Page 21 - Suncor AR English

MD&A – Table of Contents

18 Financial and Operating Summary

20 Suncor Overview
22 Financial Information

27 Segment Results and Analysis

46 Fourth Quarter 2013 Analysis

49 Quarterly Financial Data

52 Capital Investment Update

56 Financial Condition and Liquidity
61 Accounting Policies and Critical

Accounting Estimates
67 Risk Factors

72 Other Items

73 Advisories

Basis of Presentation
defined and reconciled to GAAP measures in the Advisories –
Unless otherwise noted, all financial information has been prepared in Non-GAAP Financial Measures section of this MD&A.
accordance with International Financial Reporting Standards (IFRS) as
issued by the International Accounting Standards Board (IASB) and
Measurement Conversions
Canadian generally accepted accounting principles (GAAP) as contained Crude oil and natural gas liquids volumes have been converted to mcfe
within Part 1 of the Canadian Institute of Chartered Accountants or mmcfe on the basis of one bbl to six mcf basis in this MD&A. Also,
Handbook.
certain natural gas volumes have been converted to boe or mboe on

Effective January 1, 2013, Suncor adopted new and amended the same basis. Refer to the Advisories – Measurement Conversions
accounting standards, described in the Accounting Policies and Critical section of this MD&A.
Accounting Estimates section of this MD&A. Comparative figures
presented in this document pertaining to Suncor’s 2012 results have
Common Abbreviations
been restated while comparative figures pertaining to Suncor’s results For a list of abbreviations that may be used in this MD&A, refer to the
prior to and including 2011 have not been restated in accordance with Advisories – Common Abbreviations section of this MD&A.
the respective transitional provisions of the new and amended
standards.
Risks and Forward-Looking Information
All financial information is reported in Canadian dollars, unless The company’s financial and operational performance is potentially
otherwise noted. Production volumes are presented on a working- affected by a number of factors, including, but not limited to, the
factors described in the Risk Factors section of this MD&A.
interest basis, before royalties, unless otherwise noted.
This MD&A contains forward-looking information based on Suncor’s
Non-GAAP Financial Measures
current expectations, estimates, projections and assumptions. This

Certain financial measures in this MD&A – namely operating earnings, information is subject to a number of risks and uncertainties, including
cash flow from operations, free cash flow, return on capital employed those discussed in this MD&A and Suncor’s other disclosure documents,
(ROCE), Oil Sands cash operating costs, and last-in, first-out (LIFO) – are many of which are beyond the company’s control. Users of this
not prescribed by GAAP. Operating earnings, Oil Sands cash operating information are cautioned that actual results may differ materially.
costs and LIFO are defined in the Advisories – Non-GAAP Financial
Refer to the Advisories – Forward-Looking Information section of this
Measures section of this MD&A and reconciled to GAAP measures in MD&A for information on the material risk factors and assumptions
the Financial Information and Segment Results and Analysis sections of underlying our forward-looking information.
this MD&A. Cash flow from operations, ROCE and free cash flow are

SUNCOR ENERGY INC. ANNUAL REPORT 2013 17