Page 9 - Suncor AR English

our capital priorities – funding the base business, investing in from Golden Eagle expected in late 2014 or
proitable growth and returning more cash to shareholders.
early 2015 and irst oil from Hebron in 2017.

We have repurchased over 7% of Suncor’s outstanding shares Looking further out, our resource base provides us with
since 2011 and also increased our dividend to shareholders a rich suite of development opportunities to choose from.

twice in the past year, irst in May 2013 by 54% and again in We are continuing to invest in technology and innovation
February 2014 by another 15%; moving from 13 cents per that we expect will lower the costs and energy intensity

share in early 2013 to 23 cents per share. Going forward, associated with production. Our in situ resources represent
our view on dividends is clearcut: they should be meaningful, just over half of our resource base, and we are working on

competitive and sustainable. Our dividend, combined with replication strategies to develop these resources through

our share buyback program, provides an attractive return for standardized facilities and processes. In short, I am very
our shareholders and demonstrates our conidence in Suncor’s conident that we are well positioned for sustainable

ability to generate strong cash low.
and proitable growth for decades into the future.

A Team Approach
Return of Cash to Shareholders
Suncor’s success requires a day-to-day commitment by ($ per share)

everyone involved to strive for excellence and integrity in
all we do. That’s the kind of culture we’re building in the

company, and I feel truly privileged to work with such a
dedicated team of smart and talented people.

I am indebted to Suncor’s Board of Directors, who are
outstanding stewards of stakeholders’ interests. I particularly 2009 2010 2011
2012 2013

value the strong leadership and guidance that John Cash dividends(1) $0.30 $0.40 $0.43
$0.50 $0.73
Ferguson, our Board chairman has provided over his time
Share repurchases(1)
– – $0.32
$0.94 $1.12
with Suncor. We wish him the very best as he retires from
the Board this year.
(1) The igures provided are calculated based on the average shares
outstanding in each year

From the ground to the gas station, Suncor’s integrated
model is delivering superior value. When I look at our
Proitable Growth
people, assets and strategy, I’m conident Suncor can
continue to be an industry leader in the energy we generate Shortly after I became CEO in May 2012, I set some clear
growth objectives. Our focus needs to be on smart, proitable
for the world and the value we create for our communities,
our employees and for you, our shareholders.
growth. Cost and quality, rather than schedules, should drive
our decisions.

Thank you for your continued support.
Our decision to sanction the Fort Hills joint venture project its
well within our proitable growth strategy. One of the best

undeveloped oil sands mining assets in the Athabasca region,
Fort Hills is expected to be a signiicant source of cash low

and contribute strong returns over the long term.

Steve Williams
More projects are underway at our Oil Sands Operations to

President and Chief Executive Oficer
increase the capacity and reliability of our existing facilities
and enhance our logistics infrastructure. Our plan is to reach

approximately 500,000 bbls/d of production at Oil Sands over
four years – with relatively modest capital investment through

debottlenecking projects across our Oil Sands Operations and
expansions at In Situ.

We are well positioned for sustained and proitable growth
from our Exploration and Production division – including our

working interest in the Golden Eagle project in the U.K. North
Sea and the Hebron project off the east coast of Canada.

Both projects are on budget and on schedule, with irst oil

SUNCOR ENERGY INC. ANNUAL REPORT 2013 5