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Here are 1-3 brief analogies for Suncor Energy:

• Canada's Shell or BP, producing oil and refining it for their own gas stations.
• An ExxonMobil or Chevron for the Canadian oil sands industry.

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• Crude Oil: Extraction and production of various grades of crude oil, primarily from oil sands, offshore, and conventional operations.
• Natural Gas: Production and sale of natural gas, often extracted in conjunction with crude oil.
• Refined Petroleum Products: Conversion of crude oil into gasoline, diesel, jet fuel, asphalt, lubricants, and other refined products for wholesale and retail distribution.

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Suncor Energy (SU) - Major Customers

Suncor Energy (SU) is an integrated energy company, involved in oil sands development, production, refining, and marketing. While Suncor operates a significant retail network (Petro-Canada) that sells directly to individuals, its primary sales volumes and value are generated through wholesale transactions with other companies and large commercial entities.

Due to the nature of commodity markets and commercial confidentiality, Suncor Energy does not publicly disclose the names of its specific major external customers in its financial reports. Crude oil and refined products are sold to a diverse global market of buyers. However, based on Suncor's operations and market position, the following types of companies would represent its major customer base, and specific examples are provided:

• Other Major Refiners and Integrated Oil Companies: These companies purchase crude oil, synthetic crude, or bitumen as feedstock for their own refining operations. Suncor's upstream products are sold into the North American market to various refiners.
  • Valero Energy Corporation (NYSE: VLO) - A large independent U.S. refiner that purchases crude oil from various suppliers in the market.
• Major Airlines: Suncor's downstream refining and marketing segment produces and sells significant volumes of jet fuel. Major airlines are among the largest purchasers of jet fuel.
  • Air Canada (TSX: AC) - Canada's largest airline, a major consumer of jet fuel at airports served by Suncor's refineries.
• Major Railways: Railways are substantial consumers of diesel fuel for their locomotive fleets.
  • Canadian National Railway Company (TSX: CNR) - One of Canada's largest railway operators, a significant purchaser of wholesale diesel.
• Large Commercial Fleets & Industrial Users: This category includes major trucking companies, shipping companies, mining operations, and other heavy industrial users that require large volumes of diesel and other fuels.
  • TFI International Inc. (TSX: TFII) - A prominent North American transportation and logistics company, representing a type of large commercial fuel buyer.

It is important to note that these are representative examples of companies that are highly likely to be Suncor's major customers based on industry analysis, rather than a definitive, publicly disclosed list by Suncor itself.

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Rich Kruger, President and Chief Executive Officer

Rich Kruger has nearly 40 years of experience in the energy industry, including extensive experience in the Canadian oil sands. He is currently the President and Chief Executive Officer of Suncor, a position he assumed after leading Imperial Oil Limited as Chairman, President, and Chief Executive Officer from 2013 until his retirement in December 2019. Prior to Imperial Oil, Mr. Kruger worked for ExxonMobil Corporation and its predecessor companies since 1981, holding various upstream and downstream assignments with responsibilities across the United States, the former Soviet Union, the Middle East, Africa, and Southeast Asia. He previously served as Vice President of ExxonMobil Corporation and president of ExxonMobil Production Company, overseeing ExxonMobil's global oil and gas producing operations. Mr. Kruger holds a mechanical engineering degree from the University of Minnesota and a Master of Business Administration from the University of Houston.

Troy Little, Chief Financial Officer

Troy Little is appointed Chief Financial Officer of Suncor Energy, effective November 1, 2025. In this role, he is responsible for all financial functions, including controllers, treasury, tax, internal audit, enterprise risk management, and information technology. Mr. Little is a Chartered Professional Accountant and Chartered Financial Analyst, bringing over 25 years of financial experience encompassing investment banking, equity research, accounting, and financial management.

Dave Oldreive, Executive Vice President, Downstream

Dave Oldreive joined Suncor as Executive Vice President, Downstream, on June 19, 2023. He is responsible for refining, sales & marketing, midstream logistics and supply, and trading & optimization. Mr. Oldreive has nearly 30 years of experience in the energy industry, with extensive background in Canadian refining. His career with ExxonMobil and Imperial Oil involved various roles in engineering, operations, supply, and corporate functions across Canada, the United States, and Singapore. Previously, he was the head of ExxonMobil's Baton Rouge refinery and also served as the refinery manager for Imperial Oil's Strathcona refinery. Mr. Oldreive holds a mechanical engineering degree from Dalhousie University and a Master of Business Administration from Saint Mary's University.

Peter Zebedee, Executive Vice President, Oil Sands

Peter Zebedee serves as the Executive Vice President, Oil Sands. In this position, he is responsible for all oil sands operations, which include mining, in situ, drilling, and upgrading. His added responsibilities in this area aim to achieve further synergies within Suncor's oil sands assets.

Adam Albeldawi, Chief Human Resources Officer & Senior Vice President, External Affairs

Adam Albeldawi is the Chief Human Resources Officer and Senior Vice President, External Affairs. He is responsible for all human resources functions, as well as investor relations, government affairs, and public affairs. Mr. Albeldawi has nearly 20 years of experience at Suncor, working in various operational and commercial roles across the upstream and downstream businesses.

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• The accelerating global shift towards electric vehicles (EVs) and other alternative transportation fuels, coupled with government mandates for phasing out internal combustion engine (ICE) sales in major markets, poses a significant emerging threat to Suncor's downstream refining and retail segments by reducing demand for gasoline and diesel.
• Increasingly stringent climate change policies and carbon pricing mechanisms enacted by governments worldwide, which aim to reduce greenhouse gas emissions, threaten the economic viability and social license of Suncor's carbon-intensive oil sands operations and can lead to higher operating costs and capital expenditure for compliance.

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Crude Oil (including Bitumen/Oil Sands)

• Global Crude Oil Market: The global crude oil market was valued at approximately $2.6 trillion in 2023 and is projected to reach $3.0 trillion by 2033, with a compound annual growth rate (CAGR) of 1.5% from 2024 to 2033. Another estimate places the global market at nearly $2,518.45 billion in 2022, with projections to grow to $3,120.30 billion in 2027 and $3,795.85 billion in 2032.
• Canadian Oil Sands Production: Canada possesses the third-largest oil reserves globally, with over 97% of these assets concentrated in oil sands, primarily in Alberta. In 2015, total production from Canada's oil sands was 2.53 million barrels per day (bpd), and it was projected to reach 5.5 million bpd by 2036 under a "reference case" scenario. While a specific market value for Canadian oil sands is not readily available, these production figures represent the scale of the addressable market in terms of volume for Suncor's upstream oil sands operations.

Refined Petroleum Products

• Global Refined Petroleum Products Market: The global refined petroleum products market reached approximately $2,518.45 billion in 2022. It is anticipated to grow to $3,120.30 billion by 2027 and further to $3,795.85 billion by 2032. Another report estimated the market at $1,494.34 billion in 2024, projected to grow to $2,042.6 billion by 2035, exhibiting a CAGR of 2.88% from 2025 to 2035.
• Canadian Refined Petroleum Products Market: The Petroleum Refining industry in Canada is estimated to have a market size of $102.3 billion in 2025. North America is identified as the largest market for refined petroleum products, with Canada holding approximately 25% of that market share.

Natural Gas, Sulfur, and Petroleum Coke

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Suncor Energy (SU) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market factors:

1. Increased Production and Throughput Across Integrated Upstream and Downstream Operations: Suncor has consistently achieved record upstream production and high utilization rates in its oil sands and refining operations, with plans to further boost these volumes. This includes sustained record-high upstream production and enhanced upgrader and refinery utilization, leading to more barrels of oil equivalent available for sale. The company's strategic focus on operational excellence aims to maximize output from its existing assets.
2. Strategic Capital Investments in Growth and Reliability Projects: Suncor is making targeted investments in major projects to sustain and enhance its production capabilities. Key projects include the replacement of Upgrader 1 coke drums and development projects at Mildred Lake and West White Rose, which are designed to increase future production capacity and ensure asset reliability. These investments contribute to the company's ability to maintain high operational performance and deliver consistent volumes.
3. Optimization and Expansion of Retail and Wholesale Distribution Network: The company is focused on leveraging its extensive Petro-Canada retail and wholesale distribution networks to drive sales of refined products. Suncor is actively transforming its retail network, including investments in fast-charging EV stations, and has reported increased retail volumes, which directly contribute to downstream revenue growth. This integrated approach allows Suncor to capture maximum value from its crude production through to end-customers.
4. Favorable Crude Oil Price Environment: While an external factor, analysts anticipate crude oil prices to remain in a supportive range of $75-$90 per barrel over the next few years. This stable price environment is expected to underpin steady revenue growth for Suncor, complementing its operational improvements and increased volumes.

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Share Repurchases

• Suncor returned $2.9 billion through share repurchases in 2024, with $800 million in Q3 2024.
• In 2024, Suncor increased its share repurchase allocation to 75% of free funds flow after dividends and aims for 100% once net debt reaches $8 billion, a target achieved in Q3 2024.
• In 2023, Suncor repurchased $2.2 billion in shares, representing approximately 3.9% of outstanding common shares, at an average price of $42.96 per common share.

Outbound Investments

• In 2023, Suncor acquired an additional 14.65% working interest in Fort Hills for $712 million, and later completed the acquisition of the remaining 31.23% working interest, bringing its total ownership to 100%.
• In 2023, Suncor completed the sale of its wind and solar assets for gross proceeds of $730 million.

Capital Expenditures

• Suncor's expected capital expenditures for 2025 are projected to be between $6.1 billion and $6.3 billion, a reduction from the $6.3 billion to $6.5 billion budgeted for 2024.
• Key capital expenditure focuses for 2025 include sustaining operations, the Mildred Lake West Mine Extension, West White Rose projects, Petro-Canada retail network upgrades, and replacing the Upgrader 1 coke drums at the Base Plant.
• In 2023, total capital expenditures were $5.7 billion, within the company's guidance range, and in 2022, approximately $540 million (11% of total capital) was allocated to low-carbon initiatives.