Management’s Discussion and Analysis

November 3, 2026

Suncor Energy is Canada’s leading integrated energy company. Suncor’s operations span the full energy value chain, including oil sands mining and in situ operations, upgrading, offshore production, petroleum refining in Canada and the U.S., marketing and trading, and nationwide Petro-Canada™ retail and wholesale networks – delivering reliable energy that fuels economic growth and meets the needs of customers across Canada and globally. With an unwavering focus on safety, operational excellence, and profitability, Suncor is committed to delivering industry-leading performance and long-term shareholder value. Suncor’s common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.

For a description of Suncor’s segments, refer to Suncor’s Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2025, dated February 25, 2026 (the 2025 annual MD&A).

This MD&A, for the three and nine months ended September 30, 2026, should be read in conjunction with Suncor’s unaudited interim Consolidated Financial Statements for the three and nine months ended September 30, 2026, Suncor’s audited Consolidated Financial Statements for the year ended December 31, 2025, and the 2025 annual MD&A.

Additional information about Suncor filed with Canadian securities regulatory authorities and the United States Securities and Exchange Commission (SEC), including quarterly and annual reports and Suncor’s Annual Information Form dated February 25, 2026 (the 2025 AIF), which is also filed with the SEC under cover of Form 40-F, is available online at www.sedarplus.ca, www.sec.gov and on our website at www.suncor.com. Information contained in or otherwise accessible through our website does not form part of this MD&A and is not incorporated into this MD&A by reference.

References to “we”, “our”, “Suncor”, “Suncor Energy” or “the company” means Suncor Energy Inc., its subsidiaries, partnerships and joint arrangements, unless otherwise specified or the context otherwise requires.

Basis of Presentation

Unless otherwise noted, all financial information is derived from the company’s condensed Consolidated Financial Statements, which are based on Canadian generally accepted accounting principles (GAAP), specifically International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board, and are prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting.

All financial information is reported in Canadian dollars, unless otherwise noted. Production volumes are presented on a working-interest basis, before royalties, except for production volumes from the company’s Libya operations, which are presented on an economic basis.

References to Oil Sands operations exclude Suncor’s ownership of Fort Hills and interest in Syncrude.

Common Abbreviations

For a list of the abbreviations that may be used in this MD&A, please refer to the Common Abbreviations section of this MD&A.

Table of Contents


1.	Third Quarter Highlights	6
2.	Consolidated Financial and Operating Information	7
3.	Segment Results and Analysis	11
4.	Income Tax	21
5.	Capital Investment Update	22
6.	Financial Condition and Liquidity	23
7.	Quarterly Financial Data	26
8.	Other Items	28
9.	Non-GAAP and Other Financial Measures Advisory	29
10.	Common Abbreviations	37
11.	Advisories	38

 2026 Third Quarter Suncor Energy Inc. 5

2. Consolidated Financial and Operating Information

Financial Highlights


	Three months ended September 30		Nine months ended September 30
($ millions)	2026	2025	2026	2025
Earnings (loss) before income taxes
Oil Sands	2 833	1 638	7 040	4 157
Exploration and Production	(657)	142	190	465
Refining and Marketing	3 194	878	6 944	1 927
Corporate and Eliminations	(404)	(441)	(1 403)	(608)
Income tax expense	(1 152)	(598)	(3 125)	(1 499)
Net earnings	3 814	1 619	9 646	4 442
Adjusted operating earnings (loss)⁽¹⁾
Oil Sands	2 811	1 627	6 977	4 173
Exploration and Production	414	142	1 261	465
Refining and Marketing	3 225	894	6 977	1 965
Corporate and Eliminations	(408)	(255)	(1 073)	(802)
Income tax expense included in adjusted operating earnings	(1 411)	(614)	(3 407)	(1 505)
Total	4 631	1 794	10 735	4 296
Adjusted funds from (used in) operations⁽¹⁾
Oil Sands	4 352	2 900	11 065	8 109
Exploration and Production	570	279	1 784	981
Refining and Marketing	3 612	1 216	7 892	2 733
Corporate and Eliminations	(250)	(152)	(1 003)	(786)
Current income tax expense	(1 579)	(412)	(3 674)	(1 472)
Total	6 705	3 831	16 064	9 565
Change in non-cash working capital	(509)	(46)	(1 778)	(705)
Cash flow provided by operating activities	6 196	3 785	14 286	8 860
Capital expenditures⁽²⁾
Asset sustainment and maintenance	759	874	2 167	2 347
Economic investment	709	565	1 687	1 828
Total	1 468	1 439	3 854	4 175
Free funds flow⁽¹⁾	5 196	2 347	12 089	5 228

(1)	Non-GAAP financial measures. See the Non-GAAP and Other Financial Measures Advisory section of this MD&A.

(2)	Excludes capitalized interest of $41 million and $121 million in the third quarter and first nine months of 2026, compared to $45 million and $162 million in the third quarter and first nine months of 2025.

2026 Third Quarter Suncor Energy Inc. 7

Management’s Discussion and Analysis

Operating Highlights


	Three months ended September 30		Nine months ended September 30
(mbbls/d, unless otherwise noted)	2026	2025	2026	2025
Upstream
Production volumes
Oil Sands – Upgraded – net SCO and diesel	528.1	544.1	510.0	506.2
Oil Sands – Non-upgraded bitumen	260.4	268.1	249.2	277.7
Total Oil Sands production volumes	788.5	812.2	759.2	783.9
Exploration and Production	64.0	57.8	70.3	60.0
Total upstream production	852.5	870.0	829.5	843.9
Upstream sales	837.5	887.2	830.4	843.0
Downstream
Refinery utilization⁽¹⁾ (%)	95	96	95	92
Refinery crude oil throughput	487.7	491.7	485.3	472.3
Refined product sales	676.9	646.8	670.8	617.5

(1)	Effective January 1, 2026, Suncor increased the nameplate capacity of its refining network by 10% from 466,000 bbls/d to 511,000 bbls/d. Prior quarter utilization rates have been restated to reflect this change.

Financial Results

Net Earnings and Adjusted Operating Earnings

Adjusted Operating Earnings Reconciliation⁽¹⁾


	Three months ended September 30		Nine months ended September 30
($ millions)	2026	2025	2026	2025
Net earnings	3 814	1 619	9 646	4 442
Unrealized foreign exchange (gain) loss on U.S. dollar denominated debt	(4)	186	267	(289)
Unrealized loss on risk management activities	65	5	26	13
Gain on disposal of asset	(65)	—	(65)	—
Asset impairment related to non-core asset divestiture	1 080	—	1 080	—
One-time legislative change to benefits⁽²⁾	—	—	63	—
Write-down of equity investments⁽³⁾	—	—	—	136
Income tax recovery on adjusted operating earnings adjustments	(259)	(16)	(282)	(6)
Adjusted operating earnings⁽¹⁾	4 631	1 794	10 735	4 296

(1)	Non-GAAP financial measure. All reconciling items are presented on a before-tax basis and adjusted for income taxes in the income tax (recovery) expense on adjusted operating earnings adjustments line. See the Non-GAAP and Other Financial Measures Advisory section of this MD&A.

(2)	During the second quarter of 2026, Suncor recorded a one-time expense of $63 million in the Corporate and Eliminations segment due to legislative changes to Alberta seniors benefits.

(3)	During the second quarter of 2025, Suncor recorded write-downs of equity investments of $95 million in the Corporate and Eliminations segment and $41 million in the Refining and Marketing (R&M) segment.

Suncor’s consolidated net earnings for the third quarter of 2026 were $3.814 billion, compared to $1.619 billion in the prior year quarter. Net earnings were primarily influenced by the same factors that impacted adjusted operating earnings discussed below.

Other items affecting net earnings over these periods included:

●	An unrealized foreign exchange gain on the revaluation of U.S. dollar denominated debt of $4 million recorded in financing expenses in the Corporate and Eliminations segment in the third quarter of 2026, compared to a loss of $186 million in the third quarter of 2025.

●	An unrealized loss on risk management activities of $65 million recorded in other income in the third quarter of 2026, compared to an unrealized loss of $5 million in the third quarter of 2025.

●	During the third quarter of 2026, Suncor recorded a gain on the sale of land of $65 million in the Oil Sands segment.

●	During the third quarter of 2026, Suncor recorded a non-cash asset impairment of $1.080 billion in the E&P segment related to the agreement to sell its non-core offshore assets Terra Nova, White Rose and West White Rose.

●	An income tax recovery related to the items noted above of $259 million in the third quarter of 2026, compared to a recovery of $16 million in the third quarter of 2025.

8 2026 Third Quarter Suncor Energy Inc.

Bridge Analysis of Adjusted Operating Earnings ($ millions)⁽¹⁾

(1)	For an explanation of this bridge analysis, see the Non-GAAP and Other Financial Measures Advisory section of this MD&A.

Suncor’s adjusted operating earnings increased to $4.631 billion ($3.97 per common share) in the third quarter of 2026, compared to $1.794 billion ($1.48 per common share) in the prior year quarter, primarily due to higher upstream price realizations, increased downstream margins and increased high-value global export sales, partially offset by a corresponding increase in royalties and tax expense.

Adjusted Funds from Operations and Cash Flow Provided by Operating Activities

Adjusted funds from operations increased to $6.705 billion ($5.75 per common share) in the third quarter of 2026, compared to $3.831 billion ($3.16 per common share) in the prior year quarter, and were primarily influenced by the same factors impacting adjusted operating earnings discussed above.

Cash flow provided by operating activities, which includes changes in non-cash working capital, increased to $6.196 billion ($5.31 per common share) in the third quarter of 2026, compared to $3.785 billion ($3.13 per common share) in the prior year quarter. In addition to the factors impacting adjusted funds from operations, cash flow provided by operating activities was impacted by a larger use of cash associated with the company’s working capital balances in the third quarter of 2026, compared to the prior year quarter. Working capital is subject to fluctuations based on commodity prices, the timing of transactions and seasonal factors. The use of cash in the third quarter of 2026 was primarily due to an increase in accounts receivable balances, partially offset by an increase in accounts payable and accrued liabilities balances, consistent with the increase in business environment in the latter part of the quarter.

Operating, Selling and General Expenses


	Three months ended September 30		Nine months ended September 30
($ millions)	2026	2025	2026	2025
Operations, selling and corporate costs	2 842	2 691	8 733	8 069
Commodities	438	396	1 402	1 313
Share-based compensation and other⁽¹⁾	272	183	614	348
Total operating, selling and general (OS&G) expenses	3 552	3 270	10 749	9 730

(1)

In the third quarter of 2026, share-based compensation expense of $272 million included $94 million in the Oil Sands segment, $6 million in the E&P segment, $42 million in the R&M segment and $130 million in the Corporate and Eliminations segment. In the third quarter of 2025, share-based compensation expense of $183 million included $59 million in the Oil Sands segment, $4 million in the E&P segment, $30 million in the R&M segment and $90 million in the Corporate and Eliminations segment. Other includes a one-time expense of $63 million in the Corporate and Eliminations segment due to legislative changes to Alberta seniors benefits in the second quarter of 2026.

OS&G expenses were $3.552 billion in the third quarter of 2026, compared to $3.270 billion in the prior year quarter, with the increase primarily due to increased mining activity, higher share-based compensation expense and higher commodity input costs. The company’s exposure to commodity costs is partially mitigated by revenue from power sales that are recorded in operating revenues.

2026 Third Quarter Suncor Energy Inc. 9

Management’s Discussion and Analysis

Business Environment

Commodity prices, refining crack spreads and foreign exchange rates are important factors that affect the results of Suncor’s operations. For additional details, see the Financial Information section of the 2025 annual MD&A.


		Average for the three months ended September 30		Average for the nine months ended September 30
		2026	2025	2026	2025
WTI crude oil at Cushing	US$/bbl	85.70	64.95	83.60	66.65
Dated Brent crude	US$/bbl	96.80	69.10	94.15	70.80
Dated Brent/Maya crude oil FOB price differential	US$/bbl	20.95	8.80	18.55	10.00
MSW at Edmonton	Cdn$/bbl	118.90	86.40	115.00	88.60
WCS at Hardisty	US$/bbl	71.80	54.55	69.40	55.60
WCS-WTI heavy/light differential	US$/bbl	(13.90)	(10.40)	(14.20)	(11.05)
SYN-WTI premium	US$/bbl	6.80	1.35	4.95	—
Condensate at Edmonton	US$/bbl	82.20	63.10	83.20	65.50
Natural gas (Alberta spot) at AECO	Cdn$/GJ	1.50	0.60	1.65	1.45
Alberta Power Pool Price	Cdn$/MWh	35.50	51.30	32.40	43.90
New York Harbor 2-1-1 crack⁽¹⁾	US$/bbl	76.50	29.95	56.00	25.70
Chicago 2-1-1 crack⁽¹⁾	US$/bbl	66.10	26.40	46.90	21.05
Portland 2-1-1 crack⁽¹⁾	US$/bbl	77.15	42.05	59.70	34.25
Gulf Coast 2-1-1 crack⁽¹⁾	US$/bbl	73.50	27.10	52.65	23.75
U.S. Renewable Volume Obligation	US$/bbl	14.35	6.40	12.30	5.75
Suncor custom 5-2-2-1 index⁽²⁾	US$/bbl	64.90	31.20	50.40	28.65
Exchange rate (average)	US$/Cdn$	0.71	0.73	0.72	0.72
Exchange rate (end of period)	US$/Cdn$	0.70	0.72	0.70	0.72

(1)

2-1-1 crack spreads are indicators of the refining margin generated by converting two barrels of WTI into one barrel of gasoline and one barrel of diesel. The crack spreads presented here generally approximate the regions into which the company sells refined products through retail and wholesale channels.

(2)	Suncor has developed an indicative 5-2-2-1 index based on publicly available pricing data to more accurately reflect the company’s realized refining and marketing gross margin. For more details, including how the 5-2-2-1 index is calculated, see Suncor’s 2025 annual MD&A.

10 2026 Third Quarter Suncor Energy Inc.

3. Segment Results and Analysis

Oil Sands

Financial Highlights


	Three months ended September 30		Nine months ended September 30
($ millions)	2026	2025	2026	2025
Operating revenues	9 321	7 050	25 878	20 631
Less: Royalties	(1 619)	(880)	(3 553)	(2 291)
Operating revenues, net of royalties	7 702	6 170	22 325	18 340
Earnings before income taxes	2 833	1 638	7 040	4 157
Adjusted for:
Unrealized loss (gain) on risk management activities	43	(11)	2	16
Gain on disposal of asset⁽¹⁾	(65)	—	(65)	—
Adjusted operating earnings⁽²⁾	2 811	1 627	6 977	4 173
Adjusted funds from operations⁽²⁾	4 352	2 900	11 065	8 109
Free funds flow⁽²⁾	3 290	1 902	8 343	5 253

(1)	During the third quarter of 2026, Suncor recorded a gain on the sale of land of $65 million.

(2)	Non-GAAP financial measures. See the Non-GAAP and Other Financial Measures Advisory section of this MD&A.

Oil Sands segment adjusted operating earnings increased to $2.811 billion in the third quarter of 2026, compared to $1.627 billion in the prior year quarter, primarily due to increased price realizations, partially offset by a corresponding increase in royalties, decreased sales volumes and increased operating expenses.

2026 Third Quarter Suncor Energy Inc. 11

Management’s Discussion and Analysis

Production Volumes


	Three months ended September 30		Nine months ended September 30
(mbbls/d)	2026	2025	2026	2025
Oil Sands bitumen
Upgrader bitumen throughput	687.6	690.2	649.9	641.1
Non-upgraded bitumen production	260.4	268.1	249.2	277.7
Total Oil Sands bitumen production	948.0	958.3	899.1	918.8
Upgraded – net SCO and diesel
Oil Sands operations⁽¹⁾⁽²⁾	376.1	370.6	355.2	337.5
Syncrude⁽¹⁾⁽²⁾	181.8	200.6	184.4	198.0
Inter-asset transfers and consumption⁽³⁾⁽⁴⁾	(29.8)	(27.1)	(29.6)	(29.3)
Upgraded – net SCO and diesel production	528.1	544.1	510.0	506.2
Non-upgraded bitumen
Oil Sands operations	167.6	150.4	149.5	159.5
Fort Hills	184.5	184.1	175.3	174.5
Syncrude	—	0.1	5.4	3.1
Inter-asset transfers⁽⁵⁾	(91.7)	(66.5)	(81.0)	(59.4)
Non-upgraded bitumen production	260.4	268.1	249.2	277.7
Oil Sands production volumes to market
Upgraded – net SCO and diesel	528.1	544.1	510.0	506.2
Non-upgraded bitumen	260.4	268.1	249.2	277.7
Total Oil Sands production volumes	788.5	812.2	759.2	783.9

(1)	Oil Sands Base upgrader yields are approximately 80% of bitumen throughput and Syncrude upgrader yield is approximately 85% of bitumen throughput.

(2)	Upgrader utilization rates are calculated using total upgraded production, inclusive of internally consumed products and inter-asset transfers.

(3)

Both Oil Sands operations and Syncrude produce diesel and other products, which are internally consumed in operations. In the third quarter of 2026, Oil Sands operations produced 20,000 bbls/d of internally consumed products, of which 10,300 bbls/d was consumed at Oil Sands operations, 7,600 bbls/d was consumed at Fort Hills and 2,100 bbls/d was consumed at Syncrude. Syncrude produced 3,400 bbls/d of internally consumed products.

(4)	In the third quarter of 2026, upgraded inter-asset transfers consisted of 6,400 bbls/d of sour SCO that was transferred from Oil Sands operations to Syncrude.

(5)	In the third quarter of 2026, non-upgraded inter-asset transfers consisted of 72,300 bbls/d of bitumen that was transferred from Fort Hills to Oil Sands Base, and 19,400 bbls/d of bitumen that was transferred from Firebag to Syncrude.

Total Oil Sands bitumen production was 948,000 bbls/d in the third quarter of 2026, compared to 958,300 bbls/d in the prior year quarter, with the decrease primarily due to lower mining production at Syncrude related to increased maintenance activities, partially offset by record third quarter Firebag production.

The company’s net SCO production decreased to 528,100 bbls/d in the third quarter of 2026, compared to 544,100 bbls/d in the prior year quarter, with record third quarter upgrader utilization of 107% at Oil Sands Base and 88% at Syncrude, compared to 106% and 98%, respectively, in the prior year quarter, primarily due to the planned upgrader maintenance activities at Syncrude.

Non-upgraded bitumen production was 260,400 bbls/d in the third quarter of 2026, compared to 268,100 bbls/d in the prior year quarter, consistent with lower bitumen production.

12 2026 Third Quarter Suncor Energy Inc.

Sales Volumes


	Three months ended September 30		Nine months ended September 30
(mbbls/d)	2026	2025	2026	2025
Upgraded – net SCO and diesel	547.4	541.9	514.2	503.6
Non-upgraded bitumen	224.5	277.9	243.5	276.9
Total	771.9	819.8	757.7	780.5

SCO and diesel sales volumes increased to 547,400 bbls/d in the third quarter of 2026, compared to 541,900 bbls/d in the prior year quarter, primarily due to a draw of inventory in the current quarter.

Non-upgraded bitumen sales volumes decreased to 224,500 bbls/d in the third quarter of 2026, compared to 277,900 bbls/d in the prior year quarter, primarily due to a build of inventory in the current quarter.

Price Realizations⁽¹⁾⁽²⁾


Before royalties	Three months ended September 30		Nine months ended September 30
($/bbl)	2026	2025	2026	2025
Upgraded – net SCO and diesel	132.75	92.43	125.79	94.12
Non-upgraded bitumen	96.42	71.93	90.66	72.23
Weighted average	122.18	85.48	114.50	86.35
Weighted average crude, relative to WTI	2.30	(3.98)	(1.26)	(6.83)

(1)	Contains non-GAAP financial measures. See the Non-GAAP and Other Financial Measures Advisory section of this MD&A.

(2)	Beginning in the first quarter of 2026, the company revised the calculation of price realizations to exclude transportation and distribution expenses to better align with how management evaluates performance. Prior period comparatives have been restated to reflect this change.

Oil Sands price realizations increased in the third quarter of 2026 compared to the prior year quarter, primarily due to higher crude oil benchmark pricing and strong current quarter SCO premiums, partially offset by wider heavy crude oil differentials.

Royalties

Royalties for the Oil Sands segment increased in the third quarter of 2026 compared to the prior year quarter, primarily due to higher Canadian heavy crude pricing.

Expenses and Other Factors

Total Oil Sands operating expenses increased in the third quarter of 2026 compared to the prior year quarter, primarily due to increased mining activity, increased share-based compensation expense and higher commodity input costs.

Depreciation, depletion and amortization (DD&A) expense increased compared to the prior year quarter, primarily due to the commissioning of new assets in the current quarter.

Exploration expenses increased in the third quarter of 2026 compared to the prior year quarter, primarily due to In Situ development activities.

Transportation costs decreased in the third quarter of 2026 compared to the prior year quarter, primarily due to decreased exports to the U.S. Gulf Coast.

Financing expense and other, which includes other income, increased in the third quarter of 2026 compared to the prior year quarter, primarily due to increased interest related to leases.

2026 Third Quarter Suncor Energy Inc. 13

Management’s Discussion and Analysis

Cash Operating Costs


	Three months ended September 30		Nine months ended September 30
($ millions, except as noted)	2026	2025	2026	2025
Oil Sands OS&G⁽¹⁾	2 568	2 329	7 838	7 077
Oil Sands operations cash operating costs reconciliation
Oil Sands operations OS&G	1 284	1 157	3 950	3 620
Non-production costs⁽³⁾	137	108	329	251
Excess power capacity and other⁽⁴⁾	(75)	(72)	(247)	(235)
Oil Sands operations cash operating costs⁽²⁾	1 346	1 193	4 032	3 636
Oil Sands operations production volumes (mbbls/d)	543.7	521.0	504.7	497.0
Oil Sands operations cash operating costs⁽²⁾ ($/bbl)	26.90	24.85	29.25	26.80
Fort Hills cash operating costsreconciliation
Fort Hills OS&G	749	617	2 179	1 867
Non-production costs⁽³⁾	(166)	(92)	(390)	(248)
Excess power capacity⁽⁴⁾	(4)	(5)	(11)	(17)
Fort Hills cash operating costs⁽²⁾	579	520	1 778	1 602
Fort Hills production volumes (mbbls/d)	184.5	184.1	175.3	174.5
Fort Hills cash operating costs⁽²⁾ ($/bbl)	34.15	30.65	37.15	33.60
Syncrude cash operating costsreconciliation
Syncrude OS&G	785	616	2 255	1 925
Non-production costs⁽³⁾	(58)	(33)	(81)	(15)
Excess power capacity⁽⁴⁾	(2)	(2)	(5)	(7)
Syncrude cash operating costs⁽²⁾	725	581	2 169	1 903
Syncrude production volumes (mbbls/d)	181.8	200.7	189.8	201.1
Syncrude cash operating costs⁽²⁾ ($/bbl)	43.35	31.45	41.85	34.65

(1)

Oil Sands inventory changes and internal transfers are presented on an aggregate basis and reflect: i) the impacts of changes in inventory levels and valuations, such that the company is able to present cost information based on production volumes; and ii) adjustments for internal diesel sales between assets. In the third quarter and first nine months of 2026, Oil Sands OS&G included ($250) million and ($546) million, respectively, of inventory changes and internal transfers. In the third quarter and first nine months of 2025, Oil Sands OS&G included ($61) million and ($335) million of inventory changes and internal transfers.

(2)	Non-GAAP financial measures. Related per barrel amounts contain non-GAAP financial measures. See the Non-GAAP and Other Financial Measures Advisory section of this MD&A.

(3)

Non-production costs include, but are not limited to, share-based compensation adjustments, research costs, project startup costs, asset advancement costs and adjustments to reflect the cost of internal transfers in the receiving asset at the cost of production versus the cost of purchase. Non-production costs at Fort Hills and Syncrude also include, but are not limited to, an adjustment to reflect internally produced diesel from Oil Sands operations at the cost of production.

(4)	Represents excess power revenue from cogeneration units that is recorded in operating revenues. Oil Sands operations excess power capacity and other also includes, but is not limited to, the natural gas expense recorded as part of a non-monetary arrangement involving a third-party processor.

Oil Sands operations cash operating costs per barrel⁽¹⁾ were $26.90 in the third quarter of 2026, compared to $24.85 in the prior year quarter, with the increase primarily due to higher mining activity, a higher proportion of Fort Hills bitumen being directed to upgrading at Oil Sands Base and higher commodity input costs, partially offset by increased production volumes.

Fort Hills cash operating costs per barrel⁽¹⁾ were $34.15 in the third quarter of 2026, compared to $30.65 in the prior year quarter, with the increase primarily due to higher commodity input costs and higher mining activity.

Syncrude cash operating costs per barrel⁽¹⁾ were $43.35 in the third quarter of 2026, compared to $31.45 in the prior year quarter, with the increase primarily due to increased mining and maintenance activity and decreased production volumes.

(1)	Contains non-GAAP financial measures. See the Non-GAAP and Other Financial Measures Advisory section of this MD&A.

14 2026 Third Quarter Suncor Energy Inc.

Management’s Discussion and Analysis

Exploration and Production

Financial Highlights


	Three months ended September 30		Nine months ended September 30
($ millions)	2026	2025	2026	2025
Operating revenues⁽¹⁾	1 072	665	3 180	2 059
Less: Royalties⁽¹⁾	(320)	(133)	(840)	(487)
Operating revenues, net of royalties	752	532	2 340	1 572
(Loss) earnings before income taxes	(657)	142	190	465
Adjusted for:
Unrealized gain on risk management activities	(9)	—	(9)	—
Asset impairment related to non-core asset divestiture⁽²⁾	1 080	—	1 080	—
Adjusted operating earnings⁽³⁾	414	142	1 261	465
Adjusted funds from operations⁽³⁾	570	279	1 784	981
Free funds flow⁽³⁾	453	97	1 413	361

(1)

(2)	During the third quarter of 2026, Suncor recorded an asset impairment of $1.080 billion related to an agreement to sell its non-core offshore assets Terra Nova, White Rose and West White Rose.

(3)	Non-GAAP financial measures. See the Non-GAAP and Other Financial Measures Advisory section of this MD&A.

Adjusted operating earnings for the E&P segment in the third quarter of 2026 increased to $414 million, compared to $142 million in the prior year quarter, primarily due to higher price realizations as a result of higher benchmark pricing, partially offset by increased royalties and decreased sales volumes.

Volumes


	Three months ended September 30		Nine months ended September 30
(mbbls/d)	2026	2025	2026	2025
E&P Canada	59.1	55.6	66.2	55.9
E&P International	4.9	2.2	4.1	4.1
Total production	64.0	57.8	70.3	60.0
Total sales volumes	65.6	67.4	72.7	62.5

E&P production increased to 64,000 bbls/d in the third quarter of 2026, compared to 57,800 bbls/d in the prior year quarter, primarily due to higher production at Terra Nova.

Total E&P sales volumes were 65,600 bbls/d in the third quarter of 2026, compared to 67,400 bbls/d in the prior year quarter, with the decrease primarily due to the timing of cargo sales in E&P Canada.

Price Realizations⁽¹⁾⁽²⁾


Before royalties	Three months ended September 30		Nine months ended September 30
($/bbl)	2026	2025	2026	2025
E&P Canada	146.01	98.04	136.32	100.47

(1)	Contains non-GAAP financial measures. See the Non-GAAP and Other Financial Measures Advisory section of this MD&A.

(2)	Beginning in the first quarter of 2026, the company revised the calculation of price realizations to exclude transportation and distribution expenses to better align with how management evaluates performance. Prior period comparatives have been restated to reflect this change.

16 2026 Third Quarter Suncor Energy Inc.

Management’s Discussion and Analysis

Refining and Marketing

Financial Highlights


	Three months ended September 30		Nine months ended September 30
($ millions)	2026	2025	2026	2025
Operating revenues	13 395	8 085	34 414	23 023
Earnings before income taxes	3 194	878	6 944	1 927
Adjusted for:
Unrealized loss (gain) on risk management activities	31	16	33	(3)
Write-down of equity investment⁽¹⁾	—	—	—	41
Adjusted operating earnings⁽²⁾	3 225	894	6 977	1 965
Adjusted funds from operations⁽²⁾	3 612	1 216	7 892	2 733
Free funds flow⁽²⁾	3 291	926	7 039	1 901

(1)	During the second quarter of 2025, Suncor recorded a write-down of an equity investment of $41 million.

(2)	Non-GAAP financial measures. See the Non-GAAP and Other Financial Measures Advisory section of this MD&A.

R&M adjusted operating earnings in the third quarter of 2026 increased to $3.225 billion, compared to $894 million in the prior year quarter, as the company realized higher margins due to higher benchmark crack spreads, increased high value global export sales and a FIFO inventory valuation gain in the current quarter, partially offset by increased transportation expenses related to increased exports.

Volumes


	Three months ended September 30		Nine months ended September 30
	2026	2025	2026	2025
Refinery crude oil throughput (mbbls/d)	487.7	491.7	485.3	472.3
Refinery utilization⁽¹⁾ (%)	95	96	95	92
Refined product sales (mbbls/d)
Gasoline	267.9	262.1	262.5	258.7
Distillate	303.3	289.6	309.2	274.1
Other	105.7	95.1	99.1	84.7
Total	676.9	646.8	670.8	617.5
Refinery production⁽²⁾ (mbbls)	47 569	48 326	140 962	136 406
Refining and marketing gross margin – First-in, first-out (FIFO)⁽³⁾ ($/bbl)	91.30	39.65	73.40	36.45
Refining and marketing gross margin – Last-in, first-out (LIFO)⁽³⁾ ($/bbl)	86.40	39.55	65.40	37.45
Refining operating expense⁽³⁾ ($/bbl)	6.20	6.00	6.45	6.50

(1)

Refinery utilization is the amount of crude oil and natural gas liquids processed by crude distillation units, expressed as a percentage of the nameplate capacity of these units. Effective January 1, 2026, Suncor increased the nameplate capacity of its refining network by 10% from 466,000 bbls/d to 511,000 bbls/d. Prior quarter utilization rates have been restated to reflect this change.

(2)	Refinery production is the output of the refining process and differs from crude oil processed as a result of volumetric adjustments for non-crude feedstock, volumetric gain associated with the refining process and changes in unfinished product inventories.

(3)	Contains non-GAAP financial measures. See the Non-GAAP and Other Financial Measures Advisory section of this MD&A.

Refinery crude oil throughput of 487,700 bbls/d with refinery utilization⁽¹⁾ of 95% was comparable to 491,700 bbls/d and 96%, respectively, in the prior year quarter. Strong current quarter operating performance was offset by increased planned maintenance activities at the Montreal refinery. The company was able to fully mitigate the expected throughput impacts of planned maintenance at its Edmonton refinery by leveraging its regional integration with Oil Sands. In Eastern Canada, the impacts of a third-party refinery supply pipeline outage were largely mitigated through the company's feedstock optionality and logistics capabilities.

Refined product sales increased to a third quarter record of 676,900 bbls/d, compared to 646,800 bbls/d in the prior year quarter, as Suncor leveraged prior debottlenecking efforts to increase high-value export capacity, and delivered more domestic volumes through high-value retail channels, including Canada’s number one retail brand.

(1)	Effective January 1, 2026, Suncor increased the nameplate capacity of its refining network by 10% from 466,000 bbls/d to 511,000 bbls/d. Prior quarter utilization rates have been restated to reflect this change.

18 2026 Third Quarter Suncor Energy Inc.

Management’s Discussion and Analysis

Corporate and Eliminations

Financial Highlights


	Three months ended September 30		Nine months ended September 30
($ millions)	2026	2025	2026	2025
Loss before income taxes	(404)	(441)	(1 403)	(608)
Adjusted for:
Unrealized foreign exchange (gain) loss on U.S. dollar denominated debt	(4)	186	267	(289)
One-time legislative change to benefits⁽¹⁾	—	—	63	—
Write-down of equity investment⁽²⁾	—	—	—	95
Adjusted operating loss⁽³⁾	(408)	(255)	(1 073)	(802)
Corporate	(255)	(283)	(678)	(929)
Eliminations – Intersegment profit (eliminated) realized	(153)	28	(395)	127
Adjusted funds used in operations⁽³⁾	(250)	(152)	(1 003)	(786)
Free funds deficit⁽³⁾	(259)	(166)	(1 032)	(815)

(1)	During the second quarter of 2026, Suncor recorded a one-time expense of $63 million due to legislative changes to Alberta seniors benefits.

(2)	During the second quarter of 2025, Suncor recorded a write-down of an equity investment of $95 million.

(3)	Non-GAAP financial measures. See the Non-GAAP and Other Financial Measures Advisory section of this MD&A.

Corporate incurred an adjusted operating loss of $255 million in the third quarter of 2026, compared to a loss of $283 million in the prior year quarter. The decreased loss was primarily due to higher interest income and lower interest expense on debt in the current quarter, partially offset by increased share-based compensation expense and a lower operational foreign exchange gain recognized in the current quarter compared to the prior year quarter.

Eliminations reflect the deferral or realization of profit or loss on crude oil sales from Oil Sands to Suncor’s refineries. Consolidated profits and losses are only realized when the refined products from internal purchases have been sold to third parties. During the third quarter of 2026, the company deferred $153 million of intersegment profit compared to a realization of $28 million in the prior year quarter. The deferral of intersegment profit in the third quarter of 2026 was primarily driven by a strengthening of benchmark crude pricing in the current quarter.

Corporate and Eliminations adjusted funds used in operations were $250 million for the third quarter of 2026, compared to adjusted funds used in operations of $152 million in the prior year quarter, and were influenced by the same factors impacting adjusted operating loss, excluding the impact of share-based compensation expense.

Results for the First Nine Months of 2026

Corporate and Eliminations loss before income taxes was $1.403 billion for the first nine months of 2026, compared to $608 million in the prior year period. In addition to the factors impacting adjusted operating loss, the loss before income taxes for the first nine months of 2026 included a $267 million unrealized foreign exchange loss on the revaluation of U.S. dollar denominated debt, compared to a $289 million gain in the prior year period. The current year period was also impacted by a one-time charge of $63 million due to legislative changes to Alberta seniors benefits. The prior year period was also impacted by a $95 million write-down of an equity investment.

The adjusted operating loss for Corporate and Eliminations for the first nine months of 2026 was $1.073 billion, compared to $802 million in the prior year period. The increased loss was primarily attributed to the deferral of intersegment profit in the current period, compared to a realization in the prior year period, and increased share-based compensation expense in the current period, partially offset by an operational foreign exchange gain in the current period compared to a loss in the prior year period.

Corporate and Eliminations adjusted funds used in operations for the first nine months of 2026 were $1.003 billion, compared to $786 million in the prior year period, and were influenced by the same factors impacting adjusted operating loss, excluding the impact of share-based compensation expense.

20 2026 Third Quarter Suncor Energy Inc.

Management’s Discussion and Analysis

5. Capital Investment Update

Capital Expenditures by Type, Excluding Capitalized Interest


	Three months ended				Nine months ended
			September 30, 2026	September 30, 2025			September 30, 2026	September 30, 2025
	Asset Sustainment and	Economic			Asset Sustainment and	Economic
($ millions)	Maintenance⁽¹⁾	Investment⁽²⁾	Total	Total	Maintenance⁽¹⁾	Investment⁽²⁾	Total	Total
Oil Sands
Oil Sands Base	195	17	212	281	615	125	740	1 082
In Situ	31	277	308	158	210	503	713	418
Fort Hills	64	123	187	212	174	325	499	529
Syncrude	248	89	337	321	530	187	717	718
E&P	—	95	95	163	—	307	307	567
R&M	211	109	320	290	611	238	849	832
Corporate and Eliminations	10	(1)	9	14	27	2	29	29
	759	709	1 468	1 439	2 167	1 687	3 854	4 175
Capitalized interest on debt			41	45			121	162
Total capital expenditures			1 509	1 484			3 975	4 337

(1)	Asset sustainment and maintenance capital expenditures include capital investments that are intended to deliver on existing value by ensuring compliance with regulators and other stakeholders and maintaining current processing capacity.

(2)	Economic investment capital expenditures include capital investments that are expected to result in an increase in value by adding reserves or improving processing capacity, utilization, cost or margin, including associated infrastructure.

During the third quarter of 2026, the company incurred $1.468 billion of capital expenditures, excluding capitalized interest, compared to $1.439 billion in the prior year quarter. Suncor capitalized $41 million of its borrowing costs in the third quarter of 2026 as part of the cost of major development assets and construction projects in progress, compared to $45 million in the prior year quarter.

Economic investment capital expenditures in the third quarter of 2026 included:

●	The ongoing design and construction of well pads to develop additional reserves that are intended to maintain existing production levels and initiatives to add incremental capacity at In Situ.

●	Advancing the North Pit mine, including the second opening, at Fort Hills.

●	Progressing the Mildred Lake Mine Extension East project and autonomous haul system conversion at Syncrude.

●	Progressing the West White Rose project within the E&P segment, which is nearing completion.

●	Enhancing R&M sales and marketing business, including continued strategic investment in specific company-owned retail sites.

Asset sustainment and maintenance capital expenditures in the third quarter of 2026 included:

●	Planned maintenance and turnaround activity, mine tailing development to support ongoing operations and other maintenance projects within the Oil Sands segment.

●	Planned maintenance and turnaround activity and ongoing sustainment of refinery, retail and logistics assets within the R&M segment.

22 2026 Third Quarter Suncor Energy Inc.

6. Financial Condition and Liquidity

Indicators


	Twelve months ended September 30
	2026	2025
Return on capital employed (ROCE)⁽¹⁾⁽²⁾ (%)	22.3	11.0
ROCE excluding impairments⁽¹⁾⁽²⁾ (%)	23.9	11.0
Net debt to adjusted funds from operations⁽¹⁾ (times)	0.1	0.5
Total debt to total debt plus shareholders’ equity⁽¹⁾ (%)	16.4	18.3
Net debt to net debt plus shareholders’ equity⁽¹⁾ (%)	3.4	13.7

(1)	Non-GAAP financial measures or contains non-GAAP financial measures. See the Non-GAAP and Other Financial Measures Advisory section of this MD&A.

(2)

For the twelve months ended September 30, 2026, ROCE was impacted by the impairment of $1.080 billion ($822 million after tax) in the third quarter of 2026 and ROCE excluding impairment would have been 23.9%. For the twelve months ended September 30, 2025, there were no impairments. As a result, ROCE excluding impairments was equal to ROCE.

Capital Resources

Suncor’s capital resources consist primarily of cash flow provided by operating activities, cash and cash equivalents, and available lines of credit. Suncor’s management believes the company will have the capital resources required to fund its planned 2026 capital spending program of $5.6 billion to $5.8 billion, and to meet working capital requirements, through cash and cash equivalents balances, cash flow provided by operating activities, available committed credit facilities, issuing commercial paper and, if needed, accessing capital markets. The company’s cash flow provided by operating activities depends on several factors, including commodity prices, production, sales volumes, refining and marketing gross margins, operating expenses, taxes, royalties and foreign exchange rates.

The company has invested cash in short-term financial instruments that are presented as cash and cash equivalents. The objectives of the company’s short-term investment portfolio are to ensure the preservation of capital, maintain adequate liquidity to meet Suncor’s cash flow requirements, and deliver competitive returns derived from the quality and diversification of investments within acceptable risk parameters. The maximum weighted average term to maturity of the short-term investment portfolio is not expected to exceed six months, and all investments are with counterparties with investment-grade debt ratings.

Available Sources of Liquidity

For the three months ended September 30, 2026, cash and cash equivalents increased to $8.001 billion from $5.372 billion as at June 30, 2026. The source of cash in the third quarter of 2026 was primarily due to the company’s cash flow provided by operating activities exceeding the company’s shareholder returns, including the repurchase of Suncor’s common shares under its normal course issuer bid (NCIB) and the payment of dividends, and the company’s capital expenditures.

For the nine months ended September 30, 2026, cash and cash equivalents increased to $8.001 billion from $3.650 billion as at December 31, 2025. The source of cash in the first nine months of 2026 was primarily due to the company’s cash flow provided by operating activities exceeding the company’s shareholder returns, including the repurchase of Suncor’s common shares under its NCIB and the payment of dividends, and the company’s capital expenditures.

As at September 30, 2026, the weighted average days to maturity of the company’s short-term investment portfolio was approximately 23 days.

As at September 30, 2026, available credit facilities for liquidity purposes were $5.304 billion, compared to $5.219 billion as at December 31, 2025.

Financing Activities

Management of debt levels and liquidity continues to be a priority for Suncor given the company’s long-term plans and the expected future volatility in the business environment. Suncor believes a phased and flexible approach to existing and future projects will help the company maintain its ability to manage project costs and debt levels.

Total Debt to Total Debt Plus Shareholders’ Equity

Suncor is subject to financial and operating covenants related to its bank debt and public market debt. Failure to meet the terms of one or more of these covenants may constitute an “event of default” as defined in the respective debt agreements, potentially resulting in accelerated repayment of one or more of the debt obligations. The company is in compliance with its financial covenant that requires total debt and lease liabilities to not exceed 65% of its total debt and lease liabilities plus shareholders’ equity. As at September 30, 2026, total debt and lease liabilities to total debt and lease liabilities plus shareholders’ equity was 22.5% (December 31, 2025 – 24.3%). The company also continues to be in compliance with all operating covenants under its debt agreements.

2026 Third Quarter Suncor Energy Inc. 23

Management’s Discussion and Analysis

Change in Debt


	Three months ended	Nine months ended
($ millions)	September 30, 2026	September 30, 2026
Total debt⁽¹⁾ – beginning of period	9 853	9 987
Decrease in long-term debt	(96)	(474)
Decrease in short-term debt	—	—
Foreign exchange on debt, and other	(5)	239
Total debt⁽¹⁾ – September 30, 2026	9 752	9 752
Less: Cash and cash equivalents – September 30, 2026	8 001	8 001
Net debt ⁽¹⁾ – September 30, 2026	1 751	1 751

(1)	Non-GAAP financial measures. See the Non-GAAP and Other Financial Measures Advisory section of this MD&A.

In the third quarter of 2026, the company fully repaid its $96 million 3.00% Series 5 Medium Term Notes upon maturity in September 2026. In the second quarter of 2026, the company fully repaid its US$275 million 7.875% debentures upon maturity in June 2026.

The company’s total debt decreased in the third quarter of 2026, primarily due to the repayment of long-term debt discussed above and favourable foreign exchange rates on U.S. dollar denominated debt compared to June 30, 2026.

The company’s total debt decreased in the first nine months of 2026, primarily due to the repayment of long-term debt discussed above, partially offset by unfavourable foreign exchange rates on U.S. dollar denominated debt compared to December 31, 2025.

As at September 30, 2026, Suncor’s net debt was $1.751 billion, compared to $6.337 billion as at December 31, 2025. The decrease in net debt was primarily due to an increase in cash and cash equivalents and the factors discussed above.

Common Shares


		September 30,
(thousands)		2026
Common shares		1 158 324
Common share options – exercisable		1 109
Common share options – non-exercisable		1 515

As at October 29, 2026, the total number of common shares outstanding was 1,151,224,232 and the total number of exercisable and non-exercisable common share options outstanding was 2,609,601. Once vested, each outstanding common share option is exercisable for one common share.

24 2026 Third Quarter Suncor Energy Inc.

Share Repurchases


			Maximum	Maximum	Number of
	Commencement		Shares	Shares	Shares
(thousands of common shares)	Date	Expiry	for Repurchase	Repurchase (%)	Repurchased
2024 NCIB	February 26, 2024	February 25, 2025	128 700	10	61 066
2025 NCIB	March 3, 2025	March 2, 2026	123 800	10	54 151
2026 NCIB	March 3, 2026	March 2, 2027	118 700	10	37 250

Between March 3, 2026, and October 29, 2026, pursuant to Suncor’s current NCIB, Suncor repurchased 37,250,056 common shares on the open market, representing the equivalent of 3.1% of its common shares as at February 18, 2026, for $3.425 billion, at a weighted average price of $91.96 per common share.

The actual number of common shares that may be repurchased under the NCIB and the timing of any such repurchases will be determined by Suncor. The company believes that repurchasing its own shares represents an attractive investment opportunity and is in the best interests of the company and its shareholders. The company does not expect that the decision to allocate cash to repurchase shares will affect its long-term strategy.


	Three months ended September 30		Nine months ended September 30
($ millions, except as noted)	2026	2025	2026	2025
Share repurchase activities (thousands of common shares)	14 825	13 600	37 915	42 193
Weighted average repurchase price per share (dollars per share)	91.08	55.15	85.07	53.33
Share repurchase cost⁽¹⁾	1 350	750	3 225	2 250

(1)	The three and nine months ended September 30, 2026, excludes nil of taxes paid on share repurchase costs. The three and nine months ended September 30, 2025, excludes nil and $48 million, respectively of taxes paid on share repurchase costs.

Contractual Obligations, Commitments, Guarantees and Off-Balance Sheet Arrangements

In the normal course of business, the company is obligated to make future payments, including payments in respect of contractual obligations and non-cancellable commitments. Suncor has included these items in the Financial Condition and Liquidity section of the 2025 annual MD&A, with no material updates to note during the nine months ended September 30, 2026.

Suncor does not believe it has any guarantees or off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on the company’s financial performance or financial condition, results of operations, liquidity or capital expenditures.

2026 Third Quarter Suncor Energy Inc. 25

Management’s Discussion and Analysis

7. Quarterly Financial Data

Trends in Suncor’s quarterly revenue, earnings and adjusted funds from operations are driven primarily by production volumes, which can be significantly impacted by major maintenance events, changes in commodity prices and crude differentials, refining crack spreads, foreign exchange rates and other significant events impacting operations, such as operational incidents.

Financial Summary


Three months ended	Sep 30	Jun 30	Mar 31	Dec 31	Sep 30	Jun 30	Mar 31	Dec 31
($ millions, unless otherwise noted)	2026	2026	2026	2025	2025	2025	2025	2024
Total production (mbbls/d)
Oil Sands	788.5	690.1	798.8	845.4	812.2	748.4	790.9	817.5
Exploration and Production	64.0	70.8	76.4	63.6	57.8	59.7	62.3	57.5
Total upstream production	852.5	760.9	875.2	909.0	870.0	808.1	853.2	875.0
Refinery crude oil throughput (mbbls/d)	487.7	470.6	497.8	504.2	491.7	442.3	482.7	486.2
Gross revenues	20 817	19 009	15 422	12 733	13 565	12 749	13 330	13 657
Net earnings	3 814	3 732	2 100	1 476	1 619	1 134	1 689	818
Per common share – basic (dollars)	3.27	3.17	1.77	1.23	1.34	0.93	1.36	0.65
Adjusted operating earnings⁽¹⁾	4 631	3 804	2 300	1 325	1 794	873	1 629	1 566
Per common share⁽¹⁾⁽²⁾ (dollars)	3.97	3.23	1.93	1.10	1.48	0.71	1.31	1.25
Adjusted funds from operations⁽¹⁾	6 705	5 329	4 030	3 218	3 831	2 689	3 045	3 493
Per common share⁽¹⁾⁽²⁾ (dollars)	5.75	4.52	3.39	2.68	3.16	2.20	2.46	2.78
Cash flow provided by operating activities	6 196	5 655	2 435	3 921	3 785	2 919	2 156	5 083
Per common share⁽²⁾ (dollars)	5.31	4.80	2.05	3.27	3.13	2.38	1.74	4.05
Free funds flow⁽¹⁾	5 196	3 980	2 913	1 699	2 347	981	1 900	1 923
Per common share⁽¹⁾⁽²⁾ (dollars)	4.46	3.38	2.45	1.42	1.94	0.80	1.53	1.53
ROCE⁽¹⁾ (%) for the twelve months ended	22.3	18.3	12.4	11.3	11.0	11.1	12.8	13.0
ROCE excluding impairments⁽¹⁾⁽³⁾ (%) for the twelve months ended	23.9	18.3	12.4	11.3	11.0	11.1	12.8	13.0
Net debt⁽¹⁾	1 751	4 481	6 842	6 337	7 147	7 673	7 559	6 861
Common share information (dollars)
Dividend per common share⁽²⁾	0.60	0.60	0.60	0.60	0.57	0.57	0.57	0.57
Share price at the end of trading
Toronto Stock Exchange (Cdn$)	95.60	76.30	92.01	60.92	58.24	51.01	55.72	51.31
New York Stock Exchange (US$)	67.87	53.68	66.11	44.36	41.81	37.45	38.72	35.68

(1)

Such financial measure is a non-GAAP financial measure or contains a non-GAAP financial measure. See the Non-GAAP and Other Financial Measures Advisory section of this MD&A. Adjusted operating earnings, adjusted funds from operations, net debt, free funds flow, ROCE and ROCE excluding impairments are defined in the Non-GAAP and Other Financial Measures Advisory section and reconciled to GAAP measures in the Consolidated Financial Information and the Segment Results and Analysis section in the respective Quarterly Report to Shareholders (Quarterly Report) issued by Suncor in respect of the relevant quarter, which information is incorporated by reference herein and is available on SEDAR+ at www.sedarplus.ca.

(2)	Presented on a basic per share basis.

(3)

26 2026 Third Quarter Suncor Energy Inc.

Business Environment


		Sep 30	Jun 30	Mar 31	Dec 31	Sep 30	Jun 30	Mar 31	Dec 31
(average for the three months ended)		2026	2026	2026	2025	2025	2025	2025	2024
WTI crude oil at Cushing	US$/bbl	85.70	92.85	72.15	59.15	64.95	63.70	71.40	70.30
Dated Brent crude	US$/bbl	96.80	104.55	80.95	63.70	69.10	67.80	75.70	74.70
Dated Brent/Maya FOB price differential	US$/bbl	20.95	19.20	15.45	9.70	8.80	10.10	11.10	11.85
MSW at Edmonton	Cdn$/bbl	118.90	131.90	93.85	76.55	86.40	84.25	95.30	94.95
WCS at Hardisty	US$/bbl	71.80	78.20	58.00	47.95	54.55	53.50	58.75	57.75
WCS-WTI heavy/light differential	US$/bbl	(13.90)	(14.65)	(14.15)	(11.20)	(10.40)	(10.20)	(12.65)	(12.55)
SYN-WTI premium (differential)	US$/bbl	6.80	8.40	(0.40)	(1.30)	1.35	1.00	(2.35)	0.85
Condensate at Edmonton	US$/bbl	82.20	95.55	71.65	57.00	63.10	63.50	69.90	70.65
Natural gas (Alberta spot) at AECO	Cdn$/GJ	1.50	1.55	1.90	2.20	0.60	1.65	2.05	1.45
Alberta Power Pool Price	Cdn$/MWh	35.50	29.45	32.15	43.00	51.30	40.50	39.80	51.50
New York Harbor 2-1-1 crack⁽¹⁾	US$/bbl	76.50	55.55	35.40	29.90	29.95	25.90	21.05	18.80
Chicago 2-1-1 crack⁽¹⁾	US$/bbl	66.10	51.00	23.05	21.50	26.40	22.05	14.65	13.85
Portland 2-1-1 crack⁽¹⁾	US$/bbl	77.15	63.35	38.25	31.75	42.05	38.20	22.30	20.95
Gulf Coast 2-1-1 crack⁽¹⁾	US$/bbl	73.50	51.55	32.55	27.15	27.10	23.20	20.85	17.00
U.S. Renewable Volume Obligation	US$/bbl	14.35	13.80	8.75	6.10	6.40	6.15	4.75	4.05
Suncor custom 5-2-2-1 index⁽²⁾	US$/bbl	64.90	50.10	35.70	32.00	31.20	27.85	26.80	24.25
Exchange rate (average)	US$/Cdn$	0.71	0.72	0.73	0.72	0.73	0.72	0.70	0.71
Exchange rate (end of period)	US$/Cdn$	0.70	0.70	0.72	0.72	0.72	0.73	0.69	0.69

(1)

(2)	Suncor has developed an indicative 5-2-2-1 index based on publicly available pricing data to more accurately reflect the company’s realized refining and marketing gross margin. For more details, including how the custom index is calculated, see Suncor’s 2025 annual MD&A.

2026 Third Quarter Suncor Energy Inc. 27

Management’s Discussion and Analysis

ROCE and ROCE Excluding Impairments

ROCE is a non-GAAP ratio that management uses to analyze operating performance and the efficiency of Suncor’s capital allocation process. ROCE is calculated using the non-GAAP financial measures adjusted net earnings and average capital employed. Adjusted net earnings are calculated by taking net earnings (loss) and adjusting after-tax amounts for unrealized foreign exchange on U.S. dollar denominated debt and net interest expense. Average capital employed is calculated as a twelve-month average of the capital employed balance at the beginning of the twelve-month period and the month-end capital employed balances throughout the remainder of the twelve-month period. Figures for capital employed at the beginning and end of the twelve-month period are presented to show the changes in the components of the calculation over the twelve-month period.


For the twelve months ended September 30
($ millions, except as noted)		2026	2025
Adjustments to net earnings
Net earnings		11 122	5 260
Add after-tax amounts for:
Unrealized foreign exchange loss on U.S. dollar denominated debt		130	176
Net interest expense		360	301
Adjusted net earnings⁽¹⁾	A	11 612	5 737
Capital employed – beginning of twelve-month period
Net debt⁽²⁾		7 147	7 968
Shareholders’ equity		45 163	45 082
		52 310	53 050
Capital employed – end of twelve-month period
Net debt⁽²⁾		1 751	7 147
Shareholders’ equity		49 673	45 163
		51 424	52 310
Average capital employed	B	52 058	52 157
ROCE (%)⁽³⁾	A/B	22.3	11.0

(1)	Total before-tax impact of adjustments is $626 million for the twelve months ended September 30, 2026, and $608 million for the twelve months ended September 30, 2025.

(2)	Net debt is a non-GAAP financial measure.

(3)

30 2026 Third Quarter Suncor Energy Inc.

Adjusted Funds From (Used In) Operations

Adjusted funds from (used in) operations is a non-GAAP financial measure that adjusts a GAAP measure – cash flow provided by operating activities – for changes in non-cash working capital, which management uses to analyze operating performance and liquidity. Changes to non-cash working capital can be impacted by, among other factors, commodity price volatility, the timing of offshore feedstock purchases and payments for commodity and income taxes, the timing of cash flows related to accounts receivable and accounts payable, and changes in inventory, which management believes reduces comparability between periods.

Adjusted funds from (used in) operations for each quarter are separately defined and reconciled to the cash flow provided by the operating activities measure in the Non-GAAP and Other Financial Measures Advisory section of each respective MD&A or Quarterly Report to shareholders, as applicable, for the related quarter, with such information being incorporated by reference herein and available on SEDAR+ at www.sedarplus.ca.


Three months ended September 30	Oil Sands		Exploration and Production		Refining and Marketing		Corporate and Eliminations		Income Taxes		Total
($ millions)	2026	2025	2026	2025	2026	2025	2026	2025	2026	2025	2026	2025
Earnings (loss) before income taxes	2 833	1 638	(657)	142	3 194	878	(404)	(441)	—	—	4 966	2 217
Adjustments for:
Depreciation, depletion, amortization and impairment	1 350	1 261	1 222	161	291	275	31	34	—	—	2 894	1 731
Accretion	129	126	20	16	4	3	—	—	—	—	153	145
Unrealized foreign exchange (gain) loss on U.S. dollar denominated debt	—	—	—	—	—	—	(4)	186	—	—	(4)	186
Change in fair value of financial instruments and trading inventory	83	(122)	(18)	(30)	100	62	—	—	—	—	165	(90)
Gain on disposal of assets	(65)	—	—	—	—	(16)	—	(1)	—	—	(65)	(17)
Share-based compensation	94	59	6	3	43	30	130	89	—	—	273	181
Settlement of decommissioning and restoration liabilities	(116)	(107)	(6)	(16)	(21)	(24)	—	—	—	—	(143)	(147)
Other	44	45	3	3	1	8	(3)	(19)	—	—	45	37
Current income tax expense	—	—	—	—	—	—	—	—	(1 579)	(412)	(1 579)	(412)
Adjusted funds from (used in) operations	4 352	2 900	570	279	3 612	1 216	(250)	(152)	(1 579)	(412)	6 705	3 831
Change in non-cash working capital											(509)	(46)
Cash flow provided by operating activities											6 196	3 785


			Exploration and		Refining and		Corporate and
Nine months ended September 30	Oil Sands		Production		Marketing		Eliminations		Income Taxes		Total
($ millions)	2026	2025	2026	2025	2026	2025	2026	2025	2026	2025	2026	2025
Earnings (loss) before income taxes	7 040	4 157	190	465	6 944	1 927	(1 403)	(608)	—	—	12 771	5 941
Adjustments for:
Depreciation, depletion, amortization and impairment	3 826	3 708	1 564	499	842	792	107	104	—	—	6 339	5 103
Accretion	388	374	59	48	12	10	—	—	—	—	459	432
Unrealized foreign exchange loss (gain) on U.S. dollar denominated debt	—	—	—	—	—	—	267	(289)	—	—	267	(289)
Change in fair value of financial instruments and trading inventory	51	25	(14)	(2)	86	17	—	—	—	—	123	40
Gain on disposal of assets	(60)	—	—	—	(8)	(16)	(10)	(1)	—	—	(78)	(17)
Share-based compensation	52	(20)	3	(2)	25	(6)	13	(88)	—	—	93	(116)
Settlement of decommissioning and restoration liabilities	(364)	(272)	(22)	(30)	(47)	(51)	—	—	—	—	(433)	(353)
Other	132	137	4	3	38	60	23	96	—	—	197	296
Current income tax expense	—	—	—	—	—	—	—	—	(3 674)	(1 472)	(3 674)	(1 472)
Adjusted funds from (used in) operations	11 065	8 109	1 784	981	7 892	2 733	(1 003)	(786)	(3 674)	(1 472)	16 064	9 565
Change in non-cash working capital											(1 778)	(705)
Cash flow provided by operating activities											14 286	8 860

2026 Third Quarter Suncor Energy Inc. 31

Management’s Discussion and Analysis

Free Funds Flow (Deficit)

Free funds flow (deficit) is a non-GAAP financial measure that is calculated by taking adjusted funds from operations and subtracting capital expenditures, including capitalized interest. Free funds flow reflects cash available for increasing distributions to shareholders and reducing debt. Management uses free funds flow to measure the capacity of the company to increase returns to shareholders and to grow Suncor’s business.


			Exploration and		Refining and		Corporate and
Three months ended September 30	Oil Sands		Production		Marketing		Eliminations		Income Taxes		Total
($ millions)	2026	2025	2026	2025	2026	2025	2026	2025	2026	2025	2026	2025
Adjusted funds from (used in) operations	4 352	2 900	570	279	3 612	1 216	(250)	(152)	(1 579)	(412)	6 705	3 831
Capital expenditures including capitalized interest	(1 062)	(998)	(117)	(182)	(321)	(290)	(9)	(14)	—	—	(1 509)	(1 484)
Free funds flow (deficit)	3 290	1 902	453	97	3 291	926	(259)	(166)	(1 579)	(412)	5 196	2 347


			Exploration and		Refining and		Corporate and
Nine months ended September 30	Oil Sands		Production		Marketing		Eliminations		Income Taxes		Total
($ millions)	2026	2025	2026	2025	2026	2025	2026	2025	2026	2025	2026	2025
Adjusted funds from (used in) operations	11 065	8 109	1 784	981	7 892	2 733	(1 003)	(786)	(3 674)	(1 472)	16 064	9 565
Capital expenditures including capitalized interest	(2 722)	(2 856)	(371)	(620)	(853)	(832)	(29)	(29)	—	—	(3 975)	(4 337)
Free funds flow (deficit)	8 343	5 253	1 413	361	7 039	1 901	(1 032)	(815)	(3 674)	(1 472)	12 089	5 228

Oil Sands Operations, Fort Hills and Syncrude Cash Operating Costs

Cash operating costs are calculated by adjusting Oil Sands segment OS&G expenses for non-production costs and excess power capacity. Significant non-production costs include, but are not limited to, share-based compensation adjustments, research costs, project startup costs and adjustments to reflect the cost of internal transfers in the receiving asset at the cost of production versus the cost of purchase. Non-production costs at Fort Hills and Syncrude also include, but are not limited to, an adjustment to reflect internally produced diesel from Oil Sands operations at the cost of production. Excess power capacity represents excess power revenue from cogeneration units that is recorded in operating revenues. Oil Sands operations excess power capacity and other also includes, but is not limited to, the natural gas expense recorded as part of a non-monetary arrangement involving a third-party processor. Oil Sands operations, Fort Hills and Syncrude production volumes are gross of internally consumed diesel and feedstock transfers between assets. Oil Sands operations, Fort Hills and Syncrude cash operating costs are reconciled in the Segment Results and Analysis – Oil Sands – Cash Operating Costs section of this MD&A. Management uses cash operating costs to measure operating performance.

32 2026 Third Quarter Suncor Energy Inc.

Refining and Marketing Gross Margin, Margin Capture and Refining Operating Expense

Refining and marketing gross margins, refining and marketing margin capture and refining operating expense are non-GAAP financial measures. Refining and marketing gross margin, on a FIFO basis, is calculated by adjusting R&M segment operating revenue, other income and purchases of crude oil and products (all of which are GAAP measures) for intersegment marketing fees recorded in intersegment revenues. Refining and marketing gross margin, on a LIFO basis, is further adjusted for the impacts of FIFO inventory valuation recorded in purchases of crude oil and products and risk management activities recorded in other income (loss). Refinery operating expense is calculated by adjusting R&M segment OS&G expenses for i) non-refining costs pertaining to the company’s supply, marketing and ethanol businesses; and ii) non-refining costs that management believes do not relate to the production of refined products, including, but not limited to, share-based compensation and enterprise shared service allocations. Refining and marketing margin capture is calculated by dividing refining and marketing gross margin, on a LIFO basis, by the Suncor custom 5-2-2-1 index. For details on how the 5-2-2-1 index is calculated, see Suncor’s 2025 annual MD&A. Management uses refining and marketing gross margin, refining operating expense and refining and marketing margin capture to measure operating performance on a production barrel basis.


	Three months ended September 30		Nine months ended September 30
($ millions, except as noted)	2026	2025	2026	2025
Refining and marketing gross margin reconciliation
Operating revenues	13 395	8 085	34 414	23 023
Purchases of crude oil and products	(9 045)	(6 208)	(24 020)	(18 099)
	4 350	1 877	10 394	4 924
Other (loss) income	(30)	25	(58)	31
Non-refining and marketing margin	24	14	12	15
Refining and marketing gross margin – FIFO	4 344	1 916	10 348	4 970
Refinery production⁽¹⁾ (mbbls)	47 569	48 326	140 962	136 406
Refining and marketing gross margin – FIFO ($/bbl)	91.30	39.65	73.40	36.45
FIFO and risk management activities adjustment	(235)	(5)	(1 126)	137
Refining and marketing gross margin – LIFO	4 109	1 911	9 222	5 107
Refining and marketing gross margin – LIFO ($/bbl)	86.40	39.55	65.40	37.45
Refining operating expense reconciliation
Operating, selling and general expense	611	602	1 875	1 789
Non-refining costs	(317)	(313)	(969)	(903)
Refining operating expense	294	289	906	886
Refinery production⁽¹⁾ (mbbls)	47 569	48 326	140 962	136 406
Refining operating expense ($/bbl)	6.20	6.00	6.45	6.50
Refining and marketing margin capture reconciliation
Refining and marketing gross margin – LIFO ($/bbl)	86.40	39.55	65.40	37.45
Suncor custom 5-2-2-1 index ($/bbl)	90.80	42.95	69.80	40.05
Refining and marketing margin capture (%)	95	92	94	94

(1)	Refinery production is the output of the refining process and differs from crude oil processed as a result of volumetric adjustments for non-crude feedstock, volumetric gain associated with the refining process and changes in unfinished product inventories.

2026 Third Quarter Suncor Energy Inc. 33

Price Realizations

Price realizations are a non-GAAP measure used by management to measure profitability. Oil Sands price realizations are presented on a crude product basis and are derived from the Oil Sands segmented statement of net earnings (loss), after adjusting for items not directly attributable to the revenues associated with production. E&P price realizations are presented on an asset location basis and are derived from the E&P segmented statement of net earnings (loss), after adjusting for other E&P assets, such as Libya, for which price realizations are not provided.

Oil Sands Price Realizations


	September 30, 2026			September 30, 2025
		Upgraded –	Oil Sands		Upgraded –	Oil Sands
Three months ended	Non-	Net	Segment	Non-	Net	Segment
	Upgraded	SCO and	Average	Upgraded	SCO and	Average
($ millions, except as noted)	Bitumen	Diesel	Crude	Bitumen	Diesel	Crude
Operating revenues	2 480	6 841	9 321	2 346	4 704	7 050
Other income	92	35	127	70	36	106
Purchases of crude oil and products	(536)	(82)	(618)	(495)	(23)	(518)
Gross realization adjustment⁽¹⁾	(43)	(108)	(151)	(81)	(108)	(189)
Price realization	1 993	6 686	8 679	1 840	4 609	6 449
Sales volumes (mbbls)	20 658	50 357	71 015	25 567	49 856	75 423
Price realization per barrel⁽²⁾	96.42	132.75	122.18	71.93	92.43	85.48

Nine months ended	September 30, 2026			September 30, 2025
		Upgraded –	Oil Sands		Upgraded –	Oil Sands
	Non-	Net	Segment	Non-	Net	Segment
	Upgraded	SCO and	Average	Upgraded	SCO and	Average
($ millions, except as noted)	Bitumen	Diesel	Crude	Bitumen	Diesel	Crude
Operating revenues	7 668	18 210	25 878	7 349	13 282	20 631
Other income	103	142	245	55	91	146
Purchases of crude oil and products	(1 944)	(287)	(2 231)	(1 830)	(110)	(1 940)
Gross realization adjustment⁽¹⁾	201	(408)	(207)	(113)	(324)	(437)
Price realization	6 028	17 657	23 685	5 461	12 939	18 400
Sales volumes (mbbls)	66 477	140 366	206 843	75 597	137 478	213 075
Price realization per barrel⁽²⁾	90.66	125.79	114.50	72.23	94.12	86.35

(1)	Reflects the items not directly attributed to revenues received from the sale of proprietary crude and net non-proprietary activity at its deemed point of sale.

(2)	Beginning in the first quarter of 2026, the company revised the calculation of price realizations to exclude transportation and distribution expenses to better align with how management evaluates performance. Prior period comparatives have been restated to reflect this change.

2026 Third Quarter Suncor Energy Inc. 35

Management’s Discussion and Analysis

E&P Price Realizations


Three months ended	September 30, 2026			September 30, 2025
	E&P		E&P	E&P		E&P
($ millions, except as noted)	Canada	Other⁽¹⁾⁽²⁾	Segment	Canada	Other⁽¹⁾⁽²⁾	Segment
Operating revenues	816	256	1 072	588	77	665
Price realization	816	256		588	77
Sales volumes (mbbls)	5 588			5 998
Price realization per barrel⁽³⁾	146.01			98.04

Nine months ended	September 30, 2026			September 30, 2025
	E&P		E&P			E&P
($ millions, except as noted)	Canada	Other⁽¹⁾⁽²⁾	Segment	E&P Canada	Other⁽¹⁾⁽²⁾	Segment
Operating revenues	2 553	627	3 180	1 603	456	2 059
Price realization	2 553	627		1 603	456
Sales volumes (mbbls)	18 725			15 961
Price realization per barrel⁽³⁾	136.32			100.47

(1)	Reflects other E&P assets, such as Libya, for which price realizations are not provided.

(2)

Production from the company’s Libya operations is presented on an economic basis. Revenue and royalties from the company’s Libya operations are presented on a working-interest basis, which is required for presentation purposes in the company’s Consolidated Financial Statements. In the third quarter of 2026, revenue included a gross-up amount of $196 million (2025 – $59 million), with an offsetting amount of $137 million (2025 – $32 million) in royalties in the E&P segment and $59 million (2025 – $27 million) in income tax expense recorded at the consolidated level. In the first nine months of 2026, revenue included a gross-up amount of $479 million (2025 – $347 million), with an offsetting amount of $299 million (2025 – $202 million) in royalties in the E&P segment and $180 million (2025 – $145 million) in income tax expense recorded at the consolidated level.

(3)	Beginning in the first quarter of 2026, the company revised the calculation of price realizations to exclude transportation and distribution expenses to better align with how management evaluates performance. Prior period comparatives have been restated to reflect this change.

36 2026 Third Quarter Suncor Energy Inc.

Management’s Discussion and Analysis

11. Advisories

Forward-Looking Statements

This MD&A contains certain forward-looking statements and other information based on Suncor’s current expectations, estimates, projections and assumptions that were made by the company in light of 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; commodity prices and interest and foreign exchange rates; the performance of assets and equipment; uncertainty related to geopolitical conflict; 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. All statements and information that address expectations or projections about the future, and other statements and information about Suncor’s strategy for growth, expected and future expenditures or investment decisions, commodity prices, costs, schedules, production volumes, operating and financial results, future financing and capital activities, and the expected impact of future commitments are forward-looking statements. Some of the forward-looking statements may be identified by words like “expects”, “anticipates”, “will”, “estimates”, “plans”, “scheduled”, “intends”, “believes”, “projects”, “indicates”, “could”, “focus”, “vision”, “goal”, “outlook”, “proposed”, “target”, “objective”, “continue”, “should”, “may”, “future”, “potential”, “opportunity”, “would”, “priority”, “strategy” and similar expressions. Forward-looking statements in this MD&A include references to:

●	Suncor’s projection of $5.5 billion of total share repurchases in 2026 resulting from planned monthly share repurchases being increased to $750 million beginning in October 2026;

●

statements regarding Suncor’s plan to sell its 48% interest in Terra Nova, 40% interest in White Rose and 38.6% interest in West White Rose offshore assets for $1.2 billion (US$860 million), including the expectation of receiving an additional contingent payment of up to $350 million (US$250 million) based on future oil prices; the expectation that investment commitments and future liabilities associated with the assets will be transferred to the purchaser, including a $500 million regulatory well compliance program at Terra Nova and the total estimated abandonment and lease liabilities of $1.4 billion; and the expectation that the transaction will close in early 2027, subject to customary closing conditions, regulatory approvals and partner consents;

●	the expected benefits of asset sustainment and maintenance capital expenditures and economic investment capital expenditures;

●	Suncor’s expectation that the design and construction of new well pads to develop additional reserves will maintain existing production levels and add incremental capacity at In Situ;

●	Suncor’s expectation that the West White Rose project in the E&P segment is nearing completion;

●

statements regarding Suncor’s planned 2026 capital spending program of $5.6 billion to $5.8 billion, including Suncor’s management’s belief that it will have the capital resources to fund it and to meet working capital requirements through cash and cash equivalents balances, cash flow provided by operating activities, available committed credit facilities, issuing commercial paper and, if needed, accessing capital markets;

●	the objectives of Suncor’s short-term investment portfolio and Suncor’s expectation that the maximum weighted average term to maturity of the short-term investment portfolio will not exceed six months, and that all investments will be with counterparties with investment-grade debt ratings;

●

the company’s priority regarding the management of debt levels and liquidity given the company’s long-term plans and expected future volatility in the business environment, and Suncor’s belief that a phased and flexible approach to existing and future projects will help the company manage project costs and debt levels;

●

statements about the company’s NCIB, including the belief that repurchasing its own shares represents an attractive investment opportunity and is in the best interests of the company and its shareholders and its expectation that its decision to allocate cash to repurchase shares will not affect its long-term strategy; and

●	the company’s belief that it does not have any guarantees or off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on the company’s financial performance or financial condition, results of operations, liquidity or capital expenditures.

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 Suncor. Suncor’s actual results may differ materially from those expressed or implied by its forward-looking statements, so readers are cautioned not to place undue reliance on them. The financial and operating performance of the company’s reportable operating segments, specifically Oil Sands, E&P and R&M, may be affected by a number of factors.

Factors that affect Suncor’s Oil Sands segment include, but are not limited to, volatility in the prices for crude oil and other production, and the related impacts of fluctuating light/heavy and sweet/sour crude oil differentials; changes in the demand for refinery feedstock and diesel fuel, including the possibility that refiners that process the company’s proprietary production will be closed, experience equipment failure or other accidents; Suncor’s ability to operate its Oil Sands facilities reliably in order to meet production targets; the output of newly commissioned facilities, the performance of which may be difficult to predict during initial operations; Suncor’s dependence on pipeline capacity and other logistical constraints, which may affect the company’s ability to distribute products to market and which may cause the company to delay or cancel planned growth projects in the event of insufficient takeaway capacity; Suncor’s ability to finance Oil Sands economic investment and asset sustainment and maintenance capital expenditures; the availability of bitumen feedstock for upgrading operations, which can be negatively affected by poor ore grade quality, unplanned mine equipment and extraction plant maintenance, tailings storage, and In Situ reservoir and equipment performance, or the unavailability of third-party bitumen; changes in operating costs, including the cost of labour, natural gas and other energy sources used in oil sands processes; and the company’s ability to complete projects, including planned maintenance events, both on time and on budget, which could be impacted by competition from other projects (including other oil sands projects) for goods and services and demands on infrastructure in Alberta’s Wood Buffalo region and the surrounding area (including housing, roads and schools).

Factors that affect Suncor’s E&P segment include, but are not limited to, volatility in crude oil and natural gas prices; operational risks and uncertainties associated with oil and gas activities, including unexpected formations or pressures, premature declines of reservoirs, fires,

38 2026 Third Quarter Suncor Energy Inc.

blow-outs, equipment failures and other accidents, uncontrollable flows of crude oil, natural gas or well fluids, and pollution and other environmental risks; adverse weather conditions, which could disrupt output from producing assets or impact drilling programs, resulting in increased costs and/or delays in bringing on new production; political, economic and socioeconomic risks associated with Suncor’s foreign operations, including the unpredictability of operating in Libya due to ongoing political unrest; and market demand for mineral rights and producing properties, potentially leading to losses on disposition or increased property acquisition costs.

Factors that affect the R&M segment include, but are not limited to, fluctuations in demand and supply for refined products that impact the company’s margins; market competition, including potential new market entrants; the company’s ability to reliably operate refining and marketing facilities to meet production or sales targets; and risks and uncertainties affecting construction or planned maintenance schedules, including the availability of labour and other impacts of competing projects drawing on the same resources during the same time period.

Additional risks, uncertainties and other factors that could influence the financial and operating performance of all of Suncor’s operating segments and activities include, but are not limited to, changes in general economic, market and business conditions, such as commodity prices, interest rates, currency exchange rates and potential trade tariffs (including as a result of demand and supply effects resulting from the actions of OPEC+ and/or the impact of armed conflicts in the Middle East, the impact of the Russian invasion of Ukraine and/or the impact of changes to the U.S. government economic policy); heightened geopolitical tensions, including the imposition or escalation of economic sanctions, export controls and trade restrictions, which may result in the disruption of global and regional supply chains; fluctuations in supply and demand for Suncor’s products; the successful and timely implementation of capital projects, including growth projects and regulatory projects; risks associated with the development and execution of Suncor’s major projects and the commissioning and integration of new facilities; the possibility that completed maintenance activities may not improve operational performance or the output of related facilities; the risk that projects and initiatives intended to achieve cash flow growth and/or reductions in operating costs may not achieve the expected results in the time anticipated or at all; competitive actions of other companies, including increased competition from other oil and gas companies or from companies that provide alternative sources of energy; labour and material shortages; actions by government authorities, including the imposition or reassessment of, or changes to, taxes, fees, royalties, duties and other government-imposed compliance costs; changes to laws and government policies that could impact the company’s business, including environmental (including climate change), royalty and tax laws and policies; the ability and willingness of parties with whom Suncor has material relationships to perform their obligations to the company; the unavailability of, or outages to, third-party infrastructure that could cause disruptions to production or prevent the company from being able to transport its products; the occurrence of a protracted operational outage, a major safety or environmental incident, or unexpected events such as fires (including forest fires), equipment failures and other similar events affecting Suncor or other parties whose operations or assets directly or indirectly affect Suncor; the potential for security breaches of Suncor’s information technology and infrastructure by malicious persons or entities, and the unavailability or failure of such systems to perform as anticipated as a result of such breaches; security threats and terrorist or activist activities; the risk that competing business objectives may exceed Suncor’s capacity to adopt and implement change; risks and uncertainties associated with obtaining regulatory, third-party and stakeholder approvals outside of Suncor’s control for the company’s operations, projects, initiatives and exploration and development activities and the satisfaction of any conditions to approvals; the potential for disruptions to operations and construction projects as a result of Suncor’s relationships with labour unions that represent employees at the company’s facilities; the company’s ability to find new oil and gas reserves that can be developed economically; the accuracy of Suncor’s reserves, resources and future production estimates; market instability affecting Suncor’s ability to borrow in the capital debt markets at acceptable rates or to issue other securities at acceptable prices; the ability to maintain an optimal debt to cash flow ratio; the success of the company’s marketing and logistics activities using derivatives and other financial instruments; the cost of compliance with current and future environmental laws, including climate change laws; risks relating to increased activism and public opposition to fossil fuels and oil sands; the ability of counterparties to comply with their obligations in a timely manner; risks associated with joint arrangements in which the company has an interest; risks associated with land claims and Indigenous consultation requirements; the risk that the company may be subject to litigation; the impact of technology and risks associated with developing and implementing new technologies; and the accuracy of cost estimates, some of which are provided at the conceptual or other preliminary stage of projects and prior to commencement or conception of the detailed engineering that is needed to reduce the margin of error and increase the level of accuracy. The foregoing important factors are not exhaustive.

Many of these risk factors and other assumptions related to Suncor’s forward-looking statements are discussed in further detail throughout this MD&A, and in the company’s 2025 annual MD&A, the 2025 AIF and Form 40-F on file with Canadian securities commissions at www.sedarplus.ca and the United States Securities and Exchange Commission at www.sec.gov. Readers are also referred to the risk factors and assumptions described in other MD&As that Suncor files from time to time with securities regulatory authorities. Copies of these MD&As are available without charge from the company.

The forward-looking statements contained in this MD&A are made as of the date of this MD&A. Except as required by applicable securities laws, we assume no obligation to update publicly or otherwise revise any forward-looking statements or the foregoing risks and assumptions affecting such forward-looking statements, whether as a result of new information, future events or otherwise.

2026 Third Quarter Suncor Energy Inc. 39


Measurement		Places and Currencies
bbl	barrel	U.S.	United States
bbls/d	barrels per day	U.K.	United Kingdom
mbbls/d	thousands of barrels per day
		$ or Cdn$	Canadian dollars
GJ	Gigajoule	US$	United States dollars

MW	megawatt
MWh	Megawatt-hour	Financial and Business Environment
		Q3	Three months ended September 30, 2026
		DD&A	Depreciation, depletion and amortization
		WTI	West Texas Intermediate
		WCS	Western Canadian Select
		SCO	Synthetic crude oil
		SYN	Synthetic crude oil benchmark
		MSW	Mixed Sweet Blend


	September 30	December 31
($ millions, except as noted)	2026	2025
Short-term debt	—	—
Current portion of long-term debt	561	973
Long-term debt	9 191	9 014
Total debt	9 752	9 987
Less: Cash and cash equivalents	8 001	3 650
Net debt	1 751	6 337
Shareholders’ equity	49 673	45 124
Total debt plus shareholders’ equity	59 425	55 111
Total debt to total debt plus shareholders’ equity (%)	16.4	18.1
Net debt to net debt plus shareholders’ equity (%)	3.4	12.3