Forward-looking statementsForward-looking statements Suncor’s 2021 Report on Sustainability contains certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements in Suncor’s 2021 Report on Sustainability include references to: The expectation that Suncor will be a net-zero GHG emissions company by 2050 and substantially contribute to society’s net-zero goals; the belief that a net-zero world and Suncor’s contribution to it will create value for our shareholders, customers and wider society; the belief that the company will sustain and optimize our base business while improving cost and carbon competitiveness; the belief that Suncor will grow low GHG emissions businesses that will materially contribute to earnings and cash flow; the expectation that we will grow our customer connection through new low carbon products and services; the belief that Suncor will achieve world-class ESG performance and disclosure while being recognized as a leader in sustainability and the energy transition; the belief that Suncor continues to evolve our strategy so we can grow our company and strengthen our ability to deliver trusted energy that enhances people’s lives; the expectation that we will reach annual emissions reductions of 10 megatonnes (Mt) across our value chain by 2030; the belief that we will reach net-zero goals by three integrated pathways: reducing our emissions from our base business through energy efficiency improvements, fuel switching and carbon capture and storage; expanding lines of business in low emissions power, renewable fuels and hydrogen; and engaging with our customers and other stakeholders on emissions reductions; the expectation that initiatives like the Oil Sands Base Plant coke-boiler replacement will deliver 800 megawatts of low-carbon electricity and allow for millions of tonnes of GHG emissions reductions annually; the expectation about our plans to partner with ATCO on a potential world-scale hydrogen project in Alberta; the expectation that our plans to increase our engagement with local communities and authorities will help provide timely, transparent and accessible information about our operations and the improvements we’re making to minimize our environmental impact and keep communities safe; the belief that we are shifting our culture toward greater inclusion, diversity, and belonging at work and in the world around us; the belief that Suncor will grow its business in segments that are already integral to our business and that have the potential to improve the cost performance and margin capture of our base business while strengthening our environmental performance; the belief that we are moving in the direction of having global standards for improved sustainability disclosure and a simplification of the corporate reporting landscape; the belief in our goal to reduce emissions of our current operations and expand our energy offerings into low emissions businesses to provide the energy the world needs; beliefs and expectations about Suncor’s goal to be net-zero emissions by 2050 and by 2030 reduce annual emissions by 10 Mt across our value chain; that Suncor strives to be an industry leader in sustainable energy development through continuous improvements in emissions, water use, land reclamation and biodiversity performance; the belief that addressing climate change and providing the low-greenhouse gas (GHG) energy the word needs requires investment, technological advancement, product innovation, regulatory support and collaborative partnerships; that we work to align with the recommendations of the Task Force on Climate-related Financial Disclosures; that we’re working to reduce our emissions, and help others reduce theirs by satisfying growing energy needs; that Suncor is working to reduce air emissions from our operations, through operational excellence, project design and technology and the importance of this management; that we continue to test and pilot new technologies to grow our understanding of air emissions; that Suncor is implementing an air monitoring program for Commerce City and the north Denver area; the belief that moving towards a circular economy can be critical to supply chain security and environmental performance; that we work to prevent spills and releases and how this is done; that we are committee to continually improving our spill prevention and response capacity; the belief that due to the size and complexity of our operations we must continuously improve our reporting practices and strengthen mitigation efforts to further reduce the number and volume of spills; the belief that water is a shared and precious resource that must be managed wisely using a balanced, integrated and sustained approach; the belief that it is important to find ways to continuously improve our water use efficiency (including limited water withdrawals and optimizing recycling) and safely release water from our operations; the belief that our culture of operational discipline and continuous improvement guides how we manage our water use, reduce our impacts, and protect the environment; the belief that water release is part of managing water responsibly and is critical to achieving successful reclamation and closure; the expectation that we will continue to explore and implement local initiatives that will result in more efficient water use; the expectation that we will continue to monitor the status of the basis go forward while focusing on implementing industry-leading innovation at our facilities to reduce, recycle, reuse and return water; the belief that tailings reclamation requires continuous learning, collaboration and innovation; that we’re working to treat and dewater fluid tailings to support reclamation plans and support biodiversity in the areas where we operate; the expectation that industry regional tests will continue as annual events and that Suncor will conduct it’s first regional test with external stakeholders in the fall of 2022; the expectation that the final steps with the Government of Alberta for reclamation certificates are planned for the summer of 2021 and once approved, the land will be returned to the Crown; the expectation that seedlings intended for 2020 reclamation work will be planted in 2021; that Suncor is committed to preserving and promoting biodiversity in all areas where we work; the belief that we are enhancing our incident investigation training to embed learnings in our work practices and implement mitigating actions; the expectation that Suncor fosters a culture of well-being that supports and enables our workforce to be their best and contribute their best every day, in the workplace, at home and within their communities; that we continue to evaluate the needs of our people and provide support to focus on overall well-being, including psychological wellness; that we are planning for future workforce needs; that we are working to create a more engaging and productive workplace; expectations and beliefs about planning for future workforce needs; that we are working to create an inclusive and diverse work environment where everyone feels respected, trusted, safe, supported and their opinions are value; that we are working to unleash the full potential of our people and achieve Great Place to Work certification, an indicator of a more inclusive, trust-based company; that we are working to build a more inclusive workplace and develop the skills to appropriate engage with Indigenous Peoples; that we hope to provide a more complete picture of the impact and the progress we’re making with respect to the social goal to the Journey of Reconciliation; the expectation that Suncor is putting more focus on what we’re learning and sharing those experiences through storytelling, building on the Indigenous oral tradition; the belief that Suncor’s inclusive and diverse work environment supports strong business performance, differentiates us in our communities and helps us to attract and retain Indigenous employees who want to build meaningful careers for the long-term; the Driving Innovation and Reducing Barriers goal of supporting initiatives aimed at removing or reducing barriers for students and community members who wish to participate in post-secondary initiatives; that we aim to build capacity for social innovation in communities and within Suncor as part of our strategy; that with the goal to inspire Canadians to help, the CareMakers Foundation will work to raise funds to enable and amplify the work of charitable organizations in Canada; that we are working to align our practices with the United Nations Guiding Principles on Business and Human Rights; the belief that with a strong corporate governance structure and commitment to addressing ESG issues through diverse perspectives, Suncor is well-positioned to be a sustainable energy company for years to come; the belief that engaging with others will help us find solutions to our shared challenges; the belief that engaging with others will help us find solutions to our shared challenges; that we re working to ensure Suncor is regarded as a Canadian business leader on all dimensions of sustainability – economic, environmental and social – that we are a welcomed and influential participant and contributor to the energy system transformation; and the belief in in engaging our employees and building a culture where feedback is encouraged. Some of the forward-looking statements and information may be identified by words like “expected”, “anticipated”, “will”, “estimates”, “plan”, “scheduled”, “intended”, “believes”, “projected”, “indicates”, “could”, “focus”, “vision”, “mission”, strategy”, “goal”, “outlook”, “proposed”, “target”, “objective”, “continue”, “should”, “may”, “aim”, “strives”, “would”, “potential”, “committed”, “opportunity” and similar expressions. Forwardlooking statements are based on Suncor’s current expectations, estimates, projections and assumptions that were made by the company in light of information available at the time the statement was made and consider Suncor’s experience and its perception of historical trends, including expectations and assumptions concerning: the accuracy of reserves and resources estimates; the current and potential adverse impacts of the novel coronavirus pandemic; commodity prices and interest and foreign exchange rates; the performance of assets and equipment; capital efficiencies and cost-savings; applicable laws and government policies, future production rates; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour, services and infrastructure; the satisfaction by third parties of their obligations to Suncor; the development and execution of projects; the receipt, in a timely manner, of regulatory and third-party approvals; assumptions relating to demand for oil, natural gas, distillates, gasoline, diesel and other energy sources; the development and performance of technology; population growth and dynamics; assumptions relating to long-term energy future scenarios; and Suncor’s carbon price outlook. Forward-looking statements 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. Risks, uncertainties and other factors that could influence the 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 (including as a result of demand and supply effects resulting from the COVID-19 pandemic and the actions of OPEC and non-OPEC countries); fluctuations in supply and demand for Suncor’s products; the successful and timely implementation of capital projects, including growth projects and regulatory projects; risks associated with the development and execution of Suncor’s major projects and the commissioning and integration of new facilities; the possibility that completed maintenance activities may not improve operational performance or the output of related facilities; the risk that projects and initiatives intended to achieve cash flow growth and/or reductions in operating costs may not achieve the expected results in the time anticipated or at all; 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 or reassessment of, or changes to, taxes, fees, royalties, duties, and other government-imposed compliance costs; changes to laws and government policies that could impact the company’s business, including environmental (including climate change), royalty and tax laws and policies; the ability and willingness of parties with whom Suncor has material relationships to perform their obligations to the company; the unavailability of, or outages to, third-party infrastructure that could cause disruptions to production or prevent the company from being able to transport its products; the occurrence of a protracted operational outage, a major safety or environmental incident, or unexpected events such as fires (including forest 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 technology and infrastructure by malicious persons or entities, and the unavailability or failure of such systems to perform as anticipated as a result of such breaches; security threats and terrorist or activist activities; the risk that competing business objectives may exceed Suncor’s capacity to adopt and implement change; risks and uncertainties associated with obtaining regulatory, third-party and stakeholder approvals outside of Suncor’s control for the company’s operations, projects, initiatives and exploration and development activities and the satisfaction of any conditions to approvals; the potential for disruptions to operations and construction projects as a result of Suncor’s relationships with labour unions that represent employees at the company’s facilities; 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 or to issue other securities at acceptable prices; maintaining an optimal debt-to-cash-flow ratio; the success of the company’s marketing and logistics activities using derivatives and other financial instruments; the cost of compliance with current and future environmental laws, including climate change laws; risks relating to increased activism and public opposition to fossil fuels and oil sands; risks and uncertainties associated with closing a transaction for the purchase or sale of a business, asset or 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; risks associated with joint arrangements in which the company has an interest; risks associated with land claims and Aboriginal consultation requirements; the risk the company may be subject to litigation; the impact of technology and risks associated with developing and implementing new technologies; 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. Suncor’s Management’s Discussion and Analysis for the first quarter of 2021 dated May 3, 2021 and its Annual Information Form, Form 40-F and Annual Report to Shareholders, each dated February 24, 2021, 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 email@example.com or by referring to the company’s profile on SEDAR at sedar.com or EDGAR at 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.
Reclamation and revegetation plans
Land is considered permanently reclaimed when landform construction and contouring, clean material placement (as required), reclamation material placement and revegetation has taken place. Land cannot be listed under permanent reclamation until revegetation has occurred which is reflective of the approved reclamation and revegetation plans.
BOEs and conversions
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 barrel 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 necessarily 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.
Cubic metres of oil equivalent and are calculated on the basis of one boe to 0.159 standard cubic metres. As cubic metres of oil equivalent are based on a conversion involving boe, all values are subject to the same limitations as boe, noted above.
Suncor Energy Inc. has numerous direct and indirect subsidiaries, partnerships and joint arrangements (“affiliates”), which own and operate assets and conduct activities in different jurisdictions. The terms ‘‘we’’, ‘‘our’’, ‘‘Suncor’’, or ‘‘the company’’ are used herein for simplicity of communication and only mean that there is an affiliation with Suncor Energy Inc., without necessarily identifying the specific nature of the affiliation. The use of such terms in any statement herein does not mean that they apply to Suncor Energy Inc. or any particular affiliate and does not waive the corporate separateness of any affiliate.
The use of “partnership” throughout sustainability.suncor.com does not necessarily mean a partnership in the legal context.