EX-99.3 4 a2225513zex-99_3.htm EXHIBIT 99.3
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EXHIBIT 99.3

Unaudited Consolidated Financial Statements for the second quarter ended June 30, 2015

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)

			Three months ended June 30				Six months ended June 30
($ millions)			2015		2014		2015		2014
Revenues and Other Income
	Operating revenues, net of royalties (note 3)		8 095		10 446		15 224		20 788
	Other income (note 4)		49		203		306		338
			8 144		10 649		15 530		21 126
Expenses
	Purchases of crude oil and products		3 061		4 676		5 833		8 405
	Operating, selling and general		2 036		2 495		4 331		4 951
	Transportation		245		223		512		480
	Depreciation, depletion, amortization and impairment		1 305		2 690		2 638		3 830
	Exploration		173		131		356		257
	(Gain) loss on disposal of assets		(104	)	4		(102	)	4
	Financing (income) expenses (note 8)		(30	)	(158	)	1 108		313
			6 686		10 061		14 676		18 240
Earnings before Income Taxes			1 458		588		854		2 886
Income Taxes (note 9)
	Current		408		649		592		1 460
	Deferred		321		(272	)	(126	)	(270	)
			729		377		466		1 190
Net Earnings			729		211		388		1 696
Other Comprehensive (Loss) Income
Items reclassified to earnings
	Realized gain on disposal of assets available for sale, net of income taxes of $13 (note 11)		(85	)	—		(85	)	—
Items that may be subsequently reclassified to earnings
	Foreign currency translation adjustment		(6	)	(161	)	380		31
Items that will not be reclassified to earnings
	Actuarial gain (loss) on employee retirement benefit plans, net of income taxes		85		4		55		(56	)
Other Comprehensive (Loss) Income			(6	)	(157	)	350		(25	)
Total Comprehensive Income			723		54		738		1 671
Per Common Share (dollars) (note 10)
	Net earnings – basic		0.50		0.14		0.26		1.15
	Net earnings – diluted		0.50		0.14		0.26		1.15
	Cash dividends		0.28		0.23		0.56		0.46

See accompanying notes to the interim consolidated financial statements.

SUNCOR ENERGY INC. 2015 SECOND QUARTER    43

CONSOLIDATED BALANCE SHEETS
(unaudited)

($ millions)				June 30 2015		Dec 31 2014
Assets
	Current assets
		Cash and cash equivalents		4 892		5 495
		Accounts receivable		4 631		4 275
		Inventories		3 527		3 466
		Income taxes receivable		413		680
	Total current assets			13 463		13 916
	Property, plant and equipment, net			60 727		59 800
	Exploration and evaluation			2 222		2 248
	Other assets			1 153		598
	Goodwill and other intangible assets			3 080		3 083
	Deferred income taxes			13		26
Total assets				80 658		79 671
Liabilities and Shareholders' Equity
	Current liabilities
		Short-term debt		933		806
		Current portion of long-term debt		31		34
		Accounts payable and accrued liabilities		5 503		5 704
		Current portion of provisions		773		752
		Income taxes payable		1 161		1 058
	Total current liabilities			8 401		8 354
	Long-term debt			13 162		12 489
	Other long-term liabilities			1 595		1 787
	Provisions (note 12)			5 302		4 895
	Deferred income taxes			10 583		10 543
	Shareholders' equity			41 615		41 603
	Total liabilities and shareholders' equity			80 658		79 671

See accompanying notes to the interim consolidated financial statements.

44   SUNCOR ENERGY INC. 2015 SECOND QUARTER

CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

			Three months ended June 30				Six months ended June 30
($ millions)			2015		2014		2015		2014
Operating Activities
Net earnings			729		211		388		1 696
Adjustments for:
	Depreciation, depletion, amortization and impairment		1 305		2 690		2 638		3 830
	Deferred income taxes		321		(272	)	(126	)	(270	)
	Accretion		45		51		97		102
	Unrealized foreign exchange (gain) loss on U.S. dollar denominated debt		(181	)	(326	)	781		31
	Change in fair value of derivative contracts		(75	)	(69	)	73		(58	)
	(Gain) loss on disposal of assets		(104	)	4		(102	)	4
	Share-based compensation		1		209		(147	)	155
	Exploration		149		58		198		80
	Settlement of decommissioning and restoration liabilities		(69	)	(88	)	(202	)	(198	)
	Other		34		(62	)	32		(86	)
Increase in non-cash working capital			(361	)	(123	)	(960	)	(1 270	)
Cash flow provided by operating activities			1 794		2 283		2 670		4 016
Investing Activities
Capital and exploration expenditures			(1 575	)	(1 763	)	(2 901	)	(3 253	)
Proceeds from disposal of assets			229		14		269		30
Other investments			(4	)	(26	)	(8	)	(35	)
Decrease (increase) in non-cash working capital			7		85		(40	)	100
Cash flow used in investing activities			(1 343	)	(1 690	)	(2 680	)	(3 158	)
Financing Activities
Net change in debt			(6	)	(6	)	52		(11	)
Issuance of common shares under share option plans			15		150		49		203
Purchase of common shares for cancellation (note 7)			—		(271	)	—		(655	)
Dividends paid on common shares			(405	)	(338	)	(810	)	(676	)
Cash flow used in financing activities			(396	)	(465	)	(709	)	(1 139	)
Increase (decrease) in Cash and Cash Equivalents			55		128		(719	)	(281	)
Effect of foreign exchange on cash and cash equivalents			12		(42	)	116		11
Cash and cash equivalents at beginning of period			4 825		4 846		5 495		5 202
Cash and Cash Equivalents at End of Period			4 892		4 932		4 892		4 932
Supplementary Cash Flow Information
Interest paid			348		295		424		367
Income taxes paid			210		543		1 002		1 668

See accompanying notes to the interim consolidated financial statements.

SUNCOR ENERGY INC. 2015 SECOND QUARTER    45

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(unaudited)

($ millions)		Share Capital		Contributed Surplus		Accumulated Other Comprehensive Income		Retained Earnings		Total		Number of Common Shares (thousands)
At December 31, 2013		19 395		598		115		21 072		41 180		1 478 315
Net earnings		—		—		—		1 696		1 696		—
Foreign currency translation adjustment		—		—		31		—		31		—
Actuarial loss on employee retirement benefit plans, net of income taxes of $18		—		—		—		(56	)	(56	)	—
Total comprehensive income		—		—		31		1 640		1 671		—
Issued under share option plans		264		(21	)	—		—		243		6 473
Issued under dividend reinvestment plan		13		—		—		(13	)	—		—
Purchase of common shares for cancellation (note 7)		(222	)	—		—		(433	)	(655	)	(16 919	)
Change in liability for share purchase commitment		47		—		—		49		96		—
Share-based compensation		—		27		—		—		27		—
Dividends paid on common shares		—		—		—		(676	)	(676	)	—
At June 30, 2014		19 497		604		146		21 639		41 886		1 467 869
At December 31, 2014		19 311		609		504		21 179		41 603		1 444 119
Net earnings		—		—		—		388		388		—
Foreign currency translation adjustment		—		—		380		—		380		—
Realized gain on disposal of assets available for sale, net of income taxes of $13 (note 11)		—		—		(85	)	—		(85	)	—
Actuarial gain on employee retirement benefit plans, net of income taxes of $21		—		—		—		55		55		—
Total comprehensive income		—		—		295		443		738		—
Issued under share option plans		63		(7	)	—		—		56		1 646
Issued under dividend reinvestment plan		19		—		—		(19	)	—		—
Share-based compensation		—		28		—		—		28		—
Dividends paid on common shares		—		—		—		(810	)	(810	)	—
At June 30, 2015		19 393		630		799		20 793		41 615		1 445 765

See accompanying notes to the interim consolidated financial statements.

46   SUNCOR ENERGY INC. 2015 SECOND QUARTER

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 joint arrangements.

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 interim consolidated 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, 2014.

The policies applied in these condensed interim consolidated financial statements are based on IFRS issued and outstanding as at December 31, 2014.

Comparative figures have been reclassified to conform to the current year financial statement presentation for certain gas purchases consumed in the secondary upgrading process in the Oil Sands segment, which are now classified as Purchases rather than Operating, Selling and General, and shipping-related charges in the Refining and Marketing segment, which are now classified as Transportation rather than Operating, Selling and General.

(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, 2014.

(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, 2014.

(e) Income taxes

The company recognizes the impacts of income tax rate changes in earnings in the period the rate change is substantively enacted.

SUNCOR ENERGY INC. 2015 SECOND QUARTER    47

3. SEGMENTED INFORMATION

The company's operating segments are reported based on the nature of their products and services and management responsibility.

Intersegment sales of crude oil and natural gas are accounted for at market values and are 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)		2015		2014		2015		2014		2015		2014		2015		2014		2015		2014
Revenues and Other Income
Gross revenues		2 204		2 861		729		1 183		5 269		6 772		27		23		8 229		10 839
Intersegment revenues		555		1 017		51		60		1		36		(607	)	(1 113	)	—		—
Less: Royalties		(38	)	(252	)	(96	)	(141	)	—		—		—		—		(134	)	(393	)
Operating revenues, net of royalties		2 721		3 626		684		1 102		5 270		6 808		(580	)	(1 090	)	8 095		10 446
Other income		(13	)	(5	)	(4	)	178		(26	)	4		92		26		49		203
		2 708		3 621		680		1 280		5 244		6 812		(488	)	(1 064	)	8 144		10 649
Expenses
Purchases of crude oil and products		53		133		1		132		3 574		5 526		(567	)	(1 115	)	3 061		4 676
Operating, selling and general		1 285		1 488		129		139		519		596		103		272		2 036		2 495
Transportation		141		122		24		22		90		90		(10	)	(11	)	245		223
Depreciation, depletion, amortization and impairment		760		1934		338		559		169		169		38		28		1 305		2 690
Exploration		4		5		169		126		—		—		—		—		173		131
(Gain) loss on disposal of assets		(1	)	5		(6	)	—		(101	)	(1	)	4		—		(104	)	4
Financing expenses (income)		39		33		(4	)	8		—		4		(65	)	(203	)	(30	)	(158	)
		2 281		3 720		651		986		4 251		6 384		(497	)	(1 029	)	6 686		10 061
Earnings (Loss) before Income Taxes		427		(99	)	29		294		993		428		9		(35	)	1 458		588
Income Taxes
Current		110		281		90		379		267		121		(59	)	(132	)	408		649
Deferred		361		(304	)	(105	)	(48	)	63		1		2		79		321		(272	)
		471		(23	)	(15	)	331		330		122		(57	)	(53	)	729		377
Net Earnings (Loss)		(44	)	(76	)	44		(37	)	663		306		66		18		729		211
Capital and Exploration Expenditures		985		986		396		461		172		246		22		70		1 575		1 763

48   SUNCOR ENERGY INC. 2015 SECOND QUARTER

Six months ended June 30		Oil Sands				Exploration and                      Production				Refining and                      Marketing				Corporate,                      Energy Trading                      and Eliminations				Total
($ millions)		2015		2014		2015		2014		2015		2014		2015		2014		2015		2014
Revenues and Other Income
Gross revenues		3 981		5 561		1 461		2 412		10 009		13 514		51		49		15 502		21 536
Intersegment revenues		1 062		2 207		88		272		23		54		(1 173	)	(2 533	)	—		—
Less: Royalties		(56	)	(444	)	(222	)	(304	)	—		—		—		—		(278	)	(748	)
Operating revenues, net of royalties		4 987		7 324		1 327		2 380		10 032		13 568		(1 122	)	(2 484	)	15 224		20 788
Other income		45		4		112		180		(9	)	11		158		143		306		338
		5 032		7 328		1 439		2 560		10 023		13 579		(964	)	(2 341	)	15 530		21 126
Expenses
Purchases of crude oil and products		123		214		2		284		6 870		10 349		(1 162	)	(2 442	)	5 833		8 405
Operating, selling and general		2 657		2 990		260		292		1 079		1 205		335		464		4 331		4 951
Transportation		293		262		51		48		188		191		(20	)	(21	)	512		480
Depreciation, depletion, amortization and impairment		1 533		2 603		703		858		332		321		70		48		2 638		3 830
Exploration		109		80		247		177		—		—		—		—		356		257
Loss (gain) on disposal of assets		7		5		(5	)	—		(101	)	(1	)	(3	)	—		(102	)	4
Financing expenses (income)		78		61		34		17		(7	)	6		1 003		229		1 108		313
		4 800		6 215		1 292		1 676		8 361		12 071		223		(1 722	)	14 676		18 240
Earnings (Loss) before Income Taxes		232		1 113		147		884		1 662		1 508		(1 187	)	(619	)	854		2 886
Income Taxes
Current		106		579		191		707		472		406		(177	)	(232	)	592		1 460
Deferred		316		(289	)	(550	)	(80	)	35		9		73		90		(126	)	(270	)
		422		290		(359	)	627		507		415		(104	)	(142	)	466		1 190
Net Earnings (Loss)		(190	)	823		506		257		1 155		1 093		(1 083	)	(477	)	388		1 696
Capital and Exploration Expenditures		1 778		1 897		752		905		256		351		115		100		2 901		3 253

SUNCOR ENERGY INC. 2015 SECOND QUARTER    49

4. OTHER INCOME

Other income consists of the following:

			Three months ended June 30				Six months ended June 30
($ millions)			2015		2014		2015		2014
Energy trading activities
	Change in fair value of contracts		(7	)	(6	)	—		106
	(Losses) gains on inventory valuation		(11	)	6		64		11
Risk management activities(1)			38		(8	)	46		(14	)
Reserves redetermination(2)			—		145		—		145
Investment and interest income			24		35		42		62
Renewable energy grants			9		11		14		17
Risk mitigation and insurance proceeds(3)			—		—		104		—
Change in value of pipeline commitments and other			(4	)	20		36		11
			49		203		306		338

(1)

Includes fair value changes related to short-term derivative contracts in the Oil Sands and Refining and Marketing segments and long-term forward starting interest rate swaps in the Corporate segment.

(2)

Other income of $145 million ($32 million after-tax) is for the reserves redetermination of 1.2 million barrels of oil receivable related to an interest in a Norwegian asset that Suncor previously owned.

(3)

Includes business interruption proceeds for insurance on Terra Nova assets in the Exploration and Production segment.

5. ASSET IMPAIRMENT

Oil Sands

Joslyn Mining Project

During the second quarter of 2014, the company recognized an impairment charge of $718 million (net of taxes of $248 million) related to the company's interest in the Joslyn mining project, charged against Property, Plant and Equipment ($318 million) and Exploration and Evaluation assets ($400 million). As a result of the company's assessment of expected future net cash flows and the uncertainty of the project, including the timing of the development plans, the company performed an impairment test at June 30, 2014 using a fair value less cost of disposal methodology, with a discounted cash flow approach.

The remaining carrying value of the company's share of the Joslyn mining project as at June 30, 2015 was $400 million.

Other

In the second quarter of 2014, the company recorded an impairment charge of $223 million (net of taxes of $77 million) in the Oil Sands segment following a review of certain assets that no longer fit with Suncor's previously revised growth strategies and which could not be repurposed or otherwise deployed. Such assets included a pipeline and related compressor, as well as steam generator components.

Exploration and Production

Libya

During the second quarter of 2014, the company recognized an after-tax impairment charge of $297 million related to its Libyan assets, charged against Property, Plant and Equipment ($129 million) and Exploration and Evaluation assets ($168 million). As a result of shut-in production due to the continued closure of certain Libyan export terminals and the company's production plans for the remaining term of the Exploration and Production Sharing Agreements, the company performed an impairment test at June 30, 2014 using a fair value less cost of disposal methodology, with a discounted cash flow approach.

The remaining carrying value of the company's net assets in Libya as at June 30, 2015 was approximately $375 million.

50   SUNCOR ENERGY INC. 2015 SECOND QUARTER

6. SHARE-BASED COMPENSATION

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

		Three months ended June 30				Six months ended June 30
($ millions)		2015		2014		2015		2014
Equity-settled plans		8		9		28		27
Cash-settled plans		(2	)	227		95		328
		6		236		123		355

7. NORMAL COURSE ISSUER BID

Pursuant to Suncor's normal course issuer bid, Suncor repurchased 6.5 million common shares for total consideration of $271 million during the three months ended June 30, 2014 (during the six months ended June 30, 2014 – 16.9 million common shares for total consideration of $655 million).

The following table summarizes the share repurchase activities during the period:

			Three months ended June 30				Six months ended June 30
($ millions, except as noted)			2015		2014		2015		2014
Share repurchase activities (thousands of common shares)
	Shares repurchased		—		6 465		—		16 919
Amounts charged to
	Share capital		—		85		—		222
	Retained earnings		—		186		—		433
Share repurchase cost			—		271		—		655

Subsequent to June 30, 2015, the Toronto Stock Exchange (TSX) accepted a notice filed by Suncor of its intention to renew its normal course issuer bid to continue to purchase shares under its previously announced buyback program through the facilities of the TSX, New York Stock Exchange and/or alternative trading platforms. The notice provides that Suncor may purchase for cancellation up to approximately $500 million worth of its common shares beginning August 5, 2015 and ending August 4, 2016.

SUNCOR ENERGY INC. 2015 SECOND QUARTER    51

8. FINANCING (INCOME) EXPENSES

			Three months ended June 30				Six months ended June 30
($ millions)			2015		2014		2015		2014
Interest on debt			214		179		424		362
Capitalized interest			(110	)	(113	)	(203	)	(221	)
	Interest expense		104		66		221		141
	Interest on pension and other post-retirement benefits		11		12		26		26
	Accretion		45		51		97		102
	Foreign exchange (gain) loss on U.S. dollar denominated debt		(181	)	(326	)	781		31
	Foreign exchange and other		(9	)	39		(17	)	13
			(30	)	(158	)	1 108		313

9. INCOME TAXES

In the second quarter of 2015, the Government of Alberta enacted an increase in the corporate income tax rate from 10% to 12% effective July 1, 2015. As a result, the company revalued its deferred income tax balances, resulting in a deferred income tax expense of $423 million.

In the first quarter of 2015, the United Kingdom (U.K.) government decreased the supplementary rate on oil and gas profits in the North Sea that reduced the statutory tax rate on Suncor's earnings in the U.K. from 62% to 50%. The company revalued its deferred income tax balances, resulting in a one-time decrease to deferred income taxes of $406 million.

Pursuant to the previously disclosed 2013 proposal letter from the Canada Revenue Agency (CRA), the company received a Notice of Reassessment (NOR) from the CRA during the second quarter of 2014, regarding the income tax treatment of realized losses in 2007 on the settlement of certain derivative contracts. The total amount of the NOR, including tax, penalty and interest, was approximately $920 million. The company strongly disagrees with the CRA's position and continues to firmly believe it will be able to successfully defend its original filing position and will take the appropriate actions to resolve this matter. In addition to the above, the company has:

•

Received NORs related to the derivative contracts from the Provinces of Alberta, Ontario and Quebec for approximately $124 million, $100 million and $42 million, respectively;

•

Provided security to the CRA and the Provinces of Quebec and Ontario for approximately $635 million;

•

Filed Notices of Objection with the CRA and the Provinces of Alberta, Ontario and Quebec; and

•

Filed a Notice of Appeal with the Tax Court of Canada in November 2014 and is now pursuing its Appeal to that Court.

If the company is unsuccessful in defending its tax filing position, it could be subject to an earnings and cash impact of up to $1.2 billion.

52   SUNCOR ENERGY INC. 2015 SECOND QUARTER

10. EARNINGS PER COMMON SHARE

			Three months ended June 30				Six months ended June 30
($ millions)			2015		2014		2015		2014
Net earnings			729		211		388		1 696
Dilutive impact of accounting for awards as equity-settled(1)			(4	)	—		(3	)	—
Net earnings – diluted			725		211		385		1 696
(millions of common shares)
Weighted average number of common shares			1 446		1 468		1 445		1 470
Dilutive securities:
	Effect of share options		1		4		2		3
Weighted average number of diluted common shares			1 447		1 472		1 447		1 473
(dollars per common share)
Basic earnings per share			0.50		0.14		0.26		1.15
Diluted earnings per share			0.50		0.14		0.26		1.15

(1)

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 a dilutive impact for the three and six months ended June 30, 2015.

11. FINANCIAL INSTRUMENTS

Derivative Financial Instruments

(a) Non-Designated Derivative Financial Instruments

The following table presents the company's non-designated Energy Trading, Risk Management and Available for Sale derivatives measured at fair value as at June 30, 2015.

($ millions)			Energy Trading		Risk Management		Assets Available for Sale		Total
Fair value outstanding at December 31, 2014			20		110		183		313
	Fair value realized in earnings		(27	)	(91	)	(183	)	(301	)
	Changes in fair value (note 4)		—		46		—		46
Fair value outstanding at June 30, 2015			(7	)	65		—		58

Assets Available for Sale related to the company's investment in Pioneer Energy. As a result of the third-party agreement to sell the company's share of certain assets and liabilities of Pioneer Energy, Suncor increased the fair value of its investment in Pioneer Energy by $98 million to $183 million in the third quarter of 2014 based on the agreed upon selling price. During the second quarter of 2015, Suncor completed the sale, resulting in a realized after-tax gain of $68 million.

The company uses forward starting interest rate swaps to mitigate its exposure to the effect of future interest rate movements on future debt issuances. As at June 30, 2015, the company had executed US$500 million in forward swaps.

SUNCOR ENERGY INC. 2015 SECOND QUARTER    53

(b) Fair Value Hierarchy

The following table presents the company's financial instruments measured at fair value for each hierarchy level as at June 30, 2015.

($ millions)			Level 1		Level 2		Level 3		Total Fair Value
	Accounts receivable		16		73		—		89
	Accounts payable		(19	)	(12	)	—		(31	)
			(3	)	61		—		58

During the second quarter of 2015, 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.

Non-Derivative Financial Instruments

At June 30, 2015, the carrying value of fixed-term debt accounted for under amortized cost was $12.2 billion (December 31, 2014 – $11.5 billion) and the fair value was $14.2 billion (December 31, 2014 – $13.5 billion). The estimated fair value of long-term debt is based on pricing sourced from market data.

12. PROVISIONS

During the six months ended June 30, 2015, there was a net increase in provisions of $428 million, primarily due to a $375 million increase in the decommissioning and restoration provision as a result of a decrease in the credit-adjusted risk-free interest rate.

13. SUBSEQUENT EVENT

On July 7, 2015, Suncor announced that it had reached an agreement with TransAlta Corporation to exchange Suncor's Kent Breeze and its share of the Wintering Hills wind power facilities for TransAlta's Poplar Creek cogeneration facilities. As part of the agreement, Suncor has entered into a 15-year lease to acquire two gas turbine generators and heat recovery steam generators at Poplar Creek. The transaction is expected to close in the third quarter of 2015.

54   SUNCOR ENERGY INC. 2015 SECOND QUARTER

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EXHIBIT 99.3 Unaudited Consolidated Financial Statements for the second quarter ended June 30, 2015
1. REPORTING ENTITY AND DESCRIPTION OF THE BUSINESS
2. BASIS OF PREPARATION
3. SEGMENTED INFORMATION
4. OTHER INCOME
5. ASSET IMPAIRMENT
6. SHARE-BASED COMPENSATION
7. NORMAL COURSE ISSUER BID
8. FINANCING (INCOME) EXPENSES
9. INCOME TAXES
10. EARNINGS PER COMMON SHARE
11. FINANCIAL INSTRUMENTS
12. PROVISIONS
13. SUBSEQUENT EVENT