Suncor Energy reports 2013 first quarter results

Suncor Energy reports 2013 first quarter results 
All financial figures are unaudited and presented in Canadian dollars
(Cdn$) unless noted otherwise. Production volumes are presented on a
working-interest basis, before royalties, unless noted otherwise.
Certain financial measures referred to in this document are not
prescribed by Canadian generally accepted accounting principles
(GAAP). For a description of these non-GAAP financial measures, see
the Non-GAAP Financial Measures section of this news release.
References to Oil Sands operations production and cash operating
costs exclude that production and those costs associated with
Syncrude's operations. 
CALGARY, ALBERTA -- (Marketwired) -- 04/29/13 -- "Suncor's unique
integrated business model is driving strong and consistent financial
results, allowing us to make a step change in the dividends we pay
our shareholders while continuing to invest in profitable growth,"
said Steve Williams, president and chief executive officer. "We have
the resources, the assets, the balance sheet and the strategy to
continue to grow shareholder returns."  


 
--  Operating earnings of $1.367 billion ($0.90 per common share) and net
    earnings of $1.094 billion ($0.72 per common share). 
--  Cash flow from operations of $2.284 billion ($1.50 per common share),
    including record quarterly cash flow from operations in the Refining and
    Marketing segment of $1.067 billion. 
--  Record quarterly production of 357,800 barrels per day (bbls/d) and a 9%
    decrease in cash operating costs per barrel in Oil Sands operations,
    reflecting strong reliability from the company's upgrading operations
    and continued ramp up of Firebag. 
--  Decision to not proceed with the Voyageur upgrader project and an
    agreement reached to sell a significant portion of the company's natural
    gas business in Western Canada reinforces Suncor's foundation for long-
    term profitable growth. 
--  Suncor's Board of Directors has approved a dividend increase of 54% and
    a repurchase of up to $2 billion common shares, reinforcing the
    company's commitment to return cash to shareholders.

 
Suncor Energy Inc. recorded strong first quarter 2013 operating
earnings of $1.367 billion ($0.90 per common share), compared to
$1.318 billion ($0
.84 per common share) for the first quarter of
2012, reinforcing the value of Suncor's integrated model as
additional margin per barrel was captured in Refining and Marketing
as western Canadian crude differentials widened. The quarter's
results were highlighted by strong reliability from the company's in
situ, upgrading and refining operations, which resulted in record Oil
Sands production and record Refining and Marketing profitability. 
Cash flow from operations was $2.284 billion ($1.50 per common share)
for the first quarter of 2013, compared to $2.415 billion ($1.55 per
common share) for the first quarter of 2012. In addition to the same
factors affecting operating earnings, cash flow from operations in
the first quarter of 2013 was impacted by a $93 million charge as a
result of not proceeding with the Voyageur upgrader project. In
addition to this charge, Suncor also acquired Total E&P Canada Ltd.'s
(Total E&P) share of costs as a result of not proceeding with the
project of $90 million, for an expected total cash spend of $183
million.  
Net earnings were $1.094 billion ($0.72 per common share) for the
first quarter of 2013, compared with net earnings of $1.446 billion
($0.93 per common share) for the first quarter of 2012. In addition
to the factors that impacted operating earnings, the decrease in net
earnings compared to the first quarter of 2012 was due to a $146
million after-tax foreign exchange loss on the revaluation of U.S.
dollar denominated long-term debt and an after-tax charge of $127
million as a result of not proceeding with the Voyageur upgrader
project. ROCE (excluding major projects in progress) for the twelve
months ended March 31, 2013 was 7.1%, compared to 14.7% for the
twelve months ended March 31, 2012. ROCE was impacted by
approximately 4% due to an after-tax impairment charge of $1.487
billion relating to the Voyageur upgrader project in the fourth
quarter of 2012, in addition to the $127 million charge recorded in
the first quarter of 2013. 
"The strength of our integrated business model enabled the company to
achieve solid results despite a very challenging price environment
for Oil Sands crudes. This quarter, we saw our downstream business
more than offset the impact of low price realizations on our Oil
Sands production," said Williams. "Our refineries demonstrated
excellent reliability, contributing to record quarterly earnings in
the Refining and Marketing segment, a business that consistently
ranks as the North American leader based on earnings per barrel of
crude refining capacity." 
In the first quarter of 2013, Suncor acquired Total E&P's interest in
the Voyageur Upgrader Limited Partnership (VULP) for $515 million and
announced that it would not be proceeding with the Voyageur upgrader
project. As a result, Suncor gained full control over the partnership
assets, including a hot bitumen blending facility and tankage which
will provide added logistic flexibility and storage capacity to
support the company's growing Oil Sands operations and the midstream
component of the company's integrated business model. 
On April 15, 2013, Suncor announced that it had reached an agreement
to sell a significant portion of its natural gas business in Western
Canada for $1 billion, subject to closing adjustments on an economic
basis, with an effective date of January 1, 2013. The transaction is
expected to close during the third quarter of 2013 and is subject to
closing conditions and regulatory approvals. The company is expecting
to recognize a gain upon close of this transaction. Suncor retained
its unconventional gas properties in the Montney region of British
Columbia and unconventional oil assets in the Wilson Creek area of
central Alberta. 
"We are committed to exercising capital discipline and focusing on
investments that deliver strong returns for Suncor shareholders,"
said Williams. "The Voyageur decision and the natural gas divestment
are consistent with that commitment." 
Operating Results 
Suncor's total upstream production increased to 596,100 boe/d in the
first quarter of 2013, compared to 562,300 boe/d in the first quarter
of 2012. Upstream production of crude oil increased by 9% while
natural gas production decreased by 18% over the prior year quarter. 
Oil Sands production (excluding Suncor's proportionate share of
production from the Syncrude joint venture) contributed an average of
357,800 bbls/d in the first quarter of 2013, compared with first
quarter 2012 production of 305,700 bbls/d. The increase in Oil Sands
production was primarily due to the continued ramp up of production
from Firebag and stronger upgrader reliability in the first quarter
of 2013. This quarter also demonstrated the flexibility of Suncor's
integrated business model, as the company diverted additional bitumen
from Firebag to the company's upgrading facilities to compensate for
reduced mining output due to unplanned maintenance in extraction.
This enabled the company to maximize profitability during a period of
low bitumen pricing. 
Cash operating costs per barrel for Oil Sands operations decreased in
the first quarter of 2013, averaging $34.80 per barrel compared to
$38.10 per barrel in the first quarter of 2012 due to higher
production volumes. Cash operating 
costs were slightly higher due to
incremental costs associated with higher production from Firebag,
larger operations from recently commissioned assets and higher
unplanned maintenance primarily in mining and extraction, partially
offset by the net benefit of increased power sales. 
Suncor's proportionate share of production from the Syncrude joint
arrangement contributed an average of 31,200 bbls/d of production
during the first quarter of 2013, compared to 35,400 bbls/d in the
same quarter of 2012. Syncrude operated at lower rates for the
quarter, due primarily to planned and unplanned maintenance in
upgrading and mining. Operational issues were resolved by the end of
the quarter. 
The Exploration and Production segment contributed 207,100 boe/d of
production in the first quarter of 2013, compared to 221,200 boe/d in
the same period of 2012. The decrease in production was due primarily
to ongoing maintenance of Terra Nova subsea infrastructure during the
quarter and production declines in North America Onshore. Flow line
issues at Terra Nova that arose after the 2012 dockside maintenance
program were remediated in the first quarter of 2013. Terra Nova
exited the quarter producing from all three drill centres following
the remediation work, which was originally planned for the third
quarter of 2013. 
Operational performance in the Refining and Marketing segment
continued to be strong, contributing to total refinery utilization of
96% in the first quarter of 2013, compared to 92% in the first
quarter of 2012. Total refinery crude throughput averaged 443,000
bbls/d during the first quarter of 2013, compared to 419,800 bbls/d
in the first quarter of 2012. 
Suncor's energy marketing and trading division continued to optimize
margins realized on both proprietary and purchased volumes by using
midstream logistics and infrastructure to buy or sell crude in more
favourable markets, resulting in operating earnings of $78 million
recorded in the Corporate, Energy Trading and Eliminations segment in
the first quarter of 2013. 
Strategy Update 
Capital discipline is a key enabler of Suncor's strategy. The company
allocates its capital according to a clear set of priorities. It is
committed to ensuring sustainable and reliable operations, investing
in profitable growth and delivering strong returns to shareholders
through dividends and share repurchases. Suncor continued to return
cash to shareholders through dividends per common share of $0.13 and
share repurchases of $405 million in the first quarter of 2013. 
Aligned with the company's strategic objectives and the strength of
its business model to deliver consistent and improving financial
results, subsequent to the quarter, Suncor's Board of Directors
approved a 54% increase to the company's quarterly dividend to $0.20
per common share beginning in the second quarter of 2013. The company
also received regulatory approval to purchase for cancellation up to
an additional $2 billion worth of its common shares, commencing May
2, 2013 and ending September 19, 2013. 
Investing in Integration 
Suncor's integrated model has enabled the company to capture
Brent-based pricing on the majority of its Oil Sands production
through its refining operations. As Suncor's upstream production
continues to grow, enhancing integration within the company's
operations remains vital to maximizing profitability on this growth.
The company's capital investment plans for 2013 include projects to
prepare the Montreal refinery for the receipt and processing of
inland crudes. Construction to enable rail receipt of inland crudes
to the Montreal refinery began in the first quarter of 2013 and is
expected to be completed in the fourth quarter of 2013. 
Oil Sands Operations 
Minor construction activities continue for Firebag Stage 4 to prepare
the remaining infrastructure for commissioning in the second quarter
of 2013. Steady ramp up of bitumen production from Firebag has
resulted in a 64% increase in production to 137,000 bbls/d in the
first quarter of 2013 from 83,600 bbls/d in the first quarter of
2012. The company anticipates that bitumen production from Firebag
will reach production capacity of approximately 180,000 bbls/d in
early 2014. 
The company is focused on discrete growth through low-cost
optimization projects, including debottlenecking projects across Oil
Sands operations and infill well drilling programs at Firebag. One
such initiative underway at the MacKay River facility is intended to
increase production capacity in the second half of 2014 and
ultimately result in total capacity of 38,000 bbls/d by 2015 for that
facility. 
Investing in reliable and sustainable operations remains a priority
through the construction of assets to support the ongoing tailings
management (TRO(TM)) process, activities aimed at reducing fresh
water use, well pad development at Firebag and MacKay River, and
planned maintenance. Planned maintenance on the Upgrader 1 hydrogen
plant began in the first quarter of 2013, followed by a turnaround at
Upgrader 1 that began in April 2013. 
Other capital investment activities include projects to enhance
takeaway capacity and marketing flexibility through the ongoing
construction of storage and logistics infrastructure. 
Evaluation activities of future growth projects continues, including
engineering design specifications in preparation for a sanction
decision in 2014 of the MacKay River expansion project, which is
expected to have a design capacity of 20,000 bbls/d. 
Oil Sands Ventures  
In the first quarter of 2013, Suncor announced that the company would
not proceed with the Voyageur upgrader project. The decision was the
result of a strategic and economic review in response to changes in
market conditions that challenged the economics of the project.
Suncor acquired Total E&P's interest in VULP for $515 million to gain
full control over the partnership assets, including a hot bitumen
blending facility and tankage which will provide added logistic
flexibility and storage capacity to support the company's growing Oil
Sands operations and the midstream component of the company's
integrated business model. The net book value of these assets at
March 31, 2013 was approximately $800 million. 
As a result of this decision, Suncor recorded an after-tax charge to
net earnings of $127 million, which represented the expected cost of
not proceeding with the project, including costs related to
decommissioning and restoration of the Voyageur site and contract
cancellations. 
Suncor continues to work closely with co-owners on progressing the
Fort Hills and Joslyn mining projects. The Fort Hills mining project
is focused on design engineering, site preparation and early activity
related to long-lead items to progress the project towards a
sanctioning decision expected in the latter half of 2013. The company
and its co-owners continue to focus on design engineering and site
preparation of the Joslyn mining area and plan to provide an update
on the targeted timing for a sanction decision on the project when
available. 
Exploration and Production 
On April 15, 2013, Suncor announced it had reached an agreement to
sell a significant portion of its natural gas business in Western
Canada for $1 billion, subject to closing adjustments on an economic
basis, with an effective date of January 1, 2013. The transaction is 
expected to close during the third quarter of 2013 and is subject to
closing conditions and regulatory approvals. The company expects to
recognize a gain upon close of this transaction. Production from
these assets was 45,200 boe/d in the first quarter of 2013, of which
90% was natural gas. Net earnings and cash flow from operations for
the first quarter of 2013 from these assets was approximately $15
million and $34 million, respectively. Excluded from the sale is the
majority of Suncor's unconventional natural gas properties in the
Montney region of British Columbia and unconventional oil assets in
the Wilson Creek area of central Alberta. 
Capital investment activities in the first quarter of 2013 were
focused on the Golden Eagle Area Development (Golden Eagle) and
Hebron projects, the advancement of several extension projects in
existing operating areas, including Hibernia and White Rose, and
ongoing exploration and development drilling. 
At Golden Eagle, construction of topsides and platform jackets
continued; the project is expected to achieve first oil in late 2014
or early 2015. Detailed engineering and construction of the
gravity-based structure for the Hebron project continued in the first
quarter of 2013; the project is expected to achieve first oil in
2017. Detailed engineering and procurement activities continued for
the Hibernia Southern Extension and the South White Rose Extension
projects, while plans for further development in these areas are
currently underway. 
In the first quarter of 2013, Suncor completed negotiations with the
National Oil Company in Libya regarding its exploration commitments
under its Exploration and Production Sharing Agreements. As a result,
the company has received an extension to reflect the time that Suncor
was in force majeure due to political unrest and unable to fulfil its
exploration commitments. The 2013 exploration drilling program is
currently underway and the company has resumed drilling at one
exploration well during the first quarter of 2013. 
Corporate Guidance 
Suncor has revised the components of the corporate guidance that it
previously issued in December 2012, as amended on February 5, 2013.
The key changes to the company's corporate guidance include:  


 
--  An explanatory note describing the impact of the proposed sale of the
    majority of Suncor's natural gas business in Western Canada, which is
    expected to result in a revised North America Onshore production outlook
    of 30,000 to 35,000 boe/d for 2013 and revised 2013 Total Production
    outlook of 559,000 to 609,000 boe/d, assuming the transaction closes in
    the third quarter of 2013.
--  The range for current income taxes has been adjusted from $1.300 billion
    to $1.500 billion to $1.500 billion to $1.700 billion due to higher than
    anticipated Brent benchmark prices in the first quarter of 2013,
    resulting in a higher estimate of current tax expense in the company's
    International operations.
--  A decrease in the range for capitalized interest to $350 million to $450
    million from $450 million to $550 million, to reflect less eligible
    capital projects as a result of not proceeding with the Voyageur
    upgrader project.

 
Suncor's 2013 complete corporate guidance is available at
www.suncor.com/guidance . 
Normal Course Issuer Bid Amendment 
Subsequent to the first quarter of 2013, the Toronto Stock Exchange
(TSX) accepted an amendment to Suncor's previously announced normal
course issuer bid (the NCIB), authorizing the purchase for
cancellation of up to an additional $2 billion worth of its common
shares, commencing May 2, 2013 and ending September 19, 2013, through
the facilities of the TSX, New York Stock Exchange and/or alternative
trading platforms. The actual number of common shares that will be
repurchased under the NCIB, and the timing of such purchases, will be
determined by the company. The company may seek approval to complete
the program at a later date if it does not complete the full $2
billion repurchase under the dates of its existing NCIB approval.
Suncor has completed the purchase of $1 billion of its common shares
under the NCIB. Between April 26, 2012 and April 26, 2013, Suncor
purchased 55,109,900 of its common shares for $1,693 million pursuant
to normal course issuer bids.  
Pursuant to the NCIB, and between September 20, 2012 and September
19, 2013, Suncor has agreed that it will not purchase more than
92,107,935 common shares, being close to 6% of the issued and
outstanding common shares in the public float as at September 14,
2012. The company intends to enter into a pre-defined purchase plan
with a designated broker to allow for the repurchase of common shares
under the NCIB during share trading blackout periods. 
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. 
In connection with the NCIB, the TSX has also granted approval for
Suncor to issue put options to a Canadian financial institution from
time to time. Options issued in connection with the NCIB will entitle
the purchaser, on the expiry date of the relevant options, to sell to
Suncor a specified number of Suncor common shares for cancellation at
a price agreed to on the date the options are issued. Suncor will
receive a premium for each option issued. The exercise price payable
by Suncor upon exercise of an option will not exceed the relevant
market price of Suncor common shares on the day the option is issued
and the amount of the premium received by Suncor for the option. The
number of options issued, the exercise prices, expiration dates and
premiums in respect of each option will be negotiated by Suncor and
the financial institution, and will be subject to NCIB limits
determined by the TSX. All options will expire on or before September
19, 2013. Suncor common shares subject to the put options must be
purchased through the TSX and in accordance with TSX trading
restrictions on purchases under the NCIB. 
Subject to the 'block purchase exemption' that is available to Suncor
for regular open market purchases under the NCIB, Suncor and the
financial institution will limit daily purchases of Suncor common
shares in connection with the NCIB and related to the put options to
no more than 25% (903,755 common shares) of the average daily trading
volume of Suncor's common shares on the TSX during any trading day. 
Advisories, Assumptions and Risk Factors 
The Strategy Update and Corporate Guidance discussions above contain
forward- looking information that is subject to a number of risks and
uncertainties, many of which are beyond Suncor's control, including
those outlined below. See also the Forward-Looking Information
section of Suncor's Management's Discussion and Analysis dated April
29, 2013 (the "MD&A") for the additional risks and assumptions
underlying this forward-looking information. 
Suncor's corporate guidance is based on the following oil price
assumptions: West Texas Intermediate crude oil at Cushing of
US$85.00/bbl; Brent, Sullom Voe of US$97.00/bbl; and Western Canadian
Select at Hardisty of US$65.00/bbl. In addition, the guidance is
based on the assumption of a natural gas price (AECO - C Spot) of
Cdn$3.00/gigajoule and an exchange rate (US$/Cdn$) of $0.97.
Assumptions for the Oil Sands and Syncrude 2013 production outlook
include those relating to reliability and operational efficiency
initiatives that we expect will minimize unplanned maintenance in
2013. Assumptions for the East Coast Canada and International 2013
production outlook include those relating to reservoir performance,
drilling results and facility reliability. Factors that could
potentially impact Suncor's 2013 corporate guidance include, but are
not limited to:  


 
--  Bitumen supply. Bitumen supply may be dependent on unplanned maintenance
    of mine equipment and extraction plants,
 bitumen ore grade quality,
    tailings storage and in situ reservoir performance.
--  Availability of infrastructure. A number of new storage and distribution
    infrastructure projects are currently planned or in progress, which we
    expect will support growth at Oil Sands operations. The timing for the
    completion and successful integration of these projects into existing
    operations may impact production, much of which is out of the company's
    direct control.
--  Performance of recently commissioned facilities or well pads. Production
    rates while new equipment is being brought into service are difficult to
    predict and can be impacted by unplanned maintenance. Sweet synthetic
    crude oil production levels from Oil Sands are dependent on the
    successful operation of hydrogen plants and hydrotreating units. Bitumen
    production levels are dependent on the successful ramp up of Firebag
    Stage 4.
--  Unplanned maintenance. Production estimates could be negatively impacted
    if unplanned work is required at any of our mining, extraction,
    upgrading, in situ processing, refining, natural gas processing,
    pipeline, or offshore assets.
--  Planned maintenance events. Production estimates, including production
    mix, could be negatively impacted if planned maintenance events are
    affected by unexpected events.
--  Commodity prices. Declines in commodity prices may alter our production
    outlook and/or reduce our capital expenditure plans.
--  Foreign operations. Suncor's foreign operations and related assets are
    subject to a number of political, economic and socio-economic risks.

 
Non-GAAP Financial Measures 
All financial information, unless otherwise noted, has been prepared
in accordance with International Financial Reporting Standards
(IFRS), specifically International Accounting Standard (IAS) 34
Interim Financial Reporting as issued by the International Accounting
Standards Board. 
Certain financial measures in this news release - namely operating
earnings, cash flow from operations, ROCE and Oil Sands cash
operating costs - are not prescribed by Canadian GAAP. Operating
earnings and Oil Sands cash operating costs are defined in the
Non-GAAP Financial Measures Advisory section of the MD&A and
reconciled to GAAP measures respectively in the Consolidated
Financial Information and the Segment Results and Analysis - Oil
Sands section of the MD&A. Cash flow from operations and ROCE are
defined and reconciled to GAAP measures in the Non-GAAP Financial
Measures Advisory section of the MD&A. 
These non-GAAP financial measures do not have any standardized
meaning and therefore are unlikely to be comparable to similar
measures presented by other companies. These non-GAAP financial
measures are included because management uses the information to
analyze operating performance, leverage and liquidity, and should not
be considered in isolation or as a substitute for measures of
performance prepared in accordance with GAAP. 
Legal Advisory - Forward-Looking Information 
This news release contains certain forward-looking statements and
other information based on Suncor's current expectations, estimates,
projections and assumptions that were made by the company in light of
its experience and its perception of historical trends, including:
expectations and assumptions concerning the accuracy of reserves and
resources estimates; commodity prices and interest and foreign
exchange rates; capital efficiencies and cost savings; applicable
royalty rates and tax laws; future production rates; the sufficiency
of budgeted capital expenditures in carrying out planned activities;
the availability and cost of labour and services; and the receipt, in
a timely manner, of regulatory and third-party approvals. All
statements and other information that address expectations or
projections about the future, and other statements and information
about Suncor's strategy for growth, expected and future expenditures,
commodity prices, costs, schedules, production volumes, operating and
financial results and expected impact of future commitments are
forward-looking statements. Some of the forward-looking statements
and information may be identified by words like "expected",
"guidance", "plans", "outlook", "continue", "focus", "could",
"potentially" and similar expressions. 
Forward-looking statements in this news release include references to
the following expectations and plans around: assets in the VULP,
including a hot bitumen blending facility and tankage, which will
provide added logistics flexibility and storage capacity to support
the company's growing Oil Sands operations and the midstream
component of the company's integrated business model; the agreement
to sell a significant portion of Suncor's natural gas business in
Western Canada for $1 billion, which is expected to close during the
third quarter of 2013 and to which the company expects to recognize a
gain from the transaction; the company's capital investment plans for
2013, including projects to prepare the Montreal refinery for the
receipt and processing of inland crudes; construction to enable rail
receipt of inland crudes to the Montreal refinery, which will be
completed in the fourth quarter of 2013; bitumen production from
Firebag, which is expected to reach production capacity of
approximately 180,000 bbls/d in early 2014; anticipated production
growth and expansion for the company's MacKay River facilities; the
charge recorded in respect of the Voyageur upgrader project; the
targeted timing for a sanction decision for the Fort Hills project;
the Golden Eagle project, which is expected to achieve first oil in
late 2014 or early 2015; and the Hebron project, which is expected to
achieve first oil in 2017.  
Forward-looking statements and information 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. 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. 
Additional risks, uncertainties and other factors that could
influence financial and operating performance of all of Suncor's
operating segments and activities include, but are not limited to,
changes in general economic, market and business conditions, such as
commodity prices, interest rates and currency exchange rates;
fluctuations in supply and demand for Suncor's products; the
successful and timely implementation of capital projects, including
growth projects and regulatory projects; competitive actions of other
companies, including increased competition from other oil and gas
companies or from companies that provide alternative sources of
energy; labour and material shortages; actions by government
authorities, including the imposition of taxes or changes to fees and
royalties, and changes in environmental and other regulations; the
ability and willingness of parties with whom we have material
relationships to perform their obligations to us; the occurrence of
unexpected events such as fires, equipment failures and other similar
events affecting Suncor or other parties whose operations or assets
directly or indirectly affect Suncor; the potential for security
breaches of Suncor's information systems by computer hackers or cyber
terrorists, and the unavailability or failure of such systems to
perform as anticipated as a result of such breaches; our ability to
find new oil and gas reserves that can be developed economically; the
accuracy of Suncor's reserves, resources and future production
estimates; market instability affecting Suncor's ability to borrow in
the capital debt markets at acceptable rates; maintaining an optimal
debt to cash flow ratio; the success of the company's risk management
activities using derivatives and other financial instruments; the
cost of compliance with current and future environmental laws; ri
sks
and uncertainties associated with closing a transaction for the
purchase or sale of an oil and gas property, including estimates of
the final consideration to be paid or received, the ability of
counterparties to comply with their obligations in a timely manner
and the receipt of any required regulatory or other third-party
approvals outside of Suncor's control that are customary to
transactions of this nature; and the accuracy of cost estimates, some
of which are provided at the conceptual or other preliminary stage of
projects and prior to commencement or conception of the detailed
engineering that is needed to reduce the margin of error and increase
the level of accuracy. The foregoing important factors are not
exhaustive. 
The MD&A and Suncor's Annual Information Form/Form 40-F dated March
1, 2013, Annual Report to Shareholders 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 without
charge from Suncor at 150 6th Avenue S.W., Calgary, Alberta T2P 3E3,
by calling 1-800-558-9071, or by email request to info@suncor.com or
by referring to the company's profile on SEDAR at www.sedar.com 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. 
Certain natural gas volumes have been converted to barrels of oil
equivalent (boe) on the basis of one barrel to six thousand cubic
feet. Any figure presented in boe may be misleading, particularly if
used in isolation. A conversion ratio of one bbl of crude oil or
natural gas liquids to six thousand cubic feet of natural gas is
based on an energy equivalency conversion method primarily applicable
at the burner tip and does not represent a value equivalency at the
wellhead. Given that the value ratio based on the current price of
crude oil as compared to natural gas is significantly different from
the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis
may be misleading as an indication of value. 
Suncor Energy is Canada's leading integrated energy company. Suncor's
operations include oil sands development and upgrading, conventional
and offshore oil and gas production, petroleum refining, and product
marketing under the Petro-Canada brand. While working to responsibly
develop petroleum resources, Suncor is also developing a growing
renewable energy portfolio. Suncor's common shares (symbol: SU) are
listed on the Toronto and New York stock exchanges. 
For more information about Suncor Energy please visit our web site at
suncor.com, follow us on Twitter @SuncorEnergy or check out our blog,
OSQAR. 
Contacts:
Media inquiries:
403-296-4000
media@suncor.com 
Investor inquiries:
800-558-9071
invest@suncor.com
 
 
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