Located in northeast Alberta, our oil sands business is the bread and butter of our current operations and cornerstone for growth. The oil sands make up 6.9 of the 7.7 billion barrels of Suncor reserves and 18.8 of the total 23.2 barrels of contingent resources.*
Our oil sands operations recover bitumen through mining and in situ development and upgrade it into refinery feedstock, diesel fuel and by-products. What makes Suncor unique is the combination of our long-term growth strategy, integration across the value chain from production to retail sales, and our commitment to sustainability. While we continue to expand our operations, we work to minimize our environmental footprint and contribute to the well-being of the communities in which we operate.
Our core oil sands production is complemented by our international and offshore assets that we anticipate will provide stable, low-cost cash flow.
In addition, we own and operate four refineries (with a combined capacity of 460,000 barrels per day) a lubricants plant, Canada’s largest ethanol plant, wind farms, and a large network of retail businesses (1,500+) which provide North American consumers with secure sources of energy.
Our investments in renewable wind energy and biofuel play a key part of Suncor's climate change action plan. In 2010, Suncor marked an industry milestone by becoming the first oil sands company to complete surface reclamation of a tailings pond, a key step in returning the site back to nature. The company also received approval to implement new tailings management technology — called TROTM — across its existing operations, potentially reducing tailings reclamation time by decades and speeding the return of oil sands mining sites to natural habitat.
For more information, please contact Suncor Energy’s Investor Relations team:
* Reserves and contingent resource information presented herein is presented as Suncor’s working interest (operating and non-operating) before deduction of royalties, and without including any royalty interests of Suncor, and is as at Dec. 31, 2012. For more information please see Suncor’s current Annual Information Form dated March 1, 2013 available at www.sedar.com.
Estimates of contingent resources have not been adjusted for risk based on the chance of development. There is no certainty as to the timing of such development. The economic viability of the contingent resources is dependent upon pricing and economic conditions. There is no certainty that all or any portion of the contingent resources will be commercially viable to produce. For movement of resources to reserves categories, all projects must have an economic development plan and may require, among other things: (i) additional delineation drilling and/or further facility design; (ii) regulatory approvals; and (iii) company approvals to proceed with development. Significant factors which may change the contingent resource estimates include further delineation drilling, which could change the estimates either positively or negatively, and future technology improvements, which would positively affect the estimates. Also, we have assumed that all mining and some in situ contingent resources will be upgraded and sold as synthetic crude oil (SCO). To the extent that these volumes are not upgraded, but rather sold as bitumen, contingent resources volumes reported would be lower for SCO and higher for bitumen and total contingent resource volumes would be higher because of the yield factor applied to bitumen volumes when upgraded into SCO.
The contingencies which currently prevent the classification of the contingent resources as reserves include: the need for higher density corehole drilling to improve the certainty of in situ resources; the need for further facility design and the associated uncertainty in development costs and timelines; the preparation of firm development plans and regulatory applications (including associated reservoir studies and delineation drilling); regulatory approvals; and corporate approvals to proceed with development.
The additional facility design work, development plans, reservoir studies and delineation drilling are often completed in the course of preparing the company’s application for regulatory approvals. Once all regulatory and corporate approvals are received and any other contingencies are removed, the resources may then be reclassified as reserves.
Certain statements contained on this website, including those contained in webcasts and investor presentations, constitute “forward looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward looking statements”). All forward looking statements are based on the company’s current expectations, estimates, projections, beliefs and assumptions based on information available at the time the statement was made and in light of the company’s experience and its perception of historical trends, including expectations and assumptions concerning: the accuracy of reserve and resource estimates; commodity prices and interest and foreign exchange rates; capital efficiencies and cost-savings; applicable royalty rates and tax laws; future production rates; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour and services; and the receipt, in a timely manner, of regulatory and third party approvals.
Some of the forward looking statements may be identified by words like “expects”, “anticipates”, “estimates”, “plans”, “scheduled”, “intends”, “may”, “believes”, “projects”, “indicates”, “could”, “focus”, “vision”, “goal”, “proposed”, “target”, “objective”, “continue” and similar expressions. Forward looking statements include references to: business strategies and goals, including our plan to expand our oil sands production capacity by 10 to 12% per year until 2020 and continuing to develop renewable energy sources; future investment decisions, including our expectation to invest more than $1 billion to implement our new TROTM technology; future capital, exploration and other expenditures; future cash flows; future resource purchases and sales; anticipated construction and repair activities; anticipated turnarounds at upgraders, refineries and other facilities; anticipated refining margins; future oil and natural gas production levels, including anticipated field lives, and the sources of their growth; project development and expansion schedules and results; future exploration activities and results, and dates by which certain areas may be developed or come on-stream; anticipated retail throughputs; anticipated pre-production and operating costs; reserves and resources estimates; future royalties and taxes payable; production life-of-field estimates; natural gas export capacity; future financing and capital activities; contingent liabilities; the impact and cost of compliance with existing and potential environmental regulations; future regulatory approvals; and expected rates of return. 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. Our actual results may differ materially from those expressed or implied by our forward looking statements, and readers are cautioned not to place undue reliance on them.
Suncor’s most recently filed Earnings Release, Quarterly Report and Management’s Discussion & Analysis and its most recently filed Annual Information Form/Form 40-F, Annual Report to Shareholders and other documents it files from time to time with securities regulatory authorities describe the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors are incorporated herein by reference. Copies of these documents are available without charge from Suncor at 150 6th Avenue S.W., Calgary, Alberta T2P 3Y7, by calling 1 (800) 558-9071, by email request or by referring to the company’s profile on SEDAR or EDGAR. 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.