Mr. Rich Kruger reports

SUNCOR ENERGY ANNOUNCES 2024 CORPORATE GUIDANCE

Suncor Energy Inc. has released its 2024 corporate guidance today which includes annual upstream production of 770,000 to 810,000 barrels per day (bbl/d) and refining utilization of 92 per cent to 96 per cent. Suncor's production increase reflects continued strong existing asset performance, 100 per cent ownership of Fort Hills, changes to the makeup of its exploration and production (E&P) portfolio, including the earlier sale of its United Kingdom North Sea assets, and a full year of production from Terra Nova.

• Upstream production of 770,000 to 810,000 barrels per day, approximately 7 per cent higher than 2023;
• Refining capacity utilization strong at an expected 92 per cent to 96 per cent;
• Fort Hills three-year improvement plan on target, with opportunities to further increase value;
• Capital program to deliver shareholder value, pursuing investments to improve competitiveness;
• Focus on continuing to reduce overall cost structure, increasing financial resiliency.

"Suncor's 2024 guidance reflects our priority to deliver improved shareholder returns through focused cost reductions, increased upstream production and a disciplined capital investment program, all targeted at improving the company's free funds flow per share," said Rich Kruger, president and chief executive officer. "We have a winning formula to create value through our unparalleled, integrated upstream and downstream asset base, and an intense focus to deliver value to our shareholders."

Capital guidance

Suncor's 2024 capital program reflects both sustaining and economic capital, including capital for mining fleet upgrades at both Fort Hills and Base mine, the replacement of the Upgrader 1 coke drums at Base Plant, completion of the Base Plant co-generation project, and the continued development of the West White Rose and Syncrude Mildred Lake West Mine Extension projects. These investments reflect a disciplined approach to capital allocation to ensure the safe and reliable operation of Suncor's assets and to invest to improve competitiveness and deliver long-term value to the company's shareholders.

Cash operating costs guidance

Suncor's cash operating costs per barrel reflect a continued focus on reducing costs while also capturing opportunities to grow shareholder value. Fort Hills cash operating costs per barrel include an acceleration into 2024 and 2025 of activity originally planned for later this decade, including opening the North Pit in two sections rather than one as originally planned.

"We are pleased with the progress on our Fort Hills three-year improvement plan and the increased clarity and confidence in the longer-term plans which are designed to maximize the ultimate value of this asset for our shareholders," said Mr. Kruger.

About Suncor Energy Inc.

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-emissions 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 America 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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