Suncor Energy announces higher shareholder return and early repayment of US $ 1.25 billion notes

CALGARY, ALBERTA – Suncor announced today its intention to purchase up to $ 2 billion of the Company’s shares over the next 12 months as part of a public offering Normal Course Redemption and early redemption of US $ 1.25 billion notes.

“Our company continues to create strong cash flow even in the current commodity price environment,” said Steve Williams, President and CEO of Suncor. We are committed to increasing shareholder return and strengthening our balance sheet over time. The actions taken today, combined with the 10% dividend increase announced in February 2017, are consistent with these objectives and reflect our firm confidence in the ability of Suncor’s integrated model to generate cash flow in the current environment Of oil prices. “

The Toronto Stock Exchange (TSX) has approved the notice filed by Suncor intending to make a normal course issuer bid whereby Suncor may redeem for cancellation up to $ 2 billion $ Of its common shares from May 2, 2017 to May 1 , 2018. Redemptions will be made through the Toronto Stock Exchange, the New York Stock Exchange and / or other trading venues .

Suncor expects to execute the normal course issuer bid in accordance with its rigorous capital management commitment by ensuring that the level of expenditures is consistent with current commodity prices and cash flows.

The actual number of common shares that may be redeemed under the normal course issuer bid and the time of such redemptions will be determined by Suncor. Suncor believes that the redemption of its own shares, based on the market price of its common shares and other relevant factors, is an attractive investment opportunity and is in the best interest of the Company and its shareholders. Suncor did not repurchase its shares in connection with a normal course issuer bid during the past 12 months. As at April 21, 2017, Suncor had 1,669,326,509 common shares issued and outstanding. In connection with the normal course issuer bid,

Subject to the purchase exemption of the block of shares available for Suncor to make regular direct market repurchases in the normal course issuer bid, Suncor will limit daily purchases Of the common shares of Suncor on the Toronto Stock Exchange under the normal course issuer bid to a maximum of 25% (753,002) of the average daily trading volume of its common shares during the normal course issuer bid, A session on the Toronto Stock Exchange. Under the normal course issuer bid, purchases will be made directly on the market at market price, as well as by other means permitted by the Toronto Stock Exchange and any other securities regulatory authority , Particularly over-the-counter. OTC purchases under an exemption order issued by a securities regulatory authority will be made at less than the prevailing market price as set out in the order, exemption. In the future, Suncor may introduce an automatic share repurchase plan related to redemptions under the normal course issuer bid.

Early redemption of US $ 1.25 billion notes

Over the past year, Suncor has streamlined its portfolio by disposing of non-core assets at attractive prices. A portion of the proceeds will be used for the early repayment of the debt.

Suncor announced that it had repaid its US $ 1.25 billion 6.10% senior unsecured notes (the “Notes”).

Suncor had previously announced its intention to repay the Notes on February 27, 2017. The Notes originally matched in 2018, but in light of the success of the Asset Disposal Program and the strong operating Redeemed the Notes on April 26, 2017.

Caution – Forward-Looking Information

This press release contains certain forward-looking information and statements (collectively, “forward-looking statements”) as defined in applicable Canadian and US securities laws. The forward-looking statements contained in this news release include references to: strong confidence in the ability of Suncor’s integrated model to generate cash flow in the current oil price environment; The normal course issuer bid including Suncor’s intention to execute the normal course issuer bid in accordance with its commitment to the strict management of capital, Ensuring that the level of expenditures is consistent with current commodity prices and cash flows, the amount, timing and manner of redemptions of shares in the normal course issuer bid and The redemption of its own shares represents an attractive investment opportunity and is in the best interest of the Company and its shareholders; And the use of proceeds from the sale of non-core assets. Certain forward-looking statements are identified by the use of words such as “anticipates”, “may”, “believes” and similar expressions. Normal course issuer bid and that the repurchase of its own shares represents an attractive investment opportunity and is in the best interest of the Company and its shareholders; And the use of proceeds from the sale of non-core assets. Certain forward-looking statements are identified by the use of words such as “anticipates”, “may”, “believes” and similar expressions. Normal course issuer bid and that the repurchase of its own shares represents an attractive investment opportunity and is in the best interest of the Company and its shareholders; And the use of proceeds from the sale of non-core assets. Certain forward-looking statements are identified by the use of words such as “anticipates”, “may”, “believes” and similar expressions.

Forward-looking statements are based on the Company’s current expectations, estimates, projections and assumptions in light of the information available to it at the time these statements were made and based on Suncor’s experience and Its perception of historical trends, including expectations and assumptions about the accuracy of estimates of reserves and resources; Commodity prices, interest rates and exchange rates; The return on assets and equipment; Profitability of capital and cost savings; Applicable government laws and policies, including royalty rates and tax laws; Future production rates and the adequacy of budgeted capital expenditures for the execution of planned activities; The availability and cost of labor and services; The ability of third parties to fulfill their obligations vis-A�-vis Suncor; And timely receipt of regulatory and third party approvals.

Forward-looking statements and information are not guarantees of future performance and involve risks and uncertainties, some of which are similar to those of other oil and gas companies and others that are unique to Suncor. Suncor’s actual results could differ materially from those expressed or implied in its forward-looking statements or information; The reader is cautioned not to place undue reliance on it.

Suncor’s Annual Information Form, Form 40-F and the Annual Report to Shareholders, dated March 1 , 2017, and other documents filed periodically with the securities regulatory authorities, describe the significant risks, uncertainties and assumptions Other factors that may affect the actual results and such factors are incorporated herein by reference. Copies of these documents are available free of charge from Suncor at 150, 6th Avenue SW, Calgary, Alberta T2P 3E3, by e-mail to invest@suncor.com , by calling 1-800-558-9071, By visiting suncor.com/financialreports or by viewing the Company’s profile on SEDAR at sedar.com or EDGAR at sec.gov.

Suncor Energy is Canada’s largest integrated energy company. Suncor’s operations include the development and upgrading of oil sands, offshore oil and gas production, oil refining and the marketing of Petro-Canada products. As a member of the Dow Jones Sustainability Indices, FTSE4Good and CDP, Suncor is responsible for the responsible use of oil resources and a growing portfolio of renewable energy sources. Suncor is listed on the UN Global Compact 100 and on the Corporate Knights’ Global 100 list. Suncor’s common shares (symbol: SU) are listed on the Toronto and New York Stock Exchanges.

Source: Suncor Energy Inc.

Suncor Energy announces higher shareholder return and early repayment of US $ 1.25 billion notes

CALGARY, ALBERTA – Suncor announced today its intention to purchase up to $ 2 billion of the Company’s shares over the next 12 months as part of a public offering Normal Course Redemption and early redemption of US $ 1.25 billion notes.

“Our company continues to create strong cash flow even in the current commodity price environment,” said Steve Williams, President and CEO of Suncor. We are committed to increasing shareholder return and strengthening our balance sheet over time. The actions taken today, combined with the 10% dividend increase announced in February 2017, are consistent with these objectives and reflect our firm confidence in the ability of Suncor’s integrated model to generate cash flow in the current environment Of oil prices. “

The Toronto Stock Exchange (TSX) has approved the notice filed by Suncor intending to make a normal course issuer bid whereby Suncor may redeem for cancellation up to $ 2 billion $ Of its common shares from May 2, 2017 to May 1 , 2018. Redemptions will be made through the Toronto Stock Exchange, the New York Stock Exchange and / or other trading venues .

Suncor expects to execute the normal course issuer bid in accordance with its rigorous capital management commitment by ensuring that the level of expenditures is consistent with current commodity prices and cash flows.

The actual number of common shares that may be redeemed under the normal course issuer bid and the time of such redemptions will be determined by Suncor. Suncor believes that the redemption of its own shares, based on the market price of its common shares and other relevant factors, is an attractive investment opportunity and is in the best interest of the Company and its shareholders. Suncor did not repurchase its shares in connection with a normal course issuer bid during the past 12 months. As at April 21, 2017, Suncor had 1,669,326,509 common shares issued and outstanding. In connection with the normal course issuer bid,

Subject to the purchase exemption of the block of shares available for Suncor to make regular direct market repurchases in the normal course issuer bid, Suncor will limit daily purchases Of the common shares of Suncor on the Toronto Stock Exchange under the normal course issuer bid to a maximum of 25% (753,002) of the average daily trading volume of its common shares during the normal course issuer bid, A session on the Toronto Stock Exchange. Under the normal course issuer bid, purchases will be made directly on the market at market price, as well as by other means permitted by the Toronto Stock Exchange and any other securities regulatory authority , Particularly over-the-counter. OTC purchases under an exemption order issued by a securities regulatory authority will be made at less than the prevailing market price as set out in the order, exemption. In the future, Suncor may introduce an automatic share repurchase plan related to redemptions under the normal course issuer bid.

Early redemption of US $ 1.25 billion notes

Over the past year, Suncor has streamlined its portfolio by disposing of non-core assets at attractive prices. A portion of the proceeds will be used for the early repayment of the debt.

Suncor announced that it had repaid its US $ 1.25 billion 6.10% senior unsecured notes (the “Notes”).

Suncor had previously announced its intention to repay the Notes on February 27, 2017. The Notes originally matched in 2018, but in light of the success of the Asset Disposal Program and the strong operating Redeemed the Notes on April 26, 2017.

Caution – Forward-Looking Information

This press release contains certain forward-looking information and statements (collectively, “forward-looking statements”) as defined in applicable Canadian and US securities laws. The forward-looking statements contained in this news release include references to: strong confidence in the ability of Suncor’s integrated model to generate cash flow in the current oil price environment; The normal course issuer bid including Suncor’s intention to execute the normal course issuer bid in accordance with its commitment to the strict management of capital, Ensuring that the level of expenditures is consistent with current commodity prices and cash flows, the amount, timing and manner of redemptions of shares in the normal course issuer bid and The redemption of its own shares represents an attractive investment opportunity and is in the best interest of the Company and its shareholders; And the use of proceeds from the sale of non-core assets. Certain forward-looking statements are identified by the use of words such as “anticipates”, “may”, “believes” and similar expressions. Normal course issuer bid and that the repurchase of its own shares represents an attractive investment opportunity and is in the best interest of the Company and its shareholders; And the use of proceeds from the sale of non-core assets. Certain forward-looking statements are identified by the use of words such as “anticipates”, “may”, “believes” and similar expressions. Normal course issuer bid and that the repurchase of its own shares represents an attractive investment opportunity and is in the best interest of the Company and its shareholders; And the use of proceeds from the sale of non-core assets. Certain forward-looking statements are identified by the use of words such as “anticipates”, “may”, “believes” and similar expressions.

Forward-looking statements are based on the Company’s current expectations, estimates, projections and assumptions in light of the information available to it at the time these statements were made and based on Suncor’s experience and Its perception of historical trends, including expectations and assumptions about the accuracy of estimates of reserves and resources; Commodity prices, interest rates and exchange rates; The return on assets and equipment; Profitability of capital and cost savings; Applicable government laws and policies, including royalty rates and tax laws; Future production rates and the adequacy of budgeted capital expenditures for the execution of planned activities; The availability and cost of labor and services; The ability of third parties to fulfill their obligations vis-A�-vis Suncor; And timely receipt of regulatory and third party approvals.

Forward-looking statements and information are not guarantees of future performance and involve risks and uncertainties, some of which are similar to those of other oil and gas companies and others that are unique to Suncor. Suncor’s actual results could differ materially from those expressed or implied in its forward-looking statements or information; The reader is cautioned not to place undue reliance on it.

Suncor’s Annual Information Form, Form 40-F and the Annual Report to Shareholders, dated March 1 , 2017, and other documents filed periodically with the securities regulatory authorities, describe the significant risks, uncertainties and assumptions Other factors that may affect the actual results and such factors are incorporated herein by reference. Copies of these documents are available free of charge from Suncor at 150, 6th Avenue SW, Calgary, Alberta T2P 3E3, by e-mail to invest@suncor.com , by calling 1-800-558-9071, By visiting suncor.com/financialreports or by viewing the Company’s profile on SEDAR at sedar.com or EDGAR at sec.gov.

Suncor Energy is Canada’s largest integrated energy company. Suncor’s operations include the development and upgrading of oil sands, offshore oil and gas production, oil refining and the marketing of Petro-Canada products. As a member of the Dow Jones Sustainability Indices, FTSE4Good and CDP, Suncor is responsible for the responsible use of oil resources and a growing portfolio of renewable energy sources. Suncor is listed on the UN Global Compact 100 and on the Corporate Knights’ Global 100 list. Suncor’s common shares (symbol: SU) are listed on the Toronto and New York Stock Exchanges.

Source: Suncor Energy Inc.