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2018 ANNUAL INFORMATION FORM Suncor Energy Inc

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2018 ANNUAL INFORMATION FORM Suncor Energy Inc 11FEB201917213713 ANNUAL INFORMATION FORM Dated February 28, 2019 Suncor Energy Inc. 19FEB201920364295 ANNUAL INFORMATION FORM DATED FEBRUARY 28, 2019 TABLE OF CONTENTS 1 Advisories 2 Glossary of Terms and Abbreviations 2 Common Industry Terms 4 Common Abbreviations 4 Conversion Table 5 Corporate Structure 5 Name, Address and Incorporation 5 Intercorporate Relationships 6 General Development of the Business 6 Overview 7 Three-Year History 10 Narrative Description of Suncor’s Businesses 10 Oil Sands 15 Exploration and Production 19 Refining and Marketing 23 Other Suncor Businesses 24 Suncor Employees 24 Ethics, Social and Environmental Policies 26 Statement of Reserves Data and Other Oil and Gas Information 28 Oil and Gas Reserves Tables and Notes 33 Future Net Revenues Tables and Notes 39 Additional Information Relating to Reserves Data 51 Industry Conditions 58 Risk Factors 68 Dividends 69 Description of Capital Structure 71 Market for Securities 72 Directors and Executive Officers 78 Audit Committee Information 80 Legal Proceedings and Regulatory Actions 80 Interests of Management and Others in Material Transactions 80 Transfer Agent and Registrar 80 Material Contracts 80 Interests of Experts 81 Disclosure Pursuant to the Requirements of the NYSE 81 Additional Information 82 Advisory – Forward-Looking Information and Non-GAAP Financial Measures Schedules A-1 SCHEDULE ‘‘A’’ – AUDIT COMMITTEE MANDATE B-1 SCHEDULE ‘‘B’’ – SUNCOR ENERGY INC. POLICY AND PROCEDURES FOR PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES C-1 SCHEDULE ‘‘C’’ – FORM 51-101F2 REPORT ON RESERVES DATA BY INDEPENDENT QUALIFIED RESERVES EVALUATOR OR AUDITOR D-1 SCHEDULE ‘‘D’’ – FORM 51-101F2 REPORT ON RESERVES DATA BY INDEPENDENT QUALIFIED RESERVES EVALUATOR OR AUDITOR E-1 SCHEDULE ‘‘E’’ – FORM 51-101F3 REPORT OF MANAGEMENT AND DIRECTORS ON RESERVES DATA AND OTHER INFORMATION ADVISORIES In this Annual Information Form (AIF), references to ‘‘Suncor’’ each year in the two-year period ended December 31, 2018. or ‘‘the company’’ mean Suncor Energy Inc., its subsidiaries, References to the MD&A mean Suncor’s Management’s partnerships and joint arrangements (including those Discussion and Analysis, dated February 28, 2019. identified in Note 27 of the company’s 2018 audited This AIF contains forward-looking statements based on Consolidated Financial Statements), unless the context Suncor’s current plans, expectations, estimates, projections otherwise requires. References to the ‘‘Board of Directors’’ or and assumptions. This information is subject to a number of the ‘‘Board’’ mean the Board of Directors of Suncor risks and uncertainties, including those discussed in this Energy Inc. document in the Risk Factors section, many of which are All financial information is reported in Canadian dollars, beyond the company’s control. Users of this information are unless otherwise noted. Production volumes are presented cautioned that actual results may differ materially. Refer to on a working-interest basis, before royalties, unless the Advisory – Forward-Looking Information and Non-GAAP otherwise noted. Financial Measures section of this AIF for information References to the 2018 audited Consolidated Financial regarding risk factors and material assumptions underlying Statements mean Suncor’s audited Consolidated Financial the forward-looking statements. Statements prepared in accordance with Canadian generally Information contained in or otherwise accessible through accepted accounting principles (GAAP), which is within the Suncor’s website www.suncor.com does not form a part of framework of International Financial Reporting Standards (IFRS), this AIF and is not incorporated into this AIF by reference. the notes thereto and the auditor’s report thereon, as at and for 2018 ANNUAL INFORMATION FORM Suncor Energy Inc. 1 GLOSSARY OF TERMS AND ABBREVIATIONS Common Industry Terms Products Crude oil is a mixture, consisting mainly of pentanes and Oil and gas exploration and development terms heavier hydrocarbons, that exists in the liquid phase in Development costs are costs incurred to obtain access to reservoirs and remains liquid at atmospheric pressure and reserves and to provide facilities for extracting, treating, temperature. Crude oil may contain small amounts of gathering and storing oil and gas from reserves. sulphur and other non-hydrocarbons, but does not include liquids obtained in the processing of natural gas. Exploration costs are costs incurred in identifying areas that may warrant examination and in examining specific areas Bitumen is a naturally occurring solid or semi-solid that are considered to have prospects that may contain oil hydrocarbon, consisting mainly of heavier hydrocarbons and gas reserves, including costs of drilling exploratory wells that are too heavy or thick to flow or be pumped and exploratory-type stratigraphic test wells. without being diluted or heated, and that is not primarily recoverable at economic rates through a well Field is a defined geographical area consisting of one or without the implementation of enhanced recovery more pools containing hydrocarbons. methods. After it is extracted, bitumen may be upgraded Oil sands are deposits of sand, sandstone or other into crude oil and other petroleum products. sedimentary rocks that contain crude bitumen. Light crude oil is crude oil with a relative density greater Reservoir is a subsurface rock unit that contains a potentially than 31.1 degrees API gravity. recoverable accumulation of petroleum. Medium crude oil is crude oil with a relative density Wells greater than 22.3 degrees API gravity and less than or equal to 31.1 degrees API gravity. Appraisal wells are drilled into a discovered hydrocarbon accumulation to further understand the extent and size Heavy crude oil is crude oil with a relative density of the accumulation. greater than 10.0 degrees API gravity and less than or equal to 22.3 degrees API gravity. Cuttings reinjection wells are drilled for the safe disposal of drilling waste, including drill cuttings, mud slurry, old Synthetic crude oil (SCO) is a mixture of liquid drilling fluids and waste water, in order to minimize the hydrocarbons derived by upgrading bitumen and may environmental impact. contain sulphur or other non-hydrogen compounds. SCO with lower sulphur content is referred to as sweet Delineation wells are drilled to define the extent of synthetic crude oil, while SCO with higher sulphur known accumulations of petroleum for the assignment content is referred to as sour synthetic crude oil. of reserves. This includes wells drilled for the purpose of assessing the stratigraphy, structure and bitumen Natural gas is a mixture of lighter hydrocarbons that exist saturation of an oil sands lease. either in the gaseous phase or in solution in crude oil in reservoirs but are gaseous at atmospheric conditions. Natural Development wells are drilled inside the established gas may contain sulphur or other non-hydrocarbon limits of an oil or gas reservoir, or in close proximity to compounds. the edge of the reservoir, to the depth of a stratigraphic horizon known to be productive. Conventional natural gas is natural gas that occurs in a normal, porous, permeable reservoir rock and that, at a Disposal wells are drilled in areas where excess fluids particular time, can be technically and economically from operations can be safely injected for safe disposal. produced using normal production practices. The fluid is pumped into a subsurface formation sealed off from other formations by impervious strata of rock. Natural gas liquids (NGLs) are hydrocarbon components that These wells are operated within limits approved by the can be recovered from natural gas as liquids, including, but appropriate regulatory bodies. not limited to, ethane, propane, butanes, pentanes plus condensate, and small quantities of non-hydrocarbons. Dry holes are exploratory or development wells found to Liquefied petroleum gas (LPG) consists predominantly of be incapable of producing either oil or gas in sufficient propane and/or butane and, in Canada, frequently includes quantities to justify the completion as an oil or gas well. ethane. Exploratory wells are drilled with the intention of discovering commercial reservoirs or deposits of crude oil and/or natural gas. 2 2018 ANNUAL INFORMATION FORM Suncor Energy Inc. Infill wells are drilled within a known accumulation of more paraffin is used, resulting in a higher quality bitumen petroleum, between existing development wells, to that can be sold directly to market without further target regions of the reservoir containing bypassed upgrading. hydrocarbons or to accelerate production. Production sharing contracts (PSC) are a common type of Observation wells are used to monitor changes in a contract, outside North America, signed between a producing field. Parameters being monitored may government and a resource extraction company that states include fluid saturations, temperature or reservoir how much of the resource produced each party will receive pressure. and which parties are responsible for the development of the resource and operation of associated facilities. The Service wells are development wells drilled or completed resource extraction company does not obtain title to the for the purpose of supporting production in an existing product; however, the company is subject to the upstream field, such as wells drilled for the purpose of injecting risks and rewards. An exploration and production sharing gas, steam or water, or observation wells. agreement
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