SU · Suncor Energy Inc.

Suncor Energy filed a Statement of Contingent Resources disclosing 23,296 mmbbl of risked best estimate contingent resources as of December 31, 2025. The evaluation, conducted by independent qualified reserves evaluator GLJ Ltd., covers in situ bitumen properties (Firebag, Lewis, MacKay River, Meadow Creek, and Chard) and mining properties (Syncrude Non-Producing Leases, Lease 23, and Audet) in the Athabasca oil sands region. The in situ resources comprise the majority of the portfolio at 17,672 mmbbl risked, while mining SCO contributes 5,624 mmbbl. Unrisked volumes total 30,366 mmbbl, reflecting a portfolio-weighted chance of commerciality of approximately 77%. All properties are anticipated to be developed using established technologies—SAGD for in situ and open-pit mining—eliminating technical contingencies for future reserve classification. However, development-related contingencies remain, including regulatory approvals, firm development plans, and final project sanctioning. The estimated risked capital requirement to reach first commercial production is substantial at $27,694 million, with development timelines extending from 2033 to 2038+. Positive factors cited include Suncor's established operating history in the region, proximity to existing infrastructure, and strong balance sheet, while negative factors include regulatory risks, policy changes, labor availability, and commodity price volatility.