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Press Release Dated July 29, 2010
Suncor Energy 2010 second quarter results – strategy on track
All financial figures are unaudited and in Canadian dollars unless noted otherwise. Certain financial measures referred to in this document are not prescribed by Canadian
generally accepted accounting principles (GAAP). For a description of these measures, see Non-GAAP Financial Measures on pages 37 to 42 of our report to shareholders
for the period ended June 30, 2010. Certain crude oil and natural gas liquid volumes have been converted to millions of cubic feet equivalent of natural gas (mmcfe) or
thousands of cubic feet equivalent of natural gas (mcfe) on the basis of one barrel to six thousand cubic feet (mcf). Also, certain natural gas volumes have been converted
to barrels of oil equivalent (boe) or thousands of boe (mboe) on the same basis. Mmcfe, mcfe, boe and mboe may be misleading, particularly if used in isolation. A
conversion ratio of one barrel of crude oil or natural gas liquids to six thousand cubic feet of natural gas is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not necessarily represent value equivalency at the well head.
On August 1, 2009, Suncor Energy Inc. completed its merger with Petro-Canada. As such, the results for the three months ended June 30, 2010 reflect the results of the
post-merger Suncor and the comparative figures for the three months ended June 30, 2009 reflect solely the results of legacy Suncor prior to the merger.
Suncor Energy Inc. recorded second quarter 2010 net earnings of $480 million ($0.31 per common share), compared to a net loss
of $51 million ($0.06 per common share) for the second quarter of 2009. Operating earnings (1) in the second quarter of 2010 were
$781 million ($0.50 per common share), compared to $38 million ($0.04 per common share) in the second quarter of 2009.
The increase in operating earnings