Mr. Rich Kruger reports

SUNCOR ENERGY REPORTS FIRST QUARTER 2024 RESULTS

Suncor Energy Inc. has released its first quarter 2024 results.

First quarter highlights:

• Generated $3.2-billion in adjusted funds from operations and $1.8-billion in adjusted operating earnings;
• Record upstream production of 835,000 barrels per day and record refined product sales of 581,000 bbl/d;
• Upstream included all-time-high oil sands production of 785,000 bbl/d and 102-per-cent upgrader utilization;
• Highest ever first quarter refining throughput of 455,000 bbl/d with 98-per-cent overall utilization;
• Returned $1.0-billion to shareholders through $700-million in dividends and $300-million in share repurchases.

"Our strong 2024 first quarter performance continued to build on the momentum established in the second half of 2023, with our work force safely and cost-effectively delivering record high volumes and reliability across the board, upstream and downstream," said Rich Kruger, Suncor's president and chief executive officer. "Our determination to consistently achieve the highest levels of performance starts with a top-to-bottom focus on the fundamentals of safety, reliability and profitability, and continues with a sense of accountability to deliver on our commitments."

Corporate and strategy updates:

• Launch of loyalty partnership: Petro-Canada, together with Canadian Tire Corp., announced the details of the Petro-Points and Triangle Rewards loyalty partnership, which includes the benefits of linking accounts to maximize rewards from each loyalty program. Together, the loyalty partnership between two iconic Canadian brands provides more value and convenience to millions of loyalty members at more than 1,800 Petro-Canada and Canadian Tire Gas+ locations across the country.

Corporate guidance updates

There have been no changes to the corporate guidance ranges previously issued on Dec. 5, 2023.

To listen to the conference call discussing Suncor's first quarter results, visit the Suncor website.

Suncor is an integrated energy company headquartered in Calgary, Alta., Canada. Suncor's operations include oil sands development, production and upgrading; offshore oil production; 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 investments in power and renewable fuels. Suncor also conducts energy trading activities focused primarily on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. Suncor's common shares (symbol: SU) are listed on the Toronto Stock Exchange and the New York Stock Exchange.

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