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Supplementary Oil and Gas Disclosures (unaudited)

The following disclosures are presented in accordance with United States Financial Accounting Standards Board (“FASB”) Topic 932 — “Extractive Activities — Oil and Gas” and the U.S disclosure requirements of the Securities and Exchange Commission (“SEC”).

Disclosures pertaining to the audited consolidated financial statements of Suncor Energy Inc. (“Suncor” or the “company”) were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The 2025 Consolidated Financial Statements are attached as .2 to Suncor’s annual report on Form 40-F for the year ended December 31, 2025 (the “Form 40-F”).

Reserves Data

Reserves data are estimates only and can be significantly impacted by a variety of internal and external factors. For more information on the risks involved when estimating reserves, see the discussion in the “Statement of Reserves Data and Other Oil and Gas Information — Advisories – Reserves Data” section in Suncor’s 2025 Annual Information Form (the “2025 AIF”), which is attached as to the Form 40-F. Readers should also see Suncor’s Management’s Discussion and Analysis for the year ended December 31, 2025, which is attached as .3 to the Form 40-F (the “2025 Management’s Discussion and Analysis”).

The reserves data presented herein, with an effective date of December 31, 2025, may differ in relation to the format and the basis from which volumes are economically determined under National Instrument 51-101 — “Standards of Disclosure for Oil and Gas Activities” (“NI 51-101”), as disclosed in the 2025 AIF. SEC requires disclosure of net proved reserves, after royalties, using the average of the first-day-of-the-month prices for the twelve-month period prior to the end of the reporting period, whereas NI 51-101 requires disclosure of gross and net reserves, estimated using forecast prices and costs. In 2025, Suncor’s reserves were economic utilizing both constant pricing permitted by SEC, as well as forecast pricing permitted by NI 51-101.

Net Proved Oil and Gas Reserves ^{(1) (2)}

To align with the company’s business segments, the company presents the following supplementary oil and gas disclosures by showing its Oil Sands segment, which is exclusively in Canada and produces synthetic crude oil (“SCO”) and bitumen, separate from other Canadian operations (collectively, “Exploration and Production”) which produce crude oil. Exploration and Production reserves are in offshore Canada.


	SCO		Bitumen		Crude Oil		Total
At December 31,	(mmbbls)		(mmbbls)		(mmbbls)		(mmbbls)
(net reserves, constant prices and costs)	2025	2024	2025	2024	2025	2024	2025	2024
Proved Developed
Oil Sands	1,809	1,494	916	1,037	—	—	2,725	2,531
Exploration and Production	—	—	—	—	65	59	65	59
	1,809	1,494	916	1,037	65	59	2,789	2,591
Proved Undeveloped
Oil Sands	932	983	362	358	—	—	1,294	1,341
Exploration and Production	—	—	—	—	58	54	58	54
	932	983	362	358	58	54	1,352	1,395
Proved
Oil Sands	2,741	2,477	1,278	1,395	—	—	4,019	3,872
Exploration and Production	—	—	—	—	123	114	123	114
	2,741	2,477	1,278	1,395	123	114	4,142	3,986

Reconciliation of Net Proved Oil and Gas Reserves


	Balance at		Revisions of						Extensions						Balance at
(net reserves,	December 31		Previous		Improved				and						December 31
constant prices and costs)	2023		Estimates⁽³⁾		Recovery⁽⁴⁾		Acquisitions⁽⁵⁾		Discoveries⁽⁶⁾		Production		Dispositions⁽⁷⁾		2024
Oil Sands
SCO (mmbbls)	2,558		84		—		—		—		(165)		—		2,477
Bitumen (mmbbls)	1,826		(360)		—		—		7		(79)		—		1,395
Exploration and Production
Crude oil (mmbbls)	116		12		—		—		—		(15)		—		114
Total (mmbbls)	4,500		(263)		—		—		7		(259)		—		3,986


	Balance at		Revisions of						Extensions						Balance at
(net reserves,	December 31		Previous		Improved				and						December 31
constant prices and costs)	2024		Estimates⁽³⁾		Recovery⁽⁴⁾		Acquisitions⁽⁵⁾		Discoveries⁽⁶⁾		Production		Dispositions⁽⁷⁾		2025
Oil Sands
SCO (mmbbls)	2,477		238		89		—		101		(163)		—		2,741
Bitumen (mmbbls)	1,395		(113)		44		—		45		(93)		—		1,278
Exploration and Production
Crude oil (mmbbls)	114		8		3		—		16		(18)		—		123
Total (mmbbls)	3,986		133		136		—		162		(274)		—		4,142

Notes to Reserves Data:

(1)	Definitions

a.	Net reserves, in relation to Suncor’s production and reserves, represents the company’s working interest share after deduction of royalty obligations, plus the company’s royalty interests in production and reserves.

Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty (at least a 90% probability that the quantities actually recovered will equal or exceed the estimate) to be economically producible, from a given date forward, from known reservoirs, and under existing economic conditions, operating methods and government regulations.

Proved developed oil and gas reserves are those quantities that can be expected to be recovered through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well; and can be expected to be recovered through extraction equipment and infrastructure installed and operational at the time of the reserves estimate for projects that extract oil by means not involving a well.

Proved undeveloped oil and gas reserves are those quantities that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion; and can be expected to be recovered through extraction equipment and infrastructure to be installed for projects that extract oil by means not involving a well.

(2)	Reserve data tables may not add due to rounding.

(3)

Revisions of previous estimates include new information (except for an increase in proved acreage) normally obtained from development drilling and production history or resulting from a change in economic factors, changes in constant prices, and changes to upgrading volume forecasts. In 2025, there were negative technical revisions of bitumen and positive technical revisions of SCO in Mining and In Situ.

(4)	Improved recoveries relates to additions to reserves resulting from deployment of improved recovery schemes and technologies such as Steam Assisted Gravity Drainage in In Situ, waterflood and water-alternating-gas (WAG) in Exploration and Production.

(5)	There were no acquisitions in 2024 or 2025.

(6)

Extensions and discoveries are additions to proved reserves from proved acreage of previously discovered reservoirs through additional drilling periods subsequent to discovery or discovery of new fields with proved reserves or of new reservoirs of proved reserves in old fields. Proved undeveloped reserves associated with In Situ assets were added in 2024. Proved reserves extensions associated with In Situ assets were added in 2025.

(7)	There were no dispositions in 2024 or 2025.

Capitalized Costs


	At December 31, 2025					At December 31, 2024
			Exploration					Exploration
			and					and
($ millions)	Oil Sands		Production		Total	Oil Sands		Production		Total
Exploration and evaluation assets⁽¹⁾	1,742		—		1,742	1,742		—		1,742
Oil and gas properties⁽²⁾⁽³⁾	25,542		17,586		43,128	25,014		17,384		42,398
Plant and equipment⁽²⁾⁽³⁾	72,728		1,319		74,047	69,497		1,040		70,537
- accumulated provision⁽²⁾	(47,186)		(12,974)		(60,160)	(42,601)		(12,771)		(55,372)
Total	52,826		5,931		58,757	53,652		5,653		59,305

(1)	Exploration and evaluation assets largely represent amounts associated with unproved properties, but may include properties with proved reserves for which Suncor’s Board of Directors have not sanctioned development. See note 18 of the 2025 Consolidated Financial Statements.

(2)

Oil and Gas Properties, Plant and Equipment and the accumulated provision largely represent amounts associated with proved properties. See note 15 of the 2025 Consolidated Financial Statements. Includes amounts capitalized to Property, Plant and Equipment on the Consolidated Balance Sheets of the 2025 Consolidated Financial Statements that relate to the company’s right-of-use assets under IFRS 16. See note 17 of the 2025 Consolidated Financial Statements.

(3)	Includes amounts capitalized to Property, Plant and Equipment on the Consolidated Balance Sheets of the 2025 Consolidated Financial Statements that include the company’s decommissioning and restoration assets.

Costs Incurred for Property Acquisition, Exploration and Development Activities


	Year ended December 31, 2025					Year Ended December 31, 2024
			Exploration					Exploration
			and					and
($ millions)	Oil Sands		Production		Total	Oil Sands		Production		Total
Unproved property acquisition	—		—		—	—		—		—
Proved property acquisition⁽¹⁾	—		—		—	—		—		—
Exploration⁽²⁾	104		55		159	86		7		93
Development⁽³⁾	4,271		827		5,098	5,224		907		6,131
Total	4,375		882		5,257	5,310		914		6,224

(1)	There were no proved property acquisitions in 2024 or 2025.

(2)	Includes amounts capitalized to Exploration and Evaluation on the Consolidated Balance Sheets as well as those charged to Exploration Expense on the Consolidated Statements of Comprehensive Income (Loss), of the 2025 Consolidated Financial Statements.

(3)	Includes amounts capitalized to Property, Plant and Equipment on the Consolidated Balance Sheets of the 2025 Consolidated Financial Statements.

Results of Operations for Oil and Gas Producing Activities


	Year ended December 31, 2025					Year Ended December 31, 2024
			Exploration					Exploration
			and					and
($ millions)	Oil Sands		Production		Total	Oil Sands		Production		Total
Operating revenues, net of royalties	24,413		1,951		26,364	25,615		2,251		27,866
Other income (loss)	223		(6)		217	176		16		192
	24,636		1,945		26,581	25,791		2,267		28,058
Purchases of crude oil and products	2,570		—		2,570	2,559		—		2,559
Operating, selling and general	9,625		521		10,146	9,428		524		9,952
Transportation and distribution	1,310		118		1,428	1,225		89		1,314
Depreciation, depletion and, amortization	5,047		649		5,696	5,134		707		5,841
Exploration	104		55		159	86		6		92
(Gain) loss on disposal of assets	(36)		—		(36)	(15)		—		(15)
Financing expenses	739		76		815	767		74		841
Earnings before income taxes	5,277		526		5,803	6,607		867		7,474
Income tax expense	1,283		266		1,549	1,595		335		1,930
Net earnings	3,994		260		4,254	5,012		532		5,544

Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves⁽¹⁾

The standardized measure of discounted future net cash flows relating to Suncor’s proved oil and gas reserves are calculated in accordance with FASB Topic 932 — “Extractive Activities — Oil and Gas”. Future cash inflows are estimated using the average of the first-day-of-the-month prices for the twelve-month period prior to the end of the reporting period. The appropriate year-end statutory tax rates, with consideration of future tax rates already legislated, were applied to the future pretax net cash flows, less the tax basis of the properties involved. A prescribed rate of 10% is applied to discount the future net cash flows.

The calculation of the standardized measure of discounted future net cash flows is based upon information prepared by the company’s independent qualified reserves evaluator (which includes decommissioning and restoration activities), and adjusted for future income taxes.

It should not be assumed that the estimates of future net cash flows represent the fair market value of the reserves or the actual results of operations. Future changes to income tax, royalty and environmental regulations could also have a significant impact on the respective assumptions. The Company does not believe the standardized measure of discounted future net cash flows accurately represents actual future cash flows or the fair value of crude oil properties.

Light

WTI

WCS

Sweet

Pentanes Plus

Brent

Cushing

Hardisty

Edmonton

AECO

Year

North Sea

 

Oklahoma

 

Alberta

 

Alberta

 

Alberta

 

Gas

 

US$/bbl

Cdn$/bbl

Cdn$/mmbtu

2025

68.59

65.68

76.48

88.41

90.62

1.83

2024

78.78

74.83

82.61

96.65

99.24

1.33


	At December 31, 2025					At December 31, 2024
			Exploration					Exploration
			and					and
($ millions)	Oil Sands		Production		Total	Oil Sands		Production		Total
Future cash inflows	327,869		11,728		339,597	337,455		12,098		349,553
Future production costs	(151,470)		(3,625)		(155,095)	(148,004)		(3,102)		(151,106)
Future development costs	(84,340)		(3,754)		(88,094)	(79,890)		(4,053)		(83,943)
Future income tax expenses	(22,731)		(859)		(23,590)	(25,864)		(1,039)		(26,903)
Future net cash flows	69,328		3,490		72,818	83,697		3,904		87,601
10% Discount Factor	(32,433)		(301)		(32,734)	(40,342)		(679)		(41,021)
Standardized measure of discounted future net cash flows	36,895		3,189		40,084	43,355		3,225		46,580


($ millions)	2025		2024
Standardized measure of discounted future net cash flows - beginning of year	46,580		49,222
Sales and transfers of oil and gas produced	(11,771)		(12,563)
Net changes in sales prices and operating costs related to future production	(13,189)		2,282
Net change due to extensions, discoveries and improved recovery	6,566		131
Net change due to acquisition and dispositions	0		0
Net change due to revisions in quantity estimates	1,302		(5,221)
Previously estimated development costs incurred during the period	4,819		5,249
Changes in estimated future development costs	(1,938)		767
Accretion of discount	5,597		5,902
Net change in income taxes	2,117		811
Standardized measure of discounted future net cash flows - end of year	40,084		46,580