Suncor to assume operatorship of Syncrude by end of 2021 - Seite 2

The Syncrude joint venture owners are Suncor (58.74%), Imperial Oil Resources Limited (25.0%), Sinopec Oil Sands Partnership (9.03%) and CNOOC Oil Sands Canada (7.23%).

Legal Advisory – Forward-Looking Information

This news release contains certain forward-looking information and forward-looking statements (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements in this news release include: the expectation that Suncor will become the operator of the Syncrude project by the end of 2021; Suncor’s belief that this transition will help build on the progress made to date and unlock significant value, synergies of $300 million annually, and capitalize on the collective strength of its regional operations which will make Syncrude even more regionally and globally competitive; the expectation that Suncor will work to achieve a Syncrude cash operating cost per barrel of C$30/bbl (US$23/bbl) and achieve 90% utilization; the belief that the bi-directional pipelines connecting Suncor’s Base Plant and Syncrude’s operations will provide increased integration and operational flexibility between the two assets; Suncor’s belief that adding Syncrude operatorship to its current operations will mean a stronger regional operations model to drive greater competitiveness across all assets; and similar statements. Forward-looking statements are based on Suncor’s current expectations, estimates, projections and assumptions that were made by the company in light of its information available at the time the statement was made and consider Suncor’s experience and its perception of historical trends, including expectations and assumptions concerning: the accuracy of reserves estimates; the current and potential adverse impacts of the COVID-19 pandemic, including the status of the pandemic and future waves and any associated policies around current business restrictions, shelter-in-place orders or gatherings of individuals; commodity prices and interest and foreign exchange rates; the performance of assets and equipment; capital efficiencies and cost savings; applicable laws and government policies; future production rates; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour, services and infrastructure; the satisfaction by third parties of their obligations to Suncor; the development and execution of projects; and the receipt, in a timely manner, of regulatory and third-party approvals. Some of the forward-looking statements may be identified by words like “will”, “expected”, “estimated”, “anticipate”, “believe” and similar expressions.