2022-12-23 | TSKS:SU | Announcement | Daily News Byte

Calgary, Alberta–(Newsfile Corp. – December 23, 2022) – Suncor Energi (TSX: SU ) (NISE: SU ) (“Suncor”) announces that it has been notified of the application filed today by TotalEnergies EP Canada Ltd. (“Total”) in the Court of Queen’s Bench of Alberta regarding the validity of a notice of right of first refusal (“ROFR Notice”) served on it by Teck Resources Limited (“Teck”) in connection with the sale of Teck’s 21.3% interest in Fort Hills to Suncor.

Suncor supports Tek’s position on the validity of the ROFR notice and believes that Total’s submission is without merit. As previously stated, the acquisition is currently expected to close in the first quarter of 2023.

As the matter is before the courts, Suncor will have no further comment.

Legal Advice – Forward-Looking Statements

This release contains certain forward-looking information and forward-looking statements (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian and US securities laws. Forward-looking statements in this release include references to the merits of Total’s claim.

Forward-looking statements are based on Suncor’s current expectations, estimates, projections and assumptions made by the company in light of its information available at the time the statement is made and taking into account Suncor’s experience and its perception of historical trends, including expectations and assumptions. in terms of: the accuracy of reserves and resource estimates; current and potential adverse impacts of the COVID-19 pandemic, including pandemic status and future waves; commodity prices and interest rates and exchange rates; performance of assets and equipment; capital efficiency and cost savings; applicable laws and government policies; future production rates; sufficiency of budgeted capital expenditures in the implementation of planned activities; availability and cost of work, services and infrastructure; fulfillment of obligations to Suncor by third parties; development and implementation of projects; and obtaining regulatory and third-party approvals in a timely manner.

Forward-looking statements are not guarantees of future performance and involve numerous risks and uncertainties, some of which are similar to other oil and gas companies and some of which are unique to Suncor. Suncor’s actual results may differ materially from those expressed or implied by its forward-looking statements, so readers are cautioned not to place undue reliance on them.

The MD&A, together with Suncor’s annual information form and annual report to shareholders dated February 23, 2022, its Form 40-F dated February 24, 2022 and other documents it files with securities regulatory authorities from time to time describe the risks, uncertainties, material assumptions and other factors that could affect actual results and such factors are incorporated herein by reference. Copies of these documents are available free of charge from Suncor at 150 6th Avenue SW, Calgary, Alberta T2P 3E3; by email request at invest@suncor.com; by calling (800) 558-9071; or by referring to suncor.com/FinancialReports or to the company’s profile on SEDAR at sedar.com or EDGAR u sec.gov. Except as required by applicable securities laws, Suncor disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.