Page 63 - Suncor AR English

At December 31

($ millions, except as noted) 2013 2012
Share repurchase activities (thousands of common shares)
.......................................................................................................................................................................................................................................................
Shares repurchased directly 49 492 46 862
.......................................................................................................................................................................................................................................................
Shares repurchased through exercise of put options — —

49 492 46 862

Share repurchase cost ($ millions)
.......................................................................................................................................................................................................................................................
Repurchase cost 1 675 1 452
.......................................................................................................................................................................................................................................................
Option premiums received — (1)

1 675 1 451

Weighted average repurchase price per share, net of option premiums (dollars per
share)
33.84 30.96

Contractual Obligations, Commitments, Guarantees, The company does not believe it has any guarantees or
and Off-Balance Sheet Arrangements
off-balance sheet arrangements that have, or are

In addition to the enforceable and legally binding reasonably likely to have, a current or future material effect
obligations in the table below, Suncor has other obligations on the company’s financial condition or financial

for goods and services that were entered into in the performance, including liquidity and capital resources.
normal course of business, which may terminate on short
In the normal course of business, the company is obligated
notice, including commitments for the purchase of to make future payments, including contractual obligations
commodities for which an active, highly liquid market
and non-cancellable commitments.
exists, and which are expected to be re-sold shortly
after purchase.

Payments Due by Period
($ millions)
2014 2015 to 2016 2017 to 2018
Thereafter
Total
(1)
Fixed and revolving term debt1 849 1 180 3 848
13 524
20 401
.......................................................................................................................................................................................................................................................

Finance lease obligations 110 222 216 2 222 2 770 .......................................................................................................................................................................................................................................................
(2)
Decommissioning and restoration costs334 740 584 6 373 8 031 .......................................................................................................................................................................................................................................................

Operating lease agreements, pipeline capacity
and energy services commitments 1 721 2 411 2 019 6 989 13 140
.......................................................................................................................................................................................................................................................
Exploration work commitments 165 405 — 2 572
.......................................................................................................................................................................................................................................................
Other long-term obligations(3) 294 64 — — 358

Total 4 473 5 022 6 667 29 110 45 272

(1) Includes debt that is redeemable at Suncor’s option and interest payments on fixed-term debt.

(2) Represents the undiscounted amount of obligations associated with land and tailings reclamation, and site restoration and decommissioning costs.
(3) Includes the Libya ESPA signature bonus and merger consent, and Fort Hills purchase obligations. See the Other Long-Term Liabilities note to the
audited Consolidated Financial Statements.

(4) The company has also entered into various pipeline commitments which are awaiting regulatory approval. In the event regulatory approval is not
obtained, Suncor has committed to reimbursing certain costs to the service provider.

Transactions with Related Parties
note 31 to the 2013 audited Consolidated Financial
The company enters into transactions with related parties Statements.

in the normal course of business. These transactions
primarily include sales to associated entities in the Financial Instruments

company’s Refining and Marketing segment. For more Suncor periodically enters into derivative contracts for risk
information on these transactions and for a summary of management purposes. The derivative contracts hedge risks

Compensation of Key Management Personnel, refer to
related to purchases and sales of commodities, to manage
exposure to interest rates and to hedge risks specific to

SUNCOR ENERGY INC. ANNUAL REPORT 2013 59