Suncor Energy (SU) outlines Athabasca oil sands contingent resources

Rhea-AI Filing Summary

Suncor Energy Inc. provides a statement of contingent resources as at December 31, 2025, based on an independent GLJ report prepared under Canadian NI 51-101 and the COGE Handbook.

The best-estimate contingent resources total 23,296 mmbbl risked gross and 19,069 mmbbl risked net, and 30,366 mmbbl unrisked gross and 24,927 mmbbl unrisked net across in situ bitumen and mining synthetic crude oil projects in the Athabasca oil sands.

Estimated risked capital to reach first commercial production is $27,694 million, with development-pending in situ projects showing an 89% chance of commerciality and development-pending mining projects 95%. Key contingencies include additional delineation, regulatory approvals, firm development plans and final project sanctioning.

Key Figures

Risked contingent resources total: 23,296 mmbbl gross; 19,069 mmbbl net Unrisked contingent resources total: 30,366 mmbbl gross; 24,927 mmbbl net In situ risked contingent resources: 17,672 mmbbl gross; 14,075 mmbbl net +5 more

8 metrics

Risked contingent resources total 23,296 mmbbl gross; 19,069 mmbbl net Best-estimate contingent resources as at December 31, 2025

Unrisked contingent resources total 30,366 mmbbl gross; 24,927 mmbbl net Best-estimate contingent resources as at December 31, 2025

In situ risked contingent resources 17,672 mmbbl gross; 14,075 mmbbl net Best-estimate risked in situ bitumen contingent resources

Mining risked contingent resources 5,624 mmbbl gross; 4,994 mmbbl net Best-estimate risked mining SCO contingent resources

Risked capital in situ $12,118 million Estimated risked capital to first commercial production for in situ projects

Risked capital mining $15,576 million Estimated risked capital to first commercial production for mining projects

Total risked capital $27,694 million Estimated risked capital for all contingent resource projects

Chance of commerciality ranges 71%–95% Project chance of commerciality for different maturity sub-classes

Key Terms

contingent resources, best estimate, risked, unrisked, +2 more

6 terms

contingent resources financial

"contingent resources are those quantities of petroleum estimated, as of a given date"

Contingent resources are quantities of natural resources (like oil, gas, or minerals) that have been discovered and estimated but are not yet counted as proven reserves because there are unresolved hurdles—technical, legal, financial, or market-related—that must be cleared before they can be produced. For investors, they represent potential future value: like a locked safe containing cash that could increase a company's worth if the lock is opened, but with no guarantee until the obstacles are removed.

best estimate financial

"Best estimate is a classification of estimated resources described in the COGE Handbook"

risked financial

"Risked means that the applicable volumes or revenues have been adjusted for the probability of loss"

unrisked financial

"Unrisked means that the applicable volumes or revenues have not been adjusted for the probability"

Steam Assisted Gravity Drainage (SAGD) technical

"developed using established SAGD technology to produce bitumen from sandstone formations"

chance of commerciality financial

"The contingent resources have been risked for the chance of commerciality (CoC) in accordance"

Form 6-K: How Foreign Companies Report to the SEC →

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a - 16 or 15d - 16 of

the Securities Exchange Act of 1934

For the month of: March, 2026 Commission File Number:  1-12384

SUNCOR ENERGY INC.

(Name of registrant)

150 – 6th Avenue S.W.

P.O. Box 2844

Calgary, Alberta

Canada, T2P 3E3

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F  ¨ Form 40-F x

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		SUNCOR ENERGY INC.
Date:		By:
March 30, 2026		“Shawn Poirier”
		Shawn Poirier
		Assistant Corporate Secretary

EXHIBIT INDEX

Exhibit		Description of Exhibit
99.1		Suncor Energy Inc. Statement of Contingent Resources

EXHIBIT 99.1

Suncor Energy Inc. Statement of Contingent Resources dated March 30, 2026

Statement of Contingent Resources

This document contains information relating to estimates of contingent resources of Suncor Energy Inc. (Suncor) as at December 31, 2025. This document is dated March 30, 2026.

The contingent resources data included in this document is based on evaluations conducted by GLJ Ltd. (GLJ), contained in its report dated March 27, 2026 with an effective date of December 31, 2025 (the GLJ Contingent Resources Report). GLJ is an independent qualified reserves evaluator as defined in National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (NI 51-101). Suncor's contingent resources have been evaluated in accordance with NI 51-101 and the most recent publication of the Canadian Oil and Gas Evaluation Handbook (COGE Handbook).

GLJ has evaluated Suncor's contingent resources at its in situ and mining properties located within the Athabasca oil sands region in Alberta. The in situ properties evaluated were Firebag, Lewis, MacKay River, Meadow Creek and Chard, and the mining properties evaluated were Syncrude (Non-Producing Leases), Lease 23 and Audet.

All of the properties evaluated by GLJ are anticipated to be developed using established technology, namely, for in situ properties, using SAGD technology in sandstone reservoirs, and for mining properties, using open-pit mining operations, consistent with Suncor’s current commercial developments within the Athabasca region. As such, there are no technical contingencies preventing the future classification of these volumes as reserves.

Suncor reports its contingent resources using the best estimate case, reflecting an equal likelihood that the actual remaining quantities recovered would be greater than or less than the best estimate. Expressed probabilistically, there is a 50% probability that the actual quantities recovered would equal or exceed the best estimate.

There are numerous uncertainties inherent in estimating quantities of contingent resources, and such estimates involve additional risks compared to estimates of reserves. There is uncertainty that it will be commercially viable to produce any portion of the contingent resources. There is no guarantee that the estimates for synthetic crude oil (SCO) and bitumen contingent resources provided herein will be recovered. Actual SCO and bitumen volumes recovered may be greater than or less than the estimates provided herein. Readers should review the heading "Terminology" below and the definitions and information contained in the notes in the following tables.

Contingent Resources Estimates

The following tables provide the risked and unrisked contingent resources volumes (best estimate) attributable to Suncor’s in situ properties and mining properties, as at December 31, 2025, contained in the GLJ Contingent Resources Report. The evaluations were prepared using the price forecast derived from the average of forecasts developed by GLJ (dated January 1, 2026), Sproule Associates Limited (dated December 31, 2025) and McDaniel & Associates Consultants Ltd. (dated January 1, 2026), all of whom are independent qualified reserves evaluators. The following tables do not include the proved and probable reserves volumes and values shown in the “Statement of Reserves Data and Other Oil and Gas Information” in Suncor’s Annual Information Form for the year ended December 31, 2025.

Contingent Reserves Tables and Notes

Summary of Risked and Unrisked Oil and Gas Contingent Resources

As at December 31, 2025

(forecast prices and costs)

		Contingent Resources Best Estimate (mmbbl)
		Risked								Unrisked
		Gross				Net				Gross				Net
Resources Project Maturity Sub-Class
In Situ – Bitumen(1)
Development Pending			2,468				1,895				2,782				2,137
Development Unclarified			15,204				12,180				19,675				15,759
Total In Situ			17,672				14,075				22,457				17,896
Mining - SCO(2)
Development Pending			97				82				102				86
Development Unclarified			5,527				4,912				7,807				6,945
Total Mining			5,624				4,994				7,909				7,031
Total			23,296				19,069				30,366				24,927

		Project Evaluation Status		Project Chance of Commerciality (%)		Estimated Risked Capital to Reach First Commercial Production ($ Millions) (3)(4)				Estimated Timing of First Commercial Production
Resources Project Maturity Sub-Class
In Situ – Bitumen(1)
Development Pending		Development Study		89%			2,929			2033
Development Unclarified		Pre-Development		77%			9,189			2034+
Total In Situ							12,118
Mining - SCO(2)
Development Pending		Development Study		95%			54			2038
Development Unclarified		Pre-Development		71%			15,522			2035+
Total Mining							15,576
Total							27,694

(1) The figures presented include Suncor’s 75% interest in Meadow Creek, 77.8% interest in the OSLO portion of Lewis, and varying interests between 25% to 50% in Chard. See “Project – Characterization – In Situ properties” below.

(2) The figures presented include Suncor's 58.74% interest in Syncrude, which directly owns the properties underlying the Syncrude (Non-Producing Leases) and associated contingent resources. See "Project Characterization – Mining properties" below.

(3) The estimates of capital and timing to reach first commercial production are prepared by GLJ and are based on variable factors and assumptions. They are subject to numerous risks and uncertainties associated with the recovery of such resources, including many factors beyond Suncor's control. Actual results may vary significantly from these estimates and such variances could be material.

(4) Capital presented is risked by chance of commerciality, uninflated and undiscounted.

The contingent resources have been risked for the chance of commerciality (CoC) in accordance with section 1.3.7.3 of the COGE Handbook, which is equal to the 'chance of development' multiplied by the 'chance of discovery'. The 'chance of discovery' in respect of contingent resources is equal to 1, and therefore the CoC for contingent resources is equal to the 'chance of development'.

The contingent resources are evaluated based on the same fiscal conditions used in the assessment of reserves, and as such, are forecasted to be economic. Development-related contingencies preventing the contingent resources from being classified as reserves include: (i) additional delineation; (ii) regulatory application submissions and approvals; (iii) firm development plans and company commitment including confirmation of corporate intent to proceed with the defined expansion plans; and (iv) final project design and sanctioning.

Project Characterization

In situ properties

The in situ properties evaluated by GLJ were Firebag, Lewis, MacKay River, Meadow Creek and Chard. Suncor holds a 100% interest in each of these properties, except for a 75% interest in Meadow Creek, 77.8% interest in the OSLO portion of Lewis, and interests in Chard varying from 25%-50%. Each of these properties is anticipated to be developed using established SAGD technology to produce bitumen from sandstone formations. Estimates do not include the use of Expanding Solvent SAGD (ES-SAGD) or Enhanced Bitumen Recovery Technology (EBRT) which could potentially improve production rates, steam-to-oil ratio and GHG emissions intensity.

Mining properties

The mining properties evaluated by GLJ were Syncrude (Non-Producing Leases), Lease 23 and Audet. Suncor’s interest in the Syncrude (Non-Producing Leases) is owned indirectly through Suncor’s 58.74% interest in Syncrude. Each of these properties is anticipated to be developed using established open-pit mining processes to extract bitumen from oil sands.

Risks and Significant Positive and Negative Factors Attributable to Contingent Resources Estimates

Significant positive factors relevant to the contingent resources estimates include Suncor’s established history of developing oil sands resources in the region, including leveraging learnings and technology developments from past and ongoing projects and the proximity of the contingent resources to existing Suncor operations, enabling integration with current infrastructure. Additional positive factors include Suncor’s strong balance sheet and investment grade credit ratings, which support its ability to access the capital required to develop the contingent resources, and the proximity of the contingent resources to established logistics and marketing channels.

Significant negative factors relevant to the contingent resources estimates and risks to Suncor’s ability to recover the contingent resources include risks related to required regulatory approvals, potential changes to government and regulatory policies, availability of skilled labour and material supply and prolonged periods of low commodity prices which could impact the economic viability of development of such contingent resources.

Terminology

The resources estimates presented herein are based on the definitions and guidelines contained in the COGE Handbook. A summary of these definitions is set forth below.

Best estimate is a classification of estimated resources described in the COGE Handbook as being considered to be the best estimate of the quantity that will be recovered. It represents equal likelihood that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be a 50% probability that the quantities actually recovered will equal or exceed the best estimate.

2

Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political, and regulatory matters, or a lack of markets. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage. Contingent resources are further classified in accordance with the level of certainty associated with the estimates and may be sub-classified based on project maturity and/or characterized by their economic status. For a description of the contingencies that must be met for Suncor's contingent resources to be classified as reserves, see the COGE Handbook "Resources Classification".

Established technology is a recovery method that has been proven to be successful in commercial applications in the subject reservoir and is a prerequisite for assigning reserves. All of Suncor’s contingent resources are expected to be developed using established technology.

Risked means that the applicable volumes or revenues have been adjusted for the probability of loss or failure in accordance with the COGE Handbook.

Unrisked means that the applicable volumes or revenues have not been adjusted for the probability of loss or failure in accordance with the COGE Handbook.

Suncor’s contingent resources have been divided into the following project maturity sub-classes:

Development pending resources sub-class is assigned to contingent resources for a particular project where resolution of the final conditions for development is being actively pursued.

Development unclarified resources sub-class is assigned to contingent resources for a particular project where the evaluation is incomplete and there is ongoing activity to resolve remaining risks or uncertainties.

3

FAQ

What contingent resources does Suncor Energy (SU) report in this statement?

Suncor reports best-estimate contingent resources of 23,296 mmbbl risked gross and 19,069 mmbbl risked net, and 30,366 mmbbl unrisked gross and 24,927 mmbbl unrisked net. These volumes cover in situ bitumen and mining synthetic crude oil projects in Alberta’s Athabasca oil sands.

How are Suncor (SU) contingent resources evaluated and classified?

Suncor’s contingent resources are evaluated by GLJ Ltd. under NI 51-101 and the COGE Handbook. They use a best-estimate case with a 50% probability of actual recovery meeting or exceeding that estimate, and are sub-classified as development pending or development unclarified based on project maturity.

What capital does Suncor estimate to reach first commercial production?

Estimated risked capital to reach first commercial production for all evaluated contingent resource projects is $27,694 million. This includes $12,118 million for in situ bitumen projects and $15,576 million for mining synthetic crude oil projects, reflecting development studies and pre-development work across Athabasca properties.

What are the main risks to Suncor’s contingent resources becoming reserves?

Key risks include obtaining required regulatory approvals, potential changes in government and regulatory policies, availability of skilled labour and materials, and prolonged low commodity prices. These factors could affect commercial viability and delay or prevent classifying the contingent resources as reserves despite using established technologies.

When could Suncor (SU) projects from contingent resources start commercial production?

For in situ bitumen, development-pending projects target first commercial production around 2033, while development-unclarified projects are described as 2034 and beyond. For mining synthetic crude oil, development-pending projects are estimated to start in 2038, with other mining projects indicated as 2035 and beyond.

What technologies are assumed for Suncor’s contingent resource development?

In situ properties are expected to use established SAGD technology in sandstone reservoirs, while mining properties use open-pit mining to extract bitumen. The estimates do not include potential enhancements from ES-SAGD or Enhanced Bitumen Recovery Technology, which might improve production rates, steam-to-oil ratios and emissions intensity.

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