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Segmented Information | 12 Months Ended
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Dec. 31, 2023
Segmented Information |
Segmented Information | 6. Segmented Information The company’s operating segments are reported based on the nature of their products and services and management responsibility. The following summary describes the operations in each of the segments:
● | Oil Sands includes the company’s operations in Northern Alberta to explore, develop and produce bitumen, synthetic crude oil and related products, through the recovery and upgrading of bitumen from mining and in situ operations. This segment also includes the company’s joint interests in Syncrude and Fort Hills. In 2023, the company completed two separate acquisitions of additional working interests in the Fort Hills mining and extraction operation, increasing its ownership from 54.11% to 100% (see note 16). The individual operating segments related to mining operations, In Situ, Fort Hills and Syncrude have been aggregated into one reportable segment (Oil Sands) due to the similar nature of their business activities, including the production of bitumen, and the single geographic area and regulatory environment in which they operate.
● | Exploration and Production (E&P) includes offshore activity in East Coast Canada, with interests in the Terra Nova, White Rose, Hibernia and Hebron oilfields, as well as the marketing and risk management of crude oil and natural gas. International onshore assets include the company’s working interests in Libya and Syria. Suncor completed the divestments of its United Kingdom (U.K.) portfolio and Norway assets in 2023 and 2022, respectively (see note 16).
● | Refining and Marketing includes the refining of crude oil products, and the distribution, marketing, transportation and risk management of refined and petrochemical products, and other purchased products through the retail and wholesale networks located in Canada and the United States (U.S.). The segment also includes trading of crude oil, refined products, natural gas and power.
The company also reports activities not directly attributable to an operating segment under Corporate and Eliminations. This segment previously included renewable energy assets, which were sold in the first quarter of 2023 (see note 16). Corporate activities include Suncor’s debt and borrowing costs, expenses not allocated to the company’s businesses, and investments in certain clean technologies. ​ ​
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​ | ​ | ​ | ​ | ​ | ​ | Exploration | ​ | Refining and | ​ | Corporate and | ​ | ​ | ​ | ​ |
For the years ended December 31 | ​ | Oil Sands | ​ | and Production | ​ | Marketing | ​ | Eliminations | ​ | Total |
($ millions) |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
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Revenues and Other Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​
Gross revenues |  | 18 569 |  | 21 905 |  | 2 689 |  | 4 331 |  | 30 959 |  | 36 622 |  | (11) |  | 49 |  | 52 206 |  | 62 907 | ​
Intersegment revenues |  | 7 466 |  | 8 526 |  | - |  | - |  | 109 |  | 106 |  | (7 575) |  | (8 632) |  | - |  | - | ​
Less: Royalties |  | (2 623) |  | (3 963) |  | (491) |  | (608) |  | - |  | - |  | - |  | - |  | (3 114) |  | (4 571) | ​
Operating revenues, net of royalties |  | 23 412 |  | 26 468 |  | 2 198 |  | 3 723 |  | 31 068 |  | 36 728 |  | (7 586) |  | (8 583) |  | 49 092 |  | 58 336 | ​
Other income (loss) |  | 1 469 |  | (53) |  | 10 |  | 164 |  | 224 |  | (60) |  | (49) |  | 80 |  | 1 654 |  | 131 | ​
​ |  | 24 881 |  | 26 415 |  | 2 208 |  | 3 887 |  | 31 292 |  | 36 668 |  | (7 635) |  | (8 503) |  | 50 746 |  | 58 467 | ​
Expenses |  |  |  |  |  |  |  |  |  | ​ |  |  |  | ​ |  |  |  |  |  |  | ​
Purchases of crude oil and products |  | 1 935 |  | 2 050 |  | - |  | - |  | 23 867 |  | 27 261 |  | (7 587) |  | (8 536) |  | 18 215 |  | 20 775 | ​
Operating, selling and general |  | 9 329 |  | 9 152 |  | 475 |  | 490 |  | 2 558 |  | 2 427 |  | 1 021 |  | 738 |  | 13 383 |  | 12 807 | ​
Transportation and distribution |  | 1 213 |  | 1 210 |  | 76 |  | 101 |  | 521 |  | 396 |  | (35) |  | (36) |  | 1 775 |  | 1 671 | ​
Depreciation, depletion, amortization and impairment |  | 4 902 |  | 7 927 |  | 483 |  | (105) |  | 934 |  | 844 |  | 116 |  | 120 |  | 6 435 |  | 8 786 | ​
Exploration |  | 60 |  | 37 |  | 14 |  | 19 |  | - |  | - |  | - |  | - |  | 74 |  | 56 | ​
(Gain) loss on disposal of assets |  | (39) |  | (7) |  | (600) |  | 66 |  | (28) |  | (11) |  | (325) |  | (3) |  | (992) |  | 45 | ​
Financing expenses |  | 670 |  | 413 |  | 69 |  | 95 |  | 57 |  | 57 |  | 471 |  | 1 446 |  | 1 267 |  | 2 011 | ​
​ |  | 18 070 |  | 20 782 |  | 517 |  | 666 |  | 27 909 |  | 30 974 |  | (6 339) |  | (6 271) |  | 40 157 |  | 46 151 | ​
Earnings (Loss) before Income Taxes |  | 6 811 |  | 5 633 |  | 1 691 |  | 3 221 |  | 3 383 |  | 5 694 |  | (1 296) |  | (2 232) |  | 10 589 |  | 12 316 | ​
Income Tax Expense (Recovery) |  |  |  |  |  |  |  |  |  | ​ |  |  |  | ​ |  | ​ |  |  |  |  | ​
Current |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | 1 734 |  | 4 229 | ​
Deferred |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | 560 |  | (990) | ​
​ |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | 2 294 |  | 3 239 | ​
Net Earnings |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | 8 295 |  | 9 077 | ​
Capital and Exploration Expenditures(1) |  | 4 096 |  | 3 540 |  | 668 |  | 443 |  | 1 002 |  | 816 |  | 62 |  | 188 |  | 5 828 |  | 4 987 | ​
(1) | Excludes capital expenditures related to assets previously held for sale of $108 million for the year ended December 31, 2023 (2022 - $133 million).
​ ​ Disaggregation of Revenue from Contracts with Customers and Intersegment Revenue The company’s revenues are from the following major commodities and geographical regions:
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For the years ended December 31 | ​ | 2023 | ​ | 2022
($ millions) | ​ | North America | ​ | International | ​ | Total | ​ | North America | ​ | International | ​ | Total
Oil Sands |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Synthetic crude oil and diesel |  | 18 817 | ​ | - | ​ | 18 817 | ​ | 22 539 | ​ | - | ​ | 22 539
Bitumen |  | 7 218 | ​ | - | ​ | 7 218 | ​ | 7 892 | ​ | - | ​ | 7 892
​ | ​ | 26 035 | ​ | - | ​ | 26 035 | ​ | 30 431 | ​ | - | ​ | 30 431
Exploration and Production | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Crude oil and natural gas liquids | ​ | 1 689 | ​ | 994 | ​ | 2 683 | ​ | 2 464 | ​ | 1 834 | ​ | 4 298
Natural gas | ​ | - | ​ | 6 | ​ | 6 | ​ | - | ​ | 33 | ​ | 33
​ | ​ | 1 689 | ​ | 1 000 | ​ | 2 689 | ​ | 2 464 | ​ | 1 867 | ​ | 4 331
Refining and Marketing | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gasoline | ​ | 13 106 | ​ | - | ​ | 13 106 | ​ | 14 540 | ​ | - | ​ | 14 540
Distillate | ​ | 15 283 | ​ | - | ​ | 15 283 | ​ | 18 663 | ​ | - | ​ | 18 663
Other | ​ | 2 679 | ​ | - | ​ | 2 679 | ​ | 3 525 | ​ | - | ​ | 3 525
​ | ​ | 31 068 | ​ | - | ​ | 31 068 | ​ | 36 728 | ​ | - | ​ | 36 728
Corporate and Eliminations | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | (7 586) | ​ | - | ​ | (7 586) | ​ | (8 583) | ​ | - | ​ | (8 583)
Total Gross Revenue from Contracts with Customers |  | 51 206 | ​ | 1 000 | ​ | 52 206 | ​ | 61 040 | ​ | 1 867 | ​ | 62 907
​ ​ Geographical Information Operating Revenues, net of Royalties
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($ millions) |  | 2023 |  | 2022 |
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Canada |  | 41 948 |  | 49 169 | ​
United States |  | 6 447 |  | 7 544 | ​
Other foreign |  | 697 |  | 1 623 | ​
​ |  | 49 092 |  | 58 336 | ​
​ Non-Current Assets(1)
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​ |  | December 31 |  | December 31 |
($ millions) | ​ | 2023 | ​ | 2022 | ​
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Canada |  | 71 438 |  | 66 346 | ​
United States |  | 2 624 |  | 2 629 | ​
Other foreign |  | 584 |  | 1 026 | ​
​ |  | 74 646 |  | 70 001 | ​
(1) | Excludes deferred income tax assets.

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