Page 3 - Suncor 360 - May-June 2015

CONTENTS
IN THIS ISSUE:
Simply Steve – Talk leads to action 02 News – Q1 at a glance 03 Quick bites – News from around the business 04 Feature – How we’re recommitting to safety 06 Feature – The fire that sparked a process
safety transformation 10 Events and deadlines 12 360 Online – There’s more on the Core 13
ON THE COVER:
This issue includes special coverage of our Journey to Zero.
360
Suncor Energy Inc. Employee Communications PO Box 2844, 150 – 6 Avenue S.W.
Calgary, Alberta T2P 3E3
Toll Free: 1-866-SUNCOR-1
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Website: suncor.com
360 editor
Guy DeSantis, 403-296-3748 360@suncor.com
Information in this publication is current as of April 30, 2015
Advisories
Printed in Canada.
Forward-Looking Statements – Suncor’s 360 publication contains certain forward-looking statements and information (collectively, “forward-looking statements”) within the meaning of Canadian and U.S. securities laws. Some of the forward-looking statements may be identified by words such as “objective”, “targets”, “estimated”, “anticipate”, “plan”, “goal”, “strategy”, “expect”, “intended”, “continue”, “may”, “will”, “outlook”, “opportunity”, “illustrative”, “projected”, “focusing”, “aim”, “potential” and similar expressions. All forward-looking statements are based on Suncor’s current expectations, estimates, projections and assumptions that were made by the company in light of its experience and its perception of historical trends including: expectations and assumptions concerning the accuracy of reserve and resource estimates; commodity prices and interest and foreign exchange rates; capital efficiencies and cost-savings; applicable royalty rates and tax laws; future production rates; the sufficiency of budgeted capital expenditures in carrying out planned activities; and the availability and cost of labour and services. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to our company. Forward-looking statements in this publication include references to: first quarter spending, which supported ongoing well performance that’s expected to maintain existing production levels at Firebag and MacKay River; first oil at the South White Rose Extension, which is expected in Q2/2015 and first oil at Hebron, which is expected in late 2017; Fort Hills remains on schedule to begin production in late 2017; a $1 billion reduction in Suncor’s capital budget, while maintaining progress on key growth projects already in construction, including Fort Hills and Hebron; Suncor’s commitment to realizing $600 to $800 million in savings in its operating budget, which are expected to be substantially realized in 2015; Suncor’s actual results may differ materially from those expressed or implied by our forward-looking statements and you are cautioned not to place undue reliance on them. Suncor’s Management’s Discussion and Analysis dated April 29, 2015, (“MD&A”), Annual Information Form/Form 40-F (“AIF”), Annual Report to Shareholders (“Annual Report”) and other documents it files from time to time with securities regulatory authorities describe the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors are incorporated herein by reference. Copies of these documents are available without charge from Suncor at 150 6th Avenue S.W., Calgary, Alberta T2P 3Y7, by calling 1-800-558-9071, or by email request to info@suncor.com or by referring to the company’s profile on SEDAR at www.sedar.com or EDGAR at www.sec.gov. Except as required by applicable securities laws, Suncor disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Non-GAAP Measures – Certain financial measures in this edition of 360 – namely operating earnings, cash flow from operations, Oil Sands cash operating costs and ROCE – are not prescribed by Canadian generally accepted accounting principles (“GAAP”). All non-GAAP measures presented herein do not have any standardized meaning and therefore are unlikely to be comparable to similar measures presented by other companies. Therefore, these non-GAAP measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. All non-GAAP measures are included because management uses the information to analyze business performance, leverage and liquidity and therefore may be considered useful information by investors. These non-GAAP measures are defined and reconciled in the MD&A.
Barrels of Oil Equivalent – Certain natural gas volumes in this edition of 360 have been converted to barrels of oil equivalent (“boe”) on the basis of one barrel to six thousand cubic feet. Any figure presented in boe may be misleading, particularly if used in isolation. A conversion ratio of one barrel of crude oil or natural gas liquids to six thousand cubic feet of natural gas is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
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