EXHIBIT 99-1

Annual Information Form dated February 26, 2025

Table of Contents

​

SUNCOR ENERGY INC. ANNUAL INFORMATION FORM 2024   1

Advisories

In this Annual Information Form (AIF), references to “Suncor” or “the company” or “Suncor Energy” mean Suncor Energy Inc., its subsidiaries, partnerships and joint arrangements, unless otherwise specified or the context otherwise requires.

All financial information is reported in Canadian dollars, unless otherwise noted. Production volumes are presented on a working-interest basis, before royalties, except for production volumes from the company’s Libyan operations, which are presented on an economic basis.

References to the 2024 audited Consolidated Financial Statements mean Suncor’s audited Consolidated Financial Statements prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), the notes thereto and the auditor’s report thereon, as at and for the years ended December 31, 2024 and 2023. References to the annual 2024 MD&A mean Suncor’s Management’s Discussion and Analysis for the year ended December 31, 2024, dated February 26, 2025.

This AIF contains forward-looking statements and forward-looking information based on Suncor’s current plans, expectations, estimates, projections and assumptions. This information is subject to a number of risks and uncertainties, many of which are beyond the company’s control. Many of these risk factors and other assumptions related to Suncor’s forward-looking statements are discussed in further detail throughout this AIF and the company’s annual 2024 MD&A under the heading Risk Factors, which section is incorporated by reference herein and available on Suncor’s SEDAR+ profile at sedarplus.ca. Users of this information are cautioned that actual results may differ materially from those expressed or implied by the forward-looking statements contained herein. Refer to the Advisory – Forward-Looking Statements and Non-GAAP Financial Measures section of this AIF for information on risk factors and the material assumptions underlying the forward-looking statements.

Information contained in or otherwise accessible through Suncor’s website at www.suncor.com does not form a part of this AIF and is not incorporated into this AIF by reference.

​

2   ANNUAL INFORMATION FORM 2024 SUNCOR ENERGY INC. 

Abbreviations

Suncor converts certain natural gas volumes to boe, mboe and mmboe on the basis of six mcf to one boe. Any figure presented in boe, mboe or mmboe may be misleading, particularly if used in isolation. A conversion ratio of six mcf of natural gas to one bbl of crude oil or NGLs is based on an energy-equivalency conversion method primarily applicable at the burner tip and does not necessarily represent value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, conversion on a 6:1 basis may be misleading as an indication of value.

​

​

​

​

SUNCOR ENERGY INC. ANNUAL INFORMATION FORM 2024   3

Corporate Structure

Name, Address and Incorporation

Suncor Energy Inc. (formerly Suncor Inc.) was originally formed by amalgamation under the Canada Business Corporations Act (the CBCA) on August 22, 1979, of Sun Oil Company Limited, incorporated in 1923, and Great Canadian Oil Sands Limited, incorporated in 1953. On January 1, 1989, the company amalgamated with a wholly owned subsidiary under the CBCA. The company amended its Articles in 1995 to move its registered office from Toronto, Ontario, to Calgary, Alberta, and in April 1997 to adopt the name, “Suncor Energy Inc.”

Pursuant to an arrangement under the CBCA, which was completed effective August 1, 2009, Suncor amalgamated with Petro-Canada™ to form a single corporation continuing under the name “Suncor Energy Inc.” On January 1, 2017, November 20, 2023, and January 1, 2024, Suncor amalgamated with certain of its wholly owned subsidiaries under the CBCA.

Suncor’s registered and head office is located at 150 – 6th Avenue S.W., Calgary, Alberta, T2P 3E3.

Intercorporate Relationships

Suncor’s material subsidiaries, the voting securities of which were held either directly or indirectly by the company as at December 31, 2024, are shown below.

​

The company’s remaining subsidiaries each accounted for (i) less than 10% of the company’s consolidated assets as at December 31, 2024, and (ii) less than 10% of the company’s consolidated revenues for the fiscal year ended December 31, 2024. In aggregate, the company’s remaining subsidiaries accounted for less than 20% of the company’s consolidated assets as at December 31, 2024, and less than 20% of the company’s consolidated revenues for the fiscal year ended December 31, 2024.

​

​

4   ANNUAL INFORMATION FORM 2024 SUNCOR ENERGY INC. 

General Development of the Business

Overview

Suncor Energy is Canada’s leading integrated energy company headquartered in Calgary, Alberta, Canada. Suncor’s operations include oil sands development, production and upgrading; offshore oil production; petroleum refining in Canada and the U.S.; 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 lower-emissions future through investments in lower emissions intensity power, renewable feedstock fuels and projects targeting emissions intensity. 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 (TSX) and New York Stock Exchange (NYSE).

Three-Year History

Over the last three years, the following events have influenced the general development of Suncor’s business.

2022

SUNCOR ENERGY INC. ANNUAL INFORMATION FORM 2024   5

2023

​

6   ANNUAL INFORMATION FORM 2024 SUNCOR ENERGY INC. 

2024

​

​

​

​

SUNCOR ENERGY INC. ANNUAL INFORMATION FORM 2024   7

Narrative Description of Suncor’s Businesses

Suncor has classified its operations into the following segments: Oil Sands, Exploration & Production, Refining & Marketing (R&M), and Corporate & Eliminations.

Oil Sands

Suncor’s Oil Sands segment produces bitumen from mining operations at Base Plant, Syncrude, and Fort Hills and In Situ operations at Firebag and MacKay River, located in the Athabasca oil sands of northeast Alberta. Suncor has integrated upgrading facilities at Base Plant and Syncrude, where bitumen is either upgraded into synthetic crude oil (SCO) or blended with diluent for refinery feedstock or direct sale to market.

Regional Integration

The Oil Sands segment is regionally integrated giving it the ability to transport bitumen and intermediate production between assets in the region. Base Plant acts as the hub with both Fort Hills and In Situ having the ability to transport production directly to Base Plant. Syncrude’s Mildred Lake site is connected to Base Plant by the bi-lateral interconnecting pipelines. This integration allows Suncor to move production within the region to maximize value through upgrading and to minimize maintenance impacts.

Oil Sands Production

8   ANNUAL INFORMATION FORM 2024 SUNCOR ENERGY INC. 

Mining Operations

Suncor has two wholly owned mining operations, Oil Sands Base and Fort Hills, and owns a 58.74% interest in the Syncrude joint operation, all of which are open-pit mining operations. Suncor has been the operator of the Syncrude joint operation since September 30, 2021.

Oil Sands Base Mining

Bitumen at Oil Sands Base is mined from the Millennium area, which began production in 2001, and the North Steepbank area, which began production in 2011. Shovels are used to excavate oil sands bitumen ore, which is trucked to primary extraction, from there a slurry of hot water, sand and bitumen is delivered via a pipeline to the extraction plants. Naphtha is added to the bitumen froth, which is then centrifuged to separate impurities, minerals and coarse tailings.

Fort Hills Mining

Fort Hills mine, comprising leases on the east side of the Athabasca River, is north of Oil Sands Base operations. Fort Hills achieved first production in early 2018. Fort Hills operations are substantially similar to those of Suncor’s Oil Sands Base mining and extraction assets, however, Fort Hills uses a paraffinic froth treatment process to produce a marketable bitumen product that is partially decarbonized, resulting in a higher-quality bitumen requiring less diluent and eliminating the need for on-site upgrading facilities. In 2025, Fort Hills will be in the third year of its three-year mine improvement plan.

Syncrude Mining

Syncrude mining and extraction operations are similar to those at Oil Sands Base. Syncrude began producing in 1978 and is located north and east of Oil Sands Base operation. It includes mining operations at Mildred Lake and Aurora North. Syncrude is progressing the Mildred Lake West Extension (MLX-W) project, which is expected to sustain bitumen production levels at the Mildred Lake site after resource depletion at the Mildred North Mine using existing mining and extraction facilities. First oil from MLX-W is expected in 2025. The Mildred Lake East Extension (MLX-E) program is expected to follow the MLX-W development if economic conditions remain suitable.

Other Mining Leases

Suncor directly owns interests in several other mineable oil sands leases, including Base Mine Extension (100%) and Audet (100%). Suncor undertakes exploratory drilling programs on such leases from time to time as part of its bitumen supply strategy. Suncor indirectly owns interests in other mineable oil sands leases, including Lease 29, Lease 30 and Lease 31, through the company’s interest in Syncrude.

New Technology

Suncor continues to progress the phased implementation of Autonomous Haulage Systems (AHS) at its mines to lower costs, and improve productivity and safety performance. AHS has been deployed at Oil Sands Base mine for ore delivery with plans to deploy in overburden next and is expected to be deployed at Syncrude in 2026 and Fort Hills in 2028.

In 2024, the Mine Connect Digital Tool was implemented in the company’s mining operations to improve fleet productivity by providing access to real time equipment performance data. The tool allows teams to rapidly identify and execute on performance opportunities and leverage learnings between locations.

SUNCOR ENERGY INC. ANNUAL INFORMATION FORM 2024   9

In Situ Operations

Suncor’s In Situ operations include bitumen production from Firebag and MacKay River, as well as supporting infrastructure, including central processing facilities, cogeneration units, product transportation infrastructure, diluent import capabilities, storage assets and a cooling and blending facility. In Situ operations use SAGD technology for producing bitumen from oil sands deposits that are too deep to be mined. Once Through Steam Generators (OTSGs) and cogeneration units are used to generate steam and electricity for operations and are fueled by both purchased natural gas and produced natural gas recovered at central processing facilities. Excess electricity generation is sold to the Alberta power grid or is used at Oil Sands Base facilities.

Firebag

Production from Firebag commenced in 2004. The Firebag complex has central processing facilities with a nameplate capacity of 215 mbbls/d of bitumen. Firebag includes 26 well pads in operation, with 329 SAGD well pairs and 53 infill wells either producing or on initial steam injection as of December 31, 2024. Central processing facilities have been designed to provide some flexibility as to which well pads supply bitumen. Steam generated at the various facilities can be used at multiple well pads.

MacKay River

Production from MacKay River commenced in 2002. The MacKay River central processing facilities have a bitumen processing capacity of 38 mbbls/d. MacKay River includes ten well pads with 125 well pairs either producing or on initial steam injection as of December 31, 2024. A third party owns the on-site cogeneration unit, which Suncor operates. There are also four OTSGs at the site for additional steam generation.

New Technology

Expanding Solvent SAGD (ES-SAGD) is an enhancement of SAGD technology that accelerates bitumen production, reduces the steam-to-oil ratio and lowers GHG emissions intensity. The technology is expected to be ready for deployment in Suncor's In-Situ projects by 2028.

The Enhanced Bitumen Recovery Technology (EBRT) process involves the replacement of steam with a hydrocarbon solvent to reduce steam requirements. The combined solvent and thermal effect has potential for improvement relative to SAGD.

Other In Situ Leases

Suncor holds a large portfolio of In Situ lands in proximity to Fort McMurray. Suncor holds a 100% working interest in Lewis and Gregoire, a 100% working interest in Firebag South, a 77.78% working interest in OSLO, a 75% working interest in Meadow Creek, and interests varying from 25% to 50% in Chard. Lewis has received regulatory approval for future production. The portfolio is well positioned to leverage Suncor’s existing asset base and is currently being evaluated as part of Suncor’s integrated bitumen supply strategy.

Upgrading Facilities

Base Plant

Base Plant upgrades bitumen to SCO with two upgraders with a combined nameplate capacity of 350 mbbls/d of SCO. Suncor’s secondary upgrading facilities consist of three hydrogen plants, three naphtha hydrotreaters, two gas oil hydrotreaters, one diesel hydrotreater and one kerosene hydrotreater. The SCO is either sold as sour SCO or upgraded further into sweet SCO by removing sulphur and nitrogen using a hydrotreating process. Upgrading processes also produce ultra-low sulphur diesel fuel and other byproducts. In 2024 the Upgrader 1 coke drum replacement project was progressed. The replacement of eight coke drums, ancillary systems, and foundation repairs to extend the life of the Upgrader 1 facility by an expected 30 years, and reduce future operating and capital cost requirements, is planned to be completed in 2025.

10   ANNUAL INFORMATION FORM 2024 SUNCOR ENERGY INC. 

Syncrude

Upgrading technologies at Syncrude are similar to those used at Oil Sands Base, with the exception that Syncrude uses a fluid coking process that involves the continuous thermal cracking of the heaviest hydrocarbons. Upgrader nameplate capacity is 206 mbbls/d of SCO net to Suncor. At Mildred Lake, electricity is provided by a utility plant fueled by natural gas and rich fuel gas from upgrading operations. At Aurora North, Syncrude operates two cogeneration units that provide heat and electricity. Syncrude primarily produces a sweet SCO product, and each individual Syncrude owner is responsible for marketing its share of production.

Power Generation

In the fourth quarter of 2024, Suncor began operating an 800 MW cogeneration facility, that replaces the coke-fired boilers at Oil Sands Base. The facility provides the steam generation required for extraction and upgrading activities at a lower cost and is expected to lower the GHG emissions intensity associated with steam production at Oil Sands Base. In addition, the facility will produce excess electricity that will be transmitted to Alberta’s power grid.

​

Suncor also has cogeneration units at Firebag, Fort Hills and Syncrude which produce excess electricity that can be sold to the Alberta power grid.

Sales of Principal Products

Primary markets for SCO and bitumen production from Suncor’s Oil Sands segment include refining operations in Alberta, Ontario, Quebec, the U.S. Midwest and the U.S. Rocky Mountain region, and markets on the U.S. Gulf Coast, U.S. West Coast and Asia. Diesel production from upgrading operations is sold primarily in Western Canada and the U.S.

​

​

Distribution of Products

Production from Suncor’s Oil Sands segment is gathered into facilities at the Enbridge Athabasca Terminal or the East Tank Farm. Production from Syncrude is moved to market via the Pembina Alberta Oil Sands Pipeline.

Product moves from the Athabasca Terminal in the following ways:

SUNCOR ENERGY INC. ANNUAL INFORMATION FORM 2024   11

From Edmonton and Hardisty, where Suncor owns storage capacity and has additional capacity under contract, there are various options for delivering SCO and bitumen to customers:

​

Exploration and Production

Suncor’s E&P segment consists of offshore operations off the east coast of Canada and onshore assets in Libya and Syria.

E&P Canada – Assets and Operations

Based in St. John’s, Newfoundland and Labrador, this business includes interests in four producing fields and future developments and extensions. Suncor is the only company in this region with interests in every field currently in production.

E&P Canada Production

Terra Nova

Suncor holds a 48% working interest in the Terra Nova oilfield. Terra Nova, which is approximately 350 kilometres southeast of St. John’s, was discovered in 1984 and was the second oilfield to be developed offshore Newfoundland and Labrador. Operated by Suncor, the production system uses an FPSO vessel that is moored on location. The Terra Nova oilfield is divided into three distinct areas: the Graben, the East Flank and the Far East. Production from Terra Nova began in January 2002.

Production at Terra Nova re-started in the fourth quarter of 2023 following the completion of the Terra Nova Asset Life Extension Project (ALE) which is expected to extend the production life of the Terra Nova field by approximately 10 years. The asset was offline since 2019 as the ALE was completed.

Hibernia and the Hibernia Southern Extension Unit

Suncor holds a non-operated interest in Hibernia (20% in the base project and 19.485% in the Hibernia Southern Extension Unit). The Hibernia oilfield, encompassing the Hibernia and Ben Nevis Avalon reservoirs, is approximately 315 kilometres southeast of St. John’s and was the first field to be developed in the Jeanne d’Arc Basin. Operated by Hibernia Management and Development Company Ltd., the production system is a fixed gravity-based structure that sits on the ocean floor. Hibernia commenced production in November 1997.

12   ANNUAL INFORMATION FORM 2024 SUNCOR ENERGY INC. 

White Rose and the White Rose Extensions

White Rose is approximately 350 kilometres southeast of St. John’s. Operated by Cenovus Energy Inc., White Rose uses the SeaRose FPSO vessel. Production from White Rose began in November 2005. The White Rose Extensions include the North Amethyst, South White Rose Extension, and West White Rose satellite fields (the Extensions). First oil was achieved at North Amethyst in May 2010 and at the South White Rose Extension in June 2015. Suncor’s working interest is 40% in the White Rose Field, and 38.6% in the Extensions.

Development of the West White Rose field has been divided into two stages. The first stage achieved first oil in September 2011 and the second stage, the West White Rose Project, was sanctioned in 2017. Production from the West White Rose Project is expected to commence in 2026.

White Rose was taken offline late in the fourth quarter of 2023 for the SeaRose FPSO Asset Life Extension Project and did not produce in 2024 while the FPSO was in dry dock. Production at White Rose is expected to restart in 2025.

Hebron

Suncor holds a 21.034% interest in the Hebron oilfield, located approximately 340 kilometres southeast of St. John’s and operated by ExxonMobil. The development includes a concrete gravity-based structure that sits on the ocean floor and supports an integrated topsides deck used for production, drilling and accommodations. First oil was achieved in November 2017.

Other Assets

Suncor holds interests in 49 significant discovery licences.

Distribution of Products

Field production is transported by shuttle tanker from offshore installations and either delivered directly to customers or to the Newfoundland transshipment terminal in Placentia Bay, where it is subsequently loaded onto tankers for transport to markets in Eastern Canada, the U.S., Europe, Latin America and Asia. Suncor has a 14% ownership interest in the transshipment facility and is part of a group of companies that share the operation of marine transportation assets for East Coast Canada.

E&P International – Assets and Operations

International

Libya

In Libya, Suncor is a signatory to seven exploration and production sharing agreements (EPSAs) with the National Oil Corporation (NOC). Under the EPSAs, Suncor pays 100% of the exploration costs, 50% of the development costs and 12% of the operating costs. The development, operating and eligible exploration costs are recovered through a 12% share of production (Cost Recovery Oil). Any Cost Recovery Oil remaining after Suncor’s costs have been recovered is shared between Suncor and the NOC based on several factors. The EPSAs expire on December 31, 2032, but include an initial five-year extension through the end of 2037.

Since 2013, production and liftings in Libya have been intermittent due to ongoing political unrest, and the remaining value of Suncor’s assets in Libya was impaired in 2015. The timing of a return to normal operations in Libya remains uncertain due to continued political unrest.

The estimated cost of Suncor’s remaining exploration work program commitment at December 31, 2024, is US$359 million. Suncor declared force majeure for all exploration commitments in Libya effective December 14, 2014, and this declaration remains in effect.

SUNCOR ENERGY INC. ANNUAL INFORMATION FORM 2024   13

Syria

In December 2011, sanctions were imposed due to political unrest in Syria, and Suncor declared force majeure under its contractual obligations, suspending its operations in the country. The company ceased recording all production and revenue associated with its Syrian assets and the remaining value of the Suncor assets in Syria was impaired to zero in 2013.

​

Sales of Principal Products

Sales arrangements are made on a spot basis and incorporate pricing that is generally determined on a daily or monthly basis in relation to a specified market reference price. Suncor does not typically enter into long-term supply arrangements to sell its production from its E&P segment.

In Libya, crude oil is marketed by the NOC on behalf of Suncor.

Exploration and Production Sales Summary:

Refining and Marketing

Suncor’s refining and marketing (R&M) segment consists of two primary operations: the Refining and Supply operations and the Sales and Marketing operations, as well as the infrastructure supporting the marketing, supply and risk management of refined products, crude oil, natural gas, power and byproducts.

Refining and Supply – Assets and Operations

Refinery Throughputs, Utilizations and Yields

The following tables summarize the crude feedstock, utilizations and production yield mix for Suncor’s refineries for the years ended December 31, 2024, and 2023.

​

14   ANNUAL INFORMATION FORM 2024 SUNCOR ENERGY INC. 

​

Eastern North America

Montreal Refinery

The Montreal refinery has a flexible configuration that allows processing of sweet SCO from the company’s Oil Sands segment, WCS, conventional crude oil and intermediate feedstock. Crude oil for the refinery can be supplied through several channels, including via Enbridge’s Line 9 and the Portland-Montreal Pipeline, by marine transportation and by rail.

Production yield from the Montreal refinery includes gasoline, distillate, heavy fuel oil, solvents, asphalt and petrochemicals, which are distributed primarily across Quebec and Ontario. Refined products are delivered to distribution terminals and customers via the Trans-Northern Pipeline, truck, rail and marine vessel.

To meet the demands of Suncor’s marketing network in eastern North America, the company also purchases gasoline and distillate from other refiners. Suncor enters into reciprocal exchange arrangements with refiners in eastern North America, primarily for gasoline and distillate, as a means of minimizing transportation costs and balancing product availability. Specialty products, such as asphalt and petrochemicals, are also exported to customers in the U.S.

Sarnia Refinery

The Sarnia refinery processes both SCO from the company’s Oil Sands segment and conventional crude oil purchased from third parties on a spot basis or under contracts that can be terminated on short notice. Crude oil is supplied to the Sarnia refinery primarily via the Enbridge Mainline and Lakehead pipeline systems. Suncor procures conventional crude oil feedstock primarily from Western Canada and has the ability to supplement supply with purchases from the U.S.

Production yield from the Sarnia refinery includes gasoline, jet and diesel fuels, petrochemicals and asphalt, which are primarily distributed in Ontario. Refined products are delivered to distribution terminals in Ontario via the Sun-Canadian Pipeline or delivered to customers directly via marine vessel and rail. The Sarnia refinery also has limited access to pipelines delivering refined products into the U.S.

The Sarnia refinery also enters into reciprocal exchange arrangements for gasoline and distillate and exports specialty products to the U.S.

Other Facilities

Suncor operates Canada’s largest ethanol facility, the St. Clair ethanol plant in the Sarnia-Lambton region of Ontario. In 2024, the plant produced 402 million litres of ethanol (2023 –360 million litres).

Western North America

Edmonton Refinery

The Edmonton refinery has the capability to run a full slate of sweet, sour, and heavy feedstock sourced from Suncor’s Oil Sands segment and from other producers from the Wood Buffalo and Cold Lake regions of Alberta. Crude oil is supplied to the refinery via company owned and third party pipelines.

Production yield from the Edmonton refinery includes primarily gasoline, jet and diesel fuels and other light oils, which are delivered to distribution terminals across Western and Eastern Canada via the Alberta Products Pipeline, the Trans Mountain Pipeline and the Enbridge pipeline system, as well as via truck and rail.

The Edmonton refinery also enters into reciprocal agreements for gasoline and distillate.

SUNCOR ENERGY INC. ANNUAL INFORMATION FORM 2024   15

Commerce City Refinery

The Commerce City refinery processes primarily conventional crude oil and has the capacity to process sour SCO and diluted bitumen from Suncor’s Oil Sands operations. A majority of the crude feedstock is supplied from sources in the U.S., while the remainder is sourced from Suncor’s Oil Sands segment or is purchased from other Canadian sources. Crude oil purchase contracts have terms ranging from month-to-month to multi-year. Crude oil is supplied to the Commerce City refinery primarily by pipeline, with the remainder transported via truck.

Production yield from the Commerce City refinery includes primarily gasoline, jet and diesel fuels and paving grade asphalt. The majority of the refined products are sold to commercial and wholesale customers in Colorado and Wyoming, and to a retail network in Colorado and Wyoming. Refined products are distributed by truck, rail and pipeline.

Other Facilities

Suncor imports and exports finished products through its Burrard distribution terminal located on the west coast of British Columbia. The Burrard distribution terminal has total export capacity of 40 mbbls/d and supports the supply and demand balance in the Vancouver area.

​

Distribution Terminals and Pipelines

Suncor owns and operates 13 major refined product terminals across Canada (including terminals adjacent to refineries) and three product terminals in Colorado. Combined with access to facilities under long-term contractual arrangements with other parties, Suncor’s North American assets are sufficient to meet the R&M segment’s current storage and distribution needs.

As at December 31, 2024, Suncor’s ownership interests in certain pipelines were as follows:

​

Sales and Marketing– Assets and Operations

Suncor’s retail service station network operates nationally in Canada primarily under the Petro-Canada™ brand. This network consists of 1,638 outlets across Canada, of which 765 locations are company-owned locations and 873 are branded dealers. Selected locations along the Trans-Canada Highway are part of Canada’s Electric Highway™, a network of fast-charging electric vehicle stations. Suncor’s Canadian retail network averaged approximately 4.2 million litres per site of gasoline sales in 2024 (2023 – 4.2 million litres).

16   ANNUAL INFORMATION FORM 2024 SUNCOR ENERGY INC. 

Suncor’s Colorado retail network consists of 44 owned or leased Shell™, Exxon™ or Mobil™ branded outlets. Suncor also has product supply agreements with 89 Shell-branded sites in both Colorado and Wyoming, and with 83 Exxon and Mobil-branded sites in Colorado.

Marketing activities from the retail network also generate revenues from convenience store sales and car washes.

In 2024 Suncor continued the enhancement of high-grading our retail network through enhancing quick serve restaurant offerings, with the goal of maintaining our industry leading brand position and growing margin. It is the company’s intention to continue this strategy in 2025.

Petro-Canada™ and Canadian Tire Corporation launched a new partnership in 2023 and in 2024 commenced the rebranding of over 200 of Canadian Tire Corporation’s retail fuel network sites to the Petro-Canada™ brand and partnered the two brand’s loyalty programs. Suncor has also become the primary fuel provider for Canadian Tire Corporation’s retail fuel network. Site rebranding began in the third quarter of 2024, with 19 sites completed as of December 31, 2024.

Suncor’s wholesale operations sell refined products into farm, home heating, paving, small industrial, commercial and truck markets. Through its PETRO-PASS™ network, Suncor is a national marketer to the commercial road transport segment in Canada. Suncor also sells refined products directly to large industrial and commercial customers and independent marketers.

Retail and Wholesale Summary

Suncor’s retail network consists of the following branded outlets supplied with Suncor fuel. These outlets are comprised of Suncor owned or leased locations, as well as third-party sites branded and supplied with branded fuel through Suncor. The number of wholesale sites is shown in the table below.

​

SUNCOR ENERGY INC. ANNUAL INFORMATION FORM 2024   17

​

Sales volumes for specific products are moderately affected by seasonal cycles: gasoline sales are typically higher during the summer driving season; heating oil sales are typically higher during the winter season; diesel sales are typically higher during the drilling season at the beginning of the year in Western Canada and during agricultural planting and harvest seasons in early spring and late summer, respectively; and asphalt sales are typically higher during the summer construction paving period. Suncor has the flexibility to modify refinery inputs and outputs to match production yields with anticipated product demands. Suncor also has the flexibility to import and export refined products to optimize domestic seasonal cycles and to capture incremental margins from market dislocations.

Sales volumes can also be impacted when refineries undergo maintenance events. Suncor is able to mitigate this impact through its integrated facilities, inventory management and by purchasing refined products from third parties.

18   ANNUAL INFORMATION FORM 2024 SUNCOR ENERGY INC. 

Other Suncor Businesses

Energy Trading

Suncor’s Energy Trading business is organized around five main commodity groups – crude oil, transportation fuels, specialty products and feedstock, natural gas, and electricity – and has trading offices in Canada, the U.K. and the U.S. Energy Trading manages open price exposure along the Suncor value chain and provides commodity supply, transportation and storage services while optimizing price realizations for Suncor’s products. The company’s customers include mid to large sized commercial and industrial consumers, utility companies and energy producers.

The Energy Trading business supports the company’s Oil Sands and E&P production by optimizing price realizations, managing inventory levels and managing the impacts of external market factors, such as pipeline disruptions or outages at refining customers’ facilities. The Energy Trading business has entered into contractual arrangements for other midstream infrastructure, such as pipeline, storage capacity and rail access, to optimize delivery of existing and future growth production, while generating earnings on select trading strategies and opportunities.

The Energy Trading business supports the company’s Refining and Marketing business by optimizing the supply of crude oil and NGL feedstock to the company’s refineries, managing crude inventory levels around maintenance events, as well as managing external impacts, such as pipeline disruptions. Energy Trading also moves Suncor’s refinery production to market and ensures supply to Suncor’s branded retail and wholesale marketing channels. The business provides reliable natural gas supply to Suncor’s upstream and downstream operations and generates incremental revenue through trading and asset optimization.

Corporate and Eliminations

The Corporate and Eliminations segment includes activities not directly attributable to any other operating segment. Corporate activities include Suncor’s debt and borrowing costs, expenses not allocated to the company’s businesses, and investments in certain clean technologies.

​

Intersegment activity includes the sale of product between the company’s segments, primarily relating to crude refining feedstock sold from Oil Sands to R&M.

​

Suncor Employees

The following table shows the distribution of Suncor’s full- and part-time employees:

​

In addition to Suncor’s employees, the company also uses independent contractors and temporary workers to supply a range of services. As at December 31, 2024, Suncor had 484 contractors and temporary workers (2023 – 807 contractors and temporary workers).

Approximately 26% of the company’s employees are covered by collective agreements.

SUNCOR ENERGY INC. ANNUAL INFORMATION FORM 2024   19

Ethics, Social and Environmental Policies

Suncor has adopted several policies focused on ethics, social and environmental matters, which are reviewed regularly and accessible to employees and contractors. Additional workshops and training sessions are also conducted as warranted throughout the year.

Suncor’s standards for the ethical conduct of business are set forth in its Standards of Business Conduct Code (the Code). Topics addressed in the Code include: accounting and business controls, competition and trade; confidentiality; conflict of interest; equal opportunity and respect for people; improper payments; protection and proper use of corporate assets and opportunities; trading in shares and securities; and reports and communications. The Code is supported by a compliance program, under which every Suncor director, officer, employee and independent contractor is required to annually complete a training course and affirm their understanding of the requirements of the Code and provide confirmation of compliance since their last affirmation or confirmation that any instance of non-compliance has been resolved with the individual’s supervisor. Compliance is reported to Suncor’s Governance Committee of the Board of Directors.

Compliance with Suncor’s Supplier Code of Conduct is a requirement for all suppliers, contractors, consultants and other third parties with whom Suncor does business. It addresses topics such as safety, human rights, harassment, bribery and corruption, and confidential information, among others.

Suncor’s Human Rights Policy is intended to ensure that Suncor is not complicit in human rights abuses. The policy makes clear that the scope of Suncor’s human rights due diligence should include its own operations and, where it can influence its third-party business relationships, the operations of others.

Suncor’s Stakeholder Relations Policy and Indigenous Relations Policy set the foundation for a consistent approach to the company’s relationships, outline Suncor’s responsibilities and commitments, and guide Suncor’s business decisions on a day-to-day basis. The Stakeholder Relations Policy commits to developing and maintaining positive, meaningful relationships with our stakeholders by seeking to understand their interests, issues, needs and concerns and seeking to develop relationships that are based on transparency, mutual respect and trust. Suncor’s Indigenous Relations Policy commits to productive, long-term, and mutually beneficial relationships with Indigenous Peoples. The relationships we build and foster and the interactions we share are based on principles of honesty, respect, transparency, inclusion, and integrity.

The Environment, Health and Safety (EH&S) policy states that Suncor’s number one priority and core value is Safety Above All Else. The policy affirms Suncor’s commitments to a safe and healthy workplace for all through fostering a culture of safety and environmental responsibility while complying with all applicable EH&S and regulatory requirements to protect the environment and communities in which we operate. Our Operational Excellence Management System (OEMS) is the framework that enables us to meet our EH&S Policy commitments.

​

​

​

​

20   ANNUAL INFORMATION FORM 2024 SUNCOR ENERGY INC. 

Statement of Reserves Data and Other Oil and Gas Information

Date of Statement

The Statement of Reserves Data and Other Oil and Gas Information outlined below is dated February 26, 2025, with an effective date of December 31, 2024. Reserves evaluations have not been updated since the effective date and, therefore, do not reflect changes in the company’s reserves since that date. The preparation date of the Statement of Reserves Data and Other Oil and Gas Information outlined below is January 20, 2025.

Disclosure of Reserves Data

Suncor is subject to the reporting requirements of Canadian securities laws, including the reporting of reserves data in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (NI 51-101).

The reserves data included in this section of the AIF is based upon evaluations conducted by GLJ Ltd. (GLJ), contained in its report dated February 18, 2025 (the GLJ Report). GLJ is an independent qualified reserves evaluator as defined in NI 51-101.

The reserves data summarizes Suncor’s SCO, bitumen, light crude oil and medium crude oil (combined, including heavy crude oil) reserves and the net present values of future net revenues for these reserves using forecast prices and costs prior to provision for interest and general and administrative expense. All of Suncor’s reserves are located in Canada as at December 31, 2024.

Advisories – Reserves Data

Classifications of reserves as proved or probable are only attempts to define the degree of certainty associated with the estimates. There are numerous uncertainties inherent in estimating quantities of petroleum reserves. It should not be assumed that the estimates of future net revenues presented in the tables below represent the fair market value of the reserves. There is no assurance that the forecast prices and cost assumptions will be attained and variances could be material. There is no guarantee that the estimates for SCO, bitumen, light, medium and heavy crude oil reserves provided herein will be recovered. Actual SCO, bitumen, light, medium and heavy crude oil volumes recovered may be greater than or less than the estimates provided herein. Readers should review the Abbreviations and definitions and information contained in the notes in the following tables. For additional information, see the section entitled Risk Factors in the company’s annual 2024 MD&A, which section is incorporated by reference into this AIF, and is available on SEDAR+ at sedarplus.ca and EDGAR at sec.gov.

​

​

​

SUNCOR ENERGY INC. ANNUAL INFORMATION FORM 2024   21

Oil and Gas Reserves Tables and Notes

Summary of Oil and Gas Reserves(1)

as at December 31, 2024

(forecast prices and costs)(2)