Page 78 - MIC 2014 - English

SUMMARY OF INCENTIVE PLANS

laws, Suncor disclaims any intention or obligation to the majority of the company’s conventional natural gas

publicly update or revise any forward-looking statements, business, the decision to not proceed with the Voyageur
whether as a result of new information, future events
upgrader project and the impact on production in Libya

or otherwise.
due to political unrest.

Financial information is reported in Canadian dollars, unless References to Suncor’s leading position on a net earnings
otherwise noted, and is provided in Suncor’s audited per barrel of crude capacity basis for its R&M operations

consolidated financial statements for the year ended amongst its North American peers is applicable for the
December 31, 2013 and the MD&A, which are included in period from 2010 to 2013, and was compiled by Suncor

our 2013 Annual Report. Certain financial measures in this using publicly reported company information for the
management proxy circular – namely operating earnings, following peers: Alon, Chevron (US Downstream), Phillips

cash flow from operations (‘‘CFOPS’’), Oil Sands cash 66 (ConocoPhillips’ US R&M prior to Q2 2012), ExxonMobil
operating costs and return on capital employed (‘‘ROCE’’) – (US Downstream) HollyFrontier, Husky (Downstream),

are not prescribed by Canadian generally accepted Imperial Oil (Downstream), Marathon Petroleum, Tesoro,
accounting principles (‘‘GAAP’’). Operating earnings is United Refining, Valero, and Western Refining, Hess (up to

defined in the Advisories – Non-GAAP Financial Measures Q1 2013), Murphy Oil (US R&M up to Q4 2011) and
section of the MD&A and reconciled to GAAP measures in Sunoco (up to Q4 2011). Imperial Oil and US-based
the Financial Information section of the MD&A. ROCE, companies report net earnings using a last in, first out

CFOPS and Oil Sands cash operating costs are defined and method. Suncor and Husky report using a first in, first out
reconciled to GAAP measures in the Advisories – Non-GAAP inventory valuation method. R&M net earnings per barrel

Financial Measures section of the MD&A. CFOPS and of crude capacity for Alon, HollyFrontier and Western
ROCE, for the purposes of the table on page 40 of this Refining are based on their respective results for the first

management proxy circular, have been further adjusted to three quarters of 2013.
take into account minor adjustments for the disposition of

76 SUNCOR ENERGY INC. MANAGEMENT PROXY CIRCULAR 2014