SUNCOR ENERGY: THE ENERGY TRANSITION

CEO Strategic Memo

June 2030 | CEO Edition

Suncor is benefiting from short-term AI data center energy demand but faces long-term transition headwinds.

Strategy: (1) Maximize near-term cash generation from oil/gas operations; (2) Invest in low-carbon hydrogen and renewable energy; (3) Return capital to shareholders given sunset profile of core business.

Target: Maintain strong dividend through 2032. Phase in transition investments by 2033.