Suncor Energy’s record year 2025 delivers Investor Day commitments a year early

• Safest year in the company’s history for both personnel and process safety
• Best quarterly and annual upstream production and upgrader utilization ever
• Best ever quarterly and annual refinery throughput and utilization
• The 2024 Investor Day commitments will be achieved in two years, instead of a three-year plan
• March 2026 Investor Day to describe what’s next in creating shareholder value

Suncor Energy (TSX: SU) (NYSE: SU) today announced it achieved its 2024 performance targets on Investor Day, one year ahead of schedule. Record operating performance in both the 4^e quarter and full year 2025 supported the early delivery of the three-year plan. Detailed financial and operating results will be shared during the company’s fourth quarter earnings call on February 4, 2026, and plans to continue delivering shareholder value will be presented at the next Investor Day on March 31, 2026 in Toronto.

Safety performance

• Best ever safety results for the 3^rd consecutive year, both in the field of personnel and process safety
  • Lost time and process safety events reduced by 70% compared to 2022

Fourth quarter operating performance

• File upstream production of 909,000 bbls/day, an increase of 34,000 bbls/day from 4^e quarter 2024
• File upgrader usage of 106%, up 3% from 4^e quarter 2024
• File refinery throughput of 504,000 bbls/day, an increase of 18,000 bbls/day from 4^e quarter 2024
• File refinery use of 108%, an increase of 4% from 4^e quarter 2024

Operational performance throughout the year

• File upstream production of 860,000 bbls/day, an increase of 32,000 bbls/day compared to 2024
• File upgrader usage of 99%, an increase of 1% from 2024
• File refinery throughput of 480,000 bbls/day, an increase of 15,000 bbls/day compared to 2024
• File refinery use of 103%, an increase of 3% compared to 2024

Investor Day 2024 – achieved or exceeded the three-year targets below one year earlier

• Increase in normalized free money flow by $3.3 billion per year
• Reducing companies’ WTI breakeven by $10 per barrel
• Increase in upstream production by more than 100,000 bbls/day
• Reduction of annual capital expenditures to $5.7 billion
• Reducing net debt to $8 billion, with 100% of the excess cash going to shareholders

“We achieved our ambitious three-year 2024 targets at Investor Day a full year ahead of schedule, while setting new records in workforce and process safety, upstream production and refinery utilization. These results demonstrate the quality of our assets, the capabilities of our people, and that Suncor is delivering on its promises today. The results have significantly improved our financial strength and resilience and enabled us to return $11.5 billion to shareholders through dividends and buybacks over the past two years of treasury shares,” said Rich Kruger, President and Chief Executive Officer. “Our Investor Day 2026 will detail how we plan to build on this momentum and continue to create superior value for our shareholders in the years ahead.”

Legal advice – forward-looking information

This press release contains certain forward-looking information and forward-looking statements (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements in this press release include, among other things, the planned Investor Day on March 31, 2026 and references to future free fund growth and shareholder value creation. Forward-looking statements are based on Suncor’s current expectations, estimates, projections and assumptions made by the company in light of information available at the time the statement was made, and take into account Suncor’s experience and its perception of historical trends.

Forward-looking statements and information are not guarantees of future performance and involve a number of risks and uncertainties, some of which are similar to those of other oil and gas companies and others that are unique to Suncor. Suncor’s actual results may differ materially from those expressed or implied by the forward-looking statements. Readers are therefore cautioned not to place undue reliance on it.

Suncor’s Annual Information Form, Annual Report to Shareholders and Form 40-F, each dated February 26, 2025, Suncor’s Report to Shareholders for the Third Quarter 2025 dated November 4, 2025 and references to Suncor’s updated 2025 corporate guidance incorporated herein, and other documents it files from time to time with securities regulators, describe the risks, uncertainties, material assumptions and other factors that could affect actual results and such factors are incorporated herein by reference. Copies of these documents are available at suncor.com/FinancialReports or on SEDAR+ at sedarplus.ca or EDGAR op 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.

Non-GAAP Financial Measures

Certain financial measures used in this press release, namely normalized free funds flow, are not required by GAAP. The non-GAAP measures presented here do not have a standardized meaning and are therefore 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 performance measures prepared in accordance with GAAP. All non-GAAP measures are included because management uses the information to analyze operations and performance, leverage and liquidity and therefore may be considered useful information by investors.

Free cash flow is calculated by removing adjusted funds from operations and subtracting capital expenditures, including capitalized interest. Normalized FCF is calculated by taking FCF and normalizing it at a WTI price of US$75. Normalized FCF is defined and reconciled in Suncor’s Q4 2024 Report to Shareholders dated February 5, 2025.

All reconciliations mentioned above are included in the non-GAAP Financial Measures Advisory section of the applicable Quarterly Report and/or MD&A, each of which is available in the Company’s SEDAR Profile, available at www.sedarplus.ca and any such alignment is incorporated herein by reference.

The WTI breakeven price of companies is an additional financial measure that represents the WTI price per barrel in US dollars, which is equal to Suncor’s operating expenses, dividend payment amount and maintenance capital per barrel. Management uses the company’s breakeven price to measure the company’s performance and believes it provides investors with important information about the efficiency and profitability of Suncor’s operations.

Suncor Energy is Canada’s leading integrated energy company. Suncor’s activities include oil sands development, production and modernization; offshore oil production; petroleum refining in Canada and the US; and the company’s Petro-Canada™ retail and wholesale distribution networks (including Canada’s Electric Highway™, a coast-to-coast network of fast-charging stations for electric vehicles). Suncor develops petroleum resources while advancing the transition to a lower emissions future by investing in lower emissions intensity energy, renewable raw materials and projects that target emissions intensity. Suncor also conducts energy trading activities primarily focused on the marketing and trading of crude oil, natural gas, byproducts, refined products and energy. Suncor’s common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.

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

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