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Suncor Energy – Annual Report 2007

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Suncor Energy – Annual Report 2007 21NOV200307345694 SUNCOR ENERGY INC. 2007 ANNUAL REPORT SUNCOR ENERGY is an integrated energy company strategically focused on developing one of the world’s largest petroleum resource basins – Canada’s Athabasca oil sands. In 2007, we celebrated the 40 th anniversary of launching the commercial oil sands industry. In 2008, we expect to take the next major steps on our journey to producing more than half a million barrels of oil per day in 2012. 4 message to shareholders 9 our scorecard 10 management’s discussion and analysis 11 suncor overview and strategic priorities 13 consolidated financial analysis 16 liquidity and capital resources 18 significant capital project update 19 oil sands crown royalties 21 risk factors affecting performance 26 critical accounting estimates 32 change in accounting policies 33 recently issued canadian accounting standards 34 oil sands 38 natural gas 41 refining and marketing 44 outlook 46 non-gaap financial measures 49 management’s statement of responsibility for financial reporting 50 management’s report on internal control over financial reporting 51 independent auditors’ report 53 summary of significant accounting policies 58 consolidated financial statements and notes 91 quarterly summary 94 five-year financial summary 96 share trading information 97 supplemental financial and operating information 100 investor information 101 directors and corporate officers This annual report contains forward-looking statements, including statements about future plans for production growth, that are based on our assumptions and that involve risks and uncertainties. Actual results may differ materially. See page 48 for additional information. All financial information is reported in accordance with Canadian generally accepted accounting principles (GAAP) and in Canadian dollars unless noted otherwise. Financial measures not prescribed by GAAP include cash flow from operations, return on capital employed and cash operating costs. See page 46 for more details. Natural gas converts to crude oil equivalent at a ratio of six thousand cubic feet to one barrel. Barrels of oil equivalent (boe) may be misleading, particularly if used in isolation. This conversion is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. References to ‘‘Suncor’’, ‘‘we’’, ‘‘us’’, ‘‘our’’ or ‘‘the company’’ mean Suncor Energy Inc., its subsidiaries, partnerships and joint venture investments, unless the context otherwise requires. Suncor has provided cost estimates for projects that, in some cases, are still in the early stages of development. These costs are preliminary estimates only. The actual amount is expected to differ and the difference could be material. FINANCIAL HIGHLIGHTS Production Net Earnings (thousands of barrels ($ millions) of oil equivalent per day) 03 04 05 06 07 03 04 05 06 07 Natural Gas 34.9 36.8 34.8 34.8 35.8 1 100 1 076 3MAR2008193219531 158 2 971 2 832 Oil Sands 216.6 226.5 171.3 260.0 235.6 Total 251.5 263.3 206.128FEB200812531803 294.8 271.4 Cash Flow from Return on Operations(1)/Net Debt Capital Employed(1) ($ millions) 03 04 05 06 07 (per cent) 03 04 05 06 07 Cash flow 2 040 2 013 2 476 4 533 3 805 ROCE(2) 16.3 16.1 14.4 30.5 20.7 from ROCE(3) 18.8 19.0 19.8 40.7 28.3 operations 5FEB200802590846 Net debt 2 551 2 134 13FEB2008235045862 868 1 849 3 248 Other Key Indicators Year ended December 31 ($ millions) 2007 2006 2005 2004 2003 Financial Revenues 17 933 15 829 11 129 8 705 6 611 Capital and exploration expenditures 5 415 3 613 3 153 1 847 1 322 Total assets 24 167 18 759 15 126 11 749 10 463 Dollars per common share Net earnings attributable to common shareholders – basic 6.14 6.47 2.54 2.38 2.45 Net earnings attributable to common shareholders – diluted 6.02 6.32 2.48 2.33 2.29 Cash flow from operations 8.25 9.87 5.43 4.44 4.54 Cash dividends 0.38 0.30 0.24 0.23 0.1925 Market price of common stock at December 31 (closing) Toronto Stock Exchange (Cdn$) 107.91 91.79 73.32 42.40 32.50 New York Stock Exchange (US$) 108.73 78.91 63.13 35.40 25.06 Key ratios Debt to debt plus shareholders’ equity (%) 24.7 20.9 33.6 31.3 43.2 Net debt to cash flow from operations (times) 0.9 0.4 1.2 1.1 1.3 Return on shareholders’ equity (%) 27.5 39.7 21.3 24.6 32.9 (1) Non-GAAP measures. (2) Includes capitalized costs related to major projects in progress. (3) Excludes capitalized costs related to major projects in progress. SUNCOR ENERGY INC. 2007 ANNUAL REPORT 3 MESSAGE TO SHAREHOLDERS As Suncor Energy marked its 40 th anniversary in the oil sands business in 2007, our employees properly celebrated the hard-won accomplishments of being an industry pioneer. But it’s not in our corporate nature to spend too much time peering in the rear-view mirror. The road ahead has always been our focal point and the journey we are now on commands our full attention. In that sense, it’s fitting that 2007 was what might be called a transitional year – a time when we consolidated both the physical and financial foundations for future growth. As we move forward, we’ll need to focus all our knowledge and experience on three key tasks. First, to continue to manage our capital growth projects in a prudent and timely manner as we approach our goal of increasing Suncor’s production capacity to more than half a million barrels per day (bpd) in 2012. Second, to excel in every aspect of our existing operations, working to ensure safe, reliable, cost-efficient and environmentally responsible production. Third, to lay the foundation for growth beyond 2012. If we follow this roadmap carefully, I’m confident the journey ahead will be successful, prosperous and generate broad benefits. Voyageur Growth Plans: 2008-2012 Seven years ago, Suncor launched an ambitious, multi-phased plan to more than double our production capacity. From the outset, 2008 was pegged as a pivotal year. This is when we expect to ramp up oil sands production capacity by 35% to 350,000 bpd. The centerpiece of this $3.6 billion expansion is the addition of a third coker set to Suncor’s Upgrader 2. We have completed the major physical tie-ins for this project and commissioning is expected in the second quarter, with ramp up to full capacity in the latter part of the year. I’m pleased to report that, even in the current high-cost environment, this project remains on budget and on schedule. Even as we put the finishing touches on our 2008 expansion, we’re working on the next phase of growth. Suncor’s Board of Directors has provided final approval to our plans for new in-situ production at Firebag Stages 3 to 6, which is expected to add about 275,000 barrels of bitumen production per day by 2012. (1) The jewel in the crown is, of course, our plan to build a third upgrader. Although we’re still years away from any production, site preparation and construction of major vessels for the upgrader are already underway. Taken together, these planned expansions are expected to allow Suncor, Canada’s oil sands pioneer, to remain an industry leader. Today, Suncor accounts for about 30% of all upgraded product coming out of the oil sands. This growth strategy should see us maintain that market share in 2012, even as many new corporate players invest in the oil sands. The total projected capital spending for this growth program is considerable – $20.6 billion. But while the level of investment is massive, our approach to development remains measured. The increased revenues expected from post-2008 production levels will help bankroll our plans and, although we expect to take on more debt, we believe we can maintain a strong debt to cash flow ratio at crude oil prices of US$60 WTI. (1) Regulatory approval for Firebag Stages 4 to 6 is expected in 2008. 4 SUNCOR ENERGY INC. 2007 ANNUAL REPORT In addition, although this is the largest capital investment program in Suncor’s history, I’m proud that Suncor is maintaining one of the lowest capital costs in the industry for each new barrel of oil produced – and we also expect to maintain our position among the lowest cash operating costs per barrel in the oil sands industry. (thousands of 550 barrels per day) 450 370 350 275-300 236 2007 2008 2009 2010 2011 2012 actual production production plan planned upgrader capacity plus estimated bitumen sales* * Capacity is not an indicator of annual production, which could vary due to scheduled and unscheduled maintenance, schedule to complete capital projects and other factors. 3MAR200819322102 Suncor’s competitive track record and confidence in our future plans all come back to something I like to call ‘‘the Suncor way.’’ Our company pioneered what has become an industry model for integrated planning. Suncor’s crude production, upgrading, refining and marketing operations are all connected in a single strategy, with each component complementing the other. By fully integrating our assets and operational capabilities – including natural gas production facilities and renewable energy projects – we enjoy a built-in advantage to help weather commodity price swings and other economic fluctuations. But in an industry where the typical mega-project requires billions of dollars in upfront capital spending and can take between five and ten years from conception to completion, we’ve learned it pays to build the necessary organization and processes internally and maintain them from project to project.
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