SUNCOR ENERGY Investor Information SUPPLEMENTAL Published July 22, 2020 SUNCOR ENERGY Table of Contents 1. Energy Sources 2. Processing, Infrastructure & Logistics 3. Consumer Channels 4. Sustainability 5. Technology Development 6. Integrated Model Calculation 7. Glossary SUNCOR ENERGY 2 SUNCOR ENERGY EnergyAppendix Sources 3 202003- 038 Oil Sands Energy Sources *All values net to Suncor In Situ Mining Firebag Base Plant 203,000 bpd capacity 350,000 bpd capacity Suncor WI 100% Suncor WI 100% 2,603 mmbbls 2P reserves1 1,350 mmbbls 2P reserves1 Note: Millennium and North Steepank Mines do not supply full 350,000 bpd of capacity as significant in-situ volumes are sent through Base Plant MacKay River Syncrude 38,000 bpd capacity Syncrude operated Suncor WI 100% 205,600 bpd net coking capacity 501 mmbbls 2P reserves1 Suncor WI 58.74% 1,217 mmbbls 2P reserves1 Future opportunities Fort Hills ES-SAGD Firebag Expansion Suncor operated Lewis (SU WI 100%) 105,000 bpd net capacity Meadow Creek (SU WI 75%) Suncor WI 54.11% 1,365 mmbbls 2P reserves1 First oil achieved in January 2018 SUNCOR ENERGY 1 See Slide Notes and Advisories. 4 1 Regional synergy opportunities for existing assets Crude logistics Upgrader feedstock optionality from multiple oil sands assets Crude feedstock optionality for Edmonton refinery Supply chain Sparing, warehousing & supply chain management Consolidation of regional contracts (lodging, busing, flights, etc.) Operational optimizations Unplanned outage impact mitigations In Situ Turnaround planning optimization Process and technology sharing 100% WI Joint ownership Base mine upgrader and terminal U Syncrude upgrader Assets and resource developments C In situ central processing facility Lease development and asset utilization optimization P Fort Hills primary/secondary extraction Pipelines Sanctioned bi-directional pipelines1 SUNCOR ENERGY 1 See Slide Notes and Advisories 5 Long life, low decline reserves base 1 Typical attributes of North American oil plays Initial Decline Sustaining Operating Reservoir Recovery 2 3 Illustrative annual FFO profiles capital rate costs cost risk factor Mining High Very low Low Medium Very low Very high ~85% of Suncor’s 2020 production guidance In Situ Medium Low Low Low Low High Offshore ~15% of Suncor’s 2020 High Medium Medium Very low Medium Medium production guidance Tight Oil Low Very high High Medium High Low 50 Years Beneficial attribute Challenging attribute SUNCOR ENERGY 1, 2, 3 See Slide Notes and Advisories 6 Offshore with >370 million barrels of 2P reserves 1 East Coast Canada North Sea Hibernia ExxonMobil operated Buzzard (UK) Suncor working interest 20% CNOOC Petroleum Europe Limited operated 61 mmboe 2P reserves1 (Suncor WI) Suncor working interest 29.9% 1 2019 avg net production: 20.1 mbbls/d 63 mmboe 2P reserves (Suncor WI) 2019 avg net production: 31.9 mboe/d Hebron ExxonMobil operated Suncor working interest 21.0% 138 mmboe 2P reserves1 (Suncor WI) Golden Eagle (UK) 2019 avg net production: 23.5 mbbls/d CNOOC Petroleum Europe Limited operated Suncor working interest 26.7% 10 mmboe 2P reserves1 (Suncor WI) 2019 avg net production: 9.0 mboe/d Terra Nova Suncor Energy operated Suncor working interest 37.7% 25 mmboe 2P reserves1 (Suncor WI) Oda (Norway) 2019 avg net production: 11.6 mbbls/d Spirit Energy operated3 Suncor working interest 30% 7 mmboe 2P reserves1 (Suncor WI) White Rose First oil achieved March 2019 Husky Energy operated 2019 avg net production: 3.7 mboe/d Suncor working interest 27.5%2 Note: Q4 2019 avg net production: 7.8 mboe/d 54 mmboe 2P reserves1 (Suncor WI) 2019 avg net production: 4.7 mbbls/d SUNCOR ENERGY 1, 2, 3 See Slide Notes and Advisories 7 E&P – Investing in high value, low risk projects Recent performance Sanctioned projects1 mboe/d Fenja (Norway) 120 • 17.5% working interest 100 • 6 mbbls/d anticipated net peak production Hebron 80 White Rose Buzzard Phase 2 (UK) Hibernia 60 Terra Nova • 29.9% working interest 40 Golden Eagle • Production anticipated to offset natural declines Buzzard 20 4 West White Rose Project (ECC ) 0 2012 2013 2014 2015 2016 2017 2018 2019 • ~26% working interest • 20 mbbls/d anticipated net peak production 112 109 99 4 $billions Terra Nova Asset Life Extension (ECC ) 2.5 • 37.7% working interest 71 64 54 Brent • Extend asset life by approximately a decade 2.0 52 44 ($US/bbl) • Expect to produce additional 30 million barrels (Suncor WI) 1.5 FFO2 Free funds flow3 Capital spend 1.0 Future opportunities 0.5 • Rosebank-UK (40% Suncor WI) - • Near field developments including subsea 2012 2013 2014 2015 2016 2017 2018 2019 tie-backs, field extensions and infill drilling SUNCOR ENERGY 1, 2, 3, 4 See Slide Notes and Advisories 8 Power Generation Generating power for internal use & sale to the grid, including EV applications; currently 5th largest power producer in Alberta. 2,400 MW 1,400 MW 1 CURRENT CURRENT + SANCTIONED PROJECTS Cogen: 96%; Renewables: 4% (online by YE 2025) Cogen: 89%; Renewables: 11% MW Working interest nameplate capacity Net power sold to grid Net internally consumed power SUNCOR ENERGY 1 See Slide Notes and Advisories. 9 SUNCOR ENERGY Processing,Appendix Infrastructure & Logistics 10 202003- 038 Operations & Consumer Network 29 year Oil Sands Reserve Life Index1 ~25 mmbbl storage Western Canada ~1,850 PetroCanada sites2 ~15 mmbbl storage Eastern Canada Only refinery in Colorado ~10 mmbbl storage Central US & Gulf Coast OIL & REFINED PRODUCT STORAGE (SUNCOR OPERATED) SUNCOR ENERGY 1, 2 See Slide Notes & Advisories 11 Upgrading Upgrading processes heavy bitumen into a lighter, higher value product with a density Upgrading Process similar to that of WTI. LOW Once upgraded, the product can flow on a VALUE Mined & In-Situ Bitumen pipeline without the addition of diluent. HEAVY OIL (10° API) Total Suncor Net Upgrading Capacity: ~555 kbpd1 Coking, hydroconversion, • Base Plant ~15 – 20% yield loss thermal cracking &/or through upgrading process – 2 Upgrading Units hydrocracking • U1: 110 kbpd • U2: 240 kbpd – Produces sour & sweet SCO & diesel HIGH Sour Synthetic Crude Oil Optional: Hydrotreating (remove sulfur) • Syncrude (Gross values below – Suncor WI 58.74%) VALUE (30 - 35° API) LIGHT – 3 Upgrading Units OIL • U1: 100 kbpd • U2: 100 kbpd • U3: 150 kbpd Refinery Sweet Synthetic Crude Oil – Produces sweet SCO (30 - 35° API) • Edmonton Refinery – 30 kbpd coking capacity SUNCOR ENERGY 1 See Slide Notes & Advisories 12 Suncor’s proven oil sands reliability journey Suncor Base Plant upgrader reliability Multi-year journey to reach >90% reliability 1 2 91% 90% 91% 90% 90% 83% 81% 79% Suncor began focusing on upgrader reliability initiatives in 2011 Firebag to Base Mine Culture – Operational excellence mindset interconnect Process – Integrated maintenance strategy/approach pipeline fully operational Infrastructure – Asset integration between Firebag and Base Plant 2012 2013 2014 2015 2016 2017 2018 2019 Syncrude plant reliability In 2019, Syncrude achieved 2nd best A similar multi year journey targeting >90% reliability3 annual production in asset’s history with 85% utilization5 2016/17 2018/19 2020/21 (Target >90% reliability) Collaboration Culture Infrastructure Suncor’s active involvement in 31 technical/management Two bi-directional pipelines connecting Syncrude & Suncor’s base mine Syncrude’s reliability secondees from Suncor sharing Expected cost for the <15 km distance is ~$200M (gross)4 improvement plan operational discipline learnings Better utilization of existing assets: Sharing technical & reliability Process synergies • Normal operations - Transfer of sour synthetic and bitumen between assets best practices and support to Leveraging service & materials • Planned and unplanned outages - Asset and production optimizations improve productivity, reliability economies of scale and reduce costs Maintenance planning & execution Anticipated in-service 2H 2020 coordination SUNCOR ENERGY 1, 2, 3, 4, 5 See Slide Notes & Advisories 13 Market Access Suncor has made strategic investments in refineries and current/proposed logistics infrastructure to mitigate Alberta egress limitations & market disconnects Fort McMurray ~750 Alberta egress bottleneck does not impact the ability to move Suncor barrels1 142 Edmonton Hardisty Enbridge Line 3 Potential Markets Regina Central & Eastern Vancouver Cromer Canada, US Midwest & Gulf Coast 137 Montreal TMEP Potential Superior Markets Asia & California 85 Sarnia Steele City Chicago 98 Commerce Patoka City San Francisco Cushing Los Angeles KXL Potential Markets Pipelines 2 Heavy oil refineries (current and forecasted gross capacity ) along the Gulf Coast Feeder lines 2 Houston/Texas City Trans Mountain Pipeline, TMPL (300 mbpd) Suncor refinery capacity mbpd Trans Mountain Expansion , TMEP – Proposed3 (+590 mbpd)2 Industry approximate rail Express, Platte and Rocky Mountain (280 mbpd)2 mbpd loading capacity in TransCanada Keystone (590 mbpd)2 AB/SK TransCanada Keystone XL – Proposed3 (+830 mbpd) 2 Enbridge Mainline (2,600 mbpd)2 Enbridge Line 3 – Proposed3 (+370 mbpd) 2 Enbridge Line 9 (300 mbpd)2 Flanagan South Pipeline (585 mbpd)2 SUNCOR ENERGY 1, 2, 3 See Slide Notes & Advisories Marine opportunities 14 SUNCOR ENERGY ConsumerAppendix Channels 15 202003- 038 Refined Product Markets ~540 mbpd Product sales in 1 2019 Edmonton refinery services region from BC to Ontario Montreal and 20% Sarnia have a local market Canadian reach over 22mm Export consumer fuel people5 capability 2 market to US Pacific NW ~300 Wholesale Cardlock Locations3 Commerce City’ s asphalt Commerce