Page 43 - MIC 2014 - English
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2013 Performance and Annual Incentive Award

Steve W. Williams, President and CEO

Suncor continued to execute on its business strategy in 2013, delivering value for shareholders. As President and CEO, 
Steve Williams was integral to the company’s success, ensuring strong alignment and commitment from the senior 

leadership team and Suncor employees to successfully execute on clearly defined plans. He led efforts to leverage the 
company’s integrated model, taking advantage of changing market conditions and ensured Suncor continued to focus on 

operational excellence to drive reliability and performance improvements. Mr. Williams played an active role in engaging 
with investors and other key stakeholders, effectively positioning the company and differentiating it from its peers.

Through Mr. Williams’ leadership, Suncor has delivered a number of successful results, including successfully returning 

cash to shareholders, investing in profitable growth and optimizing the base business. The Board also believes
Mr. Williams has contributed to Suncor’s success by fully engaging with the Board on the company’s financial and 
operating performance and key issues, notably the decision to not proceed with the Voyageur upgrader and the approval 

of the Fort Hills oil sands mining project. He also played an active role in shaping Board strategy sessions, providing Board 
members with significant context to support informed decision making, and ensured appropriate policies were brought 

forward to the respective Board committees to reflect and support the company’s strategic direction, external trends, best 
practices and regulatory requirements. As a result, the Board evaluated Mr. Williams’ performance as ‘‘exceptional’’

in 2013.

The following is a summary of Mr. Williams’ accomplishments in 2013 by key performance area:


Financial and Operating Results

2013 Goals
2013 Performance Summary
................................................................................
Suncor continued its solid financial performance in 2013, as reflected in its strong • Improve shareholder value and return
balance sheet and position relative to its peers. The company’s strength has been on capital employed (previously
demonstrated by its ability to return cash to shareholders, including the return of defined herein as ‘‘ROCE’’).
................................................................................
approximately $2.8 billion in cash through share repurchases and a 54% increase • Increase effectiveness of investor 
in dividends over the prior year. Mr. Williams played an active role in leading relations.
Suncor to deliver strong net earnings, operating earnings and cash flow from 
operations(1).

Operationally, overall production was 562.4 mboe/d compared to 549.1 mboe/d in 2013 Performance Highlights
................................................................................

2012. The Oil Sands business unit delivered another record-setting year, • Net earnings of $3.911 billion.
................................................................................
representing an 11% increase in annual production at Oil Sands operations and • Operating earnings(1) of 
record annual synthetic crude oil production. At Oil Sands operations, production 
was up 11% for the year, despite major planned maintenance and significant $4.700 billion.
................................................................................

third-party outages. Suncor’s R&M business remained first among its North • Cash flow from operations(1) 
American peers for net earnings per barrel of installed capacity(2).
of $9.412 billion.
................................................................................
The Board notes that Mr. Williams continues to capably guide the company in • ROCE(1) of 11.5%.
................................................................................
leveraging its integrated model in response to changing market conditions. 
Working with the senior leadership team, he has effectively stewarded the • Return of cash to shareholders 
increased by 25%.
company’s finances, managed risk and driven improved operational performance. ................................................................................
Thanks to the integrated model, the company captured world pricing for • Total average production of
approximately 88% of its upstream production in 2013.
562.4 mboe/d, including
392.5 mbbls/d from Oil Sands
The achievement of total shareholder return (previously defined herein as ‘‘TSR’’) 
(share appreciation plus dividend) of 16.3% for the year, materially outperforming (including Syncrude) and
169.9 mboe/d from E&P.
the Canadian energy index, reflects Mr. Williams’ focus. The Board believes good ................................................................................
progress on ROCE(1) has been made, however further effort still needs to be • Suncor’s Refining and Marketing 
directed to improving this company metric.
(previously defined herein as ‘‘R&M’’) 
business remained first among its 
Mr. Williams played an active role in marketing the company to investors. He 
continued to progress the company’s objectives on capital discipline, including North American peers for net 
earnings per barrel of installed
competitive, growing and sustainable return of cash to shareholders.
capacity(2).
................................................................................
•
Suncor nominated for 2013 IR 
Magazine award – Best IR by a 

CEO (large cap).

(1) Operating earnings, cash flow from operations and ROCE are non-GAAP measures. See the ‘‘Advisories’’ section beginning on page 74 of this 
management proxy circular.
(2)
For the period and peer group, see the ‘‘Advisories’’ section beginning on page 74 of this management proxy circular.



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