Suncor Energy reports 2013 fourth quarter results
CALGARY, ALBERTA--(Marketwired - Feb 3, 2014) -
Unless otherwise noted, all financial figures are unaudited,
presented in Canadian dollars (Cdn$), and have been prepared in
accordance with International Financial Reporting Standards (IFRS),
specifically International Accounting Standard (IAS) 34 Interim
Financial Reporting as issued by the International Accounting
Standards Board. Effective January 1, 2013, Suncor adopted new and
amended accounting standards, described in the Other Items section
of the Fourth Quarter Discussion contained in Suncor's Fourth
Quarter 2013 Report to Shareholders for the period ended December
31, 2013 (the Fourth Quarter Report). Comparative figures presented
in this news release pertaining to Suncor's 2012 results have been
restated in accordance with the respective transitional provisions
of the new and amended standards. Production volumes are
presented on a working interest basis, before royalties, unless
noted otherwise. Certain financial measures referred to in this
document (operating earnings, cash flow from operations, return on
capital employed (ROCE) and Oil Sands cash operating costs) are not
prescribed by Canadian generally accepted accounting principles
(GAAP). See the Non-GAAP Financial Measures section of this news
release. References to Oil Sands operations, production and cash
operating costs exclude Suncor's interest in Syncrude's
operations.
"In 2013, we made significant progress on our strategy to focus
on long-term profitable growth, increase operational flexibility
and deliver on our market access strategy, which has further
differentiated us from others in the industry," said Steve
Williams, president and chief executive officer. "We achieved this
by divesting non-core assets, sanctioning the Fort Hills project,
completing the ramp-up of Firebag, commissioning hot bitumen assets
at Oil Sands and completing rail facilities at our Montreal
refinery."
- Operating earnings of $973 million ($0.66 per common share),
net earnings of $443 million ($0.30 per common share) and cash flow
from operations of $2.350 billion ($1.58 per common share).
- Record quarterly production of 409,600 barrels per day (bbls/d)
at Oil Sands Operations, including more than 300,000 bbls/d of
synthetic crude oil (SCO).
- Suncor announced a $7.8 billion capital and exploration budget
for 2014, of which $4.2 billion is targeted towards growth
projects.
- Suncor's Board of Directors approved a 15% increase to the
company's quarterly dividend to $0.23 per common share, some nine
months after it increased the dividend by 54% in 2013.
- Suncor's Board of Directors also approved additional share
repurchases of up to $1 billion, subject to regulatory approval,
which increases the total amount available for repurchase to $1.7
billion.
Financial Results
Suncor Energy Inc. recorded fourth quarter 2013 operating
earnings of $973 million ($0.66 per common share), compared to $988
million ($0.65 per common share) for the fourth quarter of 2012.
The company continued to set quarterly production records in the
Oil Sands segment due to strong project execution and reliability
improvements which helped to offset price pressure on western
Canadian crudes and an increase in operating costs. The value of
the company's integrated model was reinforced in the quarter as
margins in the Refining and Marketing segment rose in response to
the decline in inland crude prices, offsetting a decrease in
benchmark crack spreads. Operating earnings were positively
impacted by the weaker Canadian dollar in the quarter.
Cash flow from operations was $2.350 billion ($1.58 per common
share) for the fourth quarter of 2013, compared to $2.228 billion
($1.46 per common share) for the fourth quarter of 2012, and
increased due to settled gains on the company's trading strategies
and was largely impacted by the same factors that impacted
operating earnings.
Net earnings were $443 million ($0.30 per common share) for the
fourth quarter of 2013, compared with a net loss of $574 million
($0.38 per common share) for the fourth quarter of 2012. Net
earnings were impacted by the same factors that affected operating
earnings in addition to after-tax impairment charges, net of
related provisions of $340 million against assets in Syria, Libya
and North America Onshore, a favourable after-tax adjustment of $69
million to reduce the previously estimated costs related to the
decision to not proceed with the Voyageur upgrader project and an
after-tax foreign exchange loss on the revaluation of U.S. dollar
denominated debt of $259 million, compared to $80 million in the
prior year quarter. Net earnings for the prior year quarter were
impacted by after-tax impairments, net of reversals, of
approximately $1.482 billion.
"For the tenth consecutive quarter we generated over $2.2
billion in cash flow from operations, despite a challenging western
Canadian crude price environment," said Williams. "However, our
overall price realizations reflect wider differentials to key
benchmarks, as bitumen production outpaced our integrated model's
ability to capture global pricing. Looking ahead to 2014, we have
already increased the flow of inland crude barrels to our Montreal
refinery and begun shipping bitumen to the Gulf Coast to capture
global pricing on nearly all of our production."
ROCE (excluding major projects in progress) for the twelve
months ended December 31, 2013 was 11.5%, compared to 7.2% for the
twelve months ended December 31, 2012. ROCE for the twelve months
ended December 31, 2013 increased over the same period of 2012,
primarily due to an after-tax impairment charge of $1.487 billion
relating to the Voyageur upgrader project recorded in the fourth
quarter of 2012 that reduced ROCE for the twelve months ended
December 31, 2012 by approximately 4%.
Operating Results
Suncor's total upstream production rose to an average of 558,100
barrels of oil equivalent per day (boe/d) in the fourth quarter of
2013 from 556,500 boe/d in the fourth quarter of 2012, reflecting
an 18% increase in production for the Oil Sands segment, more than
offsetting the reduced production from the sale of the company's
conventional natural gas business.
Oil Sands operations continued to set quarterly records in the
fourth quarter of 2013, with average production volumes of 409,600
bbls/d, compared to 342,800 bbls/d in the prior year quarter. The
increase is primarily due to the ramp-up of production at Firebag
and the hot bitumen infrastructure commissioned in the third
quarter of 2013 that increased the takeaway capacity of bitumen and
unlocked additional mining production. Production at the Firebag
complex had fully ramped up with daily production rates reaching
approximately 95% of capacity in the fourth quarter of 2013;
however, production was reduced throughout the quarter due to a
third-party natural gas outage and subsequent curtailments that
impacted the Fort McMurray region. Suncor's steam generation at
Firebag and upgrading capabilities were impacted by the original
outage while steam generation continues to be impacted throughout
the curtailment period. These events resulted in approximately
15,000 bbls/d of lost production in the fourth quarter of 2013.
Ongoing curtailments of natural gas supply are expected to continue
until the end of the first quarter of 2014 while the third-party
operator completes its investigation and restoration
activities.
Cash operating costs per barrel for Oil Sands operations in the
fourth quarter of 2013 decreased to an average of $36.85 compared
to $38.00 in the fourth quarter of 2012, reflecting higher
production volumes, partially offset by higher cash operating
costs. Total cash operating costs relative to the prior year
quarter also increased due to incremental costs associated with
larger operations, including Firebag Stage 4, incremental costs
associated with increased production in mining, higher natural gas
prices and consumption, and a decrease in the net benefit of power
sales due to lower power prices. Total cash operating costs were
higher than originally planned, partially due to the acceleration
of maintenance programs designed to facilitate, and ensure,
reliable and efficient mining operations as activity continues to
ramp up.
"While our cash operating costs per barrel were higher than
originally planned this quarter due to accelerated maintenance and
third-party outages, we remain committed to our focus on cost
discipline and meeting our targeted 2014 guidance," said
Williams.
Suncor's share of Syncrude production averaged 36,900 bbls/d in
the fourth quarter of 2013, consistent with production of 35,900
bbls/d in the fourth quarter of 2012.
The Exploration and Production segment contributed an average of
111,600 boe/d of production in the fourth quarter of 2013, compared
to 177,800 boe/d in the same period of 2012. The decrease was
primarily due to the sale of the company's conventional natural gas
business and the shut-in of production in Libya. Export terminal
operations at eastern Libyan seaports remain closed as political
unrest that began earlier in 2013 continued throughout the quarter.
Suncor has not lifted production in Libya since May 2013, although
field activities have continued throughout the quarter.
A ten-week off-station maintenance event at Terra Nova was
completed in the fourth quarter of 2013 to repair a mooring chain,
perform preventive maintenance on the remaining eight chains and
complete routine planned maintenance. Production was restored to
normal rates by mid-December.
Refinery utilization in the Refining and Marketing segment was
91% in the fourth quarter of 2013, reflecting total refinery crude
throughput of 419,000 bbls/d, compared to 437,000 bbls/d in the
fourth quarter of 2012. Refinery throughput decreased in the
quarter due to planned maintenance at both the Sarnia and Montreal
refineries and unplanned maintenance at the Edmonton refinery.
Despite unplanned maintenance, overall demonstrated reliability
improvements resulted in an increase to the nameplate capacity of
the Edmonton refinery to 142,000 bbls/d from 140,000 bbls/d
effective January 1, 2014.
Strategy Update
Consistent with its commitment to deliver strong returns to
shareholders, Suncor's Board of Directors approved a 15% increase
to the company's quarterly dividend to $0.23 per common share
beginning in the first quarter of 2014. This increase comes some
nine months after the company increased the dividend by 54% in
2013. Suncor also received Board of Director approval to allow for
up to an additional $1 billion worth of common shares to be
purchased for cancellation, subject to regulatory approval. This
increases the total amount available, as at January 27, 2014, to
$1.7 billion, including amounts remaining under the company's
previously authorized $1.8 billion program.
In the fourth quarter of 2013, Suncor paid $297 million in
dividends ($0.20 per common share) and repurchased and cancelled
$550 million worth of Suncor shares.
Investing in Integration and Market Access
As North American commodity prices remain volatile and Suncor's
Oil Sands production continues to rise, enhancing access to global
pricing is essential to maximizing profitability and operational
flexibility. Suncor continues activities to secure market access
into Canadian and U.S. coastal markets, positioning the company to
capture global prices on both its current production and future
growth. Following the completion of a rail offloading facility in
Montreal, Suncor commenced rail shipments to its Montreal refinery
in the fourth quarter of 2013, enabling Suncor to take advantage of
the price differentials between inland and Brent crudes. Shipments
are expected to exceed 30,000 bbls/d by the end of the first
quarter of 2014. Subsequent to the quarter, Suncor commenced
shipments of heavy crude on the Keystone South pipeline, providing
the company with more than 50,000 bbls/d of heavy crude shipping
capacity to the U.S. Gulf Coast, a profitable outlet for the
growing bitumen production at Firebag.
The 2014 capital budget includes growth capital for the Refining
and Marketing segment, largely focused on projects at the Montreal
refinery, including preparing the refinery for processing of
heavier Oil Sands crudes to further integrate the company's
operations.
Oil Sands Operations
The 2014 capital budget in Oil Sands Operations continues to
focus on investing in reliable and sustainable operations.
Priorities include improving reliability across the operations,
maintaining current production capacities through planned
maintenance and well pad development, and ensuring the efficiency
of existing operations. Growth projects are focused on low-cost
investments to optimize existing assets and include both
debottlenecking and expansion projects.
In the fourth quarter of 2013, Suncor completed planned
maintenance at its Upgrader 2 vacuum tower and related units. The
company continued to progress a debottleneck of the MacKay River
facility, which is intended to increase production capacity by
approximately 20% for a total capacity of 38,000 bbls/d by 2015.
Suncor also continues to work towards a 2014 sanction decision of
the MacKay River expansion project, which is targeted to have an
initial design capacity of approximately 20,000 bbls/d and achieve
first oil in 2017. In an effort to optimize Oil Sands Operations
and steadily improve returns, Suncor continues to advance further
debottlenecking initiatives, which are expected to grow production
in Oil Sands to approximately 500,000 bbls/d by the end of
2018.
Oil Sands Ventures
Following project sanction on October 30, 2013, Suncor has
allocated approximately 15% of its 2014 capital budget to the Fort
Hills mining project. Project activities in 2014 are expected to
focus on the completion of detailed engineering, procurement across
all areas of the project and construction of mine and extraction
infrastructure, including pilings and foundations. The project is
expected to produce first oil in the fourth quarter of 2017 and
achieve 90% of its planned production capacity of 180,000 bbls/d
(73,000 bbls/d net to Suncor) within twelve months of first
oil.
Suncor and the co-owners of the Joslyn mining project continue
to focus on design engineering and regulatory work, and plan to
provide an update on the targeted timing for a project sanction
decision when available.
Exploration and Production
Suncor has allocated nearly half of its 2014 growth capital
budget towards advancing projects within the Exploration and
Production segment. Growth capital is targeted towards completing
the Golden Eagle Area Development (Golden Eagle) project in the
North Sea, advancing the Hebron project, developing extensions at
the Hibernia and White Rose fields in East Coast Canada and
supporting exploration projects in the U.K., Norway, East Coast
Canada and Libya.
The Golden Eagle project continued to progress in the fourth
quarter of 2013 in preparation for drilling, which is expected to
begin in early 2014. The project remains on track to achieve first
oil in late 2014 or early 2015. Detailed engineering and
construction of the gravity-based structure and topsides continued
for the Hebron project in the fourth quarter of 2013; the project
is expected to achieve first oil in 2017. Subsea installation for
the Hibernia Southern Extension Unit (HSEU) was completed in the
fourth quarter of 2013 and subsea drilling activities commenced in
early 2014. HSEU is expected to increase overall production from
the Hibernia field starting in 2015. Detailed engineering and
procurement activities continued for the remainder of the South
White Rose Extension project. The installation of subsea equipment
for this project is expected to be complete in 2014. First oil is
expected in the fourth quarter of 2014. A sanction decision for
further expansion into the western portion of the White Rose field
is targeted for the second half of 2014.
Renewable Energy
Growth capital in 2014 is also focused on progressing wind
projects within the company's renewable business. The Adelaide
project received regulatory approval in the fourth quarter of 2013
and has an expected completion date of late 2014. The Cedar Point
project will continue to progress through the regulatory process in
2014. The two projects, based in Ontario, are expected to add 140
MW of gross installed capacity, increasing the gross installed
capacity of Suncor's wind projects by 55%.
Corporate Guidance
Suncor has revised its 2014 corporate guidance that it issued on
November 20, 2013. The key changes to the company's corporate
guidance include:
- The production outlook for Exploration and Production -
International has been changed to 40,000 boe/d-46,000 boe/d from
80,000 boe/d-86,000 boe/d. The company has temporarily suspended
its guidance on production from Libya due to continued political
unrest in the country. The range for the effective International
Tax Rate has been adjusted to 60%-65% from 67%-75%,
accordingly.
- Total production guidance has been reduced to 525,000
boe/d-570,000 boe/d from 565,000 boe/d-610,000 boe/d as a result of
the changes in outlook for Exploration and Production.
For further details regarding Suncor's 2014 revised corporate
guidance see suncor.com/guidance.
Advisories, Assumptions and Risk Factors
The Strategy Update and Corporate Guidance discussions above
contain forward-looking information, including the information
identified in the Legal Advisory Forward-Looking Information
section of this news release. Forward-looking information is
subject to a number of risks and uncertainties, many of which are
beyond Suncor's control, including those outlined below and in the
Forward-Looking Information section of the Fourth Quarter
Discussion contained in the Fourth Quarter Report.
Advisories to Corporate Guidance
Suncor's corporate guidance is based on the following
commodity price assumptions: West Texas Intermediate crude oil at
Cushing of US$93.00/bbl; Brent, Sullom Voe of US$100.00/bbl; and
Western Canadian Select at Hardisty of US$70.00/bbl. In addition,
the guidance is based on the assumption of a natural gas price
(AECO - C Spot) of Cdn$3.86/gigajoule and an exchange rate
(US$/Cdn$) of $0.92. The assumption for the US$/Cdn$ exchange rate
has decreased from $0.97, the exchange rate included in the
guidance previously issued on November 20, 2013. Assumptions for
the Oil Sands and Syncrude 2014 production outlook include those
relating to reliability and operational efficiency initiatives that
the company expects will minimize unplanned maintenance in 2014.
Assumptions for the Exploration and Production - Canada and
Exploration and Production - International 2014 production outlook
include those relating to reservoir performance, drilling results
and facility reliability. Factors that could potentially impact
Suncor's 2014 corporate guidance include, but are not limited
to:
- Bitumen supply. Bitumen supply may be dependent on
unplanned maintenance of mine equipment and extraction plants,
bitumen ore grade quality, tailings storage and in situ reservoir
performance.
- Third-party infrastructure. Production estimates could be
negatively impacted by issues with third-party infrastructure,
including pipeline or power disruptions, that may result in the
apportionment of capacity, pipeline or third-party facility
shutdowns, which would affect the company's ability to produce or
market its crude oil.
- Performance of recently commissioned facilities or well
pads. Production rates while new equipment is being brought into
service are difficult to predict and can be impacted by unplanned
maintenance.
- Unplanned maintenance. Production estimates could be
negatively impacted if unplanned work is required at any of our
mining, extraction, upgrading, in situ processing, refining,
natural gas processing, pipeline, or offshore assets.
- Planned maintenance events. Production estimates, including
production mix, could be negatively impacted if planned maintenance
events are affected by unexpected events. The successful execution
of maintenance and start-up of operations for offshore assets, in
particular, may be impacted by harsh weather conditions,
particularly in the winter season.
- Commodity prices. Declines in commodity prices may alter
our production outlook and/or reduce our capital expenditure
plans.
- Foreign operations. Suncor's foreign operations and related
assets are subject to a number of political, economic and
socio-economic risks.
Non-GAAP Financial Measures
Operating earnings and Oil Sands cash operating costs are
defined in the Non-GAAP Financial Measures Advisory section of the
Fourth Quarter Discussion contained in the Fourth Quarter Report
and reconciled to GAAP measures in the Segment Results and Analysis
section of the Fourth Quarter Discussion contained in the Fourth
Quarter Report. Cash flow from operations and ROCE are defined and
reconciled to GAAP measures in the Non-GAAP Financial Measures
Advisory section of the Fourth Quarter Discussion contained in the
Fourth Quarter Report.
These non-GAAP financial measures are included because
management uses this information to analyze operating performance,
leverage and liquidity. These non-GAAP measures do not have any
standardized meaning and therefore are unlikely to be comparable to
similar measures presented by other companies and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with GAAP.
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 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 and resources 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; the availability and cost of labour and
services; and the receipt, in a timely manner, of regulatory and
third-party approvals. In addition, all 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 and
the expected impact of future commitments are forward-looking
statements. Some of the forward-looking statements and information
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" and similar expressions.
Forward-looking statements in this news release include
references to: Suncor's expectations about production volumes and
the performance of its existing assets, including that ongoing
curtailments of natural gas supply at Oil Sands are expected to
continue until the end of the first quarter of 2014 while the
third-party operator completes its investigation and restoration
activities; the anticipated duration and impact of planned
maintenance events; Suncor's expectations about capital
expenditures, and growth and other projects, including: the
company's capital allocation plans and budget, which among other
things, is expected to contribute to long term profitable growth
for the company; the company's expectation that the flow of inland
crude barrels to our Montreal refinery and shipments of bitumen to
the Gulf Coast will capture global pricing on nearly all of the
company's production; debottlenecking initiatives in Oil Sands
operations are expected to grow production to approximately 500,000
bbls/d by the end of 2018; that the charges recorded in respect of
the Voyageur upgrader project reflect all of the costs of not
proceeding with the project; rail shipments of inland crudes to the
company's Montreal refinery are expected to exceed 30,000 bbls/d by
the end of the first quarter of 2014; the debottlenecking project
at the MacKay River facilities is expected to increase production
capacity by approximately 20% by 2015 for a total capacity of
38,000 bbls/d; the company expects to continue to work towards a
2014 sanction decision of the MacKay River expansion project, which
is targeted to have an initial design capacity of approximately
20,000 bbls/d and achieve first oil in 2017;
the expectation that the Fort Hills project will produce
first oil in the fourth quarter of 2017 and achieve 90% of its
planned production capacity of 180,000 bbls/d (73,000 bbls/d net to
Suncor) within twelve months of first oil; the company's plans to
continue to focus on design engineering and regulatory work for the
Joslyn mining project and to provide an update on the targeted
timing for a sanction decision when available; drilling activities
on the Golden Eagle project are expected to begin in early 2014,
and the project is expected to achieve first oil in late 2014 or
early 2015; the Hebron project is expected to achieve first oil in
2017; the Hibernia Southern Extension Unit is expected to increase
the overall production from the Hibernia field starting in 2015;
subsea equipment for the South White Rose Extension project is
expected to be installed in 2014 and first oil is expected in the
fourth quarter of 2014; a sanction decision for further expansion
into the western portion of the White Rose field is targeted for
the second half of 2014; and that the Adelaide and Cedar Point wind
projects are expected to add 140 MW of gross installed capacity,
increasing the gross installed capacity of Suncor's wind projects
by 55%, the Adelaide project is expected to be complete by late
2014, and the Cedar Point project is expected to progress through
the regulatory process in 2014.
Forward-looking statements and information 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.
Additional risks, uncertainties and other factors that could
influence 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 and currency exchange rates;
fluctuations in supply and demand for Suncor's products; the
successful and timely implementation of capital projects, including
growth projects and regulatory projects; 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 taxes or
changes to fees and royalties, such as Suncor's current
disagreement with the Canada Revenue Agency relating to the
settlement of certain derivative contracts, including the risk that
Suncor may not be able to successfully defend its original filing
position if it is reassessed and ultimately be required to pay
increased taxes as a results, and changes in environmental and
other regulations; the ability and willingness of parties with whom
we have material relationships to perform their obligations to us;
outages to third-party infrastructure that could cause disruptions
to production; the occurrence of unexpected events such as 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
systems by computer hackers or cyber terrorists, and the
unavailability or failure of such systems to perform as anticipated
as a result of such breaches; our 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; maintaining an optimal
debt to cash flow ratio; the success of the company's risk
management activities using derivatives and other financial
instruments; the cost of compliance with current and future
environmental laws; risks and uncertainties associated with closing
a transaction for the purchase or sale of an oil and gas property,
including estimates of the final consideration to be paid or
received, the ability of counterparties to comply with their
obligations in a timely manner and the receipt of any required
regulatory or other third-party approvals outside of Suncor's
control that are customary to transactions of this nature; 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.
Suncor's Annual Information Form (the "2012 AIF"), Form 40-F
and Annual Report to Shareholders, each dated March 1, 2013, and
the Fourth Quarter 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
3E3, 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.
Legal Advisory - BOEs
Certain natural gas volumes 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 bbl 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.
Suncor Energy is Canada's leading integrated energy company.
Suncor's operations include oil sands development and upgrading,
conventional and offshore oil and gas production, petroleum
refining, and product marketing under the Petro-Canada brand. While
working to responsibly develop petroleum resources, Suncor is also
developing a growing renewable energy portfolio. Suncor's common
shares (symbol: SU) are listed on the Toronto and New York stock
exchanges.
For more information about Suncor Energy please visit our web
site at suncor.com, follow us on Twitter @SuncorEnergy or read our
blog, OSQAR.
A full copy of Suncor's fourth quarter 2013 Report to
Shareholders and the financial statements and notes (unaudited) can
be downloaded at suncor.com/financialreporting.
To listen to the conference call discussing Suncor's fourth
quarter results, visit suncor.com/webcasts.
Media inquiries:403-296-4000media@suncor.comInvestor
inquiries:800-558-9071invest@suncor.com
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