Page 19 - Suncor AR English

Downstream), Phillips 66 (ConocoPhillips’ US R&M prior
from known accumulations using established technology

to Q2 2012), ExxonMobil (US Downstream), HollyFrontier, or technology under development, but which are not
Husky (Downstream), Imperial Oil (Downstream), Marathon currently considered to be commercially recoverable due

Petroleum, Tesoro, United Reining, Valero, Western to one or more contingencies. There is no certainty as to
Reining, Hess (up to Q1 2013), Murphy Oil (US R&M
timing of development or that it will be commercially

up to Q4 2011) and Sunoco (up to Q4 2011). Imperial
viable to produce the contingent resources.
Oil and US-based companies report Net Earnings using

a LIFO inventory valuation method. Suncor and Husky The contingent resource estimates provided herein are best
report using a FIFO inventory valuation method. R&M Net estimates of the quantities that are potentially recoverable.

Earnings per barrel of crude capacity for Alon, HollyFrontier, It is equally likely that the actual remaining quantities

and Western Reining are based on their respective results recovered will be greater or less than the best estimate.
for the irst three quarters of 2013.
The best estimate of potentially recoverable volumes is

generally prepared independent of the risks associated
Certain crude oil and natural gas liquids volumes have with achieving commercial production. There are numerous

been converted to mcfe or mmcfe on the basis of one
uncertainties inherent in estimating quantities and quality
bbl to six mcf. Also, certain natural gas volumes have
of these proved and probable reserves and contingent

been converted to boe or mboe on the same basis. Any resources, including many factors beyond our control.
igure presented in mcfe, mmcfe, boe or mboe may be Contingencies may include factors such as economic, legal,

misleading, particularly if used in isolation. A conversion environmental, political and regulatory matters or lack of
ratio of one bbl of crude oil or natural gas liquids to six infrastructure or markets.

mcf of natural gas is based on an energy equivalency

conversion method primarily applicable at the burner
tip and does not represent a value equivalency at the

wellhead. Given that the value ratio based on the current
price of crude oil as compared to natural gas is signiicantly

different from the energy equivalency of 6:1, conversion
on a 6:1 basis may be misleading as an indication of value.

Reserves and contingent resource information presented

herein is presented as Suncor’s working interest (operating
and non-operating) before deduction of royalties, and

without including any royalty interests of Suncor, and is at

December 31, 2013, except in the case of the contingent
resources attributed to the Montney shale formation of

northeast British Columbia (approximately 8.1 TCF, which is
at June 30, 2013), and in the case of resources attributable

to Syria (approximately 206 mmboe, which is at
December 31, 2011). For more information on Suncor’s

reserves and contingent resources, including deinitions
of proved and probable reserves, Suncor’s interest, and

location of the reserves and resources and the product
types reasonably expected, please see Suncor’s most

recent Annual Information Form/Form 40-F dated February

28, 2014 available at www.sedar.com and www.sec.gov.
Contingent resources are those quantities of petroleum

estimated, as of a given date, to be potentially recoverable

SUNCOR ENERGY INC. ANNUAL REPORT 2013 15