EX-99.3 4 a2216147zex-99_3.htm EX-99.3
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EXHIBIT 99.3

Unaudited Consolidated Financial Statements for the second quarter ended June 30, 2013

Consolidated Statements of Comprehensive Income
(unaudited)

|  |  | Three months ended June 30 |  |  | Six months ended June 30 |  |
($ millions) |  |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |  |
|  |  |  |  |  | (restated – note 3) |  |  |  |  |  | (restated – note 3) |  |
Revenues and Other Income |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenues, net of royalties (note 4) |  |  | 9 648 |  |  | 9 584 |  |  | 19 491 |  |  | 19 223 |  |
Other income (note 5) |  |  | 66 |  |  | 123 |  |  | 239 |  |  | 239 |  |
|  |  | 9 714 |  |  | 9 707 |  |  | 19 730 |  |  | 19 462 |  |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of crude oil and products |  |  | 4 439 |  |  | 4 488 |  |  | 8 498 |  |  | 8 488 |  |
Operating, selling and general |  |  | 2 335 |  |  | 2 016 |  |  | 4 606 |  |  | 4 458 |  |
Transportation |  |  | 208 |  |  | 164 |  |  | 368 |  |  | 320 |  |
Depreciation, depletion, amortization and impairment |  |  | 1 029 |  |  | 1 590 |  |  | 2 028 |  |  | 2 537 |  |
Exploration |  |  | 79 |  |  | 96 |  |  | 209 |  |  | 141 |  |
Gain on disposal of assets |  |  | (1 | ) |  | (5 | ) |  | (1 | ) |  | (36 | ) |
Project start-up costs |  |  | 9 |  |  | 22 |  |  | 10 |  |  | 23 |  |
Voyageur upgrader project charges (note 14) |  |  | — |  |  | — |  |  | 176 |  |  | — |  |
Financing expenses (note 9) |  |  | 445 |  |  | 231 |  |  | 774 |  |  | 168 |  |
|  |  | 8 543 |  |  | 8 602 |  |  | 16 668 |  |  | 16 099 |  |
Earnings before Income Taxes |  |  | 1 171 |  |  | 1 105 |  |  | 3 062 |  |  | 3 363 |  |
Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 352 |  |  | 429 |  |  | 892 |  |  | 926 |  |
Deferred |  |  | 139 |  |  | 352 |  |  | 396 |  |  | 667 |  |
|  |  | 491 |  |  | 781 |  |  | 1 288 |  |  | 1 593 |  |
Net Earnings |  |  | 680 |  |  | 324 |  |  | 1 774 |  |  | 1 770 |  |
Other Comprehensive Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment |  |  | 172 |  |  | 69 |  |  | 191 |  |  | 19 |  |
Actuarial gain (loss) on employee retirement benefit plans, net of income taxes of $113 (2012 – $51) and $133 (2012 – $63) for the three and six months ended June 30, respectively (note 12) |  |  | 329 |  |  | (126 | ) |  | 386 |  |  | (124 | ) |
Other Comprehensive Income (Loss) |  |  | 501 |  |  | (57 | ) |  | 577 |  |  | (105 | ) |
Total Comprehensive Income |  |  | 1 181 |  |  | 267 |  |  | 2 351 |  |  | 1 665 |  |
Per Common Share (dollars) (notes 3 and 11) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net earnings – basic |  |  | 0.45 |  |  | 0.21 |  |  | 1.17 |  |  | 1.14 |  |
Net earnings – diluted |  |  | 0.45 |  |  | 0.20 |  |  | 1.17 |  |  | 1.12 |  |
Cash dividends |  |  | 0.20 |  |  | 0.13 |  |  | 0.33 |  |  | 0.24 |  |

See accompanying notes to the interim consolidated financial statements.

Suncor Energy Inc.
054 2013 Second Quarter For more information about Suncor Energy, visit our website www.suncor.com

Consolidated Balance Sheets
(unaudited)

($ millions) |  |  | June 30 2013 |  |  | Dec 31 2012 |  |
|  |  |  |  |  | (restated – note 3) |  |
Assets |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 4 530 |  |  | 4 385 |  |
Accounts receivable |  |  | 5 126 |  |  | 5 201 |  |
Inventories |  |  | 3 881 |  |  | 3 697 |  |
Income taxes receivable |  |  | 867 |  |  | 799 |  |
Total current assets |  |  | 14 404 |  |  | 14 082 |  |
Assets classified as held for sale (note 15) |  |  | 1 646 |  |  | — |  |
Property, plant and equipment, net |  |  | 55 537 |  |  | 55 434 |  |
Exploration and evaluation |  |  | 3 339 |  |  | 3 284 |  |
Other assets |  |  | 425 |  |  | 419 |  |
Goodwill and other intangible assets |  |  | 3 097 |  |  | 3 104 |  |
Deferred income taxes |  |  | 57 |  |  | 78 |  |
Total assets |  |  | 78 505 |  |  | 76 401 |  |
Liabilities and Shareholders' Equity |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |
Short-term debt |  |  | 789 |  |  | 775 |  |
Current portion of long-term debt |  |  | 345 |  |  | 311 |  |
Accounts payable and accrued liabilities |  |  | 7 033 |  |  | 6 446 |  |
Current portion of provisions |  |  | 1 267 |  |  | 856 |  |
Income taxes payable |  |  | 1 360 |  |  | 1 165 |  |
Total current liabilities |  |  | 10 794 |  |  | 9 553 |  |
Liabilities classified as held for sale (note 15) |  |  | 937 |  |  | — |  |
Long-term debt |  |  | 10 510 |  |  | 9 938 |  |
Other long-term liabilities |  |  | 1 722 |  |  | 2 319 |  |
Provisions |  |  | 3 839 |  |  | 4 932 |  |
Deferred income taxes |  |  | 10 460 |  |  | 10 444 |  |
Shareholders' equity |  |  | 40 243 |  |  | 39 215 |  |
Total liabilities and shareholders' equity |  |  | 78 505 |  |  | 76 401 |  |

See accompanying notes to the interim consolidated financial statements.

Suncor Energy Inc.
2013 Second Quarter 055

Consolidated Statements of Cash Flows
(unaudited)

|  |  | Three months ended June 30 |  |  | Six months ended June 30 |  |
($ millions) |  |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |  |
|  |  | (restated – note 3) |  |  | (restated – note 3) |  |
Operating Activities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  |  | 680 |  |  | 324 |  |  | 1 774 |  |  | 1 770 |  |
Adjustments for: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation, depletion, amortization and impairment |  |  | 1 029 |  |  | 1 590 |  |  | 2 028 |  |  | 2 537 |  |
Deferred income taxes |  |  | 139 |  |  | 352 |  |  | 396 |  |  | 667 |  |
Accretion |  |  | 50 |  |  | 46 |  |  | 98 |  |  | 92 |  |
Unrealized foreign exchange loss on U.S. dollar denominated long-term debt |  |  | 290 |  |  | 163 |  |  | 458 |  |  | 17 |  |
Change in fair value of derivative contracts |  |  | 28 |  |  | 52 |  |  | 88 |  |  | 13 |  |
Gain on disposal of assets |  |  | (1 | ) |  | (5 | ) |  | (1 | ) |  | (36 | ) |
Share-based compensation |  |  | 55 |  |  | (64 | ) |  | (62 | ) |  | (19 | ) |
Exploration |  |  | 14 |  |  | 59 |  |  | 51 |  |  | 59 |  |
Settlement of decommissioning and restoration liabilities |  |  | (71 | ) |  | (90 | ) |  | (258 | ) |  | (256 | ) |
Other |  |  | 37 |  |  | (80 | ) |  | (38 | ) |  | (82 | ) |
Decrease in non-cash working capital |  |  | 420 |  |  | 466 |  |  | 710 |  |  | 538 |  |
Cash flow provided by operating activities |  |  | 2 670 |  |  | 2 813 |  |  | 5 244 |  |  | 5 300 |  |
Investing Activities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital and exploration expenditures |  |  | (1 980 | ) |  | (1 606 | ) |  | (3 465 | ) |  | (3 084 | ) |
Acquisitions |  |  | — |  |  | — |  |  | (515 | ) |  | — |  |
Proceeds from disposal of assets |  |  | 2 |  |  | 6 |  |  | 6 |  |  | 43 |  |
Other investments |  |  | (2 | ) |  | (4 | ) |  | (6 | ) |  | (4 | ) |
(Increase) decrease in non-cash working capital |  |  | (170 | ) |  | (37 | ) |  | (172 | ) |  | 50 |  |
Cash flow used in investing activities |  |  | (2 150 | ) |  | (1 641 | ) |  | (4 152 | ) |  | (2 995 | ) |
Financing Activities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net change in short-term debt |  |  | (176 | ) |  | 16 |  |  | 14 |  |  | 2 |  |
Net change in long-term debt |  |  | 153 |  |  | (2 | ) |  | 149 |  |  | (7 | ) |
Issuance of common shares under share option plans |  |  | 3 |  |  | 68 |  |  | 44 |  |  | 167 |  |
Purchase of common shares for cancellation, net of option premiums (note 8) |  |  | (294 | ) |  | (548 | ) |  | (699 | ) |  | (731 | ) |
Dividends paid on common shares |  |  | (302 | ) |  | (198 | ) |  | (499 | ) |  | (365 | ) |
Cash flow used in financing activities |  |  | (616 | ) |  | (664 | ) |  | (991 | ) |  | (934 | ) |
Increase (decrease) in Cash and Cash Equivalents |  |  | (96 | ) |  | 508 |  |  | 101 |  |  | 1 371 |  |
Effect of foreign exchange on cash and cash equivalents |  |  | 35 |  |  | 14 |  |  | 44 |  |  | 9 |  |
Cash and cash equivalents at beginning of period |  |  | 4 591 |  |  | 4 639 |  |  | 4 385 |  |  | 3 781 |  |
Cash and Cash Equivalents at End of Period |  |  | 4 530 |  |  | 5 161 |  |  | 4 530 |  |  | 5 161 |  |
Supplementary Cash Flow Information |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest paid |  |  | 278 |  |  | 253 |  |  | 351 |  |  | 317 |  |
Income taxes paid |  |  | 127 |  |  | 253 |  |  | 684 |  |  | 621 |  |

See accompanying notes to the interim consolidated financial statements.

Suncor Energy Inc.
056 2013 Second Quarter For more information about Suncor Energy, visit our website www.suncor.com

Consolidated Statements of Changes in Shareholders' Equity
(unaudited)

($ millions) |  |  | Share Capital |  |  | Contributed Surplus |  |  | Foreign Currency Translation |  |  | Cash Flow Hedges |  |  | Retained Earnings |  |  | Total (restated – note 3) |  |  | Number of Common Shares (thousands) |  |
At December 31, 2011 |  |  | 20 303 |  |  | 545 |  |  | (207 | ) |  | 14 |  |  | 17 937 |  |  | 38 592 |  |  | 1 558 636 |  |
Net earnings |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 770 |  |  | 1 770 |  |  | — |  |
Foreign currency translation adjustment |  |  | — |  |  | — |  |  | 19 |  |  | — |  |  | — |  |  | 19 |  |  | — |  |
Actuarial loss on employee retirement benefit plans |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (124 | ) |  | (124 | ) |  | — |  |
Total comprehensive income |  |  | — |  |  | — |  |  | 19 |  |  | — |  |  | 1 646 |  |  | 1 665 |  |  | — |  |
Issued under share option plans |  |  | 219 |  |  | (38 | ) |  |  |  |  | — |  |  | — |  |  | 181 |  |  | 9 799 |  |
Issued under dividend reinvestment plan |  |  | 9 |  |  | — |  |  | — |  |  | — |  |  | (9 | ) |  | — |  |  | 280 |  |
Purchase of common shares for cancellation, net of option premiums |  |  | (315 | ) |  | — |  |  | — |  |  | — |  |  | (416 | ) |  | (731 | ) |  | (24 225 | ) |
Liability for share purchase commitment |  |  | (111 | ) |  |  |  |  | — |  |  | — |  |  | (106 | ) |  | (217 | ) |  | — |  |
Share-based compensation |  |  | — |  |  | 59 |  |  | — |  |  | — |  |  | — |  |  | 59 |  |  | — |  |
Dividends paid on common shares |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (365 | ) |  | (365 | ) |  | — |  |
At June 30, 2012 |  |  | 20 105 |  |  | 566 |  |  | (188 | ) |  | 14 |  |  | 18 687 |  |  | 39 184 |  |  | 1 544 490 |  |
At December 31, 2012 |  |  | 19 945 |  |  | 579 |  |  | (223 | ) |  | 13 |  |  | 18 901 |  |  | 39 215 |  |  | 1 523 057 |  |
Net earnings |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 774 |  |  | 1 774 |  |  | — |  |
Foreign currency translation adjustment |  |  | — |  |  | — |  |  | 191 |  |  | — |  |  | — |  |  | 191 |  |  | — |  |
Actuarial gain on employee retirement benefit plans |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 386 |  |  | 386 |  |  | — |  |
Total comprehensive income |  |  | — |  |  | — |  |  | 191 |  |  | — |  |  | 2 160 |  |  | 2 351 |  |  | — |  |
Issued under share option plans |  |  | 80 |  |  | (32 | ) |  | — |  |  | — |  |  | — |  |  | 48 |  |  | 2 333 |  |
Issued under dividend reinvestment plan |  |  | 12 |  |  | — |  |  | — |  |  | — |  |  | (12 | ) |  | — |  |  | — |  |
Purchase of common shares for cancellation, net of option premiums (note 8) |  |  | (295 | ) |  | — |  |  | — |  |  | — |  |  | (404 | ) |  | (699 | ) |  | (22 506 | ) |
Change in liability for share purchase commitment |  |  | (88 | ) |  | — |  |  | — |  |  | — |  |  | (116 | ) |  | (204 | ) |  | — |  |
Share-based compensation |  |  | — |  |  | 31 |  |  | — |  |  | — |  |  | — |  |  | 31 |  |  | — |  |
Dividends paid on common shares |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (499 | ) |  | (499 | ) |  | — |  |
At June 30, 2013 |  |  | 19 654 |  |  | 578 |  |  | (32 | ) |  | 13 |  |  | 20 030 |  |  | 40 243 |  |  | 1 502 884 |  |

See accompanying notes to the interim consolidated financial statements.

Suncor Energy Inc.
2013 Second Quarter 057

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

1. REPORTING ENTITY AND DESCRIPTION OF THE BUSINESS

Suncor Energy Inc. (Suncor or the company) is an integrated energy company headquartered in Canada. Suncor's operations include oil sands development and upgrading, onshore and offshore oil and gas production, petroleum refining, and product marketing primarily under the Petro-Canada brand. The consolidated financial statements of the company comprise the company and its subsidiaries and the company's interests in associates and jointly controlled entities.

The address of the company's registered office is 150 - 6th Avenue S.W., Calgary, Alberta, Canada, T2P 3E3.

2. BASIS OF PREPARATION

(a) Statement of Compliance

These condensed consolidated interim financial statements 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. They are condensed as they do not include all of the information required for full annual financial statements, and they should be read in conjunction with the consolidated financial statements for the year ended December 31, 2012 and the interim consolidated financial statements for the period ended March 31, 2013.

The policies applied in these condensed interim consolidated financial statements are based on IFRS issued and outstanding as at July 31, 2013, the date the Audit Committee approved these statements on behalf of the Board of Directors.

(b) Basis of Measurement

The consolidated financial statements are prepared on a historical cost basis except as detailed in the accounting policies disclosed in the company's consolidated financial statements for the year ended December 31, 2012. Those accounting policies are consistent with those of the previous financial year, except as described in note 3.

(c) Functional Currency and Presentation Currency

These consolidated financial statements are presented in Canadian dollars, which is the company's functional currency.

(d) Use of Estimates and Judgment

The timely preparation of financial statements requires that management make estimates and assumptions and use judgment. Accordingly, actual results may differ from estimated amounts as future confirming events occur. Significant estimates and judgment used in the preparation of the financial statements are described in the company's consolidated financial statements for the year ended December 31, 2012.

Suncor Energy Inc.
058 2013 Second Quarter For more information about Suncor Energy, visit our website www.suncor.com

3. ADOPTION OF NEW AND AMENDED IFRS STANDARDS

Impact of the application of IFRS 11

Effective January 1, 2013, the company adopted IFRS 11 Joint arrangements. IFRS 11 establishes a principle-based approach to accounting for joint arrangements by focusing on the rights and obligations of the arrangement and limits the application of proportionate consolidation accounting to arrangements where sufficient rights and obligations are passed to the partners. As a result, two existing joint arrangements in the Refining and Marketing segment were reclassified as joint ventures, and are now being accounted for using the equity method of accounting rather than the proportionate consolidation method. This change did not have a material impact to the consolidated financial statements, but did result in the netting of revenues and expenses for these entities into Other Income, the netting of equity pick-up and cash distribution within Other in the Consolidated Statement of Cash Flows, and the company's net investment in these entities is now presented in Other Assets.

Impact of the application of IAS 19

Effective January 1, 2013, the company adopted the amendments to IAS 19 Employee Benefits. The revised standard resulted in changes to the calculation and presentation of pension interest cost, which is now calculated on the net unfunded obligation, applying the discount rate used to measure the employee benefit obligation at the beginning of the annual period. Previously, pension interest cost was net of interest income on plan assets (using the expected return on plan assets) and interest expense on the plan obligation (using the discount rate). The net pension interest expense was reclassified to Financing Expenses from Operating, Selling and General expense. The change to the pension interest cost calculation also resulted in the refundable tax accounts (RTA) being present valued, resulting in an immaterial adjustment to the Consolidated Balance Sheet noted below.

IFRS 11 and the amendments to IAS 19 have been applied retroactively, and the effects of the application of IFRS 11 and IAS 19 amendments on the comparative periods are shown in the tables below.

Adjustments to Consolidated Statement of Comprehensive Income (1):

|  |  | Three months ended June 30, 2012 |  |  | Six months ended June 30, 2012 |  |
($ millions, increase/(decrease)) |  |  | IFRS 11 |  |  | IAS 19 |  |  | Total |  |  | IFRS 11 |  |  | IAS 19 |  |  | Total |  |
Revenues and Other Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenues, net of royalties |  |  | (15 | ) |  | — |  |  | (15 | ) |  | (29 | ) |  | — |  |  | (29 | ) |
Other income |  |  | — |  |  | — |  |  | — |  |  | 11 |  |  | — |  |  | 11 |  |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of crude oil and products |  |  | (5 | ) |  | — |  |  | (5 | ) |  | (1 | ) |  | — |  |  | (1 | ) |
Operating, selling and general |  |  | (8 | ) |  | (6 | ) |  | (14 | ) |  | (15 | ) |  | (11 | ) |  | (26 | ) |
Depreciation, depletion, amortization and impairment |  |  | (2 | ) |  | — |  |  | (2 | ) |  | (2 | ) |  | — |  |  | (2 | ) |
Financing expenses |  |  | — |  |  | 19 |  |  | 19 |  |  | — |  |  | 38 |  |  | 38 |  |
Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred |  |  | — |  |  | (4 | ) |  | (4 | ) |  | — |  |  | (7 | ) |  | (7 | ) |
Net Earnings (Loss) |  |  | — |  |  | (9 | ) |  | (9 | ) |  | — |  |  | (20 | ) |  | (20 | ) |
Actuarial gain on employee retirement benefit plans |  |  | — |  |  | 9 |  |  | 9 |  |  | — |  |  | 20 |  |  | 20 |  |
Total Comprehensive Income |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Per Common Share (dollars) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.01 | ) |  | (0.01 | ) |
Diluted |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.02 | ) |  | (0.02 | ) |

(1)
  The impact of the IAS 19 adjustments on the six months ended June 30, 2013 was an increase to Financing Expenses of $24 million with a corresponding Actuarial Gain on Employee Retirement Plans of $18 million, net of income taxes of $6 million, resulting in a $nil million impact to the Consolidated Statement of Comprehensive Income.

Suncor Energy Inc.
2013 Second Quarter 059

Adjustments to Consolidated Balance Sheets:

($ millions, increase/(decrease)) |  |  | Dec 31 2012 |  |
Cash and cash equivalents |  |  | (8 | ) |
Accounts receivable |  |  | (43 | ) |
Inventories |  |  | (46 | ) |
Property, plant and equipment, net |  |  | (24 | ) |
Other assets |  |  | 99 |  |
Goodwill and other intangible assets |  |  | (24 | ) |
Deferred income taxes |  |  | (2 | ) |
Total assets |  |  | (48 | ) |
Short-term debt |  |  | (1 | ) |
Accounts payable and accrued liabilities |  |  | (23 | ) |
Income taxes payable |  |  | (5 | ) |
Other long-term liabilities (2) |  |  | 9 |  |
Provisions |  |  | (1 | ) |
Deferred income taxes (2) |  |  | (19 | ) |
Shareholders' equity (2) |  |  | (8 | ) |
Total liabilities and shareholders' equity |  |  | (48 | ) |

(2)
  At December 31, 2012, the adjustment related to IAS 19 resulted in an increase of $11 million to Other Long-term Liabilities, offset by a decrease of $3 million and $8 million, respectively, to Deferred Income Taxes and Shareholders' Equity. The remaining adjustments relate to IFRS 11.

Adjustments to Consolidated Statement of Cash Flow:

($ millions, increase/(decrease)) |  |  | Three months ended June 30, 2012 |  |  | Six months ended June 30, 2012 |  |
Operating activities |  |  |  |  |  |  |  |
Cash flow from operating activities before change in non-cash working capital |  |  | 3 |  |  | (8 | ) |
Decrease in non-cash working capital |  |  | 1 |  |  | 25 |  |
Cash flow from operating activities |  |  | 4 |  |  | 17 |  |
Cash flow from investing activities |  |  | — |  |  | — |  |
Cash flow from financing activities |  |  | — |  |  | — |  |
Increase in cash and cash equivalents |  |  | 4 |  |  | 17 |  |

Suncor Energy Inc.
060 2013 Second Quarter For more information about Suncor Energy, visit our website www.suncor.com

4. SEGMENTED INFORMATION

The company's operating segments are determined based on differences in the nature of their operations, products and services.

Intersegment sales of crude oil and natural gas are accounted for at market values and included, for segmented reporting, in revenues of the segment making the transfer and expenses of the segment receiving the transfer. Intersegment amounts are eliminated on consolidation.

|  |  | Three months ended June 30 |  |
|  |  | Oil Sands |  |  | Exploration and Production |  |  | Refining and Marketing |  |  | Corporate, Energy Trading and Eliminations |  |  | Total |  |
($ millions) |  |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |  |
|  |  | (restated – note 3) |  |  |  |  |  |  |  |  | (restated – note 3) |  |  | (restated – note 3) |  |  | (restated – note 3) |  |
Revenues and Other Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross revenues |  |  | 1 971 |  |  | 1 873 |  |  | 1 682 |  |  | 1 651 |  |  | 6 395 |  |  | 6 523 |  |  | 28 |  |  | 6 |  |  | 10 076 |  |  | 10 053 |  |
Intersegment revenues |  |  | 734 |  |  | 635 |  |  | — |  |  | 154 |  |  | 54 |  |  | 49 |  |  | (788 | ) |  | (838 | ) |  | — |  |  | — |  |
Less: Royalties |  |  | (93 | ) |  | (77 | ) |  | (335 | ) |  | (392 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (428 | ) |  | (469 | ) |
Operating revenues, net of royalties |  |  | 2 612 |  |  | 2 431 |  |  | 1 347 |  |  | 1 413 |  |  | 6 449 |  |  | 6 572 |  |  | (760 | ) |  | (832 | ) |  | 9 648 |  |  | 9 584 |  |
Other income (expenses) |  |  | 6 |  |  | 11 |  |  | 7 |  |  | (1 | ) |  | 4 |  |  | 11 |  |  | 49 |  |  | 102 |  |  | 66 |  |  | 123 |  |
|  |  | 2 618 |  |  | 2 442 |  |  | 1 354 |  |  | 1 412 |  |  | 6 453 |  |  | 6 583 |  |  | (711 | ) |  | (730 | ) |  | 9 714 |  |  | 9 707 |  |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of crude oil and products |  |  | 54 |  |  | 57 |  |  | 123 |  |  | 122 |  |  | 5 099 |  |  | 5 182 |  |  | (837 | ) |  | (873 | ) |  | 4 439 |  |  | 4 488 |  |
Operating, selling and general |  |  | 1 455 |  |  | 1 171 |  |  | 196 |  |  | 278 |  |  | 560 |  |  | 512 |  |  | 124 |  |  | 55 |  |  | 2 335 |  |  | 2 016 |  |
Transportation |  |  | 105 |  |  | 103 |  |  | 39 |  |  | 36 |  |  | 75 |  |  | 51 |  |  | (11 | ) |  | (26 | ) |  | 208 |  |  | 164 |  |
Depreciation, depletion, amortization and impairment |  |  | 562 |  |  | 469 |  |  | 311 |  |  | 966 |  |  | 125 |  |  | 110 |  |  | 31 |  |  | 45 |  |  | 1 029 |  |  | 1 590 |  |
Exploration |  |  | 15 |  |  | 11 |  |  | 64 |  |  | 85 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 79 |  |  | 96 |  |
Gain on disposal of assets |  |  | — |  |  | (3 | ) |  | — |  |  | — |  |  | (1 | ) |  | (2 | ) |  | — |  |  | — |  |  | (1 | ) |  | (5 | ) |
Project start-up costs |  |  | 9 |  |  | 21 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 9 |  |  | 22 |  |
Voyageur upgrader project charges |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Financing expenses (income) |  |  | 34 |  |  | 32 |  |  | 27 |  |  | (9 | ) |  | (1 | ) |  | (1 | ) |  | 385 |  |  | 209 |  |  | 445 |  |  | 231 |  |
|  |  | 2 234 |  |  | 1 861 |  |  | 760 |  |  | 1 478 |  |  | 5 857 |  |  | 5 853 |  |  | (308 | ) |  | (590 | ) |  | 8 543 |  |  | 8 602 |  |
Earnings (Loss) before Income Taxes |  |  | 384 |  |  | 581 |  |  | 594 |  |  | (66 | ) |  | 596 |  |  | 730 |  |  | (403 | ) |  | (140 | ) |  | 1 171 |  |  | 1 105 |  |
Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | — |  |  | (1 | ) |  | 262 |  |  | 309 |  |  | 80 |  |  | 117 |  |  | 10 |  |  | 4 |  |  | 352 |  |  | 429 |  |
Deferred |  |  | 90 |  |  | 223 |  |  | 31 |  |  | 55 |  |  | 84 |  |  | 112 |  |  | (66 | ) |  | (38 | ) |  | 139 |  |  | 352 |  |
|  |  | 90 |  |  | 222 |  |  | 293 |  |  | 364 |  |  | 164 |  |  | 229 |  |  | (56 | ) |  | (34 | ) |  | 491 |  |  | 781 |  |
Net Earnings (Loss) |  |  | 294 |  |  | 359 |  |  | 301 |  |  | (430 | ) |  | 432 |  |  | 501 |  |  | (347 | ) |  | (106 | ) |  | 680 |  |  | 324 |  |
Capital and Exploration Expenditures |  |  | 1 487 |  |  | 1 093 |  |  | 315 |  |  | 315 |  |  | 165 |  |  | 158 |  |  | 13 |  |  | 40 |  |  | 1 980 |  |  | 1 606 |  |

Suncor Energy Inc.
2013 Second Quarter 061

|  |  | Six months ended June 30 |  |
|  |  | Oil Sands |  |  | Exploration and Production |  |  | Refining and Marketing |  |  | Corporate, Energy Trading and Eliminations |  |  | Total |  |
($ millions) |  |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |  |
|  |  | (restated – note 3) |  |  |  |  |  |  |  |  | (restated – note 3) |  |  | (restated – note 3) |  |  | (restated – note 3) |  |
Revenues and Other Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross revenues |  |  | 4 093 |  |  | 4 208 |  |  | 3 338 |  |  | 3 341 |  |  | 12 916 |  |  | 12 872 |  |  | 59 |  |  | 29 |  |  | 20 406 |  |  | 20 450 |  |
Intersegment revenues |  |  | 1 655 |  |  | 1 517 |  |  | 116 |  |  | 426 |  |  | 114 |  |  | 86 |  |  | (1 885 | ) |  | (2 029 | ) |  | — |  |  | — |  |
Less: Royalties |  |  | (266 | ) |  | (357 | ) |  | (649 | ) |  | (870 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (915 | ) |  | (1 227 | ) |
Operating revenues, net of royalties |  |  | 5 482 |  |  | 5 368 |  |  | 2 805 |  |  | 2 897 |  |  | 13 030 |  |  | 12 958 |  |  | (1 826 | ) |  | (2 000 | ) |  | 19 491 |  |  | 19 223 |  |
Other income |  |  | 6 |  |  | 14 |  |  | 40 |  |  | 40 |  |  | 16 |  |  | 20 |  |  | 177 |  |  | 165 |  |  | 239 |  |  | 239 |  |
|  |  | 5 488 |  |  | 5 382 |  |  | 2 845 |  |  | 2 937 |  |  | 13 046 |  |  | 12 978 |  |  | (1 649 | ) |  | (1 835 | ) |  | 19 730 |  |  | 19 462 |  |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of crude oil and products |  |  | 174 |  |  | 105 |  |  | 251 |  |  | 254 |  |  | 9 895 |  |  | 10 198 |  |  | (1 822 | ) |  | (2 069 | ) |  | 8 498 |  |  | 8 488 |  |
Operating, selling and general |  |  | 2 852 |  |  | 2 686 |  |  | 357 |  |  | 471 |  |  | 1 103 |  |  | 1 072 |  |  | 294 |  |  | 229 |  |  | 4 606 |  |  | 4 458 |  |
Transportation |  |  | 190 |  |  | 175 |  |  | 68 |  |  | 66 |  |  | 132 |  |  | 99 |  |  | (22 | ) |  | (20 | ) |  | 368 |  |  | 320 |  |
Depreciation, depletion, amortization and impairment |  |  | 1 107 |  |  | 909 |  |  | 615 |  |  | 1 326 |  |  | 245 |  |  | 221 |  |  | 61 |  |  | 81 |  |  | 2 028 |  |  | 2 537 |  |
Exploration |  |  | 89 |  |  | 51 |  |  | 120 |  |  | 90 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 209 |  |  | 141 |  |
Gain on disposal of assets |  |  | — |  |  | (32 | ) |  | — |  |  | — |  |  | (1 | ) |  | (4 | ) |  | — |  |  | — |  |  | (1 | ) |  | (36 | ) |
Project start-up costs |  |  | 10 |  |  | 22 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 10 |  |  | 23 |  |
Voyageur upgrader project charges |  |  | 176 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 176 |  |  | — |  |
Financing expenses (income) |  |  | 66 |  |  | 61 |  |  | 34 |  |  | 34 |  |  | — |  |  | (2 | ) |  | 674 |  |  | 75 |  |  | 774 |  |  | 168 |  |
|  |  | 4 664 |  |  | 3 977 |  |  | 1 445 |  |  | 2 241 |  |  | 11 374 |  |  | 11 585 |  |  | (815 | ) |  | (1 704 | ) |  | 16 668 |  |  | 16 099 |  |
Earnings (Loss) before Income Taxes |  |  | 824 |  |  | 1 405 |  |  | 1 400 |  |  | 696 |  |  | 1 672 |  |  | 1 393 |  |  | (834 | ) |  | (131 | ) |  | 3 062 |  |  | 3 363 |  |
Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 1 |  |  | 1 |  |  | 682 |  |  | 746 |  |  | 184 |  |  | 154 |  |  | 25 |  |  | 25 |  |  | 892 |  |  | 926 |  |
Deferred |  |  | 203 |  |  | 436 |  |  | 63 |  |  | 48 |  |  | 274 |  |  | 262 |  |  | (144 | ) |  | (79 | ) |  | 396 |  |  | 667 |  |
|  |  | 204 |  |  | 437 |  |  | 745 |  |  | 794 |  |  | 458 |  |  | 416 |  |  | (119 | ) |  | (54 | ) |  | 1 288 |  |  | 1 593 |  |
Net Earnings (Loss) |  |  | 620 |  |  | 968 |  |  | 655 |  |  | (98 | ) |  | 1 214 |  |  | 977 |  |  | (715 | ) |  | (77 | ) |  | 1 774 |  |  | 1 770 |  |
Capital and Exploration Expenditures |  |  | 2 523 |  |  | 2 270 |  |  | 675 |  |  | 521 |  |  | 243 |  |  | 247 |  |  | 24 |  |  | 46 |  |  | 3 465 |  |  | 3 084 |  |

Suncor Energy Inc.
062 2013 Second Quarter For more information about Suncor Energy, visit our website www.suncor.com

5. OTHER INCOME

Other income consists of the following:

|  |  | Three months ended June 30 |  |  | Six months ended June 30 |  |
($ millions) |  |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |  |
|  |  | (restated – note 3) |  |  | (restated – note 3) |  |
Energy trading activities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of contracts |  |  | 86 |  |  | 6 |  |  | 117 |  |  | (1 | ) |
Gains (losses) on inventory valuation |  |  | (52 | ) |  | 28 |  |  | 35 |  |  | 128 |  |
Risk management activities |  |  | (2 | ) |  | 44 |  |  | (3 | ) |  | 25 |  |
Investment and interest income |  |  | 15 |  |  | 18 |  |  | 40 |  |  | 47 |  |
Renewable energy grants |  |  | 17 |  |  | 17 |  |  | 24 |  |  | 26 |  |
Change in value of pipeline commitments and other |  |  | 2 |  |  | 10 |  |  | 26 |  |  | 14 |  |
|  |  | 66 |  |  | 123 |  |  | 239 |  |  | 239 |  |

6. ASSET IMPAIRMENT

Syria

In the second quarter of 2012, the company recognized after-tax impairment charges and a bad debt provision of $694 million related to Syrian assets in its Exploration and Production business. An impairment test was performed since there was no resolution to the political situation and international sanctions continued to affect the country. The impairment losses were charged against Property, Plant and Equipment ($604 million) and other current assets ($23 million). The company also recognized a bad debt provision for the remainder of its Syrian receivables ($67 million) at June 30, 2012.

During the fourth quarter of 2012, the company received $300 million of risk mitigation proceeds related to its Syrian operations. The proceeds are subject to a provisional repayment should the company resume operations in Syria. After receipt of the risk mitigation proceeds, a valuation assessment was performed at December 31, 2012, and an impairment reversal of $177 million was recorded.

At June 30, 2013, there has been no change in the company's overall assessment of the impairment, and no further impairment or impairment reversal has been recognized.

7. SHARE-BASED COMPENSATION

The following table summarizes the share-based compensation expense (recovery) recorded for all plans within Operating, Selling and General expense.

|  |  | Three months ended June 30 |  |  | Six months ended June 30 |  |
($ millions) |  |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |  |
Equity-settled plans |  |  | 10 |  |  | 19 |  |  | 31 |  |  | 59 |  |
Cash-settled plans |  |  | 47 |  |  | (81 | ) |  | 67 |  |  | 31 |  |
|  |  | 57 |  |  | (62 | ) |  | 98 |  |  | 90 |  |

8. NORMAL COURSE ISSUER BID

In September 2012, the company announced a second Normal Course Issuer Bid (the 2012 NCIB) program to purchase for cancellation of up to $1.0 billion of its common shares between September 20, 2012 and September 19, 2013. In April 2013, the Toronto Stock Exchange (TSX) accepted a notice to amend the company's 2012 NCIB, authorizing the purchase for cancellation of up to an additional $2.0 billion of its common shares, commencing May 2, 2013 and ending September 19, 2013, as the company completed the repurchase of the first $1.0 billion common shares under the 2012 NCIB in April 2013. In July 2013, the

Suncor Energy Inc.
2013 Second Quarter 063

TSX accepted a notice filed by the company to cancel its 2012 NCIB, effective as at the close of markets on August 2, 2013, and commence a new NCIB (the 2013 NCIB). The notice provides that the company may purchase for cancellation up to approximately $1.8 billion worth of its common shares commencing August 5, 2013 and ending August 4, 2014.

During the six months ended June 30, 2013, the company purchased 22.5 million (2012 – 24.2 million) common shares for total consideration of $699 million (2012 – $731 million). Of the amount recognized, $295 million (2012 – $315 million, net of $1.3 million options premiums) was charged to share capital and $404 million (2012 – $416 million) to retained earnings.

The company has also recorded a liability of $252 million for share purchases that may take place during its internal blackout period under an automatic repurchase plan agreement with an independent broker. Of the liability recognized, $107 million was charged to share capital and $145 million to retained earnings.

9. FINANCING EXPENSES

|  |  | Three months ended June 30 |  |  | Six months ended June 30 |  |
($ millions) |  |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |  |
|  |  | (restated – note 3) |  |  | (restated – note 3) |  |
Interest on debt |  |  | 172 |  |  | 164 |  |  | 349 |  |  | 326 |  |
Capitalized interest |  |  | (104 | ) |  | (148 | ) |  | (200 | ) |  | (306 | ) |
Interest expense |  |  | 68 |  |  | 16 |  |  | 149 |  |  | 20 |  |
Interest on pension and other post-retirement benefits |  |  | 17 |  |  | 19 |  |  | 34 |  |  | 38 |  |
Accretion |  |  | 50 |  |  | 46 |  |  | 98 |  |  | 92 |  |
Foreign exchange loss on U.S. dollar denominated long-term debt |  |  | 290 |  |  | 163 |  |  | 458 |  |  | 17 |  |
Foreign exchange and other |  |  | 20 |  |  | (13 | ) |  | 35 |  |  | 1 |  |
|  |  | 445 |  |  | 231 |  |  | 774 |  |  | 168 |  |

10. INCOME TAXES

In the second quarter of 2012, the Ontario government substantively enacted legislation to freeze the general corporate income tax rate at the current 11.5% instead of the planned reduction to 10%. Accordingly, the company recognized an increase in deferred tax expense of $88 million related to the revaluation of deferred income tax balances.

11. EARNINGS PER COMMON SHARE

|  |  | Three months ended June 30 |  |  | Six months ended June 30 |  |
($ millions) |  |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |  |
|  |  | (restated – note 3) |  |  | (restated – note 3) |  |
Net earnings |  |  | 680 |  |  | 324 |  |  | 1 774 |  |  | 1 770 |  |
Dilutive impact of accounting for awards as equity-settled (1) |  |  | — |  |  | (18 | ) |  | (10 | ) |  | (13 | ) |
Net earnings – diluted |  |  | 680 |  |  | 306 |  |  | 1 764 |  |  | 1 757 |  |
(millions of common shares) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average number of common shares |  |  | 1 506 |  |  | 1 554 |  |  | 1 512 |  |  | 1 557 |  |
Dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Effect of share options |  |  | 1 |  |  | 4 |  |  | 2 |  |  | 5 |  |
Weighted average number of diluted common shares |  |  | 1 507 |  |  | 1 558 |  |  | 1 514 |  |  | 1 562 |  |
(dollars per common share) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings per share |  |  | 0.45 |  |  | 0.21 |  |  | 1.17 |  |  | 1.14 |  |
Diluted earnings per share |  |  | 0.45 |  |  | 0.20 |  |  | 1.17 |  |  | 1.12 |  |

(1)
  Options with tandem stock appreciation rights or cash payment alternatives are accounted for as cash-settled plans. As these awards can be exchanged for common shares of the company, they are considered potentially dilutive and are included in the calculation of the company's diluted net earnings per share if they have a dilutive impact in the period. Accounting for these awards as equity-settled was determined to have the most dilutive impact for the three months ended June 30, 2012 and the six months ended June 30, 2013 and 2012.

Suncor Energy Inc.
064 2013 Second Quarter For more information about Suncor Energy, visit our website www.suncor.com

12. PENSIONS AND OTHER POST-RETIREMENT BENEFITS

During the second quarter of 2013, as a result of a 0.7% increase to the discount rate assumption for employee retirement plans at June 30, 2013 (December 31, 2012 – 3.90%), Other Long-term Liabilities decreased by $442 million with a corresponding actuarial gain of $329 million, net of income taxes of $113 million, recorded in Other Comprehensive Income.

13. FINANCIAL INSTRUMENTS

Fair Value Hierarchy

The following table presents the company's derivative financial assets and liabilities measured at fair value for each hierarchy level as at June 30, 2013.

($ millions) |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total Fair Value |  |
Accounts receivable |  |  | — |  |  | 51 |  |  | 1 |  |  | 52 |  |
Accounts payable |  |  | (29 | ) |  | (153 | ) |  | (2 | ) |  | (184 | ) |
|  |  | (29 | ) |  | (102 | ) |  | (1 | ) |  | (132 | ) |

During the three and six months ended June 30, 2013, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into and out of Level 3 fair value measurements.

At June 30, 2013, the carrying value of fixed-term debt accounted for under amortized cost was $9.8 billion and the fair value was $11.2 billion. The estimated fair value of long-term debt is based on pricing sourced from market data.

Offsetting Financial Assets and Liabilities

The company enters into arrangements that allow for offsetting of derivative financial instruments and accounts receivable (payable), which are presented on a net basis on the balance sheet. As at June 30, 2013, the net accounts receivable (payable) and derivative financial instrument was ($187) million (December 31, 2012 – $122 million), comprised of gross asset of $3,284 million (December 31, 2012 – $3,007 million) and gross liability of ($3,471) million (December 31, 2012 – ($2,885) million).

14. VOYAGEUR UPGRADER PROJECT

Effective March 27, 2013, the company acquired Total E&P Canada Ltd.'s (Total E&P) interest in Voyageur Upgrader Limited Partnership (VULP) for $515 million and gained full control over the partnership assets. The transaction was accounted for as a business combination.

Management applies judgment in determining whether an acquisition meets the definition of a business combination or an asset purchase. When a transaction meets the definition of a business combination, the acquired identifiable assets and assumed liabilities, including contingent liabilities, are measured and recognized at their fair value on the date of the acquisition, including tax assets and liabilities. Associated transaction costs are expensed when occurred.

As VULP was in the development stage and therefore had no revenues and the majority of costs were capitalized, no significant net earnings were generated.

The preliminary allocation of the purchase price was based on current best estimates by the company. The completion of the purchase price allocation may result in further adjustment to the carrying value of the recorded assets and liabilities acquired.

The fair value of consideration transferred and the assets acquired and liabilities assumed at the date of acquisition are summarized below:

($ millions) |  |  |  |  |
Total purchase price |  |  | 515 |  |
Preliminary allocation of purchase price: |  |  |  |  |
Property, plant and equipment |  |  | 374 |  |
Deferred income taxes |  |  | 312 |  |
Decommissioning and restoration provisions |  |  | (81 | ) |
Contracts and liabilities acquired |  |  | (90 | ) |
Net assets acquired |  |  | 515 |  |

Suncor Energy Inc.
2013 Second Quarter 065

The fair value attributed to the property, plant and equipment acquired was based on an expected future cash flow approach for assets expected to be retained, with a risk adjusted discount rate of 10%. For assets expected to be sold, the fair value was determined based on management's best estimate of the recoverable amount.

The fair value of the decommissioning and restoration provisions was determined based on management's best estimate of the costs to complete the reclamation activities, the timing of cash outflows, method of reclamation, the discount rate and management's anticipated use of the area in the future.

Following the acquisition, the company announced that it was not proceeding with the Voyageur upgrader project. The decision was a result of a joint strategic and economic review launched by the company and its co-owner, Total E&P, in response to a change in market conditions that challenged the economics of the project. The total net book value of the assets retained was approximately $800 million, and included a hot bitumen blending facility, storage tanks and a camp which the company plans to utilize to support the continued growth in its Oil Sands operations.

As a result of not proceeding with the project, an after-tax charge to net earnings of $127 million was recorded during the three months ended March 31, 2013, which included provisions associated with the decommissioning and restoration of the Voyageur site and contract cancellation costs. There was also a net increase of $132 million to the decommissioning and restoration provision as a result of acquiring the 49% interest in VULP and the timing of certain reclamation activities being accelerated due to the project not proceeding.

15. ASSETS HELD FOR SALE

On April 15, 2013, the company announced that it had reached an agreement to sell a significant portion of its natural gas business in Western Canada for $1 billion, subject to closing adjustments on an economic basis, with an effective date of January 1, 2013. This transaction is expected to be closed during the third quarter of 2013, and is subject to closing conditions and regulatory approvals. The proceeds received on the closing of the transaction will be reduced by the net revenues that the company receives between the effective date and the closing date, and other closing adjustments.

The assets and liabilities classified as held for sale are as follows:

($ millions) |  |  | June 30 2013 |  |
Assets |  |  |  |  |
Accounts receivable |  |  | 55 |  |
Property, plant and equipment, net |  |  | 1 591 |  |
Total assets |  |  | 1 646 |  |
Liabilities |  |  |  |  |
Accounts payable and accrued liabilities |  |  | 90 |  |
Provisions |  |  | 680 |  |
Deferred income taxes |  |  | 167 |  |
Total liabilities |  |  | 937 |  |

During the three months ended June 30, 2013, production from these assets was 43,000 boe/d (90% natural gas), and net earnings and cash flow from operating activities before changes in non-cash working capital was $26 million and $33 million, respectively. Excluded from the sale was the majority of the company's unconventional natural gas properties in the Montney region of British Columbia and unconventional oil assets in the Wilson Creek area of central Alberta.

16. COMMITMENTS

During the second quarter of 2013, Suncor entered into various agreements in the normal course of business totalling approximately $1.0 billion over the next 25 years, including contracts related to transportation, storage, and infrastructure.

Suncor Energy Inc.
066 2013 Second Quarter For more information about Suncor Energy, visit our website www.suncor.com

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EXHIBIT 99.3

Unaudited Consolidated Financial Statements for the second quarter ended June 30, 2013