EX-99.3 4 a2226338zex-99_3.htm EX-99.3
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EXHIBIT 99.3
Unaudited Consolidated Financial Statements for the third quarter ended September 30, 2015

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)

|  | Three months ended September 30 |  | Nine months ended September 30 |  |
($ millions) |  | 2015 |  | 2014 |  | 2015 |  | 2014 |  |
Revenues and Other Income |  |  |  |  |  |  |  |  |  |
| Operating revenues, net of royalties (note 3) |  | 7 485 |  | 10 175 |  | 22 709 |  | 30 963 |  |
| Other income (note 4) |  | 72 |  | 98 |  | 378 |  | 436 |  |
|  | 7 557 |  | 10 273 |  | 23 087 |  | 31 399 |  |
Expenses |  |  |  |  |  |  |  |  |  |
| Purchases of crude oil and products |  | 3 084 |  | 4 664 |  | 8 917 |  | 13 069 |  |
| Operating, selling and general |  | 2 053 |  | 2 297 |  | 6 384 |  | 7 248 |  |
| Transportation |  | 295 |  | 226 |  | 807 |  | 706 |  |
| Depreciation, depletion, amortization and impairment |  | 1 333 |  | 1 110 |  | 3 971 |  | 4 940 |  |
| Exploration |  | 55 |  | 57 |  | 411 |  | 314 |  |
| Gain on disposal of assets (notes 15 and 16) |  | (3 | ) | (84 | ) | (105 | ) | (80 | ) |
| Financing expenses (note 8) |  | 953 |  | 571 |  | 2 061 |  | 884 |  |
|  | 7 770 |  | 8 841 |  | 22 446 |  | 27 081 |  |
(Loss) Earnings before Income Taxes |  | (213 | ) | 1 432 |  | 641 |  | 4 318 |  |
Income Taxes (note 9) |  |  |  |  |  |  |  |  |  |
| Current |  | 226 |  | 518 |  | 818 |  | 1 978 |  |
| Deferred |  | (63 | ) | (5 | ) | (189 | ) | (275 | ) |
|  | 163 |  | 513 |  | 629 |  | 1 703 |  |
Net (Loss) Earnings |  | (376 | ) | 919 |  | 12 |  | 2 615 |  |
Other Comprehensive Income |  |  |  |  |  |  |  |  |  |
Items reclassified to earnings |  |  |  |  |  |  |  |  |  |
| Realized gain on disposal of assets available for sale, net of income taxes of $13 (note 15) |  | — |  | — |  | (85 | ) | — |  |
Items that may be subsequently reclassified to earnings |  |  |  |  |  |  |  |  |  |
| Foreign currency translation adjustment |  | 335 |  | 176 |  | 715 |  | 207 |  |
| Unrealized gain on disposal of assets available for sale, net of income taxes of $13 (note 15) |  | — |  | 85 |  | — |  | 85 |  |
Items that will not be reclassified to earnings |  |  |  |  |  |  |  |  |  |
| Actuarial (loss) gain on employee retirement benefit plans, net of income taxes |  | — |  | (166 | ) | 55 |  | (222 | ) |
Other Comprehensive Income |  | 335 |  | 95 |  | 685 |  | 70 |  |
Total Comprehensive (Loss) Income |  | (41 | ) | 1 014 |  | 697 |  | 2 685 |  |
Per Common Share (dollars) (note 10) |  |  |  |  |  |  |  |  |  |
| Net (loss) earnings – basic |  | (0.26 | ) | 0.63 |  | 0.01 |  | 1.78 |  |
| Net (loss) earnings – diluted |  | (0.26 | ) | 0.62 |  | 0.01 |  | 1.78 |  |
| Cash dividends |  | 0.29 |  | 0.28 |  | 0.85 |  | 0.74 |  |

See accompanying notes to the interim consolidated financial statements.

SUNCOR ENERGY INC. 2015 THIRD QUARTER 41

CONSOLIDATED BALANCE SHEETS
(unaudited)

($ millions) |  | September 30 2015 |  | December 31 2014 |
Assets |  |  |  |  |
| Current assets |  |  |  |  |
|  | Cash and cash equivalents |  | 5 409 |  | 5 495 |
|  | Accounts receivable |  | 4 101 |  | 4 275 |
|  | Inventories |  | 3 067 |  | 3 466 |
|  | Income taxes receivable |  | 493 |  | 680 |
| Total current assets |  | 13 070 |  | 13 916 |
| Property, plant and equipment, net |  | 61 194 |  | 59 800 |
| Exploration and evaluation |  | 2 227 |  | 2 248 |
| Other assets |  | 1 148 |  | 598 |
| Goodwill and other intangible assets |  | 3 079 |  | 3 083 |
| Deferred income taxes |  | 13 |  | 26 |
Total assets |  | 80 731 |  | 79 671 |
Liabilities and Shareholders' Equity |  |  |  |  |
| Current liabilities |  |  |  |  |
|  | Short-term debt |  | 750 |  | 806 |
|  | Current portion of long-term debt |  | 69 |  | 34 |
|  | Accounts payable and accrued liabilities |  | 5 365 |  | 5 704 |
|  | Current portion of provisions |  | 765 |  | 752 |
|  | Income taxes payable |  | 1 201 |  | 1 058 |
| Total current liabilities |  | 8 150 |  | 8 354 |
| Long-term debt |  | 14 141 |  | 12 489 |
| Other long-term liabilities |  | 1 782 |  | 1 787 |
| Provisions |  | 4 920 |  | 4 895 |
| Deferred income taxes |  | 10 590 |  | 10 543 |
| Shareholders' equity |  | 41 148 |  | 41 603 |
Total liabilities and shareholders' equity |  | 80 731 |  | 79 671 |

See accompanying notes to the interim consolidated financial statements.

42 SUNCOR ENERGY INC. 2015 THIRD QUARTER

CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

|  | Three months ended September 30 |  | Nine months ended September 30 |  |
($ millions) |  | 2015 |  | 2014 |  | 2015 |  | 2014 |  |
Operating Activities |  |  |  |  |  |  |  |  |  |
Net (loss) earnings |  | (376 | ) | 919 |  | 12 |  | 2 615 |  |
Adjustments for: |  |  |  |  |  |  |  |  |  |
| Depreciation, depletion, amortization and impairment |  | 1 333 |  | 1 110 |  | 3 971 |  | 4 940 |  |
| Deferred income taxes |  | (63 | ) | (5 | ) | (189 | ) | (275 | ) |
| Accretion |  | 49 |  | 49 |  | 146 |  | 151 |  |
| Unrealized foreign exchange loss on U.S. dollar denominated debt |  | 800 |  | 456 |  | 1 581 |  | 487 |  |
| Change in fair value of derivative contracts |  | 47 |  | (56 | ) | 120 |  | (114 | ) |
| Gain on disposal of assets |  | (3 | ) | (84 | ) | (105 | ) | (80 | ) |
| Share-based compensation |  | 95 |  | (37 | ) | (52 | ) | 118 |  |
| Exploration |  | 16 |  | 16 |  | 214 |  | 96 |  |
| Settlement of decommissioning and restoration liabilities |  | (53 | ) | (83 | ) | (255 | ) | (281 | ) |
| Other |  | 37 |  | (5 | ) | 69 |  | (91 | ) |
Decrease (increase) in non-cash working capital |  | 889 |  | 625 |  | (71 | ) | (645 | ) |
Cash flow provided by operating activities |  | 2 771 |  | 2 905 |  | 5 441 |  | 6 921 |  |
Investing Activities |  |  |  |  |  |  |  |  |  |
Capital and exploration expenditures |  | (1 736 | ) | (1 808 | ) | (4 637 | ) | (5 061 | ) |
Acquisitions (note 14) |  | — |  | (121 | ) | — |  | (121 | ) |
Proceeds from disposal of assets |  | 2 |  | 180 |  | 271 |  | 210 |  |
Other investments |  | (3 | ) | (13 | ) | (11 | ) | (48 | ) |
Decrease in non-cash working capital |  | 63 |  | 109 |  | 23 |  | 209 |  |
Cash flow used in investing activities |  | (1 674 | ) | (1 653 | ) | (4 354 | ) | (4 811 | ) |
Financing Activities |  |  |  |  |  |  |  |  |  |
Net change in debt |  | (269 | ) | (3 | ) | (217 | ) | (14 | ) |
Issuance of common shares under share option plans |  | 27 |  | 34 |  | 76 |  | 237 |  |
Purchase of common shares for cancellation (note 7) |  | (40 | ) | (523 | ) | (40 | ) | (1 178 | ) |
Dividends paid on common shares |  | (419 | ) | (409 | ) | (1 229 | ) | (1 085 | ) |
Cash flow used in financing activities |  | (701 | ) | (901 | ) | (1 410 | ) | (2 040 | ) |
Increase (decrease) in Cash and Cash Equivalents |  | 396 |  | 351 |  | (323 | ) | 70 |  |
Effect of foreign exchange on cash and cash equivalents |  | 121 |  | 68 |  | 237 |  | 79 |  |
Cash and cash equivalents at beginning of period |  | 4 892 |  | 4 932 |  | 5 495 |  | 5 202 |  |
Cash and Cash Equivalents at End of Period |  | 5 409 |  | 5 351 |  | 5 409 |  | 5 351 |  |
Supplementary Cash Flow Information |  |  |  |  |  |  |  |  |  |
Interest paid |  | 83 |  | 72 |  | 507 |  | 439 |  |
Income taxes paid |  | 310 |  | 604 |  | 1 312 |  | 2 272 |  |

See accompanying notes to the interim consolidated financial statements.

SUNCOR ENERGY INC. 2015 THIRD QUARTER 43

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 |  | — |  | — |  | — |  | 2 615 |  | 2 615 |  | — |
Foreign currency translation adjustment |  | — |  | — |  | 207 |  | — |  | 207 |  | — |
Unrealized gain on assets available for sale, net of income taxes of $13 |  | — |  | — |  | 85 |  | — |  | 85 |  | — |
Actuarial loss on employee retirement benefit plans, net of income taxes of $76 |  | — |  | — |  | — |  | (222 | ) | (222 | ) | — |
Total comprehensive income |  | — |  | — |  | 292 |  | 2 393 |  | 2 685 |  | — |
Issued under share option plans |  | 313 |  | (28 | ) | — |  | — |  | 285 |  | 7 515 |
Issued under dividend reinvestment plan |  | 25 |  | — |  | — |  | (25 | ) | — |  | — |
Purchase of common shares for cancellation |  | (382 | ) | — |  | — |  | (796 | ) | (1 178 | ) | (28 911 | )
Change in liability for share purchase commitment |  | 28 |  | — |  | — |  | 33 |  | 61 |  | — |
Share-based compensation |  | — |  | 35 |  | — |  | — |  | 35 |  | — |
Dividends paid on common shares |  | — |  | — |  | — |  | (1 085 | ) | (1 085 | ) | — |
At September 30, 2014 |  | 19 379 |  | 605 |  | 407 |  | 21 592 |  | 41 983 |  | 1 456 919 |
At December 31, 2014 |  | 19 311 |  | 609 |  | 504 |  | 21 179 |  | 41 603 |  | 1 444 119 |
Net earnings |  | — |  | — |  | — |  | 12 |  | 12 |  | — |
Foreign currency translation adjustment |  | — |  | — |  | 715 |  | — |  | 715 |  | — |
Realized gain on disposal of assets available for sale, net of income taxes of $13 (note 15) |  | — |  | — |  | (85 | ) | — |  | (85 | ) | — |
Actuarial gain on employee retirement benefit plans, net of income taxes of $21 |  | — |  | — |  | — |  | 55 |  | 55 |  | — |
Total comprehensive income |  | — |  | — |  | 630 |  | 67 |  | 697 |  | — |
Issued under share option plans |  | 99 |  | (15 | ) | — |  | — |  | 84 |  | 2 487 |
Issued under dividend reinvestment plan |  | 32 |  | — |  | — |  | (32 | ) | — |  | — |
Purchase of common shares for cancellation (note 7) |  | (15 | ) | — |  | — |  | (25 | ) | (40 | ) | (1 160 | )
Change in liability for share purchase commitment (note 7) |  | (1 | ) | — |  | — |  | (2 | ) | (3 | ) | — |
Share-based compensation |  | — |  | 36 |  | — |  | — |  | 36 |  | — |
Dividends paid on common shares |  | — |  | — |  | — |  | (1 229 | ) | (1 229 | ) | — |
At September 30, 2015 |  | 19 426 |  | 630 |  | 1 134 |  | 19 958 |  | 41 148 |  | 1 445 446 |

See accompanying notes to the interim consolidated financial statements.

44 SUNCOR ENERGY INC. 2015 THIRD 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 THIRD QUARTER 45

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 September 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 |  | 1 618 |  | 2 943 |  | 558 |  | 858 |  | 5 345 |  | 6 951 |  | 24 |  | 19 |  | 7 545 |  | 10 771 |  |
Intersegment revenues |  | 654 |  | 1 012 |  | — |  | 95 |  | 7 |  | 52 |  | (661 | ) | (1 159 | ) | — |  | — |  |
Less: Royalties |  | (48 | ) | (431 | ) | (12 | ) | (165 | ) | — |  | — |  | — |  | — |  | (60 | ) | (596 | ) |
Operating revenues, net of royalties |  | 2 224 |  | 3 524 |  | 546 |  | 788 |  | 5 352 |  | 7 003 |  | (637 | ) | (1 140 | ) | 7 485 |  | 10 175 |  |
Other income |  | 33 |  | 37 |  | 24 |  | 4 |  | 24 |  | 43 |  | (9 | ) | 14 |  | 72 |  | 98 |  |
|  | 2 257 |  | 3 561 |  | 570 |  | 792 |  | 5 376 |  | 7 046 |  | (646 | ) | (1 126 | ) | 7 557 |  | 10 273 |  |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of crude oil and products |  | 60 |  | 72 |  | 1 |  | 119 |  | 3 729 |  | 5 659 |  | (706 | ) | (1 186 | ) | 3 084 |  | 4 664 |  |
Operating, selling and general |  | 1 246 |  | 1 500 |  | 116 |  | 140 |  | 538 |  | 550 |  | 153 |  | 107 |  | 2 053 |  | 2 297 |  |
Transportation |  | 182 |  | 117 |  | 25 |  | 18 |  | 99 |  | 101 |  | (11 | ) | (10 | ) | 295 |  | 226 |  |
Depreciation, depletion, amortization and impairment |  | 790 |  | 723 |  | 340 |  | 194 |  | 170 |  | 152 |  | 33 |  | 41 |  | 1 333 |  | 1 110 |  |
Exploration |  | 3 |  | 2 |  | 52 |  | 55 |  | — |  | — |  | — |  | — |  | 55 |  | 57 |  |
(Gain) loss on disposal of assets |  | 1 |  | (2 | ) | — |  | (82 | ) | (4 | ) | — |  | — |  | — |  | (3 | ) | (84 | ) |
Financing expenses (income) |  | 36 |  | 52 |  | 26 |  | 27 |  | (6 | ) | (4 | ) | 897 |  | 496 |  | 953 |  | 571 |  |
|  | 2 318 |  | 2 464 |  | 560 |  | 471 |  | 4 526 |  | 6 458 |  | 366 |  | (552 | ) | 7 770 |  | 8 841 |  |
(Loss) earnings before Income Taxes |  | (61 | ) | 1 097 |  | 10 |  | 321 |  | 850 |  | 588 |  | (1 012 | ) | (574 | ) | (213 | ) | 1 432 |  |
Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | (41 | ) | 258 |  | 117 |  | 75 |  | 257 |  | 204 |  | (107 | ) | (19 | ) | 226 |  | 518 |  |
Deferred |  | 30 |  | 66 |  | (106 | ) | 48 |  | (20 | ) | (42 | ) | 33 |  | (77 | ) | (63 | ) | (5 | ) |
|  | (11 | ) | 324 |  | 11 |  | 123 |  | 237 |  | 162 |  | (74 | ) | (96 | ) | 163 |  | 513 |  |
Net (Loss) Earnings |  | (50 | ) | 773 |  | (1 | ) | 198 |  | 613 |  | 426 |  | (938 | ) | (478 | ) | (376 | ) | 919 |  |
Capital and Exploration Expenditures |  | 1 136 |  | 975 |  | 332 |  | 465 |  | 209 |  | 291 |  | 59 |  | 77 |  | 1 736 |  | 1 808 |  |

46 SUNCOR ENERGY INC. 2015 THIRD QUARTER

Nine months ended September 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 |  | 5 599 |  | 8 504 |  | 2 019 |  | 3 270 |  | 15 354 |  | 20 465 |  | 75 |  | 68 |  | 23 047 |  | 32 307 |  |
Intersegment revenues |  | 1 716 |  | 3 219 |  | 88 |  | 367 |  | 30 |  | 106 |  | (1 834 | ) | (3 692 | ) | — |  | — |  |
Less: Royalties |  | (104 | ) | (875 | ) | (234 | ) | (469 | ) | — |  | — |  | — |  | — |  | (338 | ) | (1 344 | ) |
Operating revenues, net of royalties |  | 7 211 |  | 10 848 |  | 1 873 |  | 3 168 |  | 15 384 |  | 20 571 |  | (1 759 | ) | (3 624 | ) | 22 709 |  | 30 963 |  |
Other income |  | 78 |  | 41 |  | 136 |  | 184 |  | 15 |  | 54 |  | 149 |  | 157 |  | 378 |  | 436 |  |
|  | 7 289 |  | 10 889 |  | 2 009 |  | 3 352 |  | 15 399 |  | 20 625 |  | (1 610 | ) | (3 467 | ) | 23 087 |  | 31 399 |  |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of crude oil and products |  | 183 |  | 287 |  | 3 |  | 403 |  | 10 599 |  | 16 008 |  | (1 868 | ) | (3 629 | ) | 8 917 |  | 13 069 |  |
Operating, selling and general |  | 3 903 |  | 4 489 |  | 376 |  | 432 |  | 1 617 |  | 1 755 |  | 488 |  | 572 |  | 6 384 |  | 7 248 |  |
Transportation |  | 475 |  | 379 |  | 76 |  | 66 |  | 287 |  | 292 |  | (31 | ) | (31 | ) | 807 |  | 706 |  |
Depreciation, depletion, amortization and impairment |  | 2 323 |  | 3 326 |  | 1 043 |  | 1 052 |  | 502 |  | 473 |  | 103 |  | 89 |  | 3 971 |  | 4 940 |  |
Exploration |  | 112 |  | 82 |  | 299 |  | 232 |  | — |  | — |  | — |  | — |  | 411 |  | 314 |  |
(Gain) loss on disposal of assets |  | 8 |  | 3 |  | (5 | ) | (82 | ) | (105 | ) | (1 | ) | (3 | ) | — |  | (105 | ) | (80 | ) |
Financing expenses (income) |  | 114 |  | 113 |  | 60 |  | 44 |  | (13 | ) | 2 |  | 1 900 |  | 725 |  | 2 061 |  | 884 |  |
|  | 7 118 |  | 8 679 |  | 1 852 |  | 2 147 |  | 12 887 |  | 18 529 |  | 589 |  | (2 274 | ) | 22 446 |  | 27 081 |  |
Earnings (Loss) before Income Taxes |  | 171 |  | 2 210 |  | 157 |  | 1 205 |  | 2 512 |  | 2 096 |  | (2 199 | ) | (1 193 | ) | 641 |  | 4 318 |  |
Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 65 |  | 837 |  | 308 |  | 782 |  | 729 |  | 610 |  | (284 | ) | (251 | ) | 818 |  | 1 978 |  |
Deferred |  | 346 |  | (223 | ) | (656 | ) | (32 | ) | 15 |  | (33 | ) | 106 |  | 13 |  | (189 | ) | (275 | ) |
|  | 411 |  | 614 |  | (348 | ) | 750 |  | 744 |  | 577 |  | (178 | ) | (238 | ) | 629 |  | 1 703 |  |
Net Earnings (Loss) |  | (240 | ) | 1 596 |  | 505 |  | 455 |  | 1 768 |  | 1 519 |  | (2 021 | ) | (955 | ) | 12 |  | 2 615 |  |
Capital and Exploration Expenditures |  | 2 914 |  | 2 872 |  | 1 084 |  | 1 370 |  | 465 |  | 642 |  | 174 |  | 177 |  | 4 637 |  | 5 061 |  |

SUNCOR ENERGY INC. 2015 THIRD QUARTER 47

4. OTHER INCOME

Other income consists of the following:

|  | Three months ended September 30 |  | Nine months ended September 30 |
($ millions) |  | 2015 |  | 2014 |  | 2015 |  | 2014 |
Energy trading activities |  |  |  |  |  |  |  |  |
| Change in fair value of contracts |  | 6 |  | (2 | ) | 6 |  | 104 |
| Gains on inventory valuation |  | 6 |  | 15 |  | 70 |  | 26 |
Risk management activities(1) |  | 6 |  | 47 |  | 52 |  | 33 |
Reserves redetermination(2) |  | — |  | — |  | — |  | 145 |
Investment and interest income |  | 9 |  | 16 |  | 51 |  | 78 |
Renewable energy grants |  | 11 |  | 8 |  | 25 |  | 25 |
Risk mitigation and insurance proceeds(3) |  | 17 |  | — |  | 121 |  | — |
Change in value of transportation commitments and other |  | 17 |  | 14 |  | 53 |  | 25 |
|  | 72 |  | 98 |  | 378 |  | 436 |

(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 insurance proceeds on 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 September 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.

48 SUNCOR ENERGY INC. 2015 THIRD QUARTER

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

6. 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 September 30 |  | Nine months ended September 30 |
($ millions) |  | 2015 |  | 2014 |  | 2015 |  | 2014 |
Equity-settled plans |  | 8 |  | 8 |  | 36 |  | 35 |
Cash-settled plans |  | 90 |  | (43 | ) | 185 |  | 285 |
|  | 98 |  | (35 | ) | 221 |  | 320 |

7. NORMAL COURSE ISSUER BID

Subject to the offer to Canadian Oil Sands Limited (COS) shareholders (note 18), the company may repurchase shares pursuant to a normal course issuer bid (NCIB) through the facilities of the Toronto Stock Exchange, New York Stock Exchange and/or alternative trading platforms. Under its current NCIB, the company may purchase for cancellation up to approximately $500 million worth of its common shares beginning August 5, 2015 and ending August 4, 2016.

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

|  | Three months ended September 30 |  | Nine months ended September 30 |
($ millions, except as noted) |  | 2015 |  | 2014 |  | 2015 |  | 2014 |
Share repurchase activities (thousands of common shares) |  |  |  |  |  |  |  |  |
| Shares repurchased |  | 1 160 |  | 11 992 |  | 1 160 |  | 28 991 |
Amounts charged to |  |  |  |  |  |  |  |  |
| Share capital |  | 15 |  | 159 |  | 15 |  | 382 |
| Retained earnings |  | 25 |  | 364 |  | 25 |  | 796 |
Share repurchase cost |  | 40 |  | 523 |  | 40 |  | 1 178 |

Under an automatic repurchase plan agreement with an independent broker, the company has recorded the following liability for share repurchases that took place during its internal blackout period:

($ millions) |  | Sep 30 2015 |  | Dec 31 2014 |
Amounts charged to |  |  |  |  |
| Share capital |  | 1 |  | — |
| Retained earnings |  | 2 |  | — |
Liability for share purchase commitment |  | 3 |  | — |

In accordance with applicable securities laws, repurchases under the program were suspended on October 5, 2015, as a result of the offer to the shareholders of COS. Suncor intends to resume repurchases once the offer is completed, withdrawn or expires, subject to market conditions.

SUNCOR ENERGY INC. 2015 THIRD QUARTER 49

8. FINANCING EXPENSES

|  | Three months ended September 30 |  | Nine months ended September 30 |  |
($ millions) |  | 2015 |  | 2014 |  | 2015 |  | 2014 |  |
Interest on debt |  | 220 |  | 181 |  | 644 |  | 543 |  |
Capitalized interest |  | (115 | ) | (103 | ) | (318 | ) | (324 | ) |
| Interest expense |  | 105 |  | 78 |  | 326 |  | 219 |  |
| Interest on pension and other post-retirement benefits |  | 13 |  | 15 |  | 39 |  | 41 |  |
| Accretion |  | 49 |  | 49 |  | 146 |  | 151 |  |
| Foreign exchange loss on U.S. dollar denominated debt |  | 800 |  | 456 |  | 1 581 |  | 487 |  |
| Foreign exchange and other |  | (14 | ) | (27 | ) | (31 | ) | (14 | ) |
|  | 953 |  | 571 |  | 2 061 |  | 884 |  |

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 enacted a decrease in the supplementary charge 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.

50 SUNCOR ENERGY INC. 2015 THIRD QUARTER

10. EARNINGS (LOSS) PER COMMON SHARE

|  | Three months ended September 30 |  | Nine months ended September 30 |
($ millions) |  | 2015 |  | 2014 |  | 2015 |  | 2014 |
Net (loss) earnings |  | (376 | ) | 919 |  | 12 |  | 2 615 |
Dilutive impact of accounting for awards as equity-settled(1) |  | — |  | (13 | ) | (1 | ) | — |
Net (loss) earnings – diluted |  | (376 | ) | 906 |  | 11 |  | 2 615 |
(millions of common shares) |  |  |  |  |  |  |  |  |
Weighted average number of common shares |  | 1 446 |  | 1 461 |  | 1 446 |  | 1 467 |
Dilutive securities: |  |  |  |  |  |  |  |  |
Effect of share options |  | — |  | 5 |  | 1 |  | 3 |
Weighted average number of diluted common shares |  | 1 446 |  | 1 466 |  | 1 447 |  | 1 470 |
(dollars per common share) |  |  |  |  |  |  |  |  |
Basic (loss) earnings per share |  | (0.26 | ) | 0.63 |  | 0.01 |  | 1.78 |
Diluted (loss) earnings per share |  | (0.26 | ) | 0.62 |  | 0.01 |  | 1.78 |

(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 an anti-dilutive impact for the three months and a dilutive effect for the nine months ended September 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 September 30, 2015.

($ millions) |  | Energy Trading |  | Risk Management |  | Assets Available for Sale(1) |  | Total |  |
Fair value outstanding at December 31, 2014 |  | 20 |  | 110 |  | 183 |  | 313 |  |
| Fair value realized in earnings |  | (19 | ) | (158 | ) | (183 | ) | (360 | ) |
| Changes in fair value (note 4) |  | 6 |  | 52 |  | — |  | 58 |  |
Fair value outstanding at September 30, 2015 |  | 7 |  | 4 |  | — |  | 11 |  |

(1)
  Assets Available for Sale related to the company's investment in Pioneer Energy, which the company sold during the second quarter of 2015 (note 15).

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 September 30, 2015, the company had executed $1.1 billion in forward swaps.

SUNCOR ENERGY INC. 2015 THIRD QUARTER 51

(b) Fair Value Hierarchy

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

($ millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value |  |
| Accounts receivable |  | 30 |  | 51 |  | — |  | 81 |  |
| Accounts payable |  | (6 | ) | (64 | ) | — |  | (70 | ) |
|  | 24 |  | (13 | ) | — |  | 11 |  |

During the third 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 September 30, 2015, the carrying value of fixed-term debt accounted for under amortized cost was $13 billion (December 31, 2014 – $11.5 billion) and the fair value was $14.9 billion (December 31, 2014 – $13.5 billion). The estimated fair value of long-term debt is based on pricing sourced from market data.

12. OIL SANDS ASSET SWAP

On August 31, 2015, Suncor completed an exchange of assets with TransAlta Corporation (TransAlta). Suncor exchanged Kent Breeze and its share of the Wintering Hills wind power facilities for TransAlta's Poplar Creek cogeneration facilities, which provide steam and power for Suncor's Oil Sands operations. The acquisition of the Poplar Creek cogeneration facilities is expected to enhance the reliability and efficiency of Suncor's Oil Sands operations.

As part of the agreement, Suncor entered into a 15-year lease with TransAlta to finance the difference between the fair value of the cogeneration facilities and the fair value of the wind farms. The leased assets consist of two gas turbine generators and heat recovery steam generators. Ownership of these assets will automatically transfer to Suncor at the end of the term for a nominal amount.

The acquisition of the Poplar Creek assets was treated as a business combination, whereby the assets and liabilities acquired were recorded at their fair value. The fair value was calculated using an expected future cash flow approach with a risk-adjusted discount rate of 8%. Key assumptions used in the calculation were discount rate, power price and natural gas price.

Purchase consideration

($ millions) |  |  |
Fair value of wind assets |  | 124 |
Fair value of deferred financing arrangement |  | 303 |
Total purchase consideration |  | 427 |

Purchase price allocation

The preliminary purchase price allocation is based on management's best estimates of the fair value of the acquired assets and assumed liabilities. Upon finalization, adjustments to the initial estimates may be required.

($ millions) |  |  |  |
Working capital |  | 36 |  |
Property, plant and equipment |  | 393 |  |
Decommissioning provision |  | (2 | ) |
Net assets acquired |  | 427 |  |

52 SUNCOR ENERGY INC. 2015 THIRD QUARTER

13. ACQUISITION OF ADDITIONAL OWNERSHIP IN FORT HILLS

On September 21, 2015, Suncor announced that it has agreed to purchase an additional 10% working interest in the Fort Hills oil sands project from Total E&P Canada Ltd. for total aggregate consideration of $310 million, subject to closing adjustments. The transaction is anticipated to close by the end of the year. Upon closing, Suncor's share in the project will increase to 50.8%.

As a result of the planned acquisition, which was below the implied carrying value of the project, in addition to a further decline in the current crude price environment, the company performed an impairment test on the project as at September 30, 2015. The impairment test was performed using a fair value less cost of disposal methodology, and no impairment was noted. An expected cash flow approach was used based on 2014 year-end reserves data, with the following assumptions:

•
  WCS price forecasts of $60/bbl starting in 2017, $65/bbl in 2018, $70/bbl in 2019 (expressed in nominal dollars), escalating at 2% per year thereafter and adjusted for asset-specific location and quality differentials,
•
  risk-adjusted discount rate of 8.0%,
•
  production of approximately 91,000 barrels per day following a 12 month ramp-up period starting in the fourth quarter of 2017, and
•
  go-forward capital of $3.8 billion, which includes the planned acquisition of an additional 10% in the project.

Based on the above assumptions, the estimated recoverable amount in respect of the company's interest in Fort Hills exceeds the carrying value. The recoverable amount is sensitive to changes in the key assumptions. Future changes in these assumptions, individually or in combination, could result in the recoverable amount being less than the carrying value and an impairment adjustment. A 5% decrease in the assumed realized prices would decrease the recoverable amount by approximately $1.1 billion. A 1% increase in the discount rate would decrease the recoverable amount by approximately $1.2 billion, and a 10% increase in our assumed share of the remaining development capital would decrease the recoverable amount by $0.4 billion (sensitivities are after-tax).

The carrying value of the company's share of the Fort Hills project at September 30, 2015 was $4.4 billion, including amounts allocated to the project at the time of the company's merger with Petro-Canada.

Oil Sands Assets

Management also performed impairment tests on Oils Sands cash generating units as at September 30, 2015 and noted no impairment. The tests were performed using a fair value less cost of disposal methodology, using the same assumptions as above and a WCS price of $55/bbl in 2016.

Exploration and Production Assets

Management also performed impairment tests on certain assets in the Exploration and Production segment as at September 30, 2105 due to the decline in the crude price environment. The tests were performed using a fair value less cost of disposal methodology. An expected cash flow approach was used based on 2014 year-end reserves data updated for production incurred, with the following assumptions:

•
  Brent price forecasts of US$60/bbl in 2016, US$65/bbl in 2017, and US$70/bbl in 2018 (all expressed in nominal dollars), escalating at 2% per year thereafter and adjusted for asset-specific location and quality differentials, and
•
  Risk-adjusted discount rate of 9.0%.

No impairments were noted from these tests; however, the company's share of the Golden Eagle asset's carrying value approximated its fair value. The recoverable amount is sensitive to changes in the key assumptions. Future changes in these assumptions, individually or in combination, could result in the recoverable amount being less than the carrying value and an impairment adjustment. A 5% decrease in the assumed realized prices would decrease the Golden Eagle recoverable amount by approximately $60 million. A 1% increase in the discount rate would decrease the recoverable amount by approximately $25 million (sensitivities are after-tax).

The carrying value of the company's share of the Golden Eagle project at September 30, 2015 was $1.8 billion.

SUNCOR ENERGY INC. 2015 THIRD QUARTER 53

14. ACQUISITION OF A SULPHUR FACILITY

On July 17, 2014, the company completed a business combination of a sulphur recovery facility in its Refining and Marketing segment.

The purchase price allocation is based on management's best estimates of the fair value of the acquired assets and assumed liabilities. Upon finalization, adjustments to the initial estimates may be required.

The fair value of consideration transferred and the assets acquired and liabilities assumed at the date of acquisition were as follows:

($ millions) |  |  |  |
Total purchase price |  | 121 |  |
Purchase price allocation |  |  |  |
Property, plant and equipment |  | 161 |  |
Net working capital |  | (1 | ) |
Deferred tax liabilities |  | (39 | ) |
Net assets acquired |  | 121 |  |

All acquisition and transaction costs for this asset acquisition were expensed.

15. PIONEER DISPOSITION

During the third quarter of 2014, the company announced that, along with The Pioneer Group Inc., it had reached an agreement to sell the assets of Pioneer Energy, including retail gas stations in Ontario and Manitoba. The transaction closed in the second quarter of 2015 and the company received $183 million for its 50% share of Pioneer Energy and realized an after-tax gain of $68 million in the Refining and Marketing segment.

16. NATURAL GAS DISPOSITIONS

During the third quarter of 2014, the company sold its Wilson Creek assets in central Alberta for $168.5 million before closing adjustments and other closing costs, with an effective date of July 1, 2014 and a closing date of September 30, 2014. The sale of these assets resulted in an after-tax gain of $61 million in the Exploration and Production segment.

17. COMMITMENTS

During the nine months ended September 30, 2015, the company increased its commitments by approximately $4.9 billion primarily due to certain pipelines receiving regulatory approval. These commitments will support the company's market access strategy, and activities to expand its storage and logistics network.

18. SUBSEQUENT EVENT

On October 5, 2015, Suncor announced that it has commenced an unsolicited offer to COS shareholders to acquire all of the outstanding shares of COS for share consideration of approximately $4.3 billion. Including COS' outstanding net debt of $2.3 billion as at June 30, 2015, the total transaction value was approximately $6.6 billion at the time of the announcement. The offer will be open for acceptance until December 4, 2015, unless extended or withdrawn.

54 SUNCOR ENERGY INC. 2015 THIRD QUARTER

QuickLinks

EXHIBIT 99.3 Unaudited Consolidated Financial Statements for the third quarter ended September 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 EXPENSES
9. INCOME TAXES
10. EARNINGS (LOSS) PER COMMON SHARE
11. FINANCIAL INSTRUMENTS
12. OIL SANDS ASSET SWAP
13. ACQUISITION OF ADDITIONAL OWNERSHIP IN FORT HILLS
14. ACQUISITION OF A SULPHUR FACILITY
15. PIONEER DISPOSITION
16. NATURAL GAS DISPOSITIONS
17. COMMITMENTS
18. SUBSEQUENT EVENT