Page 85 - Suncor AR English

• Exploration activity on the new licences in Norway will Exploration and Production, and Refining and Marketing,

primarily involve acquisition or processing of seismic may be affected by a number of factors.
data, some of which is expected to commence in
Factors that affect our Oil Sands segment include, but are
2014; and
not limited to, volatility in the prices for crude oil and other

• Plans to focus on planned maintenance events and production, and the related impacts of fluctuating
routine asset replacement in Refining and Marketing, light/heavy and sweet/sour crude oil differentials; changes

and that growth capital is expected to be deployed on in the demand for refinery feedstock and diesel fuel,
projects to prepare the Montreal refinery to receive and including the possibility that refiners that process our

process heavier crudes, including integration with the proprietary production will be closed, experience
company’s Oil Sands operations.
equipment failure or other accidents; our ability to operate

Also:
our Oil Sands facilities reliably in order to meet production
targets; the output of newly commissioned facilities, the
• Suncor’s projects in its growth portfolio are expected to
performance of which may be difficult to predict during
provide long-term profitability to the company;
initial operations; the possibility that completed

• Intermittent curtailments of natural gas supply are maintenance activities may not improve operational
expected to continue through the first quarter of 2014 performance or the output of related facilities; our
dependence on pipeline capacity and other logistical
while the third-party operator completes its
investigations and restoration activities;
constraints, which may affect our ability to distribute our
products to market; our ability to finance Oil Sands growth
• The company’s assessment of the situation in Libya and
and sustaining capital expenditures; the availability of
Syria, including the amounts recorded as impairment bitumen feedstock for upgrading operations, which can be
charges and that formal extension agreements in
negatively affected by poor ore grade quality, unplanned
relation to its EPSAs will follow later in 2014;
mine equipment and extraction plant maintenance, tailings

• Management’s belief that Suncor will have the capital storage, and in situ reservoir and equipment performance,
resources to fund its planned 2014 capital spending or the unavailability of third-party bitumen; inflationary
program of $7.8 billion and to meet working capital
pressures on operating costs, including labour, natural gas
requirements through existing cash balances and and other energy sources used in oil sands processes; our
short-term investments, cash flow from operations,
ability to complete projects, including planned maintenance
available committed credit facilities, issuing commercial events, both on time and on budget, which could be
paper, and issuing long-term notes or debentures, and
impacted by competition from other projects (including
that, if additional capital is required, adequate other oil sands projects) for goods and services and
additional financing will be available to Suncor in the
demands on infrastructure in Alberta’s Wood Buffalo
debt capital markets at commercial terms and rates;
region and the surrounding area (including housing, roads

• Management’s belief that a phased and flexible and schools); risks and uncertainties associated with
approach to existing and future growth projects should obtaining regulatory and stakeholder approval for

assist Suncor in maintaining its ability to manage exploration and development activities; changes to royalty
project costs and debt levels; and
and tax legislation and related agreements that could

• The company’s belief that it does not have any impact our business; the potential for disruptions to
operations and construction projects as a result of our
guarantees or off-balance sheet arrangements that
have, or are reasonably likely to have, a current or relationships with labour unions that represent employees
at our facilities; and changes to environmental regulations
future material effect on the company’s financial
condition or financial performance, including liquidity or legislation.

and capital resources.
Factors that affect our Exploration and Production segment
include, but are not limited to, volatility in crude oil and
Forward-looking statements and information are not
guarantees of future performance and involve a number of natural gas prices; operational risks and uncertainties
associated with oil and gas activities, including unexpected
risks and uncertainties, some that are similar to other oil
and gas companies and some that are unique to Suncor. formations or pressures, premature declines of reservoirs,
fires, blow-outs, equipment failures and other accidents,
Suncor’s actual results may differ materially from those
expressed or implied by its forward-looking statements, so uncontrollable flows of crude oil, natural gas or well fluids,
and pollution and other environmental risks; the possibility
readers are cautioned not to place undue reliance on them.
that completed maintenance activities may not improve
The financial and operating performance of the company’s operational performance or the output of related facilities;
reportable operating segments, specifically Oil Sands,
adverse weather conditions, which could disrupt output

from producing assets or impact drilling programs,

SUNCOR ENERGY INC. ANNUAL REPORT 2013 81