Page 36 - Suncor Report on Sustainability 2014 - English

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Suncor: report on sustainability 2014

Economic performance continued

chemicals, steel products, mining services,
Expanding market access

electrical, catering, pipes and marine services. As our oil sands production grows, we continue
– In 2013, we spent more than $431 million on
to strategically enhance our access to global

direct purchases from Aboriginal businesses.
markets and premium pricing for our product.
For example, we commenced rail shipments of

Growth plans
inland crudes to our Montreal reinery in 2013,
Our focus is on smart, proitable growth. enabling us to take advantage of the price

Cost and quality, rather than schedules, differentials between inland and Brent crudes.
are the key drivers of our growth strategy.
And in early 2014, we commenced shipments

of heavy crude on the Gulf Coast Pipeline,
Our decision in 2013 to sanction the Fort Hills providing the company with more than 70,000

mining project its well within this strategy. barrels per day of heavy crude shipping capacity
We expect Fort Hills to be a signiicant source to the U.S. Gulf Coast.

of cash low and contribute strong returns
for the long term. We are also pursuing a

number of low-cost ‘debottlenecking’ projects
that are expected to deliver signiicant

production growth through equipment,
infrastructure and performance improvements
“ To have a healthy society, you
at existing operations.
need a healthy economy. And
* Non-GAAPfinancialmeasure.Refertothelegalnoticeinthispublication.
We are also well positioned for sustained and
to have a healthy economy, proitable growth from our Exploration &
on the web: More on our economic
you need a healthy energy Production division, including our working performance, contribution to the economy and
interest in the Golden Eagle project in the growth plans at sustainability.suncor.com
supply. There isn’t a single
U.K. North Sea and the Hebron project off
example since the Industrial the east coast of Canada. First oil is expected

from Golden Eagle in late 2014 or early 2015,
Revolution where that and from Hebron in 2017.

sequence hasn’t been true.”
Another part of our growth strategy is to focus

Steve Williams
on our core assets and identify business options
that no longer meet proitability thresholds.
president and chief executive oficer
In 2013, we completed a four-year divestment

program to sell our conventional natural gas
assets in Western Canada. Our portfolio is

now 99 per cent crude oil-weighted.

As we grow, we continue to invest in
technology and innovation that we expect

will help lower the costs and energy intensity
associated with production.