Mr. Rich Kruger reports

SUNCOR ENERGY TO ACQUIRE TOTALENERGIES' CANADIAN OPERATIONS FOR $1.468 BILLION

Suncor Energy Inc. has agreed to purchase TotalEnergies EP Canada Ltd., which holds a 31.23-per-cent working interest in the Fort Hills oil sands mining project, for $1,468-million. The acquisition adds 61,000 barrels per day of net bitumen production capacity and 675 million barrels of proved and probable reserves to Suncor's existing oil sands portfolio. Regulatory approvals have been received and, subject to closing, the transaction will have an effective date of April 1, 2023.

"The transaction secures additional long-term bitumen supply to fill our base plant upgraders at a competitive supply cost, addressing a key uncertainty for the company and adding long-term shareholder value," said Rich Kruger, president and chief executive officer. "With 100-per-cent ownership of Fort Hills, we will pursue opportunities to create additional value through regional synergies and basinwide management of our unparalleled, integrated oil sands asset base. This transaction is aligned with our strategy to wholly own and operate long-life strategic assets."

Specifically, upon closing of the transaction, Suncor will own 100 per cent of Fort Hills, which, along with its 100-per-cent ownership of Firebag and MacKay River in situ assets, provides the company with additional long-life, physically integrated bitumen supply to maximize the utilization of its wholly owned base plant upgraders after the end of the base mine life.

The additional interest acquired in this asset will be subject to the company's objective of achieving net-zero greenhouse gas emissions from operations by 2050.

Suncor engaged J.P. Morgan Securities Canada to act as its exclusive financial adviser and Blake Cassels and Graydon LLP and Paul Weiss, Rifkind Wharton & Garrison LLP as its legal advisers on the transaction.

Suncor's management discussion and analysis for the second quarter of 2023 dated Aug. 14, 2023, its annual information form, annual report to shareholders and Form 40-F, each dated March 6, 2023, 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 Ave. SW, Calgary, Alta., T2P 3E3; by e-mail request to invest@suncor.com; by calling 800-558-9071; or by referring to Suncor's website or to the company's profile on SEDAR+ or EDGAR. 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.

Reserves

Reserves information presented herein is presented as TotalEnergies EP Canada's working interests in the Fort Hills project and are at Dec. 31, 2022. Reserves data are based upon evaluations conducted by independent qualified reserves evaluators. The Fort Hills reserves of 700 million barrels are based upon evaluations conducted by GLJ Ltd. in its report dated Feb. 17, 2023. The estimates of reserves for individual properties may not reflect the same confidence level as estimates of reserves for all properties, due to the effects of aggregation.

Suncor Energy is Canada's leading integrated energy company. Suncor's operations include oil sands development, production and upgrading; offshore oil and gas; petroleum refining in Canada and the United States; and the company's Petro-Canada retail and wholesale distribution networks (including Canada's Electric Highway, a coast-to-coast network of fast-charging electric vehicle stations). Suncor is developing petroleum resources while advancing the transition to a low-emission future through investment in power and renewable fuels. Suncor also conducts energy trading activities focused principally on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. Suncor has been recognized for its performance and transparent reporting on the Dow Jones Sustainability North American Index, FTSE4Good Index and CDP. Suncor's common shares (symbol: SU) are listed on the Toronto Stock Exchange and the New York Stock Exchange.

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