Suncor Energy's vision is to be Canada’s premier 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 develop petroleum resources responsibly, 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.
In the Performance Measures section of this report, consolidated Suncor-wide performance indicators are provided as well as indicators for each operating business unit as per the 2010 organizational structure.
We have classified our operations into the following segments:
Oil Sands
Located in northeast Alberta, Suncor’s Oil Sands segment recovers bitumen from mining and in-situ operations and upgrades the majority of this production into refinery feedstock, diesel fuel and byproducts. The company’s marketing plan includes sales of bitumen when market conditions are favourable or when operating conditions warrant. Oil Sands has interests in the Syncrude oil sands mining and upgrading joint venture and in significant growth projects, including the Fort Hills and Joslyn mining projects, and the Voyageur Upgrader.
Exploration and Production
Suncor’s Exploration and Production segment comprises production and exploration operations offshore Canada and in the North Sea, and onshore in North America and Syria.
In January 2011, Suncor announced the creation of the Exploration and Production segment, combining its International and Offshore and Natural Gas segments. This realignment will allow Suncor to share best practices across its conventional oil and gas assets, with a view to optimizing returns and managing risk and growth.
For its North American Onshore operations (previously the Natural Gas segment), Suncor owns interests in a number of assets in Western Canada that primarily produce natural gas.
In East Coast Canada, Suncor operates Terra Nova, holding a working interest of 37.675%. Suncor also holds a 20% interest in Hibernia and a 19.5% interest in the Hibernia Southern Extension, a 27.5% interest in White Rose and a 26.125% interest in the White Rose Extensions, and a 22.7% interest in Hebron, all of which are operated by other companies.
In the North Sea, Suncor holds a 29.9% working interest in Buzzard, a 26.69% interest in the Golden Eagle Area Development — both of which are operated by another company — and interests in several licences offshore Norway and the United Kingdom (U.K.).
Suncor operates in Syria, pursuant to a production sharing contract (PSC), in the Ebla gas project to develop the Ash Shaer and Cherrife areas. Suncor has interests in Libya, pursuant to Exploration and Production Sharing Agreements (EPSA, a form of PSC), on the joint development of oil fields in the Sirte Basin. Due to recent events in Libya, the company has suspended operations in the country indefinitely.
Refining and Marketing
Suncor’s Refining and Marketing segment refines crude oil into a broad range of petroleum and petrochemical products at refineries located in Edmonton, Alberta, Montreal, Quebec and Sarnia, Ontario in Canada and Commerce City, Colorado in the U.S.
Refined products are sold to retail, commercial and industrial customers through a combination of company-owned, branded-dealer and other retail stations in Canada and Colorado, a nationwide Canadian commercial road transport network, and a bulk sales channel.
Refining and Marketing also owns a lubricants business located in Mississauga, Ontario that manufactures, blends and markets high quality products worldwide.
Other assets include interests in a petrochemical plant, pipelines and product terminals in Canada and the U.S.
Learn more at petro-canada.ca
Corporate, Energy Trading and Elimination
This group includes the company’s investments in renewable energy projects, results related to energy supply and trading activities, and other activities not directly attributable to any other operating segment. The company’s renewable energy interests include four operating wind power projects — with two additional projects under construction — and the St. Clair ethanol plant in Ontario. Energy trading activities primarily involve the marketing and trading of crude oil, natural gas, refined petroleum products and byproducts, and the use of financial derivatives to optimize related trading strategies.
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