and Syncrude cash operating costs are defined and reconciled, as applicable, in the Q2 MD&A. All reconciliations noted above are in the Non-GAAP Financial Measures Advisory section of the applicable Quarterly Report and/or MD&A, each of which are available on the company’s SEDAR+ profile available at www.sedarplus.ca and each such reconciliation is incorporated by reference herein. 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 herein 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. The 25-year Oil Sands reserves life as at December 31, 2025 is based on the following: assumes that approximately 7.2 billion barrels of mining and in situ proved and probable reserves (2P) are produced at a rate of 293 Mbbl/yr. 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 Suncor’s most recent Annual Information Form dated February 25, 2026 available at www.sedarplus.ca or Form 40-F dated February 26, 2026 and available at www.sec.gov. 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 herein 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. The 95-year contingent resource life 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. For more information on Suncor’s contingent resources, definitions, Suncor’s interest, location of the resources and the product types reasonably expected please see Suncor’s Statement of Contingent Resources dated March 30, 2026 available at www.sedarplus.ca . Contingent resources data is based upon evaluations conducted by independent qualified reserves evaluators as defined in NI 51-101.
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SUNCOR ENERGY 29 Slide Notes Slide 2 -------------------------------------------------------------- (1) Refining nameplate capacity increased to 511 kbpd from 466 kbpd in Q1 2026. (2) Excludes $80 million of capitalized interest on debt. Slide 4 -------------------------------------------------------------- (1) See Reserves in the Advisories. (2) See Contingent Resources in the Advisories. Slide 5 -------------------------------------------------------------- (1) Approximate values based on 2025 results. Slide 6 -------------------------------------------------------------- (1) Utilization percentage is based on upgraded production, inclusive of internally consumed products and inter-asset transfers divided by nameplate capacity. Slide 7 -------------------------------------------------------------- (1) Utilization percentage is based on total upgraded production, inclusive of internally consumed products and inter-asset transfers divided by nameplate capacity. Slide 8 ------------------------------------------------------------- (1) The Montreal and Sarnia refineries have a local reach of over 22 million people according to population numbers retrieved from Statistics Canada 2021 census. (2) Crude throughput and refined product sales for the year-ended 2025. (3) Based on Kent (a Kalibrate company) survey data for year-end 2025. (4) 1731 retail sites were operated under the Petro-Canada brand as of December 31, 2025. Slide 9 -------------------------------------------------------------- (1) Utilization based on prior refining nameplate capacity of 466 kbpd which has been increased to 511 kbpd in Q1 2026. (2) Source: US Energy Information Administration and Canada Energy Regulator. (3) EBITDA per barrel information obtained from public disclosures and is based on refining production volumes (Suncor 2025 refining volume of 185.5 million barrels). Non-refining and marketing business segments, where applicable, have been excluded for comparability. (4) Refining peers in alphabetical order: CVR, HollyFrontier, Imperial, Marathon, PBF, Phillips 66 and Valero. Source of information: company quarterly and annual reports. Turnaround expenses that were capitalized (under IFRS) were reallocated as an expense for comparability with those companies who file under GAAP. Slide 10 -------------------------------------------------------------- (1) 5-year average difference between Suncor’s custom 5-2-2-1 index vs. average of NYH and CHI 3-2-1 cracks (2) Difference between Suncor’s custom 5-2-2-1 index vs. average of NYH and CHI 3-2-1 cracks multiplied by refinery production cumulative for 5 years. (3) Represents the annual average of New York Harbor and Chicago cracks. 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. (2) 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. (3) 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 13 -------------------------------------------------------------- (1) Cash yield is equal to the sum of dividends and common share buybacks divided by the average annual market capitalization of the company for the period. (2) Sum of total dividends and share buybacks over 10-year period divided by daily average market cap over the same 10-year period as per Factset. (3) Source of information: Factset. Peers include CNQ, CVE and IMO. 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 17 -------------------------------------------------------------- (1) Refer to the US$80 WTI business environment assumptions in the 2026 Investor Day presentation dated March 31, 2026. (2) All dividends and share buybacks are at the discretion of Suncor’s Board of Directors. Actual results may differ materially. See Forward-Looking Statements in the Advisories. Slide 19 -------------------------------------------------------------- (1) Full guidance is available at www.suncor.com/en- ca/investors/financial-reports-and-guidance. See Forward-Looking Statements in the Advisories (2) Baseline AFFO has been derived from midpoint of 2026 guidance and the associated business environment. Sensitivities are based on changing a single factor by its indicated range while holding the rest constant. (3) Capital expenditures exclude capitalized interest of approximately $150 million. (4) Balance of capital expenditures represents Asset Sustainment and Maintenance capital expenditures. For a description of Asset Sustainment and Maintenance capital expenditures see the Capital Investment Update section of the 2026 Q2 MD&A (5) Reflects income taxes that impact adjusted funds from operations. (6) Reflected as a percentage of gross revenue. Slide 20 -------------------------------------------------------------- (1) Full guidance is available at www.suncor.com/en- ca/investors/financial-reports-and-guidance. See Forward-Looking Statements in the Advisories (2) Based in new refining nameplate capacity of 511 kbpd; this increased from 466 kbpd in Q1 2026. (3) Reflects planned maintenance only and is not inclusive of all factors impacting production. Bitumen production profile can be impacted by other factors such as mine plan, ore grade, weather conditions, reservoir conditions, sequencing of well pads, etc. SCO & diesel production profile can be impacted by weather conditions, factors that impact yield, unplanned maintenance, etc. Estimated production impacts are calculated based on 2026 expected run rates excluding scheduled maintenance. For SCO & diesel production this run rate is net of inter-asset transfers. Slide 21 -------------------------------------------------------------- (1) Full guidance is available at www.suncor.com/en- ca/investors/financial-reports-and-guidance. Based on company’s current business plans and the current business environment, which are subject to change, as well as possible future opportunities which may be subject to Board of Directors’, counterparty and regulatory approval. Actual results may differ materially. There can be no assurance these opportunities will be pursued or if pursued that they will result in the expected benefits. See Forward-Looking Statements in the Advisories. (2) For a description of asset sustainment and maintenance capital expenditures and economic investment capital see the Capital Investment Update section of the Q2 MD&A Slide 22 -------------------------------------------------------------- (1) Reserves are working interest before royalties. See Reserves in the Advisories. The estimates of reserves for individual properties provided herein may not reflect the same confidence level as estimates of reserves for all properties due to the effects of aggregation. Suncor’s total 2P Reserves (gross) were 7,440 Mbbl at December 31, 2025. Slide 23 -------------------------------------------------------------- (1) Reserves are working interest before royalties. See Reserves in the Advisories. The estimates of reserves for individual properties provided herein may not reflect the same confidence level as estimates of reserves for all properties due to the effects of aggregation. Suncor’s total 2P Reserves (gross) were 7,440 Mbbl at December 31, 2025. (2) Suncor’s working interest is 20% for the Hibernia project and 19.5% the Hibernia South project. (3) Suncor’s working interest is 40% for the White Rose base project and 38.6% the West White Rose project. Slide 24 -------------------------------------------------------------- (1) Nameplate capacities were updated during the quarter ended March 31, 2026. Nameplate capacities may not be reflective of actual utilization rates. See Forward-Looking Statements in the Advisories. (2) Feedstock and product mix percentages for year ended December 31, 2025. Slide 25 -------------------------------------------------------------- (1) Average refinery production is based on the twelve months ended March 31, 2019. Slide 26 -------------------------------------------------------------- (1) Inventory barrels are an illustrative approximation, and actual results will vary depending on market and operating conditions. See Forward Looking Statements in the Advisories. Slide 27 -------------------------------------------------------------- (1) Crude logistics time, products storage time, commodity mix in inventory and average number of days in inventory are an illustrative approximation and actual results will vary depending on market and operating conditions. See Forward-Looking Statements in the Advisories.
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