Mr. Rich Kruger reports

SUNCOR ENERGY ACHIEVES 2023 UPSTREAM PRODUCTION CORPORATE GUIDANCE

Suncor Energy Inc. has provided an operational update for the fourth quarter of 2023, highlighting upstream production of 808,000 barrels per day (bbl/d), the second-highest quarter in the company's history. The strong fourth quarter performance results in an annual average upstream production of 746,000 bbl/d, in line with Suncor's corporate guidance provided in November, 2022.

"I am very proud of the Suncor team for ensuring we delivered on our commitments. Not only did we meet the annual production guidance set a year ago, but December was also Suncor's best month ever with upstream production averaging over 900,000 bbl/d," said Rich Kruger, president and chief executive officer. "This is a tangible example that when we set a commitment, we will be laser focused on meeting it."

Suncor's net synthetic crude oil production was 476,000 bbl/d and net non-upgraded bitumen production was 282,000 bbl/d -- resulting in total oil sands production of 758,000 bbl/d for the quarter. Total production from exploration and production was 50,000 bbl/d during the fourth quarter and includes production from the continuing ramp-up of Terra Nova.

Noteworthy asset performance:

• Oil sands operations produced 453,000 bbl/d for the quarter and 431,000 bbl/d for the full year of 2023. The base plant upgrader achieved a full-year utilization of 90 per cent, including the impact of the major five-year turnaround at upgrader 2.
• Firebag in situ produced 213,000 bbl/d for the quarter and achieved record annual production of 217,000 bbl/d in 2023.
• Fort Hills produced a record 186,000 bbl/d for the quarter on a gross basis, or 155,000 bbl/d net to Suncor's ownership. Gross annual production for Fort Hills averaged 147,000 bbl/d, in line with the three-year plan presented at the company's November, 2022, investor day.
• Syncrude gross production was 348,000 bbl/d for the quarter, or 205,000 bbl/d net to Suncor, resulting in a new annual production record of 323,000 bbl/d gross, or 190,000 bbl/d net to Suncor's ownership, and an annual upgrader utilization of 92 per cent.

Downstream operations also demonstrated strong performance in the fourth quarter, with an average refining utilization of 97 per cent, contributing to an annual average refining utilization of 90 per cent.

"In 2023, our heightened focus on the fundamentals of safety, operational excellence and reliability resulted in increasingly strong operational performance throughout the year. This focus and the discipline it requires is exactly what investors can expect from the Suncor team in 2024 and beyond," continued Mr. Kruger.

Suncor's full fourth quarter financial and operating results will be issued Feb. 21, 2024.

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