Suncor Energy (SU) 40-F28 Feb 202019 FY Annual report (Canada)Financial data

Company Profile

Document and Entity Information

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2019shares
Cover [Abstract]
Document Type	40-F
Document Period End Date	Dec. 31, 2019
Entity Registrant Name	SUNCOR ENERGY INC
Entity Emerging Growth Company	false
Current Fiscal Year End Date	--12-31
Entity Interactive Data Current	Yes
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Common Stock, Shares Outstanding	1,531,873,743
Entity Central Index Key	0000311337
Amendment Flag	false

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenues and Other Income
Operating revenues, net of royalties	$ 38,344	$ 38,542
Other income	645	444
Total revenue	38,989	38,986
Expenses
Purchases of crude oil and products	12,562	14,133
Operating, selling and general	11,244	10,573
Transportation	1,442	1,319
Depreciation, depletion, amortization and impairment	10,572	5,738
Exploration	256	122
Gain on asset exchange and disposals	(253)	(24)
Financing expenses	633	2,142
Total expenses	36,456	34,003
(Loss) earnings before Income Taxes	2,533	4,983
Income Tax (Recovery) Expense
Current	1,552	1,250
Deferred	(1,918)	440
Total income tax (recovery) expense	(366)	1,690
Net (Loss) Earnings	2,899	3,293
Items That May be Subsequently Reclassified to Earnings:
Foreign currency translation adjustment	(177)	267
Items That Will Not be Reclassified to Earnings:
Actuarial (loss) gain on employee retirement benefit plans, net of income taxes	(48)	103
Other Comprehensive (Loss) Income	(225)	370
Total Comprehensive (Loss) Income	$ 2,674	$ 3,663
Per Common Share (dollars)
Net earnings - basic	$ 1.86	$ 2.03
Net earnings - diluted	1.86	2.02
Cash dividends	$ 1.68	$ 1.44

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 1,960	$ 2,221
Accounts receivable	4,052	3,206
Inventories	3,761	3,159
Income taxes receivable	133	114
Total current assets	9,906	8,700
Property, plant and equipment, net	72,640	74,245
Exploration and evaluation	2,428	2,319
Other assets	1,194	1,126
Goodwill and other intangible assets	3,058	3,061
Deferred income taxes	209	128
Total assets	89,435	89,579
Current liabilities.
Short-term debt	2,155	3,231
Current portion of long-term debt	310	229
Current portion of long-term lease liabilities	310
Accounts payable and accrued liabilities	6,555	5,647
Current portion of provisions	631	667
Income taxes payable	886	535
Total current liabilities	10,537	10,309
Long-term Debt	12,884	13,890
Long-term lease liabilities	2,621
Other long-term liabilities	2,499	2,346
Provisions	8,676	6,984
Deferred income taxes	10,176	12,045
Equity	42,042	44,005
Total liabilities and shareholders' equity	$ 89,435	$ 89,579

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Operating Activities
Net earnings	$ 2,899	$ 3,293
Adjustments for:
Depreciation, depletion, amortization and impairment	10,572	5,738
Deferred income tax (recovery) expense	(1,918)	440
Accretion	270	266
Unrealized foreign exchange (gain) loss on U.S. dollar denominated debt	(624)	1,090
Change in fair value of financial instruments and trading inventory	107	(179)
Gain on asset exchange and disposals	(253)	(24)
Share-based compensation	44	(117)
Exploration	66	11
Settlement of decommissioning and restoration liabilities	(464)	(469)
Other	119	123
(Increase) decrease in non-cash working capital	(397)	408
Cash flow provided by operating activities	10,421	10,580
Investing Activities
Capital and exploration expenditures	(5,558)	(5,406)
Acquisitions		(1,230)
Proceeds from disposal of assets	274	84
Other investments	(213)	(170)
Decrease in non-cash working capital	409	25
Cash flow used in investing activities	(5,088)	(6,697)
Financing Activities
Net (decrease) increase in short-term debt	(982)	866
Net increase (decrease) in long-term debt	557	(186)
Lease liability payments	(307)
Issuance of common shares under share option plans	90	286
Purchase of common shares	(2,274)	(3,053)
Distributions relating to non-controlling interest	(7)	(6)
Dividends paid on common shares	(2,614)	(2,333)
Cash flow (used in) provided by financing activities	(5,537)	(4,426)
Decrease in Cash and Cash Equivalents	(204)	(543)
Effect of foreign exchange on cash and cash equivalents	(57)	92
Cash and cash equivalents at beginning of year	2,221	2,672
Cash and Cash Equivalents at End of Year	1,960	2,221
Supplementary Cash Flow Information
Interest paid	996	800
Income taxes paid	$ 1,033	$ 645

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CAD ($) shares in Thousands, $ in Millions	Share capital	Contributed surplus	Accumulated other comprehensive income	Retained earnings	Total
Beginning balance at Dec. 31, 2017	$ 26,606	$ 567	$ 809	$ 17,401	$ 45,383
Beginning balance (in share) at Dec. 31, 2017					1,640,983
Changes in equity
Net earnings				3,293	$ 3,293
Foreign currency translation adjustment			267		267
Actuarial gain on employee retirement benefit plans, net of income taxes				103	103
Total comprehensive (loss) income			267	3,396	3,663
Issued under share option plans	358	(73)			$ 285
Issued under share option plans (in shares)					7,927
Purchase of common shares for cancellation	(1,040)			(2,013)	$ (3,053)
Purchase of common shares for cancellation (in shares)					(64,426)
Change in liability for share purchase commitment	(14)			28	$ 14
Share-based compensation		46			46
Dividends paid on common shares				(2,333)	(2,333)
Ending balance at Dec. 31, 2018	25,910	540	1,076	16,479	$ 44,005
Ending balance (in share) at Dec. 31, 2018					1,584,484
Changes in equity
Adoption of IFRS 16 impact
Ending balance at Jan. 01, 2019					$ 44,019
Ending balance (in share) at Jan. 01, 2019					1,584,484
Beginning balance at Dec. 31, 2018	25,910	540	1,076	16,479	$ 44,005
Beginning balance (in share) at Dec. 31, 2018					1,584,484
Changes in equity
Net earnings				2,899	$ 2,899
Foreign currency translation adjustment			(177)		(177)
Actuarial gain on employee retirement benefit plans, net of income taxes				(48)	(48)
Total comprehensive (loss) income			(177)	2,851	2,674
Issued under share option plans	116	(24)			$ 92
Issued under share option plans (in shares)					2,688
Purchase of common shares for cancellation	(905)			(1,369)	$ (2,274)
Purchase of common shares for cancellation (in shares)					(55,298)
Change in liability for share purchase commitment	46			49	$ 95
Share-based compensation		50			50
Dividends paid on common shares				(2,614)	(2,614)
Ending balance at Dec. 31, 2019	25,167	566	899	15,410	$ 42,042
Ending balance (in share) at Dec. 31, 2019					1,531,874
Changes in equity
Adoption of IFRS 16 impact				14	$ 14
At January 1, 2019, adjusted	$ 25,910	$ 540	$ 1,076	$ 16,493	$ 44,019

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Taxes on actuarial (loss) gain on employee retirement benefit plans	$ (23)	$ 39

REPORTING ENTITY AND DESCRIPTIO

REPORTING ENTITY AND DESCRIPTION OF THE BUSINESS	12 Months Ended
REPORTING ENTITY AND DESCRIPTION OF THE BUSINESS	Dec. 31, 2019
REPORTING ENTITY AND DESCRIPTION OF THE BUSINESS
REPORTING ENTITY AND DESCRIPTION OF THE BUSINESS	1. REPORTING ENTITY AND DESCRIPTION OF THE BUSINESS Suncor Energy Inc. (Suncor or the company) is an integrated energy company headquartered in Calgary, Alberta, Canada. Suncor is strategically focused on developing one of the world's largest petroleum resource basins – Canada's Athabasca oil sands. In addition, the company explores for, acquires, develops, produces, transports, refines and markets crude oil in Canada and internationally, Suncor markets petroleum and petrochemical products primarily in Canada, under the Petro-Canada® brand. The company also operates a renewable energy business and conducts energy trading activities focused principally in the marketing and trading of crude oil, natural gas, byproducts, refined products, and power. The address of the company's registered office is 150 – 6th Avenue S.W., Calgary, Alberta, Canada, T2P 3E3.

BASIS OF PREPARATION

BASIS OF PREPARATION	12 Months Ended
BASIS OF PREPARATION	Dec. 31, 2019
BASIS OF PREPARATION
BASIS OF PREPARATION	2. BASIS OF PREPARATION (a) Statement of Compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and Canadian generally accepted accounting principles (GAAP) as contained within Part 1 of the Canadian Institute of Chartered Professional Accountants Handbook. Suncor's accounting policies are based on IFRS issued and outstanding for all periods presented in these consolidated financial statements. These consolidated financial statements were approved by the Board of Directors on February 26, 2020. (b) Basis of Measurement The consolidated financial statements are prepared on a historical cost basis except as detailed in the accounting policies disclosed in note 3. The accounting policies described in note 3 have been applied consistently to all periods presented in these consolidated financial statements with the exception of IFRS 16 Leases. Refer to note 5. (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, Assumptions and Judgments 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 judgments used in the preparation of the consolidated financial statements are described in note 4.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Principles of Consolidation The company consolidates its interests in entities it controls. Control comprises the power to govern an entity's financial and operating policies to obtain benefits from its activities, and is a matter of judgment. All intercompany balances and transactions are eliminated on consolidation. (b) Joint Arrangements Joint arrangements represent arrangements in which two or more parties have joint control established by a contractual agreement. Joint control only exists when decisions about the activities that most significantly affect the returns of the investee are unanimous. Joint arrangements can be classified as either a joint operation or a joint venture. The classification of joint arrangements requires judgment. In determining the classification of its joint arrangements, the company considers the contractual rights and obligations of each investor and whether the legal structure of the joint arrangement gives the entity direct rights to the assets and obligations for the liabilities. Where the company has rights to the assets and obligations for the liabilities of a joint arrangement, such arrangement is classified as a joint operation and the company's proportionate share of the joint operation's assets, liabilities, revenues and expenses are included in the consolidated financial statements, on a line-by-line basis. Where the company has rights to the net assets of an arrangement, the arrangement is classified as a joint venture and accounted for using the equity method of accounting. Under the equity method, the company's initial investment is recognized at cost and subsequently adjusted for the company's share of the joint venture's income or loss, less distributions received. (c) Foreign Currency Translation Functional currencies of the company's individual entities are the currency of the primary economic environment in which the entity operates. Transactions in foreign currencies are translated to the appropriate functional currency at foreign exchange rates that approximate those on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated to the appropriate functional currency at foreign exchange rates as at the balance sheet date. Foreign exchange differences arising on translation are recognized in net earnings. Non-monetary assets that are measured in a foreign currency at historical cost are translated using the exchange rate at the date of the transaction. In preparing the company's consolidated financial statements, the financial statements of each entity are translated into Canadian dollars. The assets and liabilities of foreign operations are translated into Canadian dollars at exchange rates as at the balance sheet date. Revenues and expenses of foreign operations are translated into Canadian dollars using foreign exchange rates that approximate those on the date of the underlying transaction. Foreign exchange differences are recognized in Other Comprehensive Income. If the company or any of its entities disposes of its entire interest in a foreign operation, or loses control, joint control, or significant influence over a foreign operation, the accumulated foreign currency translation gains or losses related to the foreign operation are recognized in net earnings. (d) Revenues Revenue from the sale of crude oil, natural gas, natural gas liquids, purchased products, refined petroleum products and power represent the company's contractual arrangements with customers. Revenue is recorded when control passes to the customer, in accordance with specified contract terms. All operating revenue is earned at a point in time and is based on the consideration that the company expects to receive for the transfer of the goods to the customer. Revenues are usually collected in the month following delivery except retail gasoline, diesel and ancillary products which are due upon delivery and, accordingly, the company doesn't adjust consideration for the effects of a financing component. Revenue from oil and natural gas production is recorded net of royalty expense. International operations conducted pursuant to Production Sharing Contracts (PSCs) are reflected in the consolidated financial statements based on the company's working interest. Each PSC establishes the exploration, development and operating costs the company is required to fund and establishes specific terms for the company to recover these costs and to share in the production profits. Cost recovery is generally limited to a specified percentage of production during each fiscal year (Cost Recovery Oil). Any Cost Recovery Oil remaining after costs have been recovered is referred to as Excess Petroleum and is shared between the company and the respective government. Assuming collection is reasonably assured, the company's share of Cost Recovery Oil and Excess Petroleum are reported as revenue when the sale of product to a third party occurs. Revenue also includes income taxes paid on the company's behalf by government joint venture partners. (e) Cash and Cash Equivalents Cash and cash equivalents consist primarily of cash in banks, term deposits, certificates of deposit and all other highly liquid investments at the time of purchase. (f) Inventories Inventories of crude oil and refined products, other than inventories held for trading purposes, are valued at the lower of cost, using the first-in, first-out method, and net realizable value. Cost of inventory consists of purchase costs, direct production costs, direct overhead and depreciation, depletion and amortization. Materials and supplies are valued at the lower of average cost and net realizable value. Inventories held for trading purposes are carried at fair value less costs of disposal, and any changes in fair value are recognized in Other Income within the respective reporting segment to which the trading activity relates. (g) Assets Held for Sale Assets and the associated liabilities are classified as held for sale if their carrying amounts are expected to be recovered through a disposition rather than through continued use. The assets or disposal groups are measured at the lower of their carrying amount or estimated fair value less costs of disposal. Impairment losses on initial classification as well as subsequent gains or losses on remeasurement are recognized in Depreciation, Depletion, Amortization and Impairment. When the assets or disposal groups are sold, the gains or losses on the sale are recognized in Gain on Disposal of Assets. Assets classified as held for sale are not depreciated, depleted or amortized. (h) Exploration and Evaluation Assets The costs to acquire non-producing oil and gas properties or licences to explore, drill exploratory wells and the costs to evaluate the commercial potential of underlying resources, including related borrowing costs, are initially capitalized as Exploration and Evaluation assets. Certain exploration costs, including geological, geophysical and seismic expenditures and delineation on oil sands properties, are charged to Exploration expense as incurred. Exploration and Evaluation assets are subject to technical, commercial and management review to confirm the continued intent to develop and extract the underlying resources. If an area or exploration well is no longer considered commercially viable, the related capitalized costs are charged to Exploration expense. When management determines with reasonable certainty that an Exploration and Evaluation asset will be developed, as evidenced by the classification of proved or probable reserves and the appropriate internal and external approvals, the asset is transferred to Property, Plant and Equipment. (i) Property, Plant and Equipment Property, Plant and Equipment are initially recorded at cost. The costs to acquire developed or producing oil and gas properties, and to develop oil and gas properties, including completing geological and geophysical surveys and drilling development wells, and the costs to construct and install development infrastructure, such as wellhead equipment, well platforms, well pairs, offshore platforms, subsea structures and an estimate of asset retirement costs, are capitalized as oil and gas properties within Property, Plant and Equipment. The costs to construct, install and commission, or acquire, oil and gas production equipment, including oil sands upgraders, extraction plants, mine equipment, processing and power generation facilities, utility plants, and all renewable energy, refining, and marketing assets, are capitalized as plant and equipment within Property, Plant and Equipment. Stripping activity required to access oil sands mining resources incurred in the initial development phase is capitalized as part of the construction cost of the mine. Stripping costs incurred in the production phase are charged to expense as they normally relate to production for the current period. The costs of planned major inspection, overhaul and turnaround activities that maintain Property, Plant and Equipment and benefit future years of operations are capitalized. Recurring planned maintenance activities performed on shorter intervals are expensed as operating costs. Replacements outside of a major inspection, overhaul or turnaround are capitalized when it is probable that future economic benefits will be realized by the company and the associated carrying amount of the replaced component is derecognized. Borrowing costs relating to assets that take over one year to construct are capitalized as part of the asset. Capitalization of borrowing costs ceases when the asset is in the location and condition necessary for its intended use, and is suspended when construction of an asset is ceased for extended periods. (j) Depreciation, Depletion and Amortization Exploration and Evaluation assets are not subject to depreciation, depletion and amortization. Once transferred to oil and gas properties within Property, Plant and Equipment and commercial production commences, these costs are depleted on a unit-of-production basis over proved developed reserves, with the exception of exploration and evaluation costs associated with oil sands mines, which are depreciated on a straight-line basis over the life of the mine, and property acquisition costs, which are depleted over proved reserves. Capital expenditures are not depreciated or depleted until assets are substantially complete and ready for their intended use. Costs to develop oil and gas properties other than certain oil sands mining assets, including costs of dedicated infrastructure, such as well pads and wellhead equipment, are depleted on a unit-of-production basis over proved developed reserves. A portion of these costs may not be depleted if they relate to undeveloped reserves. Costs related to offshore facilities are depleted over proved and probable reserves. Costs to develop and construct oil sands mines are depreciated on a straight-line basis over the life of the mine. Major components of Property, Plant and Equipment are depreciated on a straight-line basis over their expected useful lives. Oil sands upgraders, extraction plants and mine facilities 20 to 40 years Oil sands mine equipment 5 to 15 years Oil sands in situ processing facilities 30 years Power generation and utility plants 30 to 40 years Refineries and other processing plants 20 to 40 years Marketing and other distribution assets 10 to 40 years The costs of major inspection, overhaul and turnaround activities that are capitalized are depreciated on a straight-line basis over the period to the next scheduled activity, which varies from two to five years. Depreciation, depletion and amortization rates are reviewed annually or when events or conditions occur that impact capitalized costs, reserves or estimated service lives. Right-of-use assets within Property, Plant and Equipment are depreciated on a straight-line basis over the shorter of the estimated useful life of the right-of-use asset or the lease term. (k) Goodwill and Other Intangible Assets The company accounts for business combinations using the acquisition method. The excess of the purchase price over the fair value of the identifiable net assets represents goodwill, and is allocated to the cash generating units (CGUs) or groups of CGUs expected to benefit from the business combination. Other intangible assets include acquired customer lists and brand value. Goodwill and brand value have indefinite useful lives and are not subject to amortization. Customer lists are amortized over their expected useful lives, which range from five to ten years. Expected useful lives of other intangible assets are reviewed on an annual basis. (l) Impairment of Assets Non-Financial Assets Property, Plant and Equipment and Exploration and Evaluation assets are reviewed quarterly to assess whether there is any indication of impairment. Goodwill and intangible assets that have an indefinite useful life are tested for impairment annually. Exploration and Evaluation assets are also tested for impairment immediately prior to being transferred to Property, Plant and Equipment. If any indication of impairment exists, an estimate of the asset's recoverable amount is calculated as the higher of the fair value less costs of disposal and value-in-use. In determining fair value less costs of disposal, recent market transactions are considered, if available. In the absence of such transactions, an appropriate valuation model is used. Value-in-use is assessed using the present value of the expected future cash flows of the relevant asset. If the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, the asset is tested as part of a CGU, which is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. An impairment loss is the amount by which the carrying amount of the individual asset or CGU exceeds its recoverable amount. Impairments may be reversed for all CGUs and individual assets, other than goodwill, if there has been a change in the estimates and judgments used to determine the asset's recoverable amount. If such indication exists, the carrying amount of the CGU or asset is increased to its revised recoverable amount, which cannot exceed the carrying amount that would have been determined, net of depletion, depreciation and amortization, had no impairment been recognized. Impairments and impairment reversals are recognized within Depreciation, Depletion, Amortization and Impairment. Financial Assets At each reporting date, the company assesses whether there is evidence indicating that financial assets measured at amortized cost may be impaired. If a financial asset measured at amortized cost is determined to be impaired, the impairment is recognized in Operating, Selling and General expense. (m) Provisions Provisions are recognized by the company when it has a legal or constructive obligation as a result of past events, it is probable that an outflow of economic resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are recognized for decommissioning and restoration obligations associated with the company's Exploration and Evaluation assets and Property, Plant and Equipment. Provisions for decommissioning and restoration obligations are measured at the present value of management's best estimate of the future cash flows required to settle the present obligation, using the credit-adjusted risk-free interest rate. The value of the obligation is added to the carrying amount of the associated asset and amortized over the useful life of the asset. The provision is accreted over time through Financing Expense with actual expenditures charged against the accumulated obligation. Changes in the future cash flow estimates resulting from revisions to the estimated timing or amount of undiscounted cash flows are recognized as a change in the decommissioning and restoration provision and related asset. (n) Income Taxes The company follows the liability method of accounting for income taxes whereby deferred income taxes are recorded for the effect of differences between the accounting and income tax basis of an asset or liability. Deferred income tax assets and liabilities are measured using enacted or substantively enacted income tax rates as at the balance sheet date that are anticipated to apply to taxable income in the years in which temporary differences are anticipated to be recovered or settled. Changes to these balances are recognized in net earnings or in Other Comprehensive Income in the period they occur. Investment tax credits are recorded as a reduction to the related expenditures. The company recognizes the financial statement impact of a tax filing position when it is probable, based on the technical merits, that the position will be sustained upon audit. The company assesses possible outcomes and their associated probabilities. If the company determines payment is probable, it measures the tax provision at the best estimate of the amount of tax payable. (o) Pensions and Other Post-Retirement Benefits The company sponsors defined benefit pension plans, defined contribution pension plans and other post-retirement benefits. The cost of pension benefits earned by employees in the defined contribution pension plan is expensed as incurred. The cost of defined benefit pension plans and other post-retirement benefits are actuarially determined using the projected unit credit method based on present pay levels and management's best estimates of demographic and financial assumptions. Pension benefits earned during the current year are recorded in Operating, Selling and General expense. Interest costs on the net unfunded obligation are recorded in Financing Expense. Any actuarial gains or losses are recognized immediately through Other Comprehensive Income and transferred directly to Retained Earnings. The liability recognized on the balance sheet is the present value of the defined benefit obligations net of the fair value of plan assets. (p) Share-Based Compensation Plans Under the company's share-based compensation plans, share-based awards may be granted to executives, employees and non-employee directors. Compensation expense is recorded in Operating, Selling and General expense. Share-based compensation awards that settle in cash or have the option to settle in cash or shares are accounted for as cash-settled plans. These are measured at fair value each reporting period using the Black-Scholes options pricing model. The expense is recognized over the vesting period, with a corresponding adjustment to the outstanding liability. When awards are surrendered for cash, the cash settlement paid reduces the outstanding liability. When awards are exercised for common shares, consideration paid by the holder and the previously recognized liability associated with the options are recorded to Share Capital. Stock options that give the holder the right to purchase common shares are accounted for as equity-settled plans. The expense is based on the fair value of the options at the time of grant using the Black-Scholes options pricing model and is recognized over the vesting periods of the respective options. A corresponding increase is recorded to Contributed Surplus. Consideration paid to the company on exercise of options is credited to Share Capital and the associated amount in Contributed Surplus is reclassified to Share Capital. (q) Financial Instruments The company classifies its financial instruments into one of the following categories: fair value through profit or loss (FVTPL), fair value through other comprehensive income, or at amortized cost. This determination is made at initial recognition. All financial instruments are initially recognized at fair value on the balance sheet, net of any transaction costs except for financial instruments classified as FVTPL, where transaction costs are expensed as incurred. Subsequent measurement of financial instruments is based on their classification. The company classifies its derivative financial instruments as FVTPL, cash and cash equivalents and accounts receivable as financial assets at amortized cost, and accounts payable and accrued liabilities, debt, and other long-term liabilities as financial liabilities at amortized cost. In circumstances where the company consolidates a subsidiary in which there are other owners with a non-controlling interest and the subsidiary has a non-discretionary obligation to distribute cash based on a predetermined formula to the non-controlling owners, the non-controlling interest is classified as a financial liability rather than equity in accordance with IAS 32 Financial Instruments: Presentation . The non-controlling interest liability is classified as an amortized cost liability and is presented within Other Long-Term Liabilities. The balance is accreted based on current period interest expense recorded using the effective interest method and decreased based on distributions made to the non-controlling owners. The company uses derivative financial instruments, such as physical and financial contracts, either to manage certain exposures to fluctuations in interest rates, commodity prices and foreign exchange rates, as part of its overall risk management program. Earnings impacts from derivatives used to manage a particular risk are reported as part of Other Income in the related reporting segment. Certain physical commodity contracts, when used for trading purposes, are deemed to be derivative financial instruments for accounting purposes. Physical commodity contracts entered into for the purpose of receipt or delivery in accordance with the company's expected purchase, sale or usage requirements are not considered to be derivative financial instruments and are accounted for as executory contracts. Derivatives embedded in other financial instruments or other host contracts are recorded as separate derivatives when their risks and characteristics are not closely related to those of the host contract. (r) Hedging Activities The company may apply hedge accounting to arrangements that qualify for designated hedge accounting treatment. Documentation is prepared at the inception of a hedge relationship in order to qualify for hedge accounting. Designated hedges are assessed at each reporting date to determine if the relationship between the derivative and the underlying hedged item accomplishes the company's risk management objectives for financial and non-financial risk exposures. If the derivative is designated as a fair value hedge, changes in the fair value of the derivative and in the fair value of the underlying hedged item are recognized in net earnings. If the derivative is designated as a cash flow hedge, the effective portions of the changes in fair value of the derivative are initially recorded in Other Comprehensive Income and are recognized in net earnings when the hedged item is realized. Ineffective portions of changes in the fair value of cash flow hedges are recognized in net earnings immediately. Changes in the fair value of a derivative designated in a fair value or cash flow hedge are recognized in the same line item as the underlying hedged item. The company did not apply hedge accounting to any of its derivative instruments for the years ended December 31, 2019 or 2018. (s) Share Capital Common shares are classified as equity. Incremental costs directly attributable to the issuance of common shares are recognized as a deduction from equity, net of any tax effects. When the company repurchases its own common shares, share capital is reduced by the average carrying value of the shares repurchased. The excess of the purchase price over the average carrying value is recognized as a deduction from Retained Earnings. Shares are cancelled upon repurchase. (t) Dividend Distributions Dividends on common shares are recognized in the period in which the dividends are declared by the company's Board of Directors. (u) Earnings per Share Basic earnings per share is calculated by dividing the net earnings for the period by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by adjusting the weighted average number of common shares outstanding for dilutive common shares related to the company's share-based compensation plans. The number of shares included is computed using the treasury stock method. 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. (v) Emissions Obligations Emissions obligations are measured at the weighted average cost per unit of emissions expected to be incurred in the compliance period and are recorded in the period in which the emissions occur within Operating, Selling and General expense. Purchases of emissions rights are recognized as Other Assets on the balance sheet and are measured at historical cost. Emissions rights received by way of grant are recorded at a nominal amount.

SIGNIFICANT ACCOUNTING ESTIMATE

SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENTS	12 Months Ended
SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENTS	Dec. 31, 2019
SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENTS
SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENTS	4. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENTS The preparation of financial statements in accordance with IFRS requires management to make estimates and judgments that affect reported assets, liabilities, revenues, expenses, gains, losses, and disclosures of contingencies. These estimates and judgments are subject to change based on experience and new information. The financial statement areas that require significant estimates and judgments are as follows: Oil and Gas Reserves The company's estimate of oil and gas reserves is considered in the measurement of depletion, depreciation, impairment, and decommissioning and restoration obligations. The estimation of reserves is an inherently complex process and involves the exercise of professional judgment. All reserves have been evaluated at December 31, 2019 by independent qualified reserves evaluators. Oil and gas reserves estimates are based on a range of geological, technical and economic factors, including projected future rates of production, projected future commodity prices, engineering data, and the timing and amount of future expenditures, all of which are subject to uncertainty. Estimates reflect market and regulatory conditions existing at December 31, 2019, which could differ significantly from other points in time throughout the year, or future periods. Changes in market and regulatory conditions and assumptions can materially impact the estimation of net reserves. Oil and Gas Activities The company is required to apply judgment when designating the nature of oil and gas activities as exploration, evaluation, development or production, and when determining whether the costs of these activities shall be expensed or capitalized. Exploration and Evaluation Costs Certain exploration and evaluation costs are initially capitalized with the intent to establish commercially viable reserves. The company is required to make judgments about future events and circumstances and applies estimates to assess the economic viability of extracting the underlying resources. The costs are subject to technical, commercial and management review to confirm the continued intent to develop the project. Level of drilling success or changes to project economics, resource quantities, expected production techniques, production costs and required capital expenditures are important judgments when making this determination. Management uses judgment to determine when these costs are reclassified to Property, Plant and Equipment based on several factors, including the existence of reserves, appropriate approvals from regulatory bodies, joint arrangement partners and the company's internal project approval process. Determination of Cash Generating Units (CGUs) A CGU is the lowest grouping of integrated assets that generate identifiable cash inflows that are largely independent of the cash inflows of other assets or groups of assets. The allocation of assets into CGUs requires significant judgment and interpretations with respect to the integration between assets, the existence of active markets, similar exposure to market risks, shared infrastructure, and the way in which management monitors the operations. Asset Impairment and Reversals Management applies judgment in assessing the existence of impairment and impairment reversal indicators based on various internal and external factors. The recoverable amount of CGUs and individual assets is determined based on the higher of fair value less costs of disposal or value-in-use calculations. The key estimates the company applies in determining the recoverable amount normally include estimated future commodity prices, discount rates, expected production volumes, future operating and development costs, tax rates, and refining margins. In determining the recoverable amount, management may also be required to make judgments regarding the likelihood of occurrence of a future event. Changes to these estimates and judgments will affect the recoverable amounts of CGUs and individual assets and may then require a material adjustment to their related carrying value. Decommissioning and Restoration Costs The company recognizes liabilities for the future decommissioning and restoration of Exploration and Evaluation assets and Property, Plant and Equipment based on estimated future decommissioning and restoration costs. Management applies judgment in assessing the existence and extent as well as the expected method of reclamation of the company's decommissioning and restoration obligations at the end of each reporting period. Management also uses judgment to determine whether the nature of the activities performed is related to decommissioning and restoration activities or normal operating activities. Actual costs are uncertain and estimates may vary as a result of changes to relevant laws and regulations related to the use of certain technologies, the emergence of new technology, operating experience, prices and closure plans. The estimated timing of future decommissioning and restoration may change due to certain factors, including reserves life. Changes to estimates related to future expected costs, discount rates, inflation assumptions, and timing may have a material impact on the amounts presented. Employee Future Benefits The company provides benefits to employees, including pensions and other post-retirement benefits. The cost of defined benefit pension plans and other post-retirement benefits received by employees is estimated based on actuarial valuation methods that require professional judgment. Estimates typically used in determining these amounts include, as applicable, rates of employee turnover, future claim costs, discount rates, future salary and benefit levels, the return on plan assets, mortality rates and future medical costs. Changes to these estimates may have a material impact on the amounts presented. Other Provisions The determination of other provisions, including, but not limited to, provisions for royalty disputes, onerous contracts, litigation and constructive obligations, is a complex process that involves judgment about the outcomes of future events, the interpretation of laws and regulations, and estimates on the timing and amount of expected future cash flows and discount rates. Income Taxes Management evaluates tax positions, annually or when circumstances require, which involves judgment and could be subject to differing interpretations of applicable tax legislation. The company recognizes a tax provision when a payment to tax authorities is considered probable. However, the results of audits and reassessments and changes in the interpretations of standards may result in changes to those positions and, potentially, a material increase or decrease in the company's assets, liabilities and net earnings. Deferred Income Taxes Deferred tax assets are recognized when it is considered probable that deductible temporary differences will be recovered in the foreseeable future. To the extent that future taxable income and the application of existing tax laws in each jurisdiction differ significantly from the company's estimate, the ability of the company to realize the deferred tax assets could be impacted. Deferred tax liabilities are recognized when there are taxable temporary differences that will reverse and result in a future outflow of funds to a taxation authority. The company records a provision for the amount that is expected to be settled, which requires judgment as to the ultimate outcome. Deferred tax liabilities could be impacted by changes in the company's judgment of the likelihood of a future outflow and estimates of the expected settlement amount, timing of reversals, and the tax laws in the jurisdictions in which the company operates. Fair Value of Financial Instruments The fair value of a financial instrument is determined, whenever possible, based on observable market data. If not available, the company uses third-party models and valuation methodologies that utilize observable market data that includes forward commodity prices, foreign exchange rates and interest rates to estimate the fair value of financial instruments, including derivatives. In addition to market information, the company incorporates transaction-specific details that market participants would utilize in a fair value measurement, including the impact of non-performance risk. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Functional Currency The designation of the functional currency of the company and each of its subsidiaries is a management judgment based on the composition of revenue and costs in the locations in which it operates.

NEW IFRS STANDARDS

NEW IFRS STANDARDS	12 Months Ended
NEW IFRS STANDARDS	Dec. 31, 2019
NEW IFRS STANDARDS
NEW IFRS STANDARDS	5. NEW IFRS STANDARDS (a) Adoption of New IFRS Standards IFRS 16 Leases Effective January 1, 2019, the company adopted IFRS 16 Leases (IFRS 16) which replaces IAS 17 Leases (IAS 17) and requires the recognition of most leases on the balance sheet. IFRS 16 effectively removes the classification of leases as either finance or operating leases and treats all leases as finance leases for lessees with optional exemptions for short-term leases where the term is twelve months or less. The accounting treatment for lessors remains essentially unchanged, with the requirement to classify leases as either finance or operating. The company has selected the modified retrospective transition approach, electing to adjust opening retained earnings with no restatement of comparative figures. As such, comparative information continues to be reported under IAS 17 and International Financial Reporting Interpretations Committee (IFRIC) 4. The details of accounting policies under IAS 17 and IFRIC 4 are disclosed separately if they are different from those under IFRS 16 and the impact of the change is disclosed below. The company's accounting policy under IFRS 16 is as follows: At inception of a contract, the company assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The assets are depreciated to the earlier of the end of the useful life of the right-of-use asset or the lease term, where judgment is applied to determine the lease term of the lease contracts in which the company has a renewal option, using the straight-line method as this most closely reflects the expected pattern of consumption of the future economic benefits. In addition, the right-of-use assets may be periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments include fixed payments, and variable payments that are based on an index or rate. Cash payments for the principal portion of the lease liability are presented within the financing activities section and the interest portion of the lease liability is presented within the operating activities section of the statement of cash flows. Short-term lease payments and variable lease payments not included in the measurement of the lease liability are presented within the operating activities section of the statement of cash flows. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the company's estimate of the amount expected to be payable under a residual value guarantee, or if the company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Under IAS 17 In the comparative period, the company classified leases that transferred substantially all of the risks and rewards of ownership as finance leases. When this was the case, the leased assets were measured initially at an amount equal to the lower of their fair value and the present value of minimum lease payments. Minimum lease payments were the payments over the lease term that the lessee was required to make, excluding any contingent rent. Subsequently, the assets were accounted for in accordance with the accounting policy applicable to that asset. Assets held under other leases were classified as operating leases and were not recognized in the company's statement of financial position. Payments made under operating leases were recognized in profit or loss on a straight-line basis over the term of the lease. Lease incentives received were recognized as an integral part of the total lease expense over the term of the lease. As part of the initial application of IFRS 16, the company also chose to apply the following transitional provisions. Right-of-use assets are measured at: • An amount equal to the lease liability on January 1, 2019, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognized in the statement of financial position immediately before the date of transition. The company applied the following practical expedients when applying IFRS 16 to leases previously classified as operating leases under IAS 17: • Adjusted the right-of-use assets by the amount of any provision for onerous leases recognized in the balance sheet immediately before the date of initial application, as an alternative to performing an impairment review. • Elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of twelve months or less and leases with a short-term remaining life upon adoption. The lease payments associated with these leases are recognized as an expense on a straight-line basis over the lease term. • Accounted for each lease component and any non-lease components as a single lease component for crude oil storage tanks. • Used hindsight to determine the lease term if the contract contained options to extend or terminate the lease. The following table summarizes the impact of adopting IFRS 16 on the company's Consolidated Balance Sheets at January 1, 2019. Prior period amounts have not been restated. The effects of the transition have been recognized through retained earnings in equity. ($ millions) Increase (Decrease) December 31 Adjustments due to January 1 Assets Current assets Accounts receivable 3 206 ) 3 204 Property, plant and equipment, net 74 245 (1 267 ) 72 978 Right-of-use assets, net — 3 059 3 059 Liabilities and Shareholders' Equity Current liabilities Current portion of long-term debt ) Current portion of lease liabilities — Current portion of provisions ) Long-term debt 13 890 (1 222 ) 12 668 Long-term lease liabilities — 2 777 2 777 Other long-term liabilities 2 346 ) 2 345 Provisions 6 984 ) 6 964 Deferred income taxes 12 045 12 050 Equity 44 005 44 019 The following table reconciles the company's operating lease commitments as at December 31, 2018, as previously disclosed in the company's consolidated financial statements as at and for the year ended December 31, 2018, to the additional lease liabilities recognized on initial application of IFRS 16 as at January 1, 2019. Reconciliation ($ millions) January 1 Operating leases as at December 31, 2018 (1) 2 457 Exemption for short-term leases ) Discounting ) Additional lease liabilities recognized due to adoption of IFRS 16 as at January 1, 2019 1 792 (1) Represents undiscounted lease commitments. For leases that were previously classified as finance leases under IAS 17, within Property, Plant and Equipment, the carrying amount of the right-of-use asset and the lease liability recognized upon initial application as at January 1, 2019 was determined to be the carrying amount of the finance lease asset and liability under IAS 17 immediately before transition. The lease liabilities recognized in accordance with IFRS 16 were discounted using the company's incremental borrowing rate upon initial application. The weighted average discount rate used for additional leases recognized as a result of application of IFRS 16 was 3.85% as at January 1, 2019. Uncertainty over Income Tax Treatments In June 2017, the IASB issued IFRIC 23 Uncertainty over Income Tax Treatments . The interpretation clarifies the accounting for current and deferred tax liabilities and assets in circumstances in which there is uncertainty over income tax treatments. The interpretation requires an entity to consider whether it is probable that a taxation authority will accept an uncertain tax treatment. If the entity considers it to be not probable that a taxation authority will accept an uncertain tax provision, the interpretation requires the entity to use the most likely amount or the expected value. The company adopted the amendment on its effective date of January 1, 2019. The adoption of this amendment did not have any impact on the company's consolidated financial statements. (b) Recently Announced Accounting Pronouncements The standards, amendments and interpretations that are issued, but not yet effective up to the date of authorization of the company's consolidated financial statements, and that may have an impact on the disclosures and financial position of the company are disclosed below. The company intends to adopt these standards, amendments and interpretations when they become effective. Definition of a Business In October 2018, the IASB issued Definition of a Business (Amendments to IFRS 3). The amendments narrowed and clarified the definition of a business. The amendments include an election to use a concentration test. This is a simplified assessment that results in an asset acquisition if substantially all of the fair value of the gross assets is concentrated in a single identifiable asset or a group of similar identifiable assets. If an election to use a concentration test is not made, or the test failed, then the assessment focuses on the existence of a substantive process. One important distinction is that "goodwill" can only be recognized as a result of acquiring a business, but not as a result of an asset acquisition. The amendments are effective for annual periods beginning on or after January 1, 2020 and are to be applied prospectively.

SEGMENTED INFORMATION

SEGMENTED INFORMATION	12 Months Ended
SEGMENTED INFORMATION	Dec. 31, 2019
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 wholly owned operations in the Athabasca oil sands in 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 interest in the Syncrude oil sands mining and upgrading operation, the company's joint interest in the Fort Hills partnership and the company's controlling interest in the East Tank Farm blending and storage facility located near Fort McMurray, Alberta as well as the marketing, supply, transportation and risk management of crude oil, natural gas, power and byproducts. 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 Hibernia, Terra Nova, White Rose and Hebron oilfields, the exploration and production of crude oil and natural gas at Buzzard and Golden Eagle Area Development in the United Kingdom (U.K.), and exploration and production of crude oil at Oda and the development of the Fenja fields in Norway, as well as the marketing and risk management of crude oil and natural gas. Due to unrest in Syria, the company has declared force majeure under its contractual obligations, and Suncor's operations in Syria have been suspended indefinitely. Production in Libya remains partially shut-in due to political unrest, and the timing of a return to normal operations continues to be uncertain. • 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, natural gas and power. The company also reports activities not directly attributable to an operating segment under Corporate and Eliminations. This includes renewable projects such as the wind power facilities of Chin Chute and Magrath in Alberta, SunBridge in Saskatchewan and Adelaide in Ontario as well as an investment in Enerkem Inc., a waste-to-biofuels and chemicals producer headquartered in Quebec. Intersegment sales of crude oil and natural gas are accounted for at market values and included, for segmented reporting, in revenues of the segment making the transfer and expenses of the segment receiving the transfer. Intersegment balances are eliminated on consolidation. Intersegment profit will not be recognized until the related product has been sold to third parties. For the years ended December 31 (1)(2) Oil Sands Exploration Refining and Corporate and Total ($ millions) Revenues and Other Income Gross revenues 13 948 12 039 3 675 3 869 22 216 23 655 39 866 39 592 Intersegment revenues 4 399 3 704 — — (4 487 ) (3 827 ) — — Less: Royalties ) ) ) ) — — — — (1 522 ) (1 050 ) Operating revenues, net of royalties 17 430 15 345 3 070 3 217 22 304 23 778 (4 460 ) (3 798 ) 38 344 38 542 Other income (loss) ) ) 17 602 15 732 3 500 3 149 22 379 23 846 (4 492 ) (3 741 ) 38 989 38 986 Expenses Purchases of crude oil and products 1 407 1 563 — — 15 296 16 656 (4 141 ) (4 086 ) 12 562 14 133 Operating, selling and general 8 027 7 577 2 173 2 043 11 244 10 573 Transportation 1 293 1 144 ) ) 1 442 1 319 Depreciation, depletion, amortization and impairment 8 170 4 024 1 505 10 572 5 738 Exploration — — — — (Gain) loss on asset exchange and disposal of assets ) ) ) ) ) — — ) ) Financing expenses 1 769 2 142 19 328 14 564 2 084 1 774 18 456 19 530 (3 412 ) (1 865 ) 36 456 34 003 (Loss) earnings before Income Taxes (1 726 ) 1 168 1 416 1 375 3 923 4 316 (1 080 ) (1 876 ) 2 533 4 983 Income Tax (Recovery) Expense Current ) 1 090 ) ) 1 552 1 250 Deferred (1 565 ) ) ) ) ) (1 918 ) (1 299 ) 1 162 ) ) ) 1 690 Net (Loss) Earnings ) 1 005 3 000 3 154 ) (1 613 ) 2 899 3 293 Capital and Exploration Expenditures 3 522 3 546 1 070 5 558 5 406 (1) Beginning in 2019, results from the company's Energy Trading business are included within each of the respective operating business segments to which the respective trading activity relates. The Energy Trading business was previously reported within the Corporate, Energy Trading and Eliminations segment. Prior periods have been restated to reflect this change. The results from the company's Renewable Energy business continue to be included within the Corporate and Eliminations segment. (2) The company adopted IFRS 16 on January 1, 2019 using the modified retrospective transition approach and, therefore, prior periods have not been restated. Refer to note 5 for further information. Disaggregation of Revenue from Contracts with Customers and Intersegment Revenue The company derives revenue from the transfer of goods mainly at a point in time in the following major commodities, revenue streams and geographical regions: For the years ended December 31 (1) 2019 2018 ($ millions) North America International Total North America International Total Oil Sands SCO and diesel 13 368 — 13 368 11 659 — 11 659 Bitumen 4 979 — 4 979 4 084 — 4 084 18 347 — 18 347 15 743 — 15 743 Exploration and Production Crude oil and natural gas liquids 1 922 1 747 3 669 1 741 2 112 3 853 Natural gas — 1 922 1 753 3 675 1 744 2 125 3 869 Refining and Marketing Gasoline 9 941 — 9 941 10 819 — 10 819 Distillate 9 447 — 9 447 9 698 — 9 698 Other 2 916 — 2 916 3 261 — 3 261 22 304 — 22 304 23 778 — 23 778 Corporate and Eliminations (4 460 ) — (4 460 ) (3 798 ) — (3 798 ) Total Gross Revenue from Contracts with Customers 38 113 1 753 39 866 37 467 2 125 39 592 (1) Beginning in 2019, results from the company's Energy Trading business are included within each of the respective operating business segments to which the respective trading activity relates. The Energy Trading business was previously reported within the Corporate, Energy Trading and Eliminations segment. Prior periods have been restated to reflect this change. The results from the company's Renewable Energy business continue to be included within the Corporate and Eliminations segment. Geographical Information Operating Revenues, net of Royalties ($ millions) Canada 31 157 30 813 United States 5 737 5 999 Other foreign 1 450 1 730 38 344 38 542 Non-Current Assets (1) ($ millions) December 31 December 31 Canada 75 190 76 708 United States 1 957 1 889 Other foreign 2 173 2 154 79 320 80 751 (1) Excludes deferred income tax assets.

OTHER INCOME

OTHER INCOME	12 Months Ended
OTHER INCOME	Dec. 31, 2019
OTHER INCOME
OTHER INCOME	7. OTHER INCOME Other income consists of the following: ($ millions) Risk management and trading activities (1) (Losses) gains on valuation of inventory held for trading purposes ) Investment and interest income Insurance proceeds (2) Other ) (1) Includes fair value changes related to derivative contracts in the Oil Sands, Exploration and Production, and Refining and Marketing segments. (2) 2019 includes insurance proceeds for Libyan assets within the Exploration and Production segment (note 34). 2019 and 2018 include business interruption and property damage insurance proceeds for Syncrude within the Oil Sands segment.

OPERATING, SELLING AND GENERAL

OPERATING, SELLING AND GENERAL	12 Months Ended
OPERATING, SELLING AND GENERAL	Dec. 31, 2019
OPERATING, SELLING AND GENERAL
OPERATING, SELLING AND GENERAL	8. OPERATING, SELLING AND GENERAL Operating, Selling and General expense consists of the following: ($ millions) Contract services (1) 4 380 4 552 Employee costs (1) 3 641 3 263 Materials Energy 1 129 1 095 Equipment rentals and leases Travel, marketing and other 11 244 10 573 (1) The company incurred $8.5 billion of contract services and employee costs for the year ended December 31, 2019 (2018 – $8.3 billion), of which $8.0 billion (2018 – $7.8 billion) was recorded in Operating, Selling and General expense and $0.5 billion was recorded as Property, Plant and Equipment (2018 – $0.5 billion). Employee costs include salaries, benefits and share-based compensation.

FINANCING EXPENSES

FINANCING EXPENSES	12 Months Ended
FINANCING EXPENSES	Dec. 31, 2019
DEBT AND CREDIT FACILITIES
FINANCING (INCOME) EXPENSES	9. FINANCING EXPENSES Financing expenses consist of the following: ($ millions) Interest on debt Interest on lease liabilities (1) — Capitalized interest at 5.3% (2018 – 5.4%) ) ) Interest expense Interest on partnership liability Interest on pension and other post-retirement benefits Accretion Foreign exchange (gain) loss on U.S. dollar denominated debt ) 1 090 Operational foreign exchange and other ) ) 2 142 (1) The company adopted IFRS 16 on January 1, 2019 using the modified retrospective transition approach and, therefore, prior periods have not been restated. Refer to note 5 for further information.

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Dec. 31, 2019
INCOME TAXES
INCOME TAXES	10. INCOME TAXES Income Tax (Recovery) Expense ($ millions) Current: Current year 1 524 1 270 Adjustments to current income tax of prior years ) Deferred: Origination and reversal of temporary differences ) Adjustments in respect of deferred income tax of prior years Changes in tax rates and legislation (1 124 ) — Movement in unrecognized deferred income tax assets ) Total income tax (recovery) expense ) 1 690 Reconciliation of Effective Tax Rate The provision for income taxes reflects an effective tax rate that differs from the statutory tax rate. A reconciliation of the difference is as follows: ($ millions) Earnings before income tax 2 533 4 983 Canadian statutory tax rate Statutory tax 1 347 Add (deduct) the tax effect of: Non-taxable component of capital (gains) losses ) Share-based compensation and other permanent items Assessments and adjustments ) Impact of income tax rate and legislative changes (1 067 ) — Foreign tax rate differential Non-taxable component of acquisitions and dispositions — ) Movement in unrecognized deferred income tax assets ) Other ) Total income tax (recovery) expense ) 1 690 Effective tax rate )% In the second quarter of 2019, Suncor recognized a deferred income tax recovery of $1.116 billion related to a decrease in the Alberta corporate tax rate from 12% to 8%. The tax rate decrease will be phased in as follows: 11% effective July 1, 2019, 10% effective January 1, 2020, 9% effective January 1, 2021, and 8% effective January 1, 2022. The deferred income tax recovery of $1.116 billion was comprised of $910 million recovery in the Oil Sands segment, $88 million recovery in the Refining and Marketing segment, $70 million recovery in the Exploration and Production segment, and $48 million recovery in the Corporate and Eliminations segment. Deferred Income Tax Balances The significant components of the company's deferred income tax (assets) liabilities and deferred income tax expense (recovery) are comprised of the following: Deferred Income Tax (Recovery) Deferred Income Tax Liability ($ millions) December 31 December 31 Property, plant and equipment (2 348 ) 12 814 14 666 Decommissioning and restoration provision (2 092 ) (1 854 ) Employee retirement benefit plans ) ) Tax loss carry-forwards ) ) ) Other ) ) ) Net deferred income tax (recovery) expense and liability (1 918 ) 9 967 11 917 Change in Deferred Income Tax Balances ($ millions) Net deferred income tax liability, beginning of year 11 917 11 433 Recognized in deferred income tax expense (1 918 ) Recognized in other comprehensive income ) Foreign exchange, disposition and other ) Net deferred income tax liability, end of year 9 967 11 917 Deferred Tax in Shareholders' Equity ($ millions) Deferred Tax in Other Comprehensive Income Actuarial (loss) gain on employment retirement benefit plans ) Total income tax (recovery) expense reported in equity ) Deferred income tax assets are recognized for tax loss carry-forwards to the extent that the realization of the related tax benefit is probable based on estimated future earnings. Suncor has not recognized an $87 million (2018 – $153 million) deferred income tax asset on $715 million (2018 – $1,134 million) of capital losses related to foreign exchange on U.S. dollar denominated debt, which can only be utilized against future capital gains. No deferred tax liability has been recognized at December 31, 2019, on temporary differences associated with earnings retained in our investments in foreign subsidiaries, as the company is able to control the timing of the reversal of these differences. Based on current plans, repatriation of funds in excess of foreign reinvestment will not result in material additional income tax expense. Deferred distribution taxes associated with international business operations have not been recorded.

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	12 Months Ended
EARNINGS PER COMMON SHARE	Dec. 31, 2019
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE	11. EARNINGS PER COMMON SHARE ($ millions) Net earnings 2 899 3 293 (millions of common shares) Weighted average number of common shares 1 559 1 623 Dilutive securities: Effect of share options Weighted average number of diluted common shares 1 561 1 629 (dollars per common share) Basic earnings per share Diluted earnings per share

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS	12 Months Ended
CASH AND CASH EQUIVALENTS	Dec. 31, 2019
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS	12. CASH AND CASH EQUIVALENTS ($ millions) December 31 December 31 Cash 1 232 1 285 Cash equivalents 1 960 2 221

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION	Dec. 31, 2019
SUPPLEMENTAL CASH FLOW INFORMATION
SUPPLEMENTAL CASH FLOW INFORMATION	13. SUPPLEMENTAL CASH FLOW INFORMATION The (increase) decrease in non-cash working capital is comprised of: ($ millions) Accounts receivable (1 099 ) Inventories ) Accounts payable and accrued liabilities 1 317 ) Current portion of provisions ) ) Income taxes payable (net) Relating to: Operating activities ) Investing activities Reconciliation of movements of liabilities to cash flows arising from financing activities: ($ millions) Short-Term Current Long-Term Current Long-Term Partnership Dividends At December 31, 2018 3 231 — — 13 890 — Changes from financing cash flows: Net repayment of commercial paper ) — — — — — — Gross proceeds from issuance of long-term debt — — — — — — Debt issuance costs — — — — ) — — Repayment of long-term debt — — — ) — — — Realized foreign exchange losses — — — — — — Dividends paid on common shares — — — — — — (2 614 ) Payments of lease liabilities — ) — — — — — Distributions to non-controlling interest — — — — — ) — Non-cash changes: Dividends declared on common shares — — — — — — 2 614 Unrealized foreign exchange gains ) — — ) ) — — Reclassification of debt to lease obligations — — 1 260 ) (1 222 ) — — Reclassification of lease obligations — ) — — — — Deferred financing costs — — — — ) — — Reassessment of partnership liability — — — — — ) — New leases — — 1 978 — — — — At December 31, 2019 2 155 2 621 — 12 884 —

INVENTORIES

INVENTORIES	12 Months Ended
INVENTORIES	Dec. 31, 2019
INVENTORIES
INVENTORIES	14. INVENTORIES ($ millions) December 31 December 31 Crude oil (1) 1 689 1 424 Refined products 1 290 1 033 Materials, supplies and merchandise 3 761 3 159 (1) Includes $210 million of inventories held for trading purposes (2018 – $247 million) which are measured at fair value less costs of disposal based on Level 1 and Level 2 fair value inputs. During 2019, purchased product inventories of $13.3 billion (2018 – $14.8 billion) were recorded as an expense.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
PROPERTY, PLANT AND EQUIPMENT	Dec. 31, 2019
PROPERTY PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	15. PROPERTY, PLANT AND EQUIPMENT ($ millions) Oil and Gas Plant and Total Cost At December 31, 2017 36 209 78 639 114 848 Additions 1 221 3 958 5 179 Transfers from exploration and evaluation — Acquisitions (notes 32 to 34) 1 237 Changes in decommissioning and restoration ) Disposals and derecognition ) (4 785 ) (5 160 ) Foreign exchange adjustments At December 31, 2018 37 845 79 029 116 874 Adoption of IFRS 16 (note 5) — 1 792 1 792 Additions 1 245 4 351 5 596 Changes in decommissioning and restoration 1 846 1 895 Disposals and derecognition ) ) ) Foreign exchange adjustments ) ) ) At December 31, 2019 40 596 84 568 125 164 Accumulated provision At December 31, 2017 (17 975 ) (23 380 ) (41 355 ) Depreciation, depletion, amortization and impairment (1 739 ) (3 849 ) (5 588 ) Disposals and derecognition 4 545 4 800 Foreign exchange adjustments ) ) ) At December 31, 2018 (19 783 ) (22 846 ) (42 629 ) Depreciation, depletion, amortization and impairment (2 871 ) (7 764 ) (10 635 ) Disposals and derecognition Foreign exchange adjustments At December 31, 2019 (22 389 ) (30 135 ) (52 524 ) Net property, plant and equipment December 31, 2018 18 062 56 183 74 245 December 31, 2019 18 207 54 433 72 640 December 31, 2019 December 31, 2018 ($ millions) Cost Accumulated Net Book Cost Accumulated Net Book Oil Sands 85 246 (30 581 ) 54 665 80 295 (22 654 ) 57 641 Exploration and Production 22 876 (15 298 ) 7 578 21 867 (14 075 ) 7 792 Refining and Marketing 15 342 (5 768 ) 9 574 13 627 (5 092 ) 8 535 Corporate and Eliminations 1 700 ) 1 085 ) 125 164 (52 524 ) 72 640 116 874 (42 629 ) 74 245 At December 31, 2019, the balance of assets under construction and not subject to depreciation or depletion was $5.6 billion (December 31, 2018 – $4.7 billion). Due to continued volatility in the crude oil price environment and resulting declines in forecasted long-term heavy crude oil prices, the company performed an asset impairment test on its Fort Hills CGU in the Oil Sands segment. Due to an increase to forecasted capital expenditures within the White Rose CGU, the company also performed an impairment test within the Exploration and Production segment as at December 31, 2019. The impairment tests were performed using recoverable amounts based on the fair value less cost of disposal. An expected cash flow approach was used with the key assumptions discussed below (Level 3 fair value inputs – note 26): Oil Sands As a result of the impairment test, the company recorded impairment of $2.80 billion (net of taxes of $0.91 billion) on its share of the Fort Hills project in the Oil Sands segment using the following asset-specific assumptions: • Western Canadian Select (WCS) price forecast of US$40.75/bbl in 2020, US$45.60/bbl in 2021, US$49.65/bbl in 2022, US$51.55/bbl in 2023 and US$52.90/bbl in 2024, escalating at 2% per year thereafter over the life of the project up to 2060, adjusted for asset-specific location and quality differentials; • the company's share of production ranging from 96,000 to 106,000 bbls/d over the life of the project; • cash operating costs averaging $22/bbl to $24/bbl over the life of the project (expressed in real dollars), reflects Operating, Selling and General expense adjusted for non-production costs including Share-based compensation, Research costs, and Excess power revenue; and • risk-adjusted discount rate of 7.5% (after-tax). The recoverable amount of the Fort Hills CGU was $7.7 billion as at December 31, 2019, which also includes the cost of carbon compliance in accordance with current provincial and federal regulations which starts at $30/tonne in 2020, reaches $50/tonne by 2022 and escalates at the rate of inflation thereafter. Estimate of the recoverable amount is most sensitive to the WCS price forecast and discount rate. A 5% decrease in price would have resulted in an increase to the impairment charge of approximately $1.2 billion (after-tax) on the company's share of the Fort Hills assets. A 1% increase in the discount rate would have resulted in an increase to the impairment charge of approximately $900 million (after-tax) on the company's share of the Fort Hills assets. Exploration and Production As a result of the impairment test, the company recorded impairment of $393 million (net of taxes of $128 million) on its share of the White Rose assets in the Exploration and Production segment using the following asset-specific assumptions: • Brent price forecast of US$65/bbl in 2020, escalating at 2% per year thereafter over the life of the project up to 2036 and adjusted for asset-specific location and quality differentials; • the company's share of production of approximately 8,700 bbls/d over the life of the project; • the company's share of future capital expenditures of $1.4 billion, including the West White Rose expansion; and • risk-adjusted discount rate of 9.0% (after-tax). The recoverable amount of the White Rose CGU was $360 million as at December 31, 2019, which also includes the cost of carbon compliance in accordance with current provincial and federal regulations which starts at $30/tonne in 2020, reaches $50/tonne by 2022 and escalates at the rate of inflation thereafter. Estimate of the recoverable amount is most sensitive to the Brent price forecast and discount rate. A 5% decrease in price would have resulted in an increase to the impairment charge of approximately $85 million (after-tax) on the company's share of the White Rose assets. A 1% increase in the discount rate would have resulted in an increase to the impairment charge of approximately $35 million (after-tax) on the company's share of the White Rose assets.

RIGHT-OF-USE ASSETS AND LEASES

RIGHT-OF-USE ASSETS AND LEASES	12 Months Ended
RIGHT-OF-USE ASSETS AND LEASES	Dec. 31, 2019
RIGHT-OF-USE ASSETS AND LEASES
RIGHT-OF-USE ASSETS AND LEASES	16. RIGHT-OF-USE ASSETS AND LEASES The company has lease contracts which include storage tanks, pipelines, railway cars, vessels, buildings, land, and mobile equipment for the purpose of production, storage and transportation of crude oil and related products. Right-of-use (ROU) assets within Property, Plant and Equipment: ($ millions) December 31 Property, plant and equipment, net – excluding ROU assets 69 745 ROU assets 2 895 72 640 The following table presents the ROU assets by asset class: ($ millions) Plant and Cost At January 1, 2019 3 326 Additions and adjustments Foreign exchange ) At December 31, 2019 3 505 Accumulated provision At January 1, 2019 ) Depreciation ) At December 31, 2019 ) Net ROU assets At January 1, 2019 (note 5) 3 059 At December 31, 2019 2 895 Other lease-related items recognized in the Consolidated Statement of Comprehensive Income ($ millions) For the year ended Operating, selling and general Short-term lease expense Variable lease expense There were no leases with residual value guarantees. Total cash outflow for leases was $464 million for the year ended December 31, 2019.

EXPLORATION AND EVALUATION ASSE

EXPLORATION AND EVALUATION ASSETS	12 Months Ended
EXPLORATION AND EVALUATION ASSETS	Dec. 31, 2019
EXPLORATION AND EVALUATION ASSETS
EXPLORATION AND EVALUATION ASSETS	17. EXPLORATION AND EVALUATION ASSETS ($ millions) December 31 December 31 Beginning of year 2 319 2 052 Acquisitions and additions (Note 32) Transfers to oil and gas assets — ) Dry hole expenses ) ) Disposals ) ) Amortization — ) Foreign exchange adjustments ) End of year 2 428 2 319

OTHER ASSETS

OTHER ASSETS	12 Months Ended
OTHER ASSETS	Dec. 31, 2019
OTHER ASSETS
OTHER ASSETS	18. OTHER ASSETS ($ millions) December 31 December 31 Investments Prepaids and other 1 194 1 126 Prepaids and other includes long-term accounts receivable related to deposits paid on Notices of Reassessments that have been received from the Canada Revenue Agency (CRA) and are unlikely to be settled within one year.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS	Dec. 31, 2019
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	19. GOODWILL AND OTHER INTANGIBLE ASSETS Oil Sands Refining and Marketing ($ millions) Goodwill Goodwill Brand Customer Total At December 31, 2017 2 752 3 061 Additions — — — Amortization — — — ) ) At December 31, 2018 2 752 3 061 Amortization — — — ) ) At December 31, 2019 2 752 3 058 The company performed a goodwill impairment test at December 31, 2019 on its Oil Sands segment. Recoverable amounts were based on fair value less costs of disposal calculated using the present value of the segments' expected future cash flows. Cash flow forecasts are based on past experience, historical trends and third-party evaluations of the company's reserves and resources to determine production profiles and volumes, operating costs, maintenance and capital expenditures. Production profiles, reserves volumes, operating costs, maintenance and capital expenditures are validated against the estimates approved through the company's annual reserves evaluation process and determine the duration of the underlying cash flows used in the discounted cash flow test. Projected cash flows reflect current market assessments of key assumptions, including long-term forecasts of commodity prices, inflation rates, foreign exchange rates and discount rates specific to the asset (Level 3 fair value inputs). Future cash flow estimates are discounted using after-tax risk-adjusted discount rates. The discount rates are calculated based on the weighted average cost of capital of a group of relevant peers that is considered to represent the rate of return that would be required by a typical market participant for similar assets. The after-tax discount rate applied to cash flow projections was 7.5% (2018 – 8%). The company based its cash flow projections on a West Texas Intermediate price of US$60/bbl in 2020 and escalating at an average of 2% thereafter, adjusted for applicable quality and location differentials depending on the underlying CGU. The forecast cash flow period ranged from 20 years to 45 years based on the reserves life of the respective CGU. As a result of this analysis, an impairment of $2.80 billion (net of taxes of $0.91 billion) on company's share of the Fort Hills CGU was recorded (note 15); however, management did not identify any impairment of goodwill within any of the CGUs comprising the Oil Sands operating segment. The company also performed a goodwill impairment test of its Refining and Marketing CGUs. The recoverable amounts are based on fair value less costs of disposal calculated using the present value of the CGUs' expected future cash flows, based primarily on historical results adjusted for current economic conditions.

DEBT AND CREDIT FACILITIES

DEBT AND CREDIT FACILITIES	12 Months Ended
DEBT AND CREDIT FACILITIES	Dec. 31, 2019
DEBT AND CREDIT FACILITIES
DEBT AND CREDIT FACILITIES	20. DEBT AND CREDIT FACILITIES Debt and credit facilities are comprised of the following: Short-Term Debt ($ millions) December 31 December 31 Commercial paper (1) 2 155 3 231 (1) The commercial paper is supported by a revolving credit facility with a syndicate of lenders. The company is authorized to issue commercial paper to a maximum of $5.0 billion having a term not to exceed 365 days. The weighted average interest rate as at December 31, 2019 was 2.05% (December 31, 2018 – 2.88%). Long-Term Debt ($ millions) December 31 December 31 Fixed-term debt (2)(3) 7.75% Notes, due 2019 (US$140) (4) — 3.10% Series 5 Medium Term Notes, due 2021 9.25% Debentures, due 2021 (US$300) 9.40% Notes, due 2021 (US$220) (4)(5) 4.50% Notes, due 2022 (US$182) (4) 3.60% Notes, due 2024 (US$750) 1 020 3.00% Series 5 Medium Term Notes, due 2026 7.875% Debentures, due 2026 (US$275) 8.20% Notes, due 2027 (US$59) (4) 7.00% Debentures, due 2028 (US$250) 3.10% Series 6 Medium Term Notes, due 2029 — 7.15% Notes, due 2032 (US$500) 5.35% Notes, due 2033 (US$300) 5.95% Notes, due 2034 (US$500) 5.95% Notes, due 2035 (US$600) 5.39% Series 4 Medium Term Notes, due 2037 6.50% Notes, due 2038 (US$1 150) 1 487 1 565 6.80% Notes, due 2038 (US$900) 1 186 1 249 6.85% Notes, due 2039 (US$750) 1 021 6.00% Notes, due 2042 (US$152) (4) 4.34% Series 5 Medium Term Notes, due 2046 4.00% Notes, due 2047 (US$750) 1 018 Total unsecured long-term debt 12 927 12 900 Finance leases (6)(7) — 1 260 Lease liabilities (8) (note 5) 2 931 — Deferred financing costs ) ) 15 815 14 119 Current portion of long-term debt and lease liabilities Finance leases (6) — ) Lease liabilities (note 5) ) — Long-term debt — ) ) ) Total long-term lease liabilities 2 621 — Total long-term debt 12 884 13 890 (2) The value of debt includes the unamortized balance of premiums or discounts. (3) Certain securities are redeemable at the option of the company. (4) Debt acquired through the acquisition of Canadian Oil Sands Limited (COS). (5) Subsequent to the acquisition of COS, Moody's Investors Service downgraded COS long-term senior debt rating from Baa3 (negative outlook) to Ba3 (stable outlook). This triggered a change in the coupon rate of the note from 7.9% to 9.4%. (6) The company adopted IFRS 16 on January 1, 2019 using the modified retrospective transition approach and, therefore, prior periods have not been restated. Refer to note 5 for further information. (7) Interest rates range from 2.9% to 16.5% and maturity dates range from 2027 to 2062. (8) Interest rates range from 2.0% to 14.2% and maturity dates range from 2020 to 2062. In 2019, the company re-paid its US$140 million (book value of $188 million) senior unsecured notes at maturity, with a coupon of 7.75%, for US$145 million ($195 million), including US$5 million ($7 million) of accrued interest. In 2019, the company issued $750 million of senior unsecured Series 6 Medium Term Notes maturing on May 24, 2029. The Series 6 Medium Term Notes have a coupon of 3.10% and were priced at $99.761 per $100 principal amount for an effective yield of 3.128%. Interest is paid semi-annually. In 2018, the company completed an early retirement of US$83 million (book value of $109 million) of subsidiary debt acquired through the acquisition of COS with a coupon of 7.75% originally scheduled to mature on May 15, 2019 for US$88 million ($116 million). The early retirement payment included US$3 million ($4 million) of accrued interest, resulting in a debt extinguishment loss of $3 million ($2 million after-tax). Scheduled Debt Repayments Scheduled principal repayments as at December 31, 2019 for lease liabilities, short-term debt and long-term debt are as follows: ($ millions) Repayment 2020 2 457 2021 1 699 2022 2023 2024 1 139 Thereafter 12 132 18 053 Credit Facilities A summary of available and unutilized credit facilities is as follows: ($ millions) Fully revolving and expires in 2023 3 500 Fully revolving and expires in 2022 3 241 Fully revolving and expires in 2021 1 455 Can be terminated at any time at the option of the lenders Total credit facilities 8 328 Credit facilities supporting outstanding commercial paper (2 155 ) Credit facilities supporting standby letters of credit (1) (1 284 ) Total unutilized credit facilities (2) 4 889 (1) To reduce costs, the company supported certain credit facilities with $206 million cash collateral as at December 31, 2019 (December 31, 2018 – $108 million). (2) Available credit facilities for liquidity purposes at December 31, 2019 increased to $4.701 billion, compared to $3.608 billion at December 31, 2018.

OTHER LONG TERM LIABILITIES

OTHER LONG TERM LIABILITIES	12 Months Ended
OTHER LONG TERM LIABILITIES	Dec. 31, 2019
OTHER LONG TERM LIABILITIES
OTHER LONG TERM LIABILITIES	21. OTHER LONG-TERM LIABILITIES ($ millions) December 31 December 31 Pensions and other post-retirement benefits (note 22) 1 577 1 420 Share-based compensation plans (note 25) Partnership liability (1) Deferred revenue Libya Exploration and Production Sharing Agreement (EPSA) signature bonus (2) Other 2 499 2 346 (1) The company paid $62 million in 2019 (2018 – $62 million) in distributions to the partners, of which $55 million (2018 – $56 million) was allocated to interest expense and $7 million (2018 – $6 million) to the principal. (2) As part of the 2009 acquisition of Petro-Canada, the company assumed the remaining US$500 million obligation for a signature bonus relating to Petro-Canada's ratification of six EPSAs in Libya. At December 31, 2019, the carrying amount of the Libya EPSAs' signature bonus was $81 million (December 31, 2018 – $85 million). The current portion is $2 million (December 31, 2018 – $2 million) and is recorded in Accounts Payable and Accrued Liabilities.

PENSIONS AND OTHER POST RETIREM

PENSIONS AND OTHER POST RETIREMENT BENEFITS	12 Months Ended
PENSIONS AND OTHER POST RETIREMENT BENEFITS	Dec. 31, 2019
PENSIONS AND OTHER POST RETIREMENT BENEFITS
PENSIONS AND OTHER POST RETIREMENT BENEFITS	22. PENSIONS AND OTHER POST-RETIREMENT BENEFITS The company's defined benefit pension plans provide pension benefits at retirement based on years of service and final average earnings (if applicable). These obligations are met through funded registered retirement plans and through unregistered supplementary pensions that are funded through retirement compensation arrangements, and/or paid directly to recipients. The company's contributions to the funded plans are deposited with independent trustees who act as custodians of the plans' assets, as well as the disbursing agents of the benefits to recipients. Plan assets are managed by a pension committee on behalf of beneficiaries. The committee retains independent managers and advisors. Asset-liability matching studies are performed by a third-party consultant to set the asset mix by quantifying the risk-and-return characteristics of possible asset mix strategies. Investment and contribution policies are integrated within this study, and areas of focus include asset mix as well as interest rate sensitivity. Funding of the registered retirement plans complies with applicable regulations that require actuarial valuations of the pension funds at least once every three years in Canada and the U.K., and every year in the United States and Germany. The most recent valuations for the registered Canadian plans and U.K. were performed as at December 31, 2019. The company uses a measurement date of December 31 to value the plan assets and remeasure the accrued benefit obligation for accounting purposes. The company's other post-retirement benefits programs are unfunded and include certain health care and life insurance benefits provided to retired employees and eligible surviving dependants. The company reports its share of Syncrude's defined benefit and defined contribution pension plans and Syncrude's other post-retirement benefits plan. The company also provides a number of defined contribution plans, including a U.S. 401(k) savings plan, that provide for an annual contribution of 5% to 11.5% of each participating employee's pensionable earnings. Defined Benefit Obligations and Funded Status Pension Benefits Other ($ millions) Change in benefit obligation Benefit obligation at beginning of year 6 730 6 717 Obligations acquired through acquisition (note 32) — — Current service costs Plan participants' contributions — — Benefits paid ) ) ) ) Interest costs Foreign exchange ) ) Settlements — — Actuarial remeasurement: Experience gain arising on plan liabilities ) ) ) ) Actuarial gain arising from changes in demographic assumptions — ) — — Actuarial loss (gain) arising from changes in financial assumptions ) ) Benefit obligation at end of year 7 708 6 730 Change in plan assets Fair value of plan assets at beginning of year 5 795 5 799 — — Assets acquired through acquisition (note 32) — — — Employer contributions — — Plan participants' contributions — — Benefits paid ) ) — — Foreign exchange ) — — Settlements — — Administrative costs ) ) — — Income on plan assets — — Actuarial remeasurement: Return on plan assets greater than (less than) discount rate ) — — Fair value of plan assets at end of year 6 693 5 795 — — Net unfunded obligation 1 015 Of the total net unfunded obligations as at December 31, 2019, 97% relates to Canadian pension plans and other post-retirement benefits obligation (December 31, 2018 – 98%). The weighted average duration of the defined benefit obligation under the Canadian pension plans and other post-retirement plans is 14.60 years (2018 – 14.75 years). The net unfunded obligation is recorded in Accounts Payable and Accrued Liabilities and Other Long-Term Liabilities (note 21) in the Consolidated Balance Sheets. Pension Benefits Other ($ millions) Analysis of amount charged to earnings: Current service costs Interest costs Defined benefit plans expense Defined contribution plans expense — — Total benefit plans expense charged to earnings Components of defined benefit costs recognized in Other Comprehensive Income: Pension Benefits Other ($ millions) Return on plan assets (excluding amounts included in net interest expense) ) — — Experience gain arising on plan liabilities ) ) ) ) Actuarial loss (gain) arising from changes in financial assumptions ) ) Actuarial gain arising from changes in demographic assumptions — ) — — Actuarial loss (gain) recognized in other comprehensive income ) ) Actuarial Assumptions The cost of the defined benefit pension plans and other post-retirement benefits received by employees is actuarially determined using the projected unit credit method of valuation that includes employee service to date and present pay levels, as well as the projection of salaries and service to retirement. The significant weighted average actuarial assumptions were as follows: Pension Benefits Other (%) December 31 December 31 December 31 December 31 Discount rate Rate of compensation increase The discount rate assumption is based on the interest rate on high-quality bonds with maturity terms equivalent to the benefit obligations. The defined benefit obligation reflects the best estimate of the mortality of plan participants both during and after their employment. The mortality assumption is based on a standard mortality table adjusted for actual experience over the past five years. In order to measure the expected cost of other post-retirement benefits, it was assumed for 2019 that the health care costs would increase annually by 6.50% per person (2018 – 6.50%). From 2020, this rate will decrease 0.5% annually to 5% by 2022, and remain at that level thereafter. Assumed discount rates and health care cost trend rates may have a significant effect on the amounts reported for pensions and other post-retirement benefits obligations for the company's Canadian plans. A change of these assumptions would have the following effects: Pension Benefits ($ millions) Increase Decrease 1% change in discount rate Effect on the aggregate service and interest costs ) Effect on the benefit obligations ) 1 271 Other ($ millions) Increase Decrease 1% change in discount rate Effect on the benefit obligations ) 1% change in health care cost Effect on the aggregate service and interest costs ) Effect on the benefit obligations ) Plan Assets and Investment Objectives The company's long-term investment objective is to secure the defined pension benefits while managing the variability and level of its contributions. The portfolio is rebalanced periodically, as required, to the plans' target asset allocation as prescribed in the Statement of Investment Policies and Procedures approved by the Board of Directors. Plan assets are restricted to those permitted by legislation, where applicable. Investments are made through pooled, mutual, segregated or exchange traded funds. The company's weighted average pension plan asset allocations, based on market values as at December 31, are as follows: (%) Equities, comprised of: – Canada – United States – Foreign Fixed income, comprised of: – Canada Real estate, comprised of: – Canada Total Equity securities do not include any direct investments in Suncor shares. The fair value of equity and fixed income securities is based on the trading price of the underlying fund. The fair value of real estate investments is based on independent third-party appraisals. During the year, the company made cash contributions of $157 million (2018 – $182 million) to its defined benefit pension plans, of which $2 million (2018 – $2 million) was contributed to the solvency reserve account in Alberta. The company expects to make cash contributions to its defined benefit pension plans in 2020 of $176 million.

PROVISIONS

PROVISIONS	12 Months Ended
PROVISIONS	Dec. 31, 2019
PROVISIONS
PROVISIONS	23. PROVISIONS ($ millions) Decommissioning (1) Royalties Other (2) Total At December 31, 2017 7 465 7 959 Liabilities incurred Change in discount rate ) — — ) Changes in estimates ) ) Liabilities settled ) ) ) ) Accretion — — Asset acquisitions — — Foreign exchange — — At December 31, 2018 7 239 7 651 Less: current portion ) ) ) ) 6 701 — 6 984 At December 31, 2018 7 239 7 651 Adoption of IFRS 16 impact (note 5) — — ) ) At January 1, 2019, adjusted 7 239 7 630 Liabilities incurred ) Change in discount rate 1 344 — — 1 344 Changes in estimates ) Liabilities settled ) — ) ) Accretion — — Asset disposals ) — — ) Foreign exchange ) — — ) At December 31, 2019 8 898 9 307 Less: current portion ) ) ) ) 8 423 — 8 676 (1) Represents decommissioning and restoration provisions associated with the retirement of Property, Plant and Equipment and Exploration and Evaluation assets. The total undiscounted amount of estimated future cash flows required to settle the obligations at December 31, 2019 was approximately $12.9 billion (December 31, 2018 – $13.0 billion). A weighted average credit-adjusted risk-free interest rate of 3.30% was used to discount the provision recognized at December 31, 2019 (December 31, 2018 – 4.20%). The credit-adjusted risk-free interest rate used reflects the expected time frame of the provisions. Payments to settle the decommissioning and restoration provisions occur on an ongoing basis and will continue over the lives of the operating assets, which can exceed 50 years. (2) Includes legal and environmental provisions. Sensitivities Changes to the discount rate would have the following impact on Decommissioning and Restoration liabilities: As at December 31 1% Increase (1 629 ) (1 099 ) 1% Decrease 2 365 1 521

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
SHARE CAPITAL	Dec. 31, 2019
SHARE CAPITAL.
SHARE CAPITAL	24. SHARE CAPITAL Authorized Common Shares The company is authorized to issue an unlimited number of common shares without nominal or par value. Preferred Shares The company is authorized to issue an unlimited number of senior and junior preferred shares in series, without nominal or par value. Normal Course Issuer Bid On May 1, 2018, the company announced its intent to continue its normal course issuer bid program (the 2018 NCIB) to repurchase common shares through the facilities of the Toronto Stock Exchange (the TSX), New York Stock Exchange (the NYSE) and/or alternative trading platforms. Pursuant to the 2018 NCIB, the company was permitted to purchase for cancellation up to 52,285,330 of its common shares between May 4, 2018 and May 3, 2019. On November 14, 2018, Suncor announced an amendment to the 2018 NCIB, effective as of November 19, 2018, which increased the maximum number of aggregate common shares that it was permitted to repurchase for cancellation between May 4, 2018 and May 3, 2019 to 81,695,830. On May 1, 2019, the company announced its intention to renew its existing normal course issuer bid program (the 2019 NCIB) to continue to repurchase shares under its previously announced buyback program through the facilities of the TSX, NYSE and/or alternative trading platforms. Pursuant to the 2019 NCIB, the company is permitted to purchase for cancellation up to 50,252,231 of its common shares between May 6, 2019 and May 5, 2020. On December 23, 2019, Suncor announced an amendment to the 2019 NCIB, effective as of December 30, 2019, which allows the company to increase the maximum number of aggregate common shares that may be repurchased between May 6, 2019 and May 5, 2020 to 78,549,178. Subsequent to the year end, the Board of Directors approved a further share repurchase program of up to $2.0 billion beginning on March 1, 2020. The following table summarizes the share repurchase activities during the period: ($ millions except as noted) Share repurchase activities (thousands of common shares) Shares repurchased 55 298 64 426 Amounts charged to Share capital 1 040 Retained earnings 1 369 2 013 Share repurchase cost 2 274 3 053 Average repurchase cost per share (dollars) Under an automatic repurchase plan agreement with an independent broker, the company has recorded the following liability for share repurchases that may take place during its internal blackout period: ($ millions) December 31 December 31 Amounts charged to Share capital Retained earnings Liability for share purchase commitment

SHARE BASED COMPENSATION

SHARE BASED COMPENSATION	12 Months Ended
SHARE BASED COMPENSATION	Dec. 31, 2019
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION	25. SHARE-BASED COMPENSATION Share-Based Compensation Expense Reflected in the Consolidated Statements of Comprehensive Income within Operating, Selling and General expense are the following share-based compensation amounts: ($ millions) Equity-settled plans Cash-settled plans Total share-based compensation expense Liability Recognized for Share-Based Compensation Reflected in the Consolidated Balance Sheets within accounts payable and accrued liabilities and other long-term liabilities are the following fair value amounts for the company's cash-settled plans: ($ millions) Current liability Long-term liability (note 21) Total Liability The intrinsic value of the vested awards at December 31, 2019 was $300 million (December 31, 2018 – $328 million). Stock Option Plans Suncor grants stock option awards as a form of retention and incentive compensation. (a) Active Stock Option Plan Stock options granted by the company on or after August 1, 2010 provide the holder with the right to purchase common shares at the market price on the grant date, subject to fulfilling vesting terms. This plan replaced the pre-merger stock option plan of legacy Suncor and legacy Petro-Canada. Options granted have a seven-year life, vest annually over a three-year period and are accounted for as equity-settled awards. The weighted average fair value of options granted during the period and the weighted average assumptions used in their determination are as noted below: Annual dividend per share (dollars) Risk-free interest rate Expected life 5 years 5 years Expected volatility Weighted average fair value per option (dollars) The expected life is based on historical stock option exercise data and current expectations. The expected volatility considers the historical volatility in the price of Suncor's common shares over a period similar to the life of the options, and is indicative of future trends. (b) Discontinued Stock Option Plans Executive and Key Contributor Stock Options Options granted under these plans generally have a seven- to ten-year life and vest over a three-year period. These plans were in place prior to August 1, 2009, at the time of the merger between Petro-Canada and Suncor, and are accounted for as equity-settled awards. The following table presents a summary of the activity related to Suncor's stock option plans: 2019 2018 Number Weighted Number Weighted Outstanding, beginning of year 28 935 31 110 Granted 7 756 7 231 Exercised as options for common shares (2 688 ) (7 927 ) Forfeited/expired ) (1 479 ) Outstanding, end of year 33 882 28 935 Exercisable, end of year 21 535 15 374 Options are exercised regularly throughout the year. Therefore, the weighted average share price during the year of $40.82 (2018 – $46.99) is representative of the weighted average share price at the date of exercise. For the options outstanding at December 31, 2019, the exercise price ranges and weighted average remaining contractual lives are shown below: Outstanding Exercisable Exercise Prices ($) Number Weighted Weighted Number Weighted 30.21-34.99 5 614 5 614 35.00-39.99 6 851 6 782 40.00-44.99 21 235 9 078 45.00-49.99 50.00-54.27 Total 33 882 21 535 Common shares authorized for issuance by the Board of Directors that remain available for the granting of future options: (thousands) 14 295 21 929 Share Unit Plans Suncor grants share units as a form of retention and incentive compensation. Share unit plans are accounted for as cash-settled awards. (a) Performance Share Units (PSUs) A PSU is a time-vested award entitling employees to receive varying degrees of cash (0% – 200% of the company's share price at time of vesting) contingent upon Suncor's total shareholder return (stock price appreciation and dividend income) relative to a peer group of companies. Cash payments for awards granted in 2019 and onwards are contingent upon Suncor's total shareholder return and annual return on capital employed performance. PSUs vest approximately three years after the grant date. (b) Restricted Share Units (RSUs) A RSU is a time-vested award entitling employees to receive cash calculated based on an average of the company's share price leading up to vesting. RSUs vest approximately three years after the grant date. (c) Deferred Share Units (DSUs) A DSU is redeemable for cash or a common share for a period of time after a unitholder ceases employment or Board membership. The DSU Plan is limited to executives and members of the Board of Directors. Members of the Board of Directors receive an annual grant of DSUs as part of their compensation and may elect to receive their fees in cash only or in increments of 50% or 100% allocated to DSUs. Executives may elect to receive their annual incentive bonus in cash only or in increments of 25%, 50%, 75% or 100% allocated to DSUs. The following table presents a summary of the activity related to Suncor's share unit plans: (thousands) PSU RSU DSU Outstanding, December 31, 2017 2 267 16 072 1 302 Granted 1 553 4 796 Redeemed for cash (1 623 ) (5 962 ) ) Forfeited/expired — ) — Outstanding, December 31, 2018 2 197 14 592 1 305 Granted 1 212 4 861 Redeemed for cash (1 210 ) (5 577 ) ) Forfeited/expired ) ) ) Outstanding, December 31, 2019 2 193 13 602 1 287 Stock Appreciation Rights (SARs) A SAR entitles the holder to receive a cash payment equal to the difference between the stated exercise price and the market price of the company's common shares on the date the SAR is exercised, and is accounted for as a cash-settled award. SARs have a seven-year life and vest annually over a three-year period. The following table presents a summary of the activity related to Suncor's SARs plan: 2019 2018 Number Weighted Number Weighted Outstanding, beginning of year Granted Exercised ) ) Forfeited/expired ) ) Outstanding, end of year Exercisable, end of year

FINANCIAL INSTRUMENTS AND RISK

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT	12 Months Ended
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT	Dec. 31, 2019
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT	26. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT The company's financial instruments consist of cash and cash equivalents, accounts receivable, derivative contracts, substantially all accounts payable and accrued liabilities, debt, and certain portions of other assets and other long-term liabilities. Non-Derivative Financial Instruments The fair values of cash and cash equivalents, accounts receivable, short-term debt, and accounts payable and accrued liabilities approximate their carrying values due to the short-term maturities of those instruments. The company's long-term debt and long-term financial liabilities are recorded at amortized cost using the effective interest method. At December 31, 2019, the carrying value of fixed-term debt accounted for under amortized cost was $12.9 billion (December 31, 2018 – $12.9 billion) and the fair value at December 31, 2019 was $16.1 billion (December 31, 2018 – $14.2 billion). The increase in fair value of debt is mainly due to the decline in interest rates during the year. The estimated fair value of long-term debt is based on pricing sourced from market data, which is considered a Level 2 fair value input. Suncor entered into a partnership with Fort McKay First Nation (FMFN) and Mikisew Cree First Nation (MCFN) in 2018 where FMFN and MCFN acquired a combined 49% partnership interest in the East Tank Farm Development. The partnership liability is recorded at amortized cost using the effective interest method. At December 31, 2019, the carrying value of the Partnership liability accounted for under amortized cost was $455 million (December 31, 2018 – $477 million). Derivative Financial Instruments (a) Non-Designated Derivative Financial Instruments The company uses derivative financial instruments, such as physical and financial contracts, to manage certain exposures to fluctuations in interest rates, commodity prices and foreign currency exchange rates, as part of its overall risk management program, as well as for trading purposes. The changes in the fair value of non-designated derivatives are as follows: ($ millions) Fair value outstanding, beginning of year ) Cash Settlements – received during the year ) ) Changes in fair value recognized in earnings during the year (note 7) Fair value outstanding, end of year ) (b) Fair Value Hierarchy To estimate the fair value of derivatives, the company uses quoted market prices when available, or third-party models and valuation methodologies that utilize observable market data. In addition to market information, the company incorporates transaction-specific details that market participants would utilize in a fair value measurement, including the impact of non-performance risk. However, these fair value estimates may not necessarily be indicative of the amounts that could be realized or settled in a current market transaction. The company characterizes inputs used in determining fair value using a hierarchy that prioritizes inputs depending on the degree to which they are observable. The three levels of the fair value hierarchy are as follows: • Level 1 consists of instruments with a fair value determined by an unadjusted quoted price in an active market for identical assets or liabilities. An active market is characterized by readily and regularly available quoted prices where the prices are representative of actual and regularly occurring market transactions to assure liquidity. • Level 2 consists of instruments with a fair value that is determined by quoted prices in an inactive market, prices with observable inputs, or prices with insignificant non-observable inputs. The fair value of these positions is determined using observable inputs from exchanges, pricing services, third-party independent broker quotes, and published transportation tolls. The observable inputs may be adjusted using certain methods, which include extrapolation over the quoted price term and quotes for comparable assets and liabilities. • Level 3 consists of instruments with a fair value that is determined by prices with significant unobservable inputs. As at December 31, 2019, the company does not have any derivative instruments measured at fair value Level 3. In forming estimates, the company utilizes the most observable inputs available for valuation purposes. If a fair value measurement reflects inputs of different levels within the hierarchy, the measurement is categorized based upon the lowest level of input that is significant to the fair value measurement. The following table presents the company's derivative financial instrument assets and liabilities and assets available for sale measured at fair value for each hierarchy level as at December 31, 2019 and 2018. ($ millions) Level 1 Level 2 Level 3 Total Fair Accounts receivable — Accounts payable ) ) — ) Balance at December 31, 2018 — Accounts receivable — Accounts payable ) ) — ) Balance at December 31, 2019 ) ) — ) During the year ended December 31, 2019, there were no transfers between Level 1 and Level 2 fair value measurements. Offsetting Financial Assets and Liabilities The company enters into arrangements that allow for offsetting of derivative financial instruments and accounts receivable (payable), which are presented on a net basis on the balance sheet, as shown in the table below as at December 31, 2019 and 2018. Financial Assets ($ millions) Gross Gross Net Fair value of derivative assets 1 599 (1 384 ) Accounts receivable 1 837 ) Balance at December 31, 2018 3 436 (2 266 ) 1 170 Fair value of derivative assets 1 737 (1 643 ) Accounts receivable 2 860 (1 289 ) 1 571 Balance at December 31, 2019 4 597 (2 932 ) 1 665 Financial Liabilities ($ millions) Gross Gross Net Fair value of derivative liabilities (1 539 ) 1 384 ) Accounts payable (1 798 ) ) Balance at December 31, 2018 (3 337 ) 2 266 (1 071 ) Fair value of derivative liabilities (1 776 ) 1 643 ) Accounts payable (2 532 ) 1 289 (1 243 ) Balance at December 31, 2019 (4 308 ) 2 932 (1 376 ) Risk Management The company is exposed to a number of different risks arising from financial instruments. These risk factors include market risks, comprising commodity price risk, foreign currency risk and interest rate risk, as well as liquidity risk and credit risk. The company maintains a formal governance process to manage its financial risks. The company's Commodity Risk Management Committee (CRMC) is charged with the oversight of the company's trading and credit risk management activities. These activities are intended to manage risk associated with open price exposure of specific volumes in transit or storage, enhance the company's operations, and enhance profitability through informed market calls, market diversification, economies of scale, improved transportation access, and leverage of assets, both physical and contractual. The CRMC, acting under the authority of the company's Board of Directors, meets regularly to monitor limits on risk exposures, review policy compliance and validate risk-related methodologies and procedures. The nature of the risks faced by the company and its policies for managing such risks remain unchanged from December 31, 2018. 1) Market Risk Market risk is the risk or uncertainty arising from market price movements and their impact on the future performance of the business. The market price movements that could adversely affect the value of the company's financial assets, liabilities and expected future cash flows include commodity price risk, foreign currency exchange risk and interest rate risk. (a) Commodity Price Risk Suncor's financial performance is closely linked to crude oil prices (including pricing differentials for various product types) and, to a lesser extent, natural gas and refined product prices. The company may reduce its exposure to commodity price risk through a number of strategies. These strategies include entering into derivative contracts to limit exposure to changes in crude oil prices during transportation. An increase of US$10/bbl of crude oil as at December 31, 2019 would decrease pre-tax earnings for the company's outstanding derivative financial instruments by approximately $46 million (2018 – $39 million). (b) Foreign Currency Exchange Risk The company is exposed to foreign currency exchange risk on revenues, capital expenditures, or financial instruments that are denominated in a currency other than the company's functional currency (Canadian dollars). As crude oil is priced in U.S. dollars, fluctuations in US$/Cdn$ exchange rates may have a significant impact on revenues. This exposure is partially offset through the issuance of U.S. dollar denominated debt. A 1% strengthening in the Cdn$ relative to the US$ as at December 31, 2019 would increase pre-tax earnings related to the company's debt by approximately $146 million (2018 – $167 million). (c) Interest Rate Risk The company is exposed to interest rate risk as changes in interest rates may affect future cash flows and the fair values of its financial instruments. The primary exposure is related to its revolving-term debt of commercial paper and future debt issuances. To manage the company's exposure to interest rate volatility, the company may periodically enter into interest rate swap contracts to fix the interest rate of future debt issuances. As at December 31, 2019, the company had no outstanding forward starting swaps. The weighted average interest rate on total debt, including lease liabilities, for the year ended December 31, 2019 was 5.6% (2018 – 5.4%). The company's net earnings are sensitive to changes in interest rates on the floating rate portion of the company's debt, which are offset by cash balances. To the extent interest expense is not capitalized, if interest rates applicable to floating rate instruments increased by 1%, it is estimated that the company's pre-tax earnings would decrease by approximately $2 million (2018 – approximately $10 million). This assumes that the amount and mix of fixed and floating rate debt remains unchanged from December 31, 2019. The proportion of floating interest rate exposure at December 31, 2019 was 12.0% of total debt outstanding (2018 – 18.6%). 2) Liquidity Risk Liquidity risk is the risk that Suncor will not be able to meet its financial obligations when due. The company mitigates this risk by forecasting spending requirements as well as cash flow from operating activities, and maintaining sufficient cash, credit facilities, and debt shelf prospectuses to meet these requirements. Suncor's cash and cash equivalents and total credit facilities at December 31, 2019 were $2.0 billion and $8.3 billion, respectively. Of Suncor's $8.3 billion in total credit facilities, $4.9 billion were available at December 31, 2019. In addition, Suncor has $2.25 billion of unused capacity under a Canadian debt shelf prospectus and an unused capacity of US$3.0 billion under a U.S. debt shelf prospectus. The ability of the company to raise additional capital utilizing these shelf prospectuses is dependent on market conditions. The company believes it has sufficient funding through the use of these facilities and access to capital markets to meet its future capital requirements. Surplus cash is invested into a range of short-dated money market securities. Investments are only permitted in high credit quality government or corporate securities. Diversification of these investments is managed through counterparty credit limits. The following table shows the timing of cash outflows related to trade and other payables and debt. December 31, 2018 ($ millions) Trade and (1) Gross (2) Debt (3) Within one year 5 492 1 539 4 314 1 to 3 years — 3 362 3 to 5 years — 1 827 Over 5 years — — 20 611 5 576 1 539 30 114 December 31, 2019 ($ millions) Trade and (1) Gross (2) Debt (3) Lease (4) Within one year 6 422 1 568 2 877 1 to 3 years 2 991 3 to 5 years — 2 220 Over 5 years — — 17 183 2 960 6 501 1 776 25 271 4 842 (1) Trade and other payables exclude net derivative liabilities of $133 million (2018 – $155 million). (2) Gross derivative liabilities of $1 776 million (2018 – $1 539 million) are offset by gross derivative assets of $1 643 million (2018 – $1 384 million), resulting in a net amount of $133 million (2018 – $155 million). (3) 2018 debt includes short-term debt, long-term debt, finance leases and interest payments on fixed-term debt and commercial paper. 2019 debt excludes lease liabilities. (4) The company adopted IFRS 16 on January 1, 2019 using the modified retrospective transition approach and, therefore, prior periods have not been restated. Refer to note 5 for further information. 3) Credit Risk Credit risk is the risk that a customer or counterparty will fail to perform an obligation or fail to pay amounts due, causing a financial loss. The company's credit policy is designed to ensure there is a standard credit practice throughout the company to measure and monitor credit risk. The policy outlines delegation of authority, the due diligence process required to approve a new customer or counterparty and the maximum amount of credit exposure per single entity. Before transactions begin with a new customer or counterparty, its creditworthiness is assessed, a credit rating and a maximum credit limit are assigned. The assessment process is outlined in the credit policy and considers both quantitative and qualitative factors. The company constantly monitors the exposure to any single customer or counterparty along with the financial position of the customer or counterparty. If it is deemed that a customer or counterparty has become materially weaker, the company will work to reduce the credit exposure and lower the assigned credit limit. Regular reports are generated to monitor credit risk and the Credit Committee meets quarterly to ensure compliance with the credit policy and review the exposures. A substantial portion of the company's accounts receivable are with customers in the oil and gas industry and are subject to normal industry credit risk. At December 31, 2019, substantially all of the company's trade receivables were current. The company may be exposed to certain losses in the event that counterparties to derivative financial instruments are unable to meet the terms of the contracts. The company's exposure is limited to those counterparties holding derivative contracts owing to the company at the reporting date. At December 31, 2019, the company's exposure was $1 737 million (December 31, 2018 – $1 599 million).

CAPITAL STRUCTURE FINANCIAL POL

CAPITAL STRUCTURE FINANCIAL POLICIES	12 Months Ended
CAPITAL STRUCTURE FINANCIAL POLICIES	Dec. 31, 2019
CAPITAL STRUCTURE FINANCIAL POLICIES
CAPITAL STRUCTURE FINANCIAL POLICIES	27. CAPITAL STRUCTURE FINANCIAL POLICIES The company's primary capital management strategy is to maintain a conservative balance sheet, which supports a solid investment grade credit rating profile. This objective affords the company the financial flexibility and access to the capital it requires to execute on its growth objectives. The company's capital is primarily monitored by reviewing the ratios of net debt to funds from operations (1) and total debt to total debt plus shareholders' equity. Net debt to funds from operations is calculated as short-term debt plus total long-term debt less cash and cash equivalents, divided by funds from operations for the year then ended. Total debt to total debt plus shareholders' equity is calculated as short-term debt plus total long-term debt divided by short-term debt plus total long-term debt plus shareholders' equity. This financial covenant under the company's various banking and debt agreements shall not be greater than 65%. The company's financial covenant is reviewed regularly and controls are in place to maintain compliance with the covenant. The company complied with financial covenants for the years ended December 31, 2019 and 2018. The company's financial measures, as set out in the following schedule, were unchanged from 2018. The company believes that achieving its capital target helps to provide the company access to capital at a reasonable cost by maintaining solid investment grade credit ratings. The company operates in a fluctuating business environment and ratios may periodically fall outside of management's targets. The company addresses these fluctuations by capital expenditure reductions and sales of non-core assets to ensure net debt achieves management's targets. ($ millions) Capital December 31, December 31, Components of ratios Short-term debt 2 155 3 231 Current portion of long-term debt — Current portion of long-term lease liabilities — Long-term debt 12 884 13 890 Long-term lease liabilities 2 621 — Total debt 17 970 17 350 Less: Cash and cash equivalents 1 960 2 221 Net debt 16 010 15 129 Shareholders' equity 42 042 44 005 Total capitalization (total debt plus shareholders' equity) 60 012 61 355 Funds from operations (1) 10 818 10 172 Net debt to funds from operations <3.0 times Total debt to total debt plus shareholders' equity 20% – 35% (1) Funds from operations is calculated as cash flow from operating activities before changes in non-cash working capital, and is a non-GAAP financial measure.

JOINT ARRANGEMENTS

JOINT ARRANGEMENTS	12 Months Ended
JOINT ARRANGEMENTS	Dec. 31, 2019
JOINT ARRANGEMENTS
JOINT ARRANGEMENTS	28. JOINT ARRANGEMENTS Joint Operations The company's material joint operations as at December 31 are set out below: Material Joint Operations Principal Activity Country of Ownership % Ownership % Oil Sands Operated by Suncor: Fort Hills Energy Limited Partnership Oil sands development Canada Meadow Creek Oil sands development Canada Non-operated: Syncrude Oil sands development Canada Exploration and Production Operated by Suncor: Terra Nova Oil and gas production Canada Non-operated: Buzzard Oil and gas production United Kingdom Fenja Development JV Oil and gas production Norway Golden Eagle Area Development Oil and gas production United Kingdom Hibernia and the Hibernia South Extension Unit Oil and gas production Canada 19.19-20.00 19.19-20.00 Hebron Oil and gas production Canada Harouge Oil Operations Oil and gas production Libya North Sea Rosebank Project Oil and gas production United Kingdom Oda Oil and gas production Norway White Rose and the White Rose Extensions Oil and gas production Canada 26.13-27.50 26.13-27.50 Joint Ventures and Associates The company does not have any joint ventures or associates that are considered individually material. Summarized aggregate financial information of the joint ventures and associates, which are all included in the company's Exploration and Production and Refining and Marketing operations, are shown below: Joint ventures Associates ($ millions) Net (loss) earnings ) — ) Other comprehensive income — — — — Total comprehensive (loss) income ) — ) Carrying amount as at December 31

SUBSIDIARIES

SUBSIDIARIES	12 Months Ended
SUBSIDIARIES	Dec. 31, 2019
SUBSIDIARIES
SUBSIDIARIES	29. SUBSIDIARIES Material subsidiaries, each of which is wholly owned, either directly or indirectly, by the company as at December 31, 2019 are shown below: Material Subsidiaries Principal Activity Canadian Operations Suncor Energy Oil Sands Limited Partnership This partnership holds most of the company's Oil Sands operations assets. Suncor Energy Ventures Corporation A subsidiary which indirectly owns a 36.74% ownership in the Syncrude joint operation. Suncor Energy Ventures Partnership A subsidiary which owns a 22% ownership in the Syncrude joint operation. Suncor Energy Products Partnership This partnership holds substantially all of the company's Canadian refining and marketing assets. Suncor Energy Marketing Inc. Through this subsidiary, production from the upstream Canadian businesses is marketed. This subsidiary also administers Suncor's energy trading activities and power business, markets certain third-party products, procures crude oil feedstock and natural gas for its downstream business, and procures and markets natural gas liquids (NGLs) and liquefied petroleum gas (LPG) for its downstream business. U.S. Operations Suncor Energy (U.S.A.) Marketing Inc. A subsidiary that procures, markets and trades crude oil, in addition to procuring crude oil feedstock for the company's refining operations. Suncor Energy (U.S.A.) Inc. A subsidiary through which the company's U.S. refining and marketing operations are conducted. International Operations Suncor Energy UK Limited A subsidiary through which the majority of the company's North Sea operations are conducted. The table does not include wholly owned subsidiaries that are immediate holding companies of the operating subsidiaries. For certain foreign operations of the company, there are restrictions on the sale or transfer of production licences, which would require approval of the applicable foreign government.

RELATED PARTY DISCLOSURES

RELATED PARTY DISCLOSURES	12 Months Ended
RELATED PARTY DISCLOSURES	Dec. 31, 2019
RELATED PARTY DISCLOSURES
RELATED PARTY DISCLOSURES	30. RELATED PARTY DISCLOSURES Related Party Transactions The company enters into transactions with related parties in the normal course of business, which includes purchases of feedstock, distribution of refined products, and sale of refined products and byproducts. These transactions are with joint ventures and associated entities in the company's Refining and Marketing operations, including pipeline, refined product and petrochemical companies. A summary of the significant related party transactions as at and for the year ended December 31, 2019 and 2018 are as follows: ($ millions) Sales (1) Purchases Accounts receivable Accounts payable and accrued liabilities (1) Includes sales to Parachem Chemicals Inc. of $269 million (2018 – $338 million). Compensation of Key Management Personnel Compensation of the company's Board of Directors and members of the Executive Leadership Team for the years ended December 31 is as follows: ($ millions) Salaries and other short-term benefits Pension and other post-retirement benefits Share-based compensation

COMMITMENTS, CONTINGENCIES AND

COMMITMENTS, CONTINGENCIES AND GUARANTEES	12 Months Ended
COMMITMENTS, CONTINGENCIES AND GUARANTEES	Dec. 31, 2019
COMMITMENTS, CONTINGENCIES AND GUARANTEES
COMMITMENTS, CONTINGENCIES AND GUARANTEES	31. COMMITMENTS, CONTINGENCIES AND GUARANTEES (a) Commitments Future payments under the company's commitments, including service arrangements for pipeline transportation agreements and for other property and equipment, are as follows: Payment Due by Period ($ millions) Thereafter Total Commitments Product transportation and storage 1 083 1 034 1 076 1 068 9 470 14 723 Energy services Exploration work commitments — — — Other 1 549 1 779 1 416 1 305 1 315 1 229 10 549 17 593 The company has also entered into a pipeline commitment of $5.9 billion with a contract term of 20 years, which is awaiting regulatory approval. In addition to the commitments in the above table, the company has other obligations for goods and services and raw materials entered into in the normal course of business, which may terminate on short notice. Such obligations include commodity purchase obligations which are transacted at market prices. (b) Contingencies Legal and Environmental Contingent Liabilities The company is defendant and plaintiff in a number of legal actions that arise in the normal course of business. The company believes that any liabilities that might arise pertaining to such matters would not have a material effect on its consolidated financial position. The company may also have environmental contingent liabilities, beyond decommissioning and restoration liabilities (recognized in note 23), which are reviewed individually and are reflected in the company's consolidated financial statements if material and more likely than not to be incurred. These contingent environmental liabilities primarily relate to the mitigation of contamination at sites where the company has had operations. For any unrecognized environmental contingencies, the company believes that any liabilities that might arise pertaining to such matters would not have a material effect on its consolidated financial position. Costs attributable to these commitments and contingencies are expected to be incurred over an extended period of time and to be funded from the company's cash flow from operating activities. Although the ultimate impact of these matters on net earnings cannot be determined at this time, the impact is not expected to be material. (c) Guarantees At December 31, 2019, the company has provided loan guarantees to certain retail licensees and wholesale marketers. Suncor's maximum potential amount payable under these loan guarantees is $125 million. The company has also agreed to indemnify holders of all notes and debentures and the company's credit facility lenders (see note 20) for added costs relating to withholding taxes. Similar indemnity terms apply to certain facility and equipment leases. There is no limit to the maximum amount payable under these indemnification agreements. The company is unable to determine the maximum potential amount payable as government regulations and legislation are subject to change without notice. Under these agreements, the company has the option to redeem or terminate these contracts if additional costs are incurred. The company also has guaranteed its working-interest share of certain joint operation undertakings related to transportation services agreements entered into with third parties. The guaranteed amount is limited to the company's share in the joint arrangement. As at December 31, 2019, the probability is remote that these guarantee commitments will impact the company.

ACQUISITION OF ADDITIONAL OWNER

ACQUISITION OF ADDITIONAL OWNERSHIP INTEREST IN THE SYNCRUDE PROJECT	12 Months Ended
	Dec. 31, 2019
Syncrude
Disclosure of detailed information about business combination [line items]
ACQUISITION OF ADDITIONAL OWNERSHIP INTEREST IN THE SYNCRUDE PROJECT	32. ACQUISITION OF ADDITIONAL OWNERSHIP INTEREST IN THE SYNCRUDE PROJECT On February 23, 2018, Suncor completed the purchase of an additional 5% working interest in the Syncrude project from Mocal Energy Limited for $923 million cash. Suncor's share in the Syncrude project has increased to 58.74%. The acquisition has been accounted for as a business combination using the acquisition method. The purchase price allocation is based on management's best estimates of fair values of Syncrude's assets and liabilities as at February 23, 2018. ($ millions) Accounts receivable Inventory Property, plant and equipment Exploration and evaluation Total assets acquired 1 178 Accounts payable and accrued liabilities ) Employee future benefits ) Decommissioning provision ) Deferred income taxes ) Total liabilities assumed ) Net assets acquired The fair values of accounts receivable and accounts payable approximate their carrying values due to the short-term maturity of the instruments. The fair value of materials and supplies inventory approximates book value due to short-term turnover rates. The fair values of property, plant and equipment, and the decommissioning provision were determined using an expected future cash flow approach. Key assumptions used in the calculations were discount rates, future commodity prices and costs, timing of development activities, projections of oil reserves, and cost estimates to abandon and reclaim the mine and facilities. The additional working interest in Syncrude contributed $270 million to gross revenues and a $7 million net loss to consolidated net earnings from the acquisition date to December 31, 2018. Had the acquisition occurred on January 1, 2018, the additional working interest would have contributed an additional $64 million to gross revenues and $4 million to consolidated net earnings, which would have resulted in gross revenues of $39.66 billion and consolidated net earnings of $3.30 billion for the twelve months ended December 31, 2018.

FORT HILLS

FORT HILLS	12 Months Ended
FORT HILLS	Dec. 31, 2019
FORT HILLS
FORT HILLS	33. FORT HILLS During the first quarter of 2018, Suncor acquired an additional 1.05% interest in the Fort Hills project for consideration of $145 million. The additional interest was an outcome of the commercial dispute settlement agreement reached among the Fort Hills partners in December 2017. Teck Resources Limited (Teck) also acquired an additional 0.42% in the project. Suncor's share in the project has increased to 54.11% and Teck's share has increased to 21.31% with Total E&P Canada Ltd.'s share decreasing to 24.58%.

OTHER TRANSACTIONS

OTHER TRANSACTIONS	12 Months Ended
OTHER TRANSACTIONS	Dec. 31, 2019
OTHER TRANSACTIONS
OTHER TRANSACTIONS	34. OTHER TRANSACTIONS In the third quarter of 2019, the company recognized a gain on sale of $65 million ($48 million after-tax) in the Exploration and Production segment related to the sale of its non-core Australian assets. On June 28, 2019, the company completed a transaction to sell its 37% equity interest in Canbriam Energy Inc. (Canbriam) and recognized a gain on sale for the full proceeds of $151 million ($139 million after-tax) in the Exploration and Production segment. The investment in Canbriam was acquired early in 2018 through the exchange of Suncor's northeast British Columbia mineral landholdings, including associated production, and consideration of $52 million. During the first quarter of 2019, the company received $363 million in insurance proceeds for its Libyan assets ($264 million after-tax). The proceeds may be subject to a provisional repayment, which may be dependent on the future performance and cash flows from Suncor's Libyan assets. On September 29, 2018, Suncor along with the other working-interest partners in the Joslyn Oil Sands Mining project, agreed to sell 100% of their respective working interests to Canadian Natural Resources Limited for gross proceeds of $225 million, $82.7 million, net to Suncor. Suncor held a 36.75% working interest in Joslyn prior to the transaction. The working-interest partners received cash proceeds of $100 million ($36.8 million, net to Suncor) upon closing, with the remaining $125 million ($45.9 million, net to Suncor) to be received in equal instalments over the next five years. As a result, Suncor has recorded a long-term receivable of $36.7 million within the Other Assets line item and the first instalment of $9.2 million is recorded within the Accounts Receivable line item. The transaction resulted in a gain of $83 million in the Oil Sands segment. On May 31, 2018, the company completed the previously announced transaction to acquire a 17.5% interest in the Fenja development project in Norway from Faroe Petroleum Norge AS for acquisition costs of US$55 million (approximately $70 million), plus interim settlement costs of $22 million under the acquisition method. This project was sanctioned by its owners in December 2017.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	(a) Principles of Consolidation The company consolidates its interests in entities it controls. Control comprises the power to govern an entity's financial and operating policies to obtain benefits from its activities, and is a matter of judgment. All intercompany balances and transactions are eliminated on consolidation.
Joint Arrangements	(b) Joint Arrangements Joint arrangements represent arrangements in which two or more parties have joint control established by a contractual agreement. Joint control only exists when decisions about the activities that most significantly affect the returns of the investee are unanimous. Joint arrangements can be classified as either a joint operation or a joint venture. The classification of joint arrangements requires judgment. In determining the classification of its joint arrangements, the company considers the contractual rights and obligations of each investor and whether the legal structure of the joint arrangement gives the entity direct rights to the assets and obligations for the liabilities. Where the company has rights to the assets and obligations for the liabilities of a joint arrangement, such arrangement is classified as a joint operation and the company's proportionate share of the joint operation's assets, liabilities, revenues and expenses are included in the consolidated financial statements, on a line-by-line basis. Where the company has rights to the net assets of an arrangement, the arrangement is classified as a joint venture and accounted for using the equity method of accounting. Under the equity method, the company's initial investment is recognized at cost and subsequently adjusted for the company's share of the joint venture's income or loss, less distributions received.
Foreign Currency Translation	(c) Foreign Currency Translation Functional currencies of the company's individual entities are the currency of the primary economic environment in which the entity operates. Transactions in foreign currencies are translated to the appropriate functional currency at foreign exchange rates that approximate those on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated to the appropriate functional currency at foreign exchange rates as at the balance sheet date. Foreign exchange differences arising on translation are recognized in net earnings. Non-monetary assets that are measured in a foreign currency at historical cost are translated using the exchange rate at the date of the transaction. In preparing the company's consolidated financial statements, the financial statements of each entity are translated into Canadian dollars. The assets and liabilities of foreign operations are translated into Canadian dollars at exchange rates as at the balance sheet date. Revenues and expenses of foreign operations are translated into Canadian dollars using foreign exchange rates that approximate those on the date of the underlying transaction. Foreign exchange differences are recognized in Other Comprehensive Income. If the company or any of its entities disposes of its entire interest in a foreign operation, or loses control, joint control, or significant influence over a foreign operation, the accumulated foreign currency translation gains or losses related to the foreign operation are recognized in net earnings.
Revenues	(d) Revenues Revenue from the sale of crude oil, natural gas, natural gas liquids, purchased products, refined petroleum products and power represent the company's contractual arrangements with customers. Revenue is recorded when control passes to the customer, in accordance with specified contract terms. All operating revenue is earned at a point in time and is based on the consideration that the company expects to receive for the transfer of the goods to the customer. Revenues are usually collected in the month following delivery except retail gasoline, diesel and ancillary products which are due upon delivery and, accordingly, the company doesn't adjust consideration for the effects of a financing component. Revenue from oil and natural gas production is recorded net of royalty expense. International operations conducted pursuant to Production Sharing Contracts (PSCs) are reflected in the consolidated financial statements based on the company's working interest. Each PSC establishes the exploration, development and operating costs the company is required to fund and establishes specific terms for the company to recover these costs and to share in the production profits. Cost recovery is generally limited to a specified percentage of production during each fiscal year (Cost Recovery Oil). Any Cost Recovery Oil remaining after costs have been recovered is referred to as Excess Petroleum and is shared between the company and the respective government. Assuming collection is reasonably assured, the company's share of Cost Recovery Oil and Excess Petroleum are reported as revenue when the sale of product to a third party occurs. Revenue also includes income taxes paid on the company's behalf by government joint venture partners.
Cash and Cash Equivalents	(e) Cash and Cash Equivalents Cash and cash equivalents consist primarily of cash in banks, term deposits, certificates of deposit and all other highly liquid investments at the time of purchase.
Inventories	(f) Inventories Inventories of crude oil and refined products, other than inventories held for trading purposes, are valued at the lower of cost, using the first-in, first-out method, and net realizable value. Cost of inventory consists of purchase costs, direct production costs, direct overhead and depreciation, depletion and amortization. Materials and supplies are valued at the lower of average cost and net realizable value. Inventories held for trading purposes are carried at fair value less costs of disposal, and any changes in fair value are recognized in Other Income within the respective reporting segment to which the trading activity relates.
Assets Held for Sale	(g) Assets Held for Sale Assets and the associated liabilities are classified as held for sale if their carrying amounts are expected to be recovered through a disposition rather than through continued use. The assets or disposal groups are measured at the lower of their carrying amount or estimated fair value less costs of disposal. Impairment losses on initial classification as well as subsequent gains or losses on remeasurement are recognized in Depreciation, Depletion, Amortization and Impairment. When the assets or disposal groups are sold, the gains or losses on the sale are recognized in Gain on Disposal of Assets. Assets classified as held for sale are not depreciated, depleted or amortized.
Exploration and Evaluation Assets	(h) Exploration and Evaluation Assets The costs to acquire non-producing oil and gas properties or licences to explore, drill exploratory wells and the costs to evaluate the commercial potential of underlying resources, including related borrowing costs, are initially capitalized as Exploration and Evaluation assets. Certain exploration costs, including geological, geophysical and seismic expenditures and delineation on oil sands properties, are charged to Exploration expense as incurred. Exploration and Evaluation assets are subject to technical, commercial and management review to confirm the continued intent to develop and extract the underlying resources. If an area or exploration well is no longer considered commercially viable, the related capitalized costs are charged to Exploration expense. When management determines with reasonable certainty that an Exploration and Evaluation asset will be developed, as evidenced by the classification of proved or probable reserves and the appropriate internal and external approvals, the asset is transferred to Property, Plant and Equipment.
Property, Plant and Equipment	(i) Property, Plant and Equipment Property, Plant and Equipment are initially recorded at cost. The costs to acquire developed or producing oil and gas properties, and to develop oil and gas properties, including completing geological and geophysical surveys and drilling development wells, and the costs to construct and install development infrastructure, such as wellhead equipment, well platforms, well pairs, offshore platforms, subsea structures and an estimate of asset retirement costs, are capitalized as oil and gas properties within Property, Plant and Equipment. The costs to construct, install and commission, or acquire, oil and gas production equipment, including oil sands upgraders, extraction plants, mine equipment, processing and power generation facilities, utility plants, and all renewable energy, refining, and marketing assets, are capitalized as plant and equipment within Property, Plant and Equipment. Stripping activity required to access oil sands mining resources incurred in the initial development phase is capitalized as part of the construction cost of the mine. Stripping costs incurred in the production phase are charged to expense as they normally relate to production for the current period. The costs of planned major inspection, overhaul and turnaround activities that maintain Property, Plant and Equipment and benefit future years of operations are capitalized. Recurring planned maintenance activities performed on shorter intervals are expensed as operating costs. Replacements outside of a major inspection, overhaul or turnaround are capitalized when it is probable that future economic benefits will be realized by the company and the associated carrying amount of the replaced component is derecognized. Borrowing costs relating to assets that take over one year to construct are capitalized as part of the asset. Capitalization of borrowing costs ceases when the asset is in the location and condition necessary for its intended use, and is suspended when construction of an asset is ceased for extended periods.
Depreciation, Depletion and Amortization	(j) Depreciation, Depletion and Amortization Exploration and Evaluation assets are not subject to depreciation, depletion and amortization. Once transferred to oil and gas properties within Property, Plant and Equipment and commercial production commences, these costs are depleted on a unit-of-production basis over proved developed reserves, with the exception of exploration and evaluation costs associated with oil sands mines, which are depreciated on a straight-line basis over the life of the mine, and property acquisition costs, which are depleted over proved reserves. Capital expenditures are not depreciated or depleted until assets are substantially complete and ready for their intended use. Costs to develop oil and gas properties other than certain oil sands mining assets, including costs of dedicated infrastructure, such as well pads and wellhead equipment, are depleted on a unit-of-production basis over proved developed reserves. A portion of these costs may not be depleted if they relate to undeveloped reserves. Costs related to offshore facilities are depleted over proved and probable reserves. Costs to develop and construct oil sands mines are depreciated on a straight-line basis over the life of the mine. Major components of Property, Plant and Equipment are depreciated on a straight-line basis over their expected useful lives. Oil sands upgraders, extraction plants and mine facilities 20 to 40 years Oil sands mine equipment 5 to 15 years Oil sands in situ processing facilities 30 years Power generation and utility plants 30 to 40 years Refineries and other processing plants 20 to 40 years Marketing and other distribution assets 10 to 40 years The costs of major inspection, overhaul and turnaround activities that are capitalized are depreciated on a straight-line basis over the period to the next scheduled activity, which varies from two to five years. Depreciation, depletion and amortization rates are reviewed annually or when events or conditions occur that impact capitalized costs, reserves or estimated service lives. Right-of-use assets within Property, Plant and Equipment are depreciated on a straight-line basis over the shorter of the estimated useful life of the right-of-use asset or the lease term.
Goodwill and Other Intangible Assets	(k) Goodwill and Other Intangible Assets The company accounts for business combinations using the acquisition method. The excess of the purchase price over the fair value of the identifiable net assets represents goodwill, and is allocated to the cash generating units (CGUs) or groups of CGUs expected to benefit from the business combination. Other intangible assets include acquired customer lists and brand value. Goodwill and brand value have indefinite useful lives and are not subject to amortization. Customer lists are amortized over their expected useful lives, which range from five to ten years. Expected useful lives of other intangible assets are reviewed on an annual basis.
Impairment of Assets	(l) Impairment of Assets Non-Financial Assets Property, Plant and Equipment and Exploration and Evaluation assets are reviewed quarterly to assess whether there is any indication of impairment. Goodwill and intangible assets that have an indefinite useful life are tested for impairment annually. Exploration and Evaluation assets are also tested for impairment immediately prior to being transferred to Property, Plant and Equipment. If any indication of impairment exists, an estimate of the asset's recoverable amount is calculated as the higher of the fair value less costs of disposal and value-in-use. In determining fair value less costs of disposal, recent market transactions are considered, if available. In the absence of such transactions, an appropriate valuation model is used. Value-in-use is assessed using the present value of the expected future cash flows of the relevant asset. If the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, the asset is tested as part of a CGU, which is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. An impairment loss is the amount by which the carrying amount of the individual asset or CGU exceeds its recoverable amount. Impairments may be reversed for all CGUs and individual assets, other than goodwill, if there has been a change in the estimates and judgments used to determine the asset's recoverable amount. If such indication exists, the carrying amount of the CGU or asset is increased to its revised recoverable amount, which cannot exceed the carrying amount that would have been determined, net of depletion, depreciation and amortization, had no impairment been recognized. Impairments and impairment reversals are recognized within Depreciation, Depletion, Amortization and Impairment. Financial Assets At each reporting date, the company assesses whether there is evidence indicating that financial assets measured at amortized cost may be impaired. If a financial asset measured at amortized cost is determined to be impaired, the impairment is recognized in Operating, Selling and General expense.
Provisions	(m) Provisions Provisions are recognized by the company when it has a legal or constructive obligation as a result of past events, it is probable that an outflow of economic resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are recognized for decommissioning and restoration obligations associated with the company's Exploration and Evaluation assets and Property, Plant and Equipment. Provisions for decommissioning and restoration obligations are measured at the present value of management's best estimate of the future cash flows required to settle the present obligation, using the credit-adjusted risk-free interest rate. The value of the obligation is added to the carrying amount of the associated asset and amortized over the useful life of the asset. The provision is accreted over time through Financing Expense with actual expenditures charged against the accumulated obligation. Changes in the future cash flow estimates resulting from revisions to the estimated timing or amount of undiscounted cash flows are recognized as a change in the decommissioning and restoration provision and related asset.
Income Taxes	(n) Income Taxes The company follows the liability method of accounting for income taxes whereby deferred income taxes are recorded for the effect of differences between the accounting and income tax basis of an asset or liability. Deferred income tax assets and liabilities are measured using enacted or substantively enacted income tax rates as at the balance sheet date that are anticipated to apply to taxable income in the years in which temporary differences are anticipated to be recovered or settled. Changes to these balances are recognized in net earnings or in Other Comprehensive Income in the period they occur. Investment tax credits are recorded as a reduction to the related expenditures. The company recognizes the financial statement impact of a tax filing position when it is probable, based on the technical merits, that the position will be sustained upon audit. The company assesses possible outcomes and their associated probabilities. If the company determines payment is probable, it measures the tax provision at the best estimate of the amount of tax payable.
Pensions and Other Post-Retirement Benefits	(o) Pensions and Other Post-Retirement Benefits The company sponsors defined benefit pension plans, defined contribution pension plans and other post-retirement benefits. The cost of pension benefits earned by employees in the defined contribution pension plan is expensed as incurred. The cost of defined benefit pension plans and other post-retirement benefits are actuarially determined using the projected unit credit method based on present pay levels and management's best estimates of demographic and financial assumptions. Pension benefits earned during the current year are recorded in Operating, Selling and General expense. Interest costs on the net unfunded obligation are recorded in Financing Expense. Any actuarial gains or losses are recognized immediately through Other Comprehensive Income and transferred directly to Retained Earnings. The liability recognized on the balance sheet is the present value of the defined benefit obligations net of the fair value of plan assets.
Share-Based Compensation Plans	(p) Share-Based Compensation Plans Under the company's share-based compensation plans, share-based awards may be granted to executives, employees and non-employee directors. Compensation expense is recorded in Operating, Selling and General expense. Share-based compensation awards that settle in cash or have the option to settle in cash or shares are accounted for as cash-settled plans. These are measured at fair value each reporting period using the Black-Scholes options pricing model. The expense is recognized over the vesting period, with a corresponding adjustment to the outstanding liability. When awards are surrendered for cash, the cash settlement paid reduces the outstanding liability. When awards are exercised for common shares, consideration paid by the holder and the previously recognized liability associated with the options are recorded to Share Capital. Stock options that give the holder the right to purchase common shares are accounted for as equity-settled plans. The expense is based on the fair value of the options at the time of grant using the Black-Scholes options pricing model and is recognized over the vesting periods of the respective options. A corresponding increase is recorded to Contributed Surplus. Consideration paid to the company on exercise of options is credited to Share Capital and the associated amount in Contributed Surplus is reclassified to Share Capital.
Financial Instruments	(q) Financial Instruments The company classifies its financial instruments into one of the following categories: fair value through profit or loss (FVTPL), fair value through other comprehensive income, or at amortized cost. This determination is made at initial recognition. All financial instruments are initially recognized at fair value on the balance sheet, net of any transaction costs except for financial instruments classified as FVTPL, where transaction costs are expensed as incurred. Subsequent measurement of financial instruments is based on their classification. The company classifies its derivative financial instruments as FVTPL, cash and cash equivalents and accounts receivable as financial assets at amortized cost, and accounts payable and accrued liabilities, debt, and other long-term liabilities as financial liabilities at amortized cost. In circumstances where the company consolidates a subsidiary in which there are other owners with a non-controlling interest and the subsidiary has a non-discretionary obligation to distribute cash based on a predetermined formula to the non-controlling owners, the non-controlling interest is classified as a financial liability rather than equity in accordance with IAS 32 Financial Instruments: Presentation. The non-controlling interest liability is classified as an amortized cost liability and is presented within Other Long-Term Liabilities. The balance is accreted based on current period interest expense recorded using the effective interest method and decreased based on distributions made to the non-controlling owners. The company uses derivative financial instruments, such as physical and financial contracts, either to manage certain exposures to fluctuations in interest rates, commodity prices and foreign exchange rates, as part of its overall risk management program. Earnings impacts from derivatives used to manage a particular risk are reported as part of Other Income in the related reporting segment. Certain physical commodity contracts, when used for trading purposes, are deemed to be derivative financial instruments for accounting purposes. Physical commodity contracts entered into for the purpose of receipt or delivery in accordance with the company's expected purchase, sale or usage requirements are not considered to be derivative financial instruments and are accounted for as executory contracts. Derivatives embedded in other financial instruments or other host contracts are recorded as separate derivatives when their risks and characteristics are not closely related to those of the host contract.
Hedging Activities	(r) Hedging Activities The company may apply hedge accounting to arrangements that qualify for designated hedge accounting treatment. Documentation is prepared at the inception of a hedge relationship in order to qualify for hedge accounting. Designated hedges are assessed at each reporting date to determine if the relationship between the derivative and the underlying hedged item accomplishes the company's risk management objectives for financial and non-financial risk exposures. If the derivative is designated as a fair value hedge, changes in the fair value of the derivative and in the fair value of the underlying hedged item are recognized in net earnings. If the derivative is designated as a cash flow hedge, the effective portions of the changes in fair value of the derivative are initially recorded in Other Comprehensive Income and are recognized in net earnings when the hedged item is realized. Ineffective portions of changes in the fair value of cash flow hedges are recognized in net earnings immediately. Changes in the fair value of a derivative designated in a fair value or cash flow hedge are recognized in the same line item as the underlying hedged item. The company did not apply hedge accounting to any of its derivative instruments for the years ended December 31, 2019 or 2018.
Share Capital	(s) Share Capital Common shares are classified as equity. Incremental costs directly attributable to the issuance of common shares are recognized as a deduction from equity, net of any tax effects. When the company repurchases its own common shares, share capital is reduced by the average carrying value of the shares repurchased. The excess of the purchase price over the average carrying value is recognized as a deduction from Retained Earnings. Shares are cancelled upon repurchase.
Dividend Distributions	(t) Dividend Distributions Dividends on common shares are recognized in the period in which the dividends are declared by the company's Board of Directors.
Earnings per Share	(u) Earnings per Share Basic earnings per share is calculated by dividing the net earnings for the period by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by adjusting the weighted average number of common shares outstanding for dilutive common shares related to the company's share-based compensation plans. The number of shares included is computed using the treasury stock method. 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.
Emissions Obligations	(v) Emissions Obligations Emissions obligations are measured at the weighted average cost per unit of emissions expected to be incurred in the compliance period and are recorded in the period in which the emissions occur within Operating, Selling and General expense. Purchases of emissions rights are recognized as Other Assets on the balance sheet and are measured at historical cost. Emissions rights received by way of grant are recorded at a nominal amount.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property, Plant and Equipment Useful Life	Oil sands upgraders, extraction plants and mine facilities 20 to 40 years Oil sands mine equipment 5 to 15 years Oil sands in situ processing facilities 30 years Power generation and utility plants 30 to 40 years Refineries and other processing plants 20 to 40 years Marketing and other distribution assets 10 to 40 years

NEW IFRS STANDARDS (Tables)

NEW IFRS STANDARDS (Tables)	12 Months Ended
NEW IFRS STANDARDS (Tables)	Dec. 31, 2019
NEW IFRS STANDARDS
Schedule of changes resulting from the application of IFRS 16	($ millions) Increase (Decrease) December 31 Adjustments due to January 1 Assets Current assets Accounts receivable 3 206 ) 3 204 Property, plant and equipment, net 74 245 (1 267 ) 72 978 Right-of-use assets, net — 3 059 3 059 Liabilities and Shareholders' Equity Current liabilities Current portion of long-term debt ) Current portion of lease liabilities — Current portion of provisions ) Long-term debt 13 890 (1 222 ) 12 668 Long-term lease liabilities — 2 777 2 777 Other long-term liabilities 2 346 ) 2 345 Provisions 6 984 ) 6 964 Deferred income taxes 12 045 12 050 Equity 44 005 44 019
Schedule of operating lease commitment to lease liabilities	($ millions) January 1 Operating leases as at December 31, 2018 (1) 2 457 Exemption for short-term leases ) Discounting ) Additional lease liabilities recognized due to adoption of IFRS 16 as at January 1, 2019 1 792 (1) Represents undiscounted lease commitments.

SEGMENTED INFORMATION (Tables)

SEGMENTED INFORMATION (Tables)	12 Months Ended
SEGMENTED INFORMATION (Tables)	Dec. 31, 2019
SEGMENTED INFORMATION
Segmented Information	For the years ended December 31 (1)(2) Oil Sands Exploration Refining and Corporate and Total ($ millions) Revenues and Other Income Gross revenues 13 948 12 039 3 675 3 869 22 216 23 655 39 866 39 592 Intersegment revenues 4 399 3 704 — — (4 487 ) (3 827 ) — — Less: Royalties ) ) ) ) — — — — (1 522 ) (1 050 ) Operating revenues, net of royalties 17 430 15 345 3 070 3 217 22 304 23 778 (4 460 ) (3 798 ) 38 344 38 542 Other income (loss) ) ) 17 602 15 732 3 500 3 149 22 379 23 846 (4 492 ) (3 741 ) 38 989 38 986 Expenses Purchases of crude oil and products 1 407 1 563 — — 15 296 16 656 (4 141 ) (4 086 ) 12 562 14 133 Operating, selling and general 8 027 7 577 2 173 2 043 11 244 10 573 Transportation 1 293 1 144 ) ) 1 442 1 319 Depreciation, depletion, amortization and impairment 8 170 4 024 1 505 10 572 5 738 Exploration — — — — (Gain) loss on asset exchange and disposal of assets ) ) ) ) ) — — ) ) Financing expenses 1 769 2 142 19 328 14 564 2 084 1 774 18 456 19 530 (3 412 ) (1 865 ) 36 456 34 003 (Loss) earnings before Income Taxes (1 726 ) 1 168 1 416 1 375 3 923 4 316 (1 080 ) (1 876 ) 2 533 4 983 Income Tax (Recovery) Expense Current ) 1 090 ) ) 1 552 1 250 Deferred (1 565 ) ) ) ) ) (1 918 ) (1 299 ) 1 162 ) ) ) 1 690 Net (Loss) Earnings ) 1 005 3 000 3 154 ) (1 613 ) 2 899 3 293 Capital and Exploration Expenditures 3 522 3 546 1 070 5 558 5 406 (1) Beginning in 2019, results from the company's Energy Trading business are included within each of the respective operating business segments to which the respective trading activity relates. The Energy Trading business was previously reported within the Corporate, Energy Trading and Eliminations segment. Prior periods have been restated to reflect this change. The results from the company's Renewable Energy business continue to be included within the Corporate and Eliminations segment. (2) The company adopted IFRS 16 on January 1, 2019 using the modified retrospective transition approach and, therefore, prior periods have not been restated. Refer to note 5 for further information.
Disaggregation of revenue from contracts with customers	For the years ended December 31 (1) 2019 2018 ($ millions) North America International Total North America International Total Oil Sands SCO and diesel 13 368 — 13 368 11 659 — 11 659 Bitumen 4 979 — 4 979 4 084 — 4 084 18 347 — 18 347 15 743 — 15 743 Exploration and Production Crude oil and natural gas liquids 1 922 1 747 3 669 1 741 2 112 3 853 Natural gas — 1 922 1 753 3 675 1 744 2 125 3 869 Refining and Marketing Gasoline 9 941 — 9 941 10 819 — 10 819 Distillate 9 447 — 9 447 9 698 — 9 698 Other 2 916 — 2 916 3 261 — 3 261 22 304 — 22 304 23 778 — 23 778 Corporate and Eliminations (4 460 ) — (4 460 ) (3 798 ) — (3 798 ) Total Gross Revenue from Contracts with Customers 38 113 1 753 39 866 37 467 2 125 39 592 (1) Beginning in 2019, results from the company's Energy Trading business are included within each of the respective operating business segments to which the respective trading activity relates. The Energy Trading business was previously reported within the Corporate, Energy Trading and Eliminations segment. Prior periods have been restated to reflect this change. The results from the company's Renewable Energy business continue to be included within the Corporate and Eliminations segment.
Geographical breakdown of operating revenue and non-current assets	Operating Revenues, net of Royalties ($ millions) Canada 31 157 30 813 United States 5 737 5 999 Other foreign 1 450 1 730 38 344 38 542 Non-Current Assets (1) ($ millions) December 31 December 31 Canada 75 190 76 708 United States 1 957 1 889 Other foreign 2 173 2 154 79 320 80 751 (1) Excludes deferred income tax assets.

OTHER INCOME (Tables)

OTHER INCOME (Tables)	12 Months Ended
OTHER INCOME (Tables)	Dec. 31, 2019
OTHER INCOME
Schedule of other income	($ millions) Risk management and trading activities (1) (Losses) gains on valuation of inventory held for trading purposes ) Investment and interest income Insurance proceeds (2) Other ) (1) Includes fair value changes related to derivative contracts in the Oil Sands, Exploration and Production, and Refining and Marketing segments. (2) 2019 includes insurance proceeds for Libyan assets within the Exploration and Production segment (note 34). 2019 and 2018 include business interruption and property damage insurance proceeds for Syncrude within the Oil Sands segment.

OPERATING, SELLING AND GENERAL

OPERATING, SELLING AND GENERAL (Tables)	12 Months Ended
OPERATING, SELLING AND GENERAL (Tables)	Dec. 31, 2019
OPERATING, SELLING AND GENERAL
Schedule of operating, selling and general	($ millions) Contract services (1) 4 380 4 552 Employee costs (1) 3 641 3 263 Materials Energy 1 129 1 095 Equipment rentals and leases Travel, marketing and other 11 244 10 573 (1) The company incurred $8.5 billion of contract services and employee costs for the year ended December 31, 2019 (2018 – $8.3 billion), of which $8.0 billion (2018 – $7.8 billion) was recorded in Operating, Selling and General expense and $0.5 billion was recorded as Property, Plant and Equipment (2018 – $0.5 billion). Employee costs include salaries, benefits and share-based compensation.

FINANCING EXPENSES (Tables)

FINANCING EXPENSES (Tables)	12 Months Ended
FINANCING EXPENSES (Tables)	Dec. 31, 2019
DEBT AND CREDIT FACILITIES
Financing expenses disclosure	($ millions) Interest on debt Interest on lease liabilities (1) — Capitalized interest at 5.3% (2018 – 5.4%) ) ) Interest expense Interest on partnership liability Interest on pension and other post-retirement benefits Accretion Foreign exchange (gain) loss on U.S. dollar denominated debt ) 1 090 Operational foreign exchange and other ) ) 2 142 (1) The company adopted IFRS 16 on January 1, 2019 using the modified retrospective transition approach and, therefore, prior periods have not been restated. Refer to note 5 for further information.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Dec. 31, 2019
INCOME TAXES
Income Tax (Recovery) Expense	($ millions) Current: Current year 1 524 1 270 Adjustments to current income tax of prior years ) Deferred: Origination and reversal of temporary differences ) Adjustments in respect of deferred income tax of prior years Changes in tax rates and legislation (1 124 ) — Movement in unrecognized deferred income tax assets ) Total income tax (recovery) expense ) 1 690
Reconciliation of Effective Tax Rate	($ millions) Earnings before income tax 2 533 4 983 Canadian statutory tax rate Statutory tax 1 347 Add (deduct) the tax effect of: Non-taxable component of capital (gains) losses ) Share-based compensation and other permanent items Assessments and adjustments ) Impact of income tax rate and legislative changes (1 067 ) — Foreign tax rate differential Non-taxable component of acquisitions and dispositions — ) Movement in unrecognized deferred income tax assets ) Other ) Total income tax (recovery) expense ) 1 690 Effective tax rate )%
Deferred Income Tax Balances	Deferred Income Tax (Recovery) Deferred Income Tax Liability ($ millions) December 31 December 31 Property, plant and equipment (2 348 ) 12 814 14 666 Decommissioning and restoration provision (2 092 ) (1 854 ) Employee retirement benefit plans ) ) Tax loss carry-forwards ) ) ) Other ) ) ) Net deferred income tax (recovery) expense and liability (1 918 ) 9 967 11 917
Change in Deferred Income Tax Balances	($ millions) Net deferred income tax liability, beginning of year 11 917 11 433 Recognized in deferred income tax expense (1 918 ) Recognized in other comprehensive income ) Foreign exchange, disposition and other ) Net deferred income tax liability, end of year 9 967 11 917
Deferred Tax in Shareholders' Equity	($ millions) Deferred Tax in Other Comprehensive Income Actuarial (loss) gain on employment retirement benefit plans ) Total income tax (recovery) expense reported in equity )

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	12 Months Ended
EARNINGS PER COMMON SHARE (Tables)	Dec. 31, 2019
EARNINGS PER COMMON SHARE
Earnings Per Common Share	($ millions) Net earnings 2 899 3 293 (millions of common shares) Weighted average number of common shares 1 559 1 623 Dilutive securities: Effect of share options Weighted average number of diluted common shares 1 561 1 629 (dollars per common share) Basic earnings per share Diluted earnings per share

CASH AND CASH EQUIVALENTS (Tabl

CASH AND CASH EQUIVALENTS (Tables)	12 Months Ended
CASH AND CASH EQUIVALENTS (Tables)	Dec. 31, 2019
CASH AND CASH EQUIVALENTS
Cash and Cash Equivalents	($ millions) December 31 December 31 Cash 1 232 1 285 Cash equivalents 1 960 2 221

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	Dec. 31, 2019
SUPPLEMENTAL CASH FLOW INFORMATION
Schedule of supplemental cash flow information	($ millions) Accounts receivable (1 099 ) Inventories ) Accounts payable and accrued liabilities 1 317 ) Current portion of provisions ) ) Income taxes payable (net) Relating to: Operating activities ) Investing activities Reconciliation of movements of liabilities to cash flows arising from financing activities: ($ millions) Short-Term Current Long-Term Current Long-Term Partnership Dividends At December 31, 2018 3 231 — — 13 890 — Changes from financing cash flows: Net repayment of commercial paper ) — — — — — — Gross proceeds from issuance of long-term debt — — — — — — Debt issuance costs — — — — ) — — Repayment of long-term debt — — — ) — — — Realized foreign exchange losses — — — — — — Dividends paid on common shares — — — — — — (2 614 ) Payments of lease liabilities — ) — — — — — Distributions to non-controlling interest — — — — — ) — Non-cash changes: Dividends declared on common shares — — — — — — 2 614 Unrealized foreign exchange gains ) — — ) ) — — Reclassification of debt to lease obligations — — 1 260 ) (1 222 ) — — Reclassification of lease obligations — ) — — — — Deferred financing costs — — — — ) — — Reassessment of partnership liability — — — — — ) — New leases — — 1 978 — — — — At December 31, 2019 2 155 2 621 — 12 884 —

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
INVENTORIES (Tables)	Dec. 31, 2019
INVENTORIES
Schedule of Inventories table text block	($ millions) December 31 December 31 Crude oil (1) 1 689 1 424 Refined products 1 290 1 033 Materials, supplies and merchandise 3 761 3 159 (1) Includes $210 million of inventories held for trading purposes (2018 – $247 million) which are measured at fair value less costs of disposal based on Level 1 and Level 2 fair value inputs.

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
PROPERTY, PLANT AND EQUIPMENT (Tables)	Dec. 31, 2019
PROPERTY PLANT AND EQUIPMENT
Disclosure of changes in property, plant and equipment	($ millions) Oil and Gas Plant and Total Cost At December 31, 2017 36 209 78 639 114 848 Additions 1 221 3 958 5 179 Transfers from exploration and evaluation — Acquisitions (notes 32 to 34) 1 237 Changes in decommissioning and restoration ) Disposals and derecognition ) (4 785 ) (5 160 ) Foreign exchange adjustments At December 31, 2018 37 845 79 029 116 874 Adoption of IFRS 16 (note 5) — 1 792 1 792 Additions 1 245 4 351 5 596 Changes in decommissioning and restoration 1 846 1 895 Disposals and derecognition ) ) ) Foreign exchange adjustments ) ) ) At December 31, 2019 40 596 84 568 125 164 Accumulated provision At December 31, 2017 (17 975 ) (23 380 ) (41 355 ) Depreciation, depletion, amortization and impairment (1 739 ) (3 849 ) (5 588 ) Disposals and derecognition 4 545 4 800 Foreign exchange adjustments ) ) ) At December 31, 2018 (19 783 ) (22 846 ) (42 629 ) Depreciation, depletion, amortization and impairment (2 871 ) (7 764 ) (10 635 ) Disposals and derecognition Foreign exchange adjustments At December 31, 2019 (22 389 ) (30 135 ) (52 524 ) Net property, plant and equipment December 31, 2018 18 062 56 183 74 245 December 31, 2019 18 207 54 433 72 640 December 31, 2019 December 31, 2018 ($ millions) Cost Accumulated Net Book Cost Accumulated Net Book Oil Sands 85 246 (30 581 ) 54 665 80 295 (22 654 ) 57 641 Exploration and Production 22 876 (15 298 ) 7 578 21 867 (14 075 ) 7 792 Refining and Marketing 15 342 (5 768 ) 9 574 13 627 (5 092 ) 8 535 Corporate and Eliminations 1 700 ) 1 085 ) 125 164 (52 524 ) 72 640 116 874 (42 629 ) 74 245

RIGHT-OF-USE ASSETS AND LEASES

RIGHT-OF-USE ASSETS AND LEASES (Tables)	12 Months Ended
RIGHT-OF-USE ASSETS AND LEASES (Tables)	Dec. 31, 2019
RIGHT-OF-USE ASSETS AND LEASES
Schedule of carrying amount of right-of-use assets	($ millions) December 31 Property, plant and equipment, net – excluding ROU assets 69 745 ROU assets 2 895 72 640
Schedule of other related lease items recognized in the consolidated statement of comprehensive income	($ millions) Plant and Cost At January 1, 2019 3 326 Additions and adjustments Foreign exchange ) At December 31, 2019 3 505 Accumulated provision At January 1, 2019 ) Depreciation ) At December 31, 2019 ) Net ROU assets At January 1, 2019 (note 5) 3 059 At December 31, 2019 2 895
Scheduled lease repayments	($ millions) For the year ended Operating, selling and general Short-term lease expense Variable lease expense

EXPLORATION AND EVALUATION AS_2

EXPLORATION AND EVALUATION ASSETS (Tables)	12 Months Ended
EXPLORATION AND EVALUATION ASSETS (Tables)	Dec. 31, 2019
EXPLORATION AND EVALUATION ASSETS
Exploration and Evaluation Assets rollforward	($ millions) December 31 December 31 Beginning of year 2 319 2 052 Acquisitions and additions (Note 32) Transfers to oil and gas assets — ) Dry hole expenses ) ) Disposals ) ) Amortization — ) Foreign exchange adjustments ) End of year 2 428 2 319

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
OTHER ASSETS (Tables)	Dec. 31, 2019
OTHER ASSETS
Other Assets	($ millions) December 31 December 31 Investments Prepaids and other 1 194 1 126

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	Dec. 31, 2019
GOODWILL AND OTHER INTANGIBLE ASSETS
Segment breakdown of Goodwill and Other Intangible Assets	Oil Sands Refining and Marketing ($ millions) Goodwill Goodwill Brand Customer Total At December 31, 2017 2 752 3 061 Additions — — — Amortization — — — ) ) At December 31, 2018 2 752 3 061 Amortization — — — ) ) At December 31, 2019 2 752 3 058

DEBT AND CREDIT FACILITIES (Tab

DEBT AND CREDIT FACILITIES (Tables)	12 Months Ended
DEBT AND CREDIT FACILITIES (Tables)	Dec. 31, 2019
DEBT AND CREDIT FACILITIES
Debt and credit facilities are comprised of:	Short-Term Debt ($ millions) December 31 December 31 Commercial paper (1) 2 155 3 231 (1) The commercial paper is supported by a revolving credit facility with a syndicate of lenders. The company is authorized to issue commercial paper to a maximum of $5.0 billion having a term not to exceed 365 days. The weighted average interest rate as at December 31, 2019 was 2.05% (December 31, 2018 – 2.88%). Long-Term Debt ($ millions) December 31 December 31 Fixed-term debt (2)(3) 7.75% Notes, due 2019 (US$140) (4) — 3.10% Series 5 Medium Term Notes, due 2021 9.25% Debentures, due 2021 (US$300) 9.40% Notes, due 2021 (US$220) (4)(5) 4.50% Notes, due 2022 (US$182) (4) 3.60% Notes, due 2024 (US$750) 1 020 3.00% Series 5 Medium Term Notes, due 2026 7.875% Debentures, due 2026 (US$275) 8.20% Notes, due 2027 (US$59) (4) 7.00% Debentures, due 2028 (US$250) 3.10% Series 6 Medium Term Notes, due 2029 — 7.15% Notes, due 2032 (US$500) 5.35% Notes, due 2033 (US$300) 5.95% Notes, due 2034 (US$500) 5.95% Notes, due 2035 (US$600) 5.39% Series 4 Medium Term Notes, due 2037 6.50% Notes, due 2038 (US$1 150) 1 487 1 565 6.80% Notes, due 2038 (US$900) 1 186 1 249 6.85% Notes, due 2039 (US$750) 1 021 6.00% Notes, due 2042 (US$152) (4) 4.34% Series 5 Medium Term Notes, due 2046 4.00% Notes, due 2047 (US$750) 1 018 Total unsecured long-term debt 12 927 12 900 Finance leases (6)(7) — 1 260 Lease liabilities (8) (note 5) 2 931 — Deferred financing costs ) ) 15 815 14 119 Current portion of long-term debt and lease liabilities Finance leases (6) — ) Lease liabilities (note 5) ) — Long-term debt — ) ) ) Total long-term lease liabilities 2 621 — Total long-term debt 12 884 13 890 (2) The value of debt includes the unamortized balance of premiums or discounts. (3) Certain securities are redeemable at the option of the company. (4) Debt acquired through the acquisition of Canadian Oil Sands Limited (COS). (5) Subsequent to the acquisition of COS, Moody's Investors Service downgraded COS long-term senior debt rating from Baa3 (negative outlook) to Ba3 (stable outlook). This triggered a change in the coupon rate of the note from 7.9% to 9.4%. (6) The company adopted IFRS 16 on January 1, 2019 using the modified retrospective transition approach and, therefore, prior periods have not been restated. Refer to note 5 for further information. (7) Interest rates range from 2.9% to 16.5% and maturity dates range from 2027 to 2062. (8) Interest rates range from 2.0% to 14.2% and maturity dates range from 2020 to 2062.
Scheduled principal repayments for leases liabilities, short term debt and long term debt	($ millions) Repayment 2020 2 457 2021 1 699 2022 2023 2024 1 139 Thereafter 12 132 18 053
Summary of available and unutilized credit facilities	($ millions) Fully revolving and expires in 2023 3 500 Fully revolving and expires in 2022 3 241 Fully revolving and expires in 2021 1 455 Can be terminated at any time at the option of the lenders Total credit facilities 8 328 Credit facilities supporting outstanding commercial paper (2 155 ) Credit facilities supporting standby letters of credit (1) (1 284 ) Total unutilized credit facilities (2) 4 889 (1) To reduce costs, the company supported certain credit facilities with $206 million cash collateral as at December 31, 2019 (December 31, 2018 – $108 million). (2) Available credit facilities for liquidity purposes at December 31, 2019 increased to $4.701 billion, compared to $3.608 billion at December 31, 2018.

OTHER LONG TERM LIABILITIES (Ta

OTHER LONG TERM LIABILITIES (Tables)	12 Months Ended
OTHER LONG TERM LIABILITIES (Tables)	Dec. 31, 2019
OTHER LONG TERM LIABILITIES
Schedule of other long-term liabilities	($ millions) December 31 December 31 Pensions and other post-retirement benefits (note 22) 1 577 1 420 Share-based compensation plans (note 25) Partnership liability (1) Deferred revenue Libya Exploration and Production Sharing Agreement (EPSA) signature bonus (2) Other 2 499 2 346 (1) The company paid $62 million in 2019 (2018 – $62 million) in distributions to the partners, of which $55 million (2018 – $56 million) was allocated to interest expense and $7 million (2018 – $6 million) to the principal. (2) As part of the 2009 acquisition of Petro-Canada, the company assumed the remaining US$500 million obligation for a signature bonus relating to Petro-Canada's ratification of six EPSAs in Libya. At December 31, 2019, the carrying amount of the Libya EPSAs' signature bonus was $81 million (December 31, 2018 – $85 million). The current portion is $2 million (December 31, 2018 – $2 million) and is recorded in Accounts Payable and Accrued Liabilities.

PENSIONS AND OTHER POST RETIR_2

PENSIONS AND OTHER POST RETIREMENT BENEFITS (Tables)	12 Months Ended
PENSIONS AND OTHER POST RETIREMENT BENEFITS (Tables)	Dec. 31, 2019
PENSIONS AND OTHER POST RETIREMENT BENEFITS
Schedule of defined benefit obligations and funded status	Pension Benefits Other ($ millions) Change in benefit obligation Benefit obligation at beginning of year 6 730 6 717 Obligations acquired through acquisition (note 32) — — Current service costs Plan participants' contributions — — Benefits paid ) ) ) ) Interest costs Foreign exchange ) ) Settlements — — Actuarial remeasurement: Experience gain arising on plan liabilities ) ) ) ) Actuarial gain arising from changes in demographic assumptions — ) — — Actuarial loss (gain) arising from changes in financial assumptions ) ) Benefit obligation at end of year 7 708 6 730 Change in plan assets Fair value of plan assets at beginning of year 5 795 5 799 — — Assets acquired through acquisition (note 32) — — — Employer contributions — — Plan participants' contributions — — Benefits paid ) ) — — Foreign exchange ) — — Settlements — — Administrative costs ) ) — — Income on plan assets — — Actuarial remeasurement: Return on plan assets greater than (less than) discount rate ) — — Fair value of plan assets at end of year 6 693 5 795 — — Net unfunded obligation 1 015
Schedule of defined benefit plan expenses	Pension Benefits Other ($ millions) Analysis of amount charged to earnings: Current service costs Interest costs Defined benefit plans expense Defined contribution plans expense — — Total benefit plans expense charged to earnings Components of defined benefit costs recognized in Other Comprehensive Income: Pension Benefits Other ($ millions) Return on plan assets (excluding amounts included in net interest expense) ) — — Experience gain arising on plan liabilities ) ) ) ) Actuarial loss (gain) arising from changes in financial assumptions ) ) Actuarial gain arising from changes in demographic assumptions — ) — — Actuarial loss (gain) recognized in other comprehensive income ) )
Schedule of weighted average actuarial assumptions	Pension Benefits Other (%) December 31 December 31 December 31 December 31 Discount rate Rate of compensation increase
Schedule of changes in assumed assumptions	Pension Benefits ($ millions) Increase Decrease 1% change in discount rate Effect on the aggregate service and interest costs ) Effect on the benefit obligations ) 1 271 Other ($ millions) Increase Decrease 1% change in discount rate Effect on the benefit obligations ) 1% change in health care cost Effect on the aggregate service and interest costs ) Effect on the benefit obligations )
Schedule of weighted average pension plan asset allocations based on market value	(%) Equities, comprised of: – Canada – United States – Foreign Fixed income, comprised of: – Canada Real estate, comprised of: – Canada Total

PROVISIONS (Tables)

PROVISIONS (Tables)	12 Months Ended
PROVISIONS (Tables)	Dec. 31, 2019
PROVISIONS
Schedule of provisions	($ millions) Decommissioning (1) Royalties Other (2) Total At December 31, 2017 7 465 7 959 Liabilities incurred Change in discount rate ) — — ) Changes in estimates ) ) Liabilities settled ) ) ) ) Accretion — — Asset acquisitions — — Foreign exchange — — At December 31, 2018 7 239 7 651 Less: current portion ) ) ) ) 6 701 — 6 984 At December 31, 2018 7 239 7 651 Adoption of IFRS 16 impact (note 5) — — ) ) At January 1, 2019, adjusted 7 239 7 630 Liabilities incurred ) Change in discount rate 1 344 — — 1 344 Changes in estimates ) Liabilities settled ) — ) ) Accretion — — Asset disposals ) — — ) Foreign exchange ) — — ) At December 31, 2019 8 898 9 307 Less: current portion ) ) ) ) 8 423 — 8 676 (1) Represents decommissioning and restoration provisions associated with the retirement of Property, Plant and Equipment and Exploration and Evaluation assets. The total undiscounted amount of estimated future cash flows required to settle the obligations at December 31, 2019 was approximately $12.9 billion (December 31, 2018 – $13.0 billion). A weighted average credit-adjusted risk-free interest rate of 3.30% was used to discount the provision recognized at December 31, 2019 (December 31, 2018 – 4.20%). The credit-adjusted risk-free interest rate used reflects the expected time frame of the provisions. Payments to settle the decommissioning and restoration provisions occur on an ongoing basis and will continue over the lives of the operating assets, which can exceed 50 years. (2) Includes legal and environmental provisions.
Schedule of impact of changes in discount rate on decommissioning and restoration liabilities.	As at December 31 1% Increase (1 629 ) (1 099 ) 1% Decrease 2 365 1 521

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
SHARE CAPITAL (Tables)	Dec. 31, 2019
SHARE CAPITAL.
Schedule of share repurchase activities	($ millions except as noted) Share repurchase activities (thousands of common shares) Shares repurchased 55 298 64 426 Amounts charged to Share capital 1 040 Retained earnings 1 369 2 013 Share repurchase cost 2 274 3 053 Average repurchase cost per share (dollars)
Schedule of liability for share repurchases	($ millions) December 31 December 31 Amounts charged to Share capital Retained earnings Liability for share purchase commitment

SHARE BASED COMPENSATION (Table

SHARE BASED COMPENSATION (Tables)	12 Months Ended
SHARE BASED COMPENSATION (Tables)	Dec. 31, 2019
SHARE BASED COMPENSATION
Schedule of share-based compensation expense	($ millions) Equity-settled plans Cash-settled plans Total share-based compensation expense
Summary of liability recognized for share-based compensation	($ millions) Current liability Long-term liability (note 21) Total Liability
Schedule of weighted average fair value of options granted during the period and the weighted average assumptions used in their determination	Annual dividend per share (dollars) Risk-free interest rate Expected life 5 years 5 years Expected volatility Weighted average fair value per option (dollars)
Summary of stock option plans	2019 2018 Number Weighted Number Weighted Outstanding, beginning of year 28 935 31 110 Granted 7 756 7 231 Exercised as options for common shares (2 688 ) (7 927 ) Forfeited/expired ) (1 479 ) Outstanding, end of year 33 882 28 935 Exercisable, end of year 21 535 15 374
Schedule of exercise price ranges and weighted average remaining contractual lives	Outstanding Exercisable Exercise Prices ($) Number Weighted Weighted Number Weighted 30.21-34.99 5 614 5 614 35.00-39.99 6 851 6 782 40.00-44.99 21 235 9 078 45.00-49.99 50.00-54.27 Total 33 882 21 535
Summary of common shares available for granting future options	(thousands) 14 295 21 929
Summary of share units and stock appreciation rights	(thousands) PSU RSU DSU Outstanding, December 31, 2017 2 267 16 072 1 302 Granted 1 553 4 796 Redeemed for cash (1 623 ) (5 962 ) ) Forfeited/expired — ) — Outstanding, December 31, 2018 2 197 14 592 1 305 Granted 1 212 4 861 Redeemed for cash (1 210 ) (5 577 ) ) Forfeited/expired ) ) ) Outstanding, December 31, 2019 2 193 13 602 1 287
Stock Appreciation Rights (SARs)
SHARE BASED COMPENSATION
Summary of share units and stock appreciation rights	2019 2018 Number Weighted Number Weighted Outstanding, beginning of year Granted Exercised ) ) Forfeited/expired ) ) Outstanding, end of year Exercisable, end of year

FINANCIAL INSTRUMENTS AND RIS_2

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Tables)	12 Months Ended
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Tables)	Dec. 31, 2019
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
Summary of changes in the fair value of non designated derivatives	($ millions) Fair value outstanding, beginning of year ) Cash Settlements – received during the year ) ) Changes in fair value recognized in earnings during the year (note 7) Fair value outstanding, end of year )
Summary of derivative financial instrument assets and liabilities and assets available for sale measured at fair value	($ millions) Level 1 Level 2 Level 3 Total Fair Accounts receivable — Accounts payable ) ) — ) Balance at December 31, 2018 — Accounts receivable — Accounts payable ) ) — ) Balance at December 31, 2019 ) ) — )
Summary of offsetting financial assets	($ millions) Gross Gross Net Fair value of derivative assets 1 599 (1 384 ) Accounts receivable 1 837 ) Balance at December 31, 2018 3 436 (2 266 ) 1 170 Fair value of derivative assets 1 737 (1 643 ) Accounts receivable 2 860 (1 289 ) 1 571 Balance at December 31, 2019 4 597 (2 932 ) 1 665
Summary of offsetting financial liabilities	($ millions) Gross Gross Net Fair value of derivative liabilities (1 539 ) 1 384 ) Accounts payable (1 798 ) ) Balance at December 31, 2018 (3 337 ) 2 266 (1 071 ) Fair value of derivative liabilities (1 776 ) 1 643 ) Accounts payable (2 532 ) 1 289 (1 243 ) Balance at December 31, 2019 (4 308 ) 2 932 (1 376 )
Timing of cash outflows related to trade and other payables and debt	December 31, 2018 ($ millions) Trade and (1) Gross (2) Debt (3) Within one year 5 492 1 539 4 314 1 to 3 years — 3 362 3 to 5 years — 1 827 Over 5 years — — 20 611 5 576 1 539 30 114 December 31, 2019 ($ millions) Trade and (1) Gross (2) Debt (3) Lease (4) Within one year 6 422 1 568 2 877 1 to 3 years 2 991 3 to 5 years — 2 220 Over 5 years — — 17 183 2 960 6 501 1 776 25 271 4 842 (1) Trade and other payables exclude net derivative liabilities of $133 million (2018 – $155 million). (2) Gross derivative liabilities of $1 776 million (2018 – $1 539 million) are offset by gross derivative assets of $1 643 million (2018 – $1 384 million), resulting in a net amount of $133 million (2018 – $155 million). (3) 2018 debt includes short-term debt, long-term debt, finance leases and interest payments on fixed-term debt and commercial paper. 2019 debt excludes lease liabilities. (4) The company adopted IFRS 16 on January 1, 2019 using the modified retrospective transition approach and, therefore, prior periods have not been restated. Refer to note 5 for further information.

CAPITAL STRUCTURE FINANCIAL P_2

CAPITAL STRUCTURE FINANCIAL POLICIES - (Tables)	12 Months Ended
CAPITAL STRUCTURE FINANCIAL POLICIES - (Tables)	Dec. 31, 2019
CAPITAL STRUCTURE FINANCIAL POLICIES
Schedule of components of ratios	($ millions) Capital December 31, December 31, Components of ratios Short-term debt 2 155 3 231 Current portion of long-term debt — Current portion of long-term lease liabilities — Long-term debt 12 884 13 890 Long-term lease liabilities 2 621 — Total debt 17 970 17 350 Less: Cash and cash equivalents 1 960 2 221 Net debt 16 010 15 129 Shareholders' equity 42 042 44 005 Total capitalization (total debt plus shareholders' equity) 60 012 61 355 Funds from operations (1) 10 818 10 172 Net debt to funds from operations <3.0 times Total debt to total debt plus shareholders' equity 20% – 35% (1) Funds from operations is calculated as cash flow from operating activities before changes in non-cash working capital, and is a non-GAAP financial measure.

JOINT ARRANGEMENTS (Tables)

JOINT ARRANGEMENTS (Tables)	12 Months Ended
JOINT ARRANGEMENTS (Tables)	Dec. 31, 2019
JOINT ARRANGEMENTS
Schedule of joint operations	Material Joint Operations Principal Activity Country of Ownership % Ownership % Oil Sands Operated by Suncor: Fort Hills Energy Limited Partnership Oil sands development Canada Meadow Creek Oil sands development Canada Non-operated: Syncrude Oil sands development Canada Exploration and Production Operated by Suncor: Terra Nova Oil and gas production Canada Non-operated: Buzzard Oil and gas production United Kingdom Fenja Development JV Oil and gas production Norway Golden Eagle Area Development Oil and gas production United Kingdom Hibernia and the Hibernia South Extension Unit Oil and gas production Canada 19.19-20.00 19.19-20.00 Hebron Oil and gas production Canada Harouge Oil Operations Oil and gas production Libya North Sea Rosebank Project Oil and gas production United Kingdom Oda Oil and gas production Norway White Rose and the White Rose Extensions Oil and gas production Canada 26.13-27.50 26.13-27.50
Schedule of joint ventures and associates	Joint ventures Associates ($ millions) Net (loss) earnings ) — ) Other comprehensive income — — — — Total comprehensive (loss) income ) — ) Carrying amount as at December 31

SUBSIDIARIES - (Tables)

SUBSIDIARIES - (Tables)	12 Months Ended
SUBSIDIARIES - (Tables)	Dec. 31, 2019
SUBSIDIARIES
Schedule of material subsidiaries	Material Subsidiaries Principal Activity Canadian Operations Suncor Energy Oil Sands Limited Partnership This partnership holds most of the company's Oil Sands operations assets. Suncor Energy Ventures Corporation A subsidiary which indirectly owns a 36.74% ownership in the Syncrude joint operation. Suncor Energy Ventures Partnership A subsidiary which owns a 22% ownership in the Syncrude joint operation. Suncor Energy Products Partnership This partnership holds substantially all of the company's Canadian refining and marketing assets. Suncor Energy Marketing Inc. Through this subsidiary, production from the upstream Canadian businesses is marketed. This subsidiary also administers Suncor's energy trading activities and power business, markets certain third-party products, procures crude oil feedstock and natural gas for its downstream business, and procures and markets natural gas liquids (NGLs) and liquefied petroleum gas (LPG) for its downstream business. U.S. Operations Suncor Energy (U.S.A.) Marketing Inc. A subsidiary that procures, markets and trades crude oil, in addition to procuring crude oil feedstock for the company's refining operations. Suncor Energy (U.S.A.) Inc. A subsidiary through which the company's U.S. refining and marketing operations are conducted. International Operations Suncor Energy UK Limited A subsidiary through which the majority of the company's North Sea operations are conducted.

RELATED PARTY DISCLOSURES (Tabl

RELATED PARTY DISCLOSURES (Tables)	12 Months Ended
RELATED PARTY DISCLOSURES (Tables)	Dec. 31, 2019
RELATED PARTY DISCLOSURES
Summary of significant related party transactions	($ millions) Sales (1) Purchases Accounts receivable Accounts payable and accrued liabilities (1) Includes sales to Parachem Chemicals Inc. of $269 million (2018 – $338 million).
Schedule of compensation of Key Management Personnel	($ millions) Salaries and other short-term benefits Pension and other post-retirement benefits Share-based compensation

COMMITMENTS, CONTINGENCIES AN_2

COMMITMENTS, CONTINGENCIES AND GUARANTEES (Tables)	12 Months Ended
COMMITMENTS, CONTINGENCIES AND GUARANTEES (Tables)	Dec. 31, 2019
COMMITMENTS, CONTINGENCIES AND GUARANTEES
Schedule of commitments	Payment Due by Period ($ millions) Thereafter Total Commitments Product transportation and storage 1 083 1 034 1 076 1 068 9 470 14 723 Energy services Exploration work commitments — — — Other 1 549 1 779 1 416 1 305 1 315 1 229 10 549 17 593

ACQUISITION OF ADDITIONAL OWN_2

ACQUISITION OF ADDITIONAL OWNERSHIP INTEREST IN THE SYNCRUDE PROJECT (Tables)	12 Months Ended
	Dec. 31, 2019
Syncrude
Disclosure of detailed information about business combination [line items]
Schedule of purchase price allocation	($ millions) Accounts receivable Inventory Property, plant and equipment Exploration and evaluation Total assets acquired 1 178 Accounts payable and accrued liabilities ) Employee future benefits ) Decommissioning provision ) Deferred income taxes ) Total liabilities assumed ) Net assets acquired

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Dec. 31, 2019
Oil sands upgraders, extraction plants and mine facilities \| Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Property, Plant and Equipment, Useful Life	20 years
Oil sands upgraders, extraction plants and mine facilities \| Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Property, Plant and Equipment, Useful Life	40 years
Oil sands mine equipment \| Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Property, Plant and Equipment, Useful Life	5 years
Oil sands mine equipment \| Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Property, Plant and Equipment, Useful Life	15 years
Oil sands in situ processing facilities
Disclosure of detailed information about property, plant and equipment [line items]
Property, Plant and Equipment, Useful Life	30 years
Power generation and utility plants \| Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Property, Plant and Equipment, Useful Life	30 years
Power generation and utility plants \| Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Property, Plant and Equipment, Useful Life	40 years
Refineries and other processing plants \| Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Property, Plant and Equipment, Useful Life	20 years
Refineries and other processing plants \| Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Property, Plant and Equipment, Useful Life	40 years
Marketing and other distribution assets \| Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Property, Plant and Equipment, Useful Life	10 years
Marketing and other distribution assets \| Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Property, Plant and Equipment, Useful Life	40 years
Inspection, overhaul and turnaround activities \| Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Property, Plant and Equipment, Useful Life	2 years
Inspection, overhaul and turnaround activities \| Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Property, Plant and Equipment, Useful Life	5 years

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill and Other Intangible Assets (Details) - Customer Lists	12 Months Ended
	Dec. 31, 2019
Minimum
Goodwill and Other Intangible Assets
Estimated useful lives of other intangible assets and goodwill	5 years
Maximum
Goodwill and Other Intangible Assets
Estimated useful lives of other intangible assets and goodwill	10 years

NEW IFRS STANDARDS - Summary of

NEW IFRS STANDARDS - Summary of the impact of adopting IFRS 16 (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets
Accounts receivable	$ 4,052	$ 3,204	$ 3,206
Property, plant and equipment, net	72,640	72,978	74,245
Right-of-use assets, net		3,059
Liabilities and Shareholders' Equity
Current portion of long-term debt	310	191	229
Current portion of lease liabilities	310	276
Current portion of provisions	631	666	667
Long-term debt	12,884	12,668	13,890
Long-term lease liabilities	2,621	2,777
Other long-term liabilities	2,499	2,345	2,346
Provisions	8,676	6,964	6,984
Deferred income taxes	10,176	12,050	12,045
Equity	$ 42,042	44,019	$ 44,005	$ 45,383
Weighted-average rate applied in discounting lease payments to lease liabilities			3.85%
IFRS 16 \| Adjustment due to adoption of IFRS standard
Assets
Accounts receivable		(2)
Property, plant and equipment, net		(1,267)
Right-of-use assets, net		3,059
Liabilities and Shareholders' Equity
Current portion of long-term debt		(38)
Current portion of lease liabilities		276
Current portion of provisions		(1)
Long-term debt		(1,222)
Long-term lease liabilities		2,777
Other long-term liabilities		(1)
Provisions		(20)
Deferred income taxes		5
Equity		$ 14

NEW IFRS STANDARDS - Reconcilia

NEW IFRS STANDARDS - Reconciliation (Details) $ in Millions, $ in Millions	Dec. 31, 2019CAD ($)	Dec. 31, 2018USD ($)
NEW IFRS STANDARDS
Operating leases		$ 2,457
Exemption for short-term leases		(42)
Discounting		(623)
Additional lease liabilities recognized due to adoption of IFRS as at January 1, 2019	$ 2,931	$ 1,792

SEGMENTED INFORMATION (Details)

SEGMENTED INFORMATION (Details) - CAD ($) $ in Millions	Jun. 28, 2019	Dec. 31, 2019	Dec. 31, 2018
Revenues and Other Income
Less : Royalties		$ (1,522)	$ (1,050)
Operating revenues, net of royalties		38,344	38,542
Other income (loss)		645	444
Total revenue		38,989	38,986
Expenses
Purchases of crude oil and products		12,562	14,133
Operating, selling and general		11,244	10,573
Transportation		1,442	1,319
Depreciation, depletion, amortization and impairment		10,572	5,738
Exploration		256	122
(Gain) loss on asset exchange and disposal of assets		(253)	(24)
Financing expenses		633	2,142
Total expenses		36,456	34,003
(Loss) earnings before Income Taxes		2,533	4,983
Income Tax Expense (Recovery)
Current		1,552	1,250
Deferred		(1,918)	440
Total income tax (recovery) expense		(366)	1,690
Net (Loss) Earnings		2,899	3,293
Capital and exploration expenditures		5,558	5,406
Operating segments
Revenues and Other Income
Gross revenues		39,866	39,592
Elimination of intersegment amounts
Revenues and Other Income
Gross revenues		(4,487)	(3,827)
Corporate Energy Trading And Eliminations
Revenues and Other Income
Gross revenues		27	29
Operating revenues, net of royalties		(4,460)	(3,798)
Other income (loss)		(32)	57
Total revenue		(4,492)	(3,741)
Expenses
Purchases of crude oil and products		(4,141)	(4,086)
Operating, selling and general		519	446
Transportation		(51)	(57)
Depreciation, depletion, amortization and impairment		74	63
Financing expenses		187	1,769
Total expenses		(3,412)	(1,865)
(Loss) earnings before Income Taxes		(1,080)	(1,876)
Income Tax Expense (Recovery)
Current		(312)	(392)
Deferred		(89)	129
Total income tax (recovery) expense		(401)	(263)
Net (Loss) Earnings		(679)	(1,613)
Capital and exploration expenditures		148	58
Oil Sands
Revenues and Other Income
Less : Royalties		(917)	(398)
Operating revenues, net of royalties		17,430	15,345
Other income (loss)		172	387
Total revenue		17,602	15,732
Expenses
Purchases of crude oil and products		1,407	1,563
Operating, selling and general		8,027	7,577
Transportation		1,293	1,144
Depreciation, depletion, amortization and impairment		8,170	4,024
Exploration		127	44
(Gain) loss on asset exchange and disposal of assets		(14)	(108)
Financing expenses		318	320
Total expenses		19,328	14,564
(Loss) earnings before Income Taxes		(1,726)	1,168
Income Tax Expense (Recovery)
Current		266	(128)
Deferred		(1,565)	351
Total income tax (recovery) expense		(1,299)	223
Net (Loss) Earnings		(427)	945
Capital and exploration expenditures		3,522	3,546
Oil Sands \| Operating segments
Revenues and Other Income
Gross revenues		13,948	12,039
Oil Sands \| Elimination of intersegment amounts
Revenues and Other Income
Gross revenues		4,399	3,704
Exploration and Production
Revenues and Other Income
Less : Royalties		(605)	(652)
Operating revenues, net of royalties		3,070	3,217
Other income (loss)		430	(68)
Total revenue		3,500	3,149
Expenses
Operating, selling and general		525	507
Transportation		80	85
Depreciation, depletion, amortization and impairment		1,505	967
Exploration		129	78
(Gain) loss on asset exchange and disposal of assets		(228)	91
Financing expenses		73	46
Total expenses		2,084	1,774
(Loss) earnings before Income Taxes		1,416	1,375
Income Tax Expense (Recovery)
Current		626	680
Deferred		(215)	(112)
Total income tax (recovery) expense		411	568
Net (Loss) Earnings		1,005	807
Capital and exploration expenditures		1,070	946
Exploration and Production \| Operating segments
Revenues and Other Income
Gross revenues		3,675	3,869
Refining and Marketing
Revenues and Other Income
Operating revenues, net of royalties		22,304	23,778
Other income (loss)		75	68
Total revenue		22,379	23,846
Expenses
Purchases of crude oil and products		15,296	16,656
Operating, selling and general		2,173	2,043
Transportation		120	147
Depreciation, depletion, amortization and impairment		823	684
(Gain) loss on asset exchange and disposal of assets		(11)	(7)
Financing expenses		55	7
Total expenses		18,456	19,530
(Loss) earnings before Income Taxes		3,923	4,316
Income Tax Expense (Recovery)
Current		972	1,090
Deferred		(49)	72
Total income tax (recovery) expense		923	1,162
Net (Loss) Earnings		3,000	3,154
Capital and exploration expenditures		818	856
Refining and Marketing \| Operating segments
Revenues and Other Income
Gross revenues		22,216	23,655
Refining and Marketing \| Elimination of intersegment amounts
Revenues and Other Income
Gross revenues		$ 88	$ 123
Canbriam Energy, Inc. \| Exploration and Production
Expenses
(Gain) loss on asset exchange and disposal of assets	$ (151)

SEGMENTED INFORMATION - Disaggr

SEGMENTED INFORMATION - Disaggregation of Revenue (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers	$ 39,866	$ 39,592
North America
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers	38,113	37,467
International
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers	1,753	2,125
Elimination of intersegment amounts
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers	(4,460)	(3,798)
Elimination of intersegment amounts \| North America
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers	(4,460)	(3,798)
Oil Sands \| Operating segments
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers	18,347	15,743
Oil Sands \| Operating segments \| SCO And Diesel
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers	13,368	11,659
Oil Sands \| Operating segments \| Bitumen
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers	4,979	4,084
Oil Sands \| Operating segments \| North America
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers	18,347	15,743
Oil Sands \| Operating segments \| North America \| SCO And Diesel
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers	13,368	11,659
Oil Sands \| Operating segments \| North America \| Bitumen
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers	4,979	4,084
Exploration and Production \| Operating segments
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers	3,675	3,869
Exploration and Production \| Operating segments \| Crude Oil And Natural Gas Liquids
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers	3,669	3,853
Exploration and Production \| Operating segments \| Natural Gas
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers	6	16
Exploration and Production \| Operating segments \| North America
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers	1,922	1,744
Exploration and Production \| Operating segments \| North America \| Crude Oil And Natural Gas Liquids
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers	1,922	1,741
Exploration and Production \| Operating segments \| North America \| Natural Gas
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers		3
Exploration and Production \| Operating segments \| International
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers	1,753	2,125
Exploration and Production \| Operating segments \| International \| Crude Oil And Natural Gas Liquids
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers	1,747	2,112
Exploration and Production \| Operating segments \| International \| Natural Gas
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers	6	13
Refining and Marketing \| Operating segments
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers	22,304	23,778
Refining and Marketing \| Operating segments \| Gasoline
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers	9,941	10,819
Refining and Marketing \| Operating segments \| Distillate
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers	9,447	9,698
Refining and Marketing \| Operating segments \| Other Product and Services
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers	2,916	3,261
Refining and Marketing \| Operating segments \| North America
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers	22,304	23,778
Refining and Marketing \| Operating segments \| North America \| Gasoline
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers	9,941	10,819
Refining and Marketing \| Operating segments \| North America \| Distillate
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers	9,447	9,698
Refining and Marketing \| Operating segments \| North America \| Other Product and Services
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total gross revenues from contracts with customers	$ 2,916	$ 3,261

SEGMENTED INFORMATION - Geograp

SEGMENTED INFORMATION - Geographical information (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of operating segments [line items]
Operating revenues, net of royalties	$ 38,344	$ 38,542
Non-current assets excluding deferred income tax assets	79,320	80,751
Canada
Disclosure of operating segments [line items]
Operating revenues, net of royalties	31,157	30,813
Non-current assets excluding deferred income tax assets	75,190	76,708
United States
Disclosure of operating segments [line items]
Operating revenues, net of royalties	5,737	5,999
Non-current assets excluding deferred income tax assets	1,957	1,889
Other foreign
Disclosure of operating segments [line items]
Operating revenues, net of royalties	1,450	1,730
Non-current assets excluding deferred income tax assets	$ 2,173	$ 2,154

OTHER INCOME (Details)

OTHER INCOME (Details) - CAD ($) $ in Millions	12 Months Ended
OTHER INCOME (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
OTHER INCOME
Risk management and trading activities	$ 155	$ 255
(Losses) gains on valuation of inventory held for trading purposes	(7)	13
Investment and interest income	89	34
Insurance proceeds	431	120
Other	(23)	22
Total other income	$ 645	$ 444

OPERATING, SELLING AND GENERA_2

OPERATING, SELLING AND GENERAL (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
OPERATING, SELLING AND GENERAL
Contract services	$ 4,380	$ 4,552
Employee costs	3,641	3,263
Materials	869	765
Energy	1,129	1,095
Equipment rentals and leases	345	360
Travel, marketing and other	880	538
Operating, selling and general	11,244	10,573
Contract services and employee cots	8,500	8,300
Contract services and employee costs in operating, selling and general	8,000	7,800
Contract services and employee costs in property, plant and equipment	$ 500	$ 500

FINANCING EXPENSES (Details)

FINANCING EXPENSES (Details) - CAD ($) $ in Millions	12 Months Ended
FINANCING EXPENSES (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Finance expenses breakdown
Interest on debt	$ 825	$ 897
Interest on lease liabilities	172
Capitalized interest at 5.43% ( 2018- 5.4%)	(122)	(156)
Interest expense	875	741
Interest on partnership liability	55	56
Interest on pension and other post-retirement benefits	59	56
Accretion	270	266
Foreign exchange (gain) loss on U.S. dollar denominated debt	(624)	1,090
Operational foreign exchange and other	(2)	(67)
Total Financing expenses	$ 633	$ 2,142
Debt instrument interest percentage	5.30%	5.40%

INCOME TAXES (Details)

INCOME TAXES (Details) - CAD ($) $ in Millions	12 Months Ended
INCOME TAXES (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Current:
Current year	$ 1,524	$ 1,270
Adjustments to current income tax of prior years	28	(20)
Deferred:
Origination and reversal of temporary differences	(819)	345
Adjustments in respect of deferred income tax of prior years	83	13
Changes in tax rates and legislation	(1,124)
Movement in unrecognized deferred income tax assets	(58)	82
Total income tax (recovery) expense	$ (366)	$ 1,690

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Effective Tax Rate (Details) - CAD ($) $ in Millions	May 28, 2019	May 27, 2019	Dec. 31, 2019	Dec. 31, 2018
INCOME TAXES
Earnings before income tax			$ 2,533	$ 4,983
Canadian statutory tax rate		12.00%	26.74%	27.04%
Statutory tax			$ 677	$ 1,347
Add (deduct) the tax effect of:
Non-taxable component of capital (gains) losses			(146)	146
Share-based compensation and other permanent items			25	31
Assessments and adjustments			112	(7)
Impact of income tax rate and legislative changes	$ (1,116)		(1,067)
Foreign tax rate differential			83	111
Non-taxable component of acquisitions and dispositions				(14)
Movement in unrecognized deferred income tax assets			(58)	82
Other			8	(6)
Total income tax (recovery) expense			$ (366)	$ 1,690
Effective tax rate			(14.40%)	33.90%

INCOME TAXES - Deferred Income

INCOME TAXES - Deferred Income Tax Balances (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred Income Tax (Recovery) Expense	$ (1,918)	$ 440
Net deferred income tax (recovery) expense and liability	9,967	11,917	$ 11,433
Property, plant and equipment
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred Income Tax (Recovery) Expense	(2,348)	484
Deferred income tax liability	12,814	14,666
Decommissioning and Restoration
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred Income Tax (Recovery) Expense	259	46
Deferred income tax assets	(2,092)	(1,854)
Employee retirement benefit plans
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred Income Tax (Recovery) Expense	32	15
Deferred income tax assets	(576)	(585)
Tax loss carryforwards
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred Income Tax (Recovery) Expense	16	(63)
Deferred income tax assets	(156)	(172)
Other deferred income tax (assets) liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred Income Tax (Recovery) Expense	123	(42)
Deferred income tax assets	$ (23)	$ (138)

INCOME TAXES - Change in Deferr

INCOME TAXES - Change in Deferred Income Tax Balances (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net deferred tax income tax liability, beginning of year	$ 11,917	$ 11,433
Deferred Income Tax (Recovery) Expense	(1,918)	440
Recognized in other comprehensive income	(23)	39
Foreign exchange, disposition and other	(9)	5
Net deferred income tax liability, end of year	$ 9,967	$ 11,917

INCOME TAXES - Deferred Tax in

INCOME TAXES - Deferred Tax in Shareholders' Equity (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Deferred Tax in Shareholders' Equity
Actuarial (loss) gain on employment retirement benefit plans	$ (23)	$ 39
Total income tax (recovery) expense reported in equity	$ (23)	$ 39

INCOME TAXES - Deferred Incom_2

INCOME TAXES - Deferred Income Tax Asset (Details) - CAD ($) $ in Millions	May 27, 2019	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2019	Dec. 31, 2017
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax assets		$ 209	$ 128
Capital losses on foreign exchange		715	1,134
Deferred income tax liabilities		10,176	12,045	$ 12,050
Deferred income tax liability (asset)		$ 9,967	$ 11,917		$ 11,433
Tax rate	12.00%	26.74%	27.04%
Tax loss carryforwards
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax assets		$ 87	$ 153

INCOME TAXES - Deferred Incom_3

INCOME TAXES - Deferred Income (Details) - CAD ($) $ in Millions	May 28, 2019	May 27, 2019	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Line Items]
Impact of income tax rate and legislative changes	$ 1,116			$ 1,067
Applicable tax rate		12.00%		26.74%	27.04%
Corporate and Eliminations segment
Income Tax Disclosure [Line Items]
Impact of income tax rate and legislative changes			$ 48
Oil Sands \| Operating segments
Income Tax Disclosure [Line Items]
Impact of income tax rate and legislative changes			910
Refining and Marketing \| Operating segments
Income Tax Disclosure [Line Items]
Impact of income tax rate and legislative changes			88
Exploration and Production \| Operating segments
Income Tax Disclosure [Line Items]
Impact of income tax rate and legislative changes			$ 70
2019
Income Tax Disclosure [Line Items]
Applicable tax rate	11.00%
2020
Income Tax Disclosure [Line Items]
Applicable tax rate	10.00%
2021
Income Tax Disclosure [Line Items]
Applicable tax rate	9.00%
2022
Income Tax Disclosure [Line Items]
Applicable tax rate	8.00%

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
EARNINGS PER COMMON SHARE
Net earnings	$ 2,899	$ 3,293
Weighted average number of common shares	1,559	1,623
Dilutive Securities:
Effect of share options	2	6
Weighted average number of diluted common shares	1,561	1,629
Basic earnings per share	$ 1.86	$ 2.03
Diluted earnings per share	$ 1.86	$ 2.02

CASH AND CASH EQUIVALENTS (Deta

CASH AND CASH EQUIVALENTS (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CASH AND CASH EQUIVALENTS
Cash	$ 1,232	$ 1,285
Cash equivalents	728	936
Cash and cash equivalents	$ 1,960	$ 2,221	$ 2,672

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
SUPPLEMENTAL CASH FLOW INFORMATION
Accounts receivable	$ (1,099)	$ 219
Inventories	(628)	316
Accounts payable and accrued liabilities	1,317	(503)
Current portion of provisions	(14)	(110)
Income taxes payable (net)	436	511
Total (increase) decrease in working capital	12	433
Relating to :
(Increase) decrease in non-cash working capital	(397)	408
Decrease in non-cash working capital	409	25
Total (increase) decrease in working capital	$ 12	$ 433

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION - Reconciliation of movements of liabilities to cash flows (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019CAD ($)
Short-Term Debt
Reconciliation of movements of liabilities to cash flows arising from financing activities
Liabilities arising from financing activities at beginning of period	$ 3,231
Changes from financing cash flows:
Net repayment of commercial paper	(982)
Unrealized foreign exchange gains	(94)
Liabilities arising from financing activities at end of period	2,155
Current Portion of Long-Term Lease Liabilities
Changes from financing cash flows:
Payment of lease liabilities	(307)
Reclassification of lease obligations	617
Liabilities arising from financing activities at end of period	310
Long-Term Lease Liabilities
Changes from financing cash flows:
Reclassification of debt to lease obligations	1,260
Reclassification of lease obligations	(617)
New leases	1,978
Liabilities arising from financing activities at end of period	2,621
Current Portion Of Long-Term Debt
Reconciliation of movements of liabilities to cash flows arising from financing activities
Liabilities arising from financing activities at beginning of period	229
Changes from financing cash flows:
Repayment of long-term debt	(188)
Realized foreign exchange losses	7
Reclassification of debt to lease obligations	(38)
Unrealized foreign exchange gains	(10)
Long-Term Debt
Reconciliation of movements of liabilities to cash flows arising from financing activities
Liabilities arising from financing activities at beginning of period	13,890
Changes from financing cash flows:
Gross proceeds from issuance of long-term debt	750
Debt issuance costs	(5)
Reclassification of debt to lease obligations	(1,222)
Unrealized foreign exchange gains	(520)
Deferred financing costs	(9)
Liabilities arising from financing activities at end of period	12,884
Partnership Liability
Reconciliation of movements of liabilities to cash flows arising from financing activities
Liabilities arising from financing activities at beginning of period	477
Changes from financing cash flows:
Distributions to non-controlling interest	(7)
Reassessment of partnership liability	15
Liabilities arising from financing activities at end of period	455
Dividends Payable
Changes from financing cash flows:
Dividends paid on common shares	(2,614)
Dividends declared on common shares	$ 2,614

INVENTORIES (Details)

INVENTORIES (Details) - CAD ($) $ in Millions	12 Months Ended
INVENTORIES (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
INVENTORIES
Crude oil	$ 1,689	$ 1,424
Refined products	1,290	1,033
Energy trading commodity inventories	782	702
Total current inventories	3,761	3,159
Write-downs (reversals of write-downs) of inventories
Crude oil held for trading purpose	210	247
Product inventory expensed	$ 13,300	$ 14,800

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	$ 74,245
Transfers from exploration and evaluation		$ 31
Depreciation, depletion, amortization and impairment	(10,572)	(5,738)
Balance at the end	72,640	74,245
Cost
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	116,874	114,848
Adoption of IFRS 16 (note 5)	1,792
Additions	5,596	5,179
Acquisitions (notes 32 to 34)		1,237
Changes in decommissioning and restoration	1,895	63
Disposals and derecognition	(555)	(5,160)
Foreign exchange adjustments	(438)	676
Balance at the end	125,164	116,874
Accumulated provision
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	(42,629)	(41,355)
Disposals and derecognition	465	4,800
Foreign exchange adjustments	275	(486)
Depreciation, depletion, amortization and impairment	10,635	(5,588)
Balance at the end	(52,524)	(42,629)
Oil and Gas properties
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	18,062
Transfers from exploration and evaluation		31
Balance at the end	18,207	18,062
Oil and Gas properties \| Cost
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	37,845	36,209
Additions	1,245	1,221
Acquisitions (notes 32 to 34)		289
Changes in decommissioning and restoration	1,846	85
Disposals and derecognition	(116)	(375)
Foreign exchange adjustments	(224)	385
Balance at the end	40,596	37,845
Oil and Gas properties \| Accumulated provision
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	(19,783)	(17,975)
Disposals and derecognition	116	255
Foreign exchange adjustments	149	(324)
Depreciation, depletion, amortization and impairment	2,871	(1,739)
Balance at the end	(22,389)	(19,783)
Plant and Equipment
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	56,183
Balance at the end	54,433	56,183
Plant and Equipment \| Cost
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	79,029	78,639
Adoption of IFRS 16 (note 5)	1,792
Additions	4,351	3,958
Acquisitions (notes 32 to 34)		948
Changes in decommissioning and restoration	49	(22)
Disposals and derecognition	(439)	(4,785)
Foreign exchange adjustments	(214)	291
Balance at the end	84,568	79,029
Plant and Equipment \| Accumulated provision
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	(22,846)	(23,380)
Disposals and derecognition	349	4,545
Foreign exchange adjustments	126	(162)
Depreciation, depletion, amortization and impairment	7,764	(3,849)
Balance at the end	$ (30,135)	$ (22,846)

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Segment breakup - (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment..	$ 72,640	$ 72,978	$ 74,245
Assets under construction and not subject to depreciation	5,600		4,700
Oil Sands
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment..	54,665		57,641
Exploration and Production
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment..	7,578		7,792
Refining and Marketing
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment..	9,574		8,535
Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment..	125,164		116,874	$ 114,848
Cost \| Oil Sands
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment..	85,246		80,295
Cost \| Exploration and Production
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment..	22,876		21,867
Cost \| Refining and Marketing
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment..	15,342		13,627
Accumulated provision
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment..	(52,524)		(42,629)	(41,355)
Accumulated provision \| Oil Sands
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment..	(30,581)		(22,654)
Accumulated provision \| Exploration and Production
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment..	(15,298)		(14,075)
Accumulated provision \| Refining and Marketing
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment..	(5,768)		(5,092)
Oil and Gas properties
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment..	18,207		18,062
Oil and Gas properties \| Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment..	40,596		37,845	36,209
Oil and Gas properties \| Accumulated provision
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment..	(22,389)		(19,783)	(17,975)
Plant and Equipment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment..	54,433		56,183
Plant and Equipment \| Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment..	84,568		79,029	78,639
Plant and Equipment \| Accumulated provision
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment..	(30,135)		(22,846)	$ (23,380)
Corporate Energy Trading And Eliminations
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment..	823		277
Corporate Energy Trading And Eliminations \| Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment..	1,700		1,085
Corporate Energy Trading And Eliminations \| Accumulated provision
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment..	$ (877)		$ (808)

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT - Asset impairment - (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020$ / bbl	Dec. 31, 2019CAD ($)$ / bbl$ / tbbl	Dec. 31, 2018
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Risk adjusted discount rate		7.50%	8.00%
Fort Hills CGU
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Impairment loss		$ 2,800
Impairment loss, tax effects		910
Oil Sands \| Fort Hills CGU
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Impairment loss		2,800
Impairment loss, tax effects		$ 910
Risk adjusted discount rate		7.50%
Recoverable amount of CGU		$ 7,700
Reasonably possible decrease in unobservable input (as a percent)		5.00%
Increase in impairment charge, due to decrease in unobservable input		$ 1,200
Reasonably possible increase in unobservable input (as a percent)		1.00%
Increase in impairment charge, due to increase in unobservable input		$ 900
Oil Sands \| Fort Hills CGU \| Minimum
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Share of production per day \| bbl		96,000
Average cash operating costs per bbl \| $ / bbl		22
Cost of carbon compliance \| $ / t		30
Oil Sands \| Fort Hills CGU \| Maximum
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Share of production per day \| bbl		106,000
Average cash operating costs per bbl \| $ / bbl		24
Cost of carbon compliance \| $ / t		50
Oil Sands \| Fort Hills CGU \| 2020 \| Forecast
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Oil price per unit \| $ / bbl	40.75
Oil Sands \| Fort Hills CGU \| 2021
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Oil price per unit \| $ / bbl		45.60
Oil Sands \| Fort Hills CGU \| 2022
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Oil price per unit \| $ / bbl		49.65
Oil Sands \| Fort Hills CGU \| 2023
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Oil price per unit \| $ / bbl		51.55
Oil Sands \| Fort Hills CGU \| 2024
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Oil price per unit \| $ / bbl		52.90
Oil Sands \| Fort Hills CGU \| Thereafter
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Oil price escalation percentage		2.00%
Exploration and Production \| White Rose CGU
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Impairment loss		$ 393
Impairment loss, tax effects		$ 128
Oil price escalation percentage		2.00%
Share of production per day \| bbl		8,700
Share of future capital expenditure		$ 1,400
Risk adjusted discount rate		9.00%
Recoverable amount of CGU		$ 360
Reasonably possible decrease in unobservable input (as a percent)		5.00%
Increase in impairment charge, due to decrease in unobservable input		$ 85
Reasonably possible increase in unobservable input (as a percent)		1.00%
Increase in impairment charge, due to increase in unobservable input		$ 35
Exploration and Production \| White Rose CGU \| Minimum
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Cost of carbon compliance \| $ / t		30
Exploration and Production \| White Rose CGU \| Maximum
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Cost of carbon compliance \| $ / t		50
Exploration and Production \| White Rose CGU \| 2020
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Oil price per unit \| $ / bbl		65

RIGHT-OF-USE ASSETS AND LEASE_2

RIGHT-OF-USE ASSETS AND LEASES (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, net	$ 72,640	$ 72,978	$ 74,245
Property, plant and equipment, net - excluding ROU assets
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, net	69,745
ROU assets
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, net	$ 2,895

RIGHT-OF-USE ASSETS AND LEASE_3

RIGHT-OF-USE ASSETS AND LEASES - ROU Assets By Asset Class (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	$ 74,245
Balance at the end	72,640	$ 74,245
Cost
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	116,874	114,848
Additions and adjustments	5,596	5,179
Foreign exchange	(438)	676
Balance at the end	125,164	116,874
Accumulated provision
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	(42,629)	(41,355)
Foreign exchange	275	(486)
Balance at the end	(52,524)	(42,629)
ROU assets
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	3,059
Balance at the end	2,895	3,059
ROU assets \| Cost
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	3,326
Additions and adjustments	186
Foreign exchange	(7)
Balance at the end	3,505	3,326
ROU assets \| Accumulated provision
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	(267)
Depreciation	(343)
Balance at the end	$ (610)	$ (267)

RIGHT-OF-USE ASSETS AND LEASE_4

RIGHT-OF-USE ASSETS AND LEASES - Other Lease Related Items (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019CAD ($)
RIGHT-OF-USE ASSETS AND LEASES
Short-term lease expense	$ 236
Variable lease expense	45
Leases with residual value guarantees	0
Cash outflow for leases	$ 464

EXPLORATION AND EVALUATION AS_3

EXPLORATION AND EVALUATION ASSETS (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Exploration and Evaluation Assets
Amortization	$ (3)	$ (4)
Exploration and Evaluation Assets.
Exploration and Evaluation Assets
Beginning of year	2,319	2,052
Acquisitions and additions	193	316
Transfers to oil and gas assets		(31)
Dry Hole Expenses	(66)	(11)
Disposals	(16)	(16)
Amortization		(1)
Foreign exchange adjustments	(2)	10
End of year	$ 2,428	$ 2,319

OTHER ASSETS (Details)

OTHER ASSETS (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
OTHER ASSETS
Investments	$ 289	$ 237
Prepaids and other	905	889
Other assets	$ 1,194	$ 1,126

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019CAD ($)$ / bbl	Dec. 31, 2018CAD ($)
Changes in intangible assets other than goodwill [abstract]
Balance at beginning of period	$ 3,061	$ 3,061
Amortization	(3)	(4)
Additions		4
Balance at end of period	$ 3,058	$ 3,061
After tax discount rate applied to cash flow projections	7.50%	8.00%
Projected West Texas Intermediate price prices for 2019 \| $ / bbl	60
Average growth rate after 2024	2.00%
Fort Hills CGU
Changes in intangible assets other than goodwill [abstract]
Impairment loss recognised in profit or loss, property, plant and equipment	$ 2,800
Taxes Effect Of Impairment Of Asset	$ 910
Minimum
Changes in intangible assets other than goodwill [abstract]
Cash flow forecast period	P20Y
Maximum
Changes in intangible assets other than goodwill [abstract]
Cash flow forecast period	P45Y
Oil Sands \| Fort Hills CGU
Changes in intangible assets other than goodwill [abstract]
After tax discount rate applied to cash flow projections	7.50%
Impairment loss recognised in profit or loss, property, plant and equipment	$ 2,800
Taxes Effect Of Impairment Of Asset	910
Oil Sands \| Goodwill
Changes in intangible assets other than goodwill [abstract]
Balance at beginning of period	2,752	$ 2,752
Balance at end of period	2,752	2,752
Refining and Marketing \| Goodwill
Changes in intangible assets other than goodwill [abstract]
Balance at beginning of period	140	140
Balance at end of period	140	140
Refining and Marketing \| Brand Name
Changes in intangible assets other than goodwill [abstract]
Balance at beginning of period	162	162
Balance at end of period	162	162
Refining and Marketing \| Customer Lists
Changes in intangible assets other than goodwill [abstract]
Balance at beginning of period	7	7
Amortization	(3)	(4)
Additions		4
Balance at end of period	$ 4	$ 7

DEBT AND CREDIT FACILITIES (Det

DEBT AND CREDIT FACILITIES (Details) $ / shares in Units, $ in Millions, $ in Millions	3 Months Ended				12 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2019CAD ($)	Jun. 30, 2019CAD ($)	Jan. 01, 2019CAD ($)	Dec. 31, 2018CAD ($)	Feb. 05, 2016	Feb. 04, 2016
Disclosure of detailed information about borrowings [line items]
Commercial papers issued						$ 2,155			$ 3,231
Interest rate on notes			5.40%		5.30%	5.30%			5.40%
Finance leases									$ 1,260
Lease liability			$ 1,792			$ 2,931
Deferred financing costs						(43)			(41)
Longterm borrowings net of deferred financing costs						15,815			14,119
Current portion of longterm debt and lease liabilities
Current finance leases									(38)
Current portion of lease liabilities						(310)		$ (276)
Long - term debt									(191)
Current portion of long-term debt						(310)		(191)	(229)
Long-term lease liabilities						2,621		2,777
Long-term Debt						$ 12,884		$ 12,668	13,890
Minimum
Additional information
Finance lease interest rate					2.9	2.9
Interest rate on lease liabilities					2.00%	2.00%
Maximum
Additional information
Finance lease interest rate					16.5	16.5
Interest rate on lease liabilities					14.20%	14.20%
Commercial paper
Disclosure of detailed information about borrowings [line items]
Commercial papers issued						$ 2,155			$ 3,231
Commercial paper \| Maximum
Disclosure of detailed information about borrowings [line items]
Commercial paper authorized to be issued						$ 5,000
Commercial paper term					365 days
Commercial paper \| Weighted average
Disclosure of detailed information about borrowings [line items]
Interest rate on notes			2.88%		2.05%	2.05%			2.88%
Fixed Term Notes
Disclosure of detailed information about borrowings [line items]
Total unsecured long term debt						$ 12,927			$ 12,900
Notes 7.75 Percent Due 2019
Disclosure of detailed information about borrowings [line items]
Interest rate on notes	7.75%	7.75%	7.75%		7.75%	7.75%	7.75%		7.75%
Total unsecured long term debt			$ 140		$ 140				$ 191
Additional information
Long-term debt repaid	$ 140		83
Book value							$ 188		109
Original borrowings maturity amount	145	$ 145	88				195		116
Accrued interest	$ 5	$ 5	$ 3				$ 7		$ 4
Loss on extinguishment of long-term debt				$ 3
Loss on debt extinguishment, net of tax				$ 2
3.10% Series 5 Medium Term Notes, due 2021
Disclosure of detailed information about borrowings [line items]
Interest rate on notes			3.10%		3.10%	3.10%			3.10%
Total unsecured long term debt						$ 749			$ 749
Debentures 9.25 Percent Due 2021
Disclosure of detailed information about borrowings [line items]
Interest rate on notes			9.25%		9.25%	9.25%			9.25%
Total unsecured long term debt			$ 300		$ 300	$ 403			$ 431
Notes 9.40 Percent Due 2021
Disclosure of detailed information about borrowings [line items]
Interest rate on notes			9.40%		9.40%	9.40%			9.40%
Total unsecured long term debt			$ 220		$ 220	$ 292			$ 315
Additional information
Revised debt coupon rate following ratings downgrade by Moodys										9.40%	7.90%
Notes 4.50 Percent Due 2022
Disclosure of detailed information about borrowings [line items]
Interest rate on notes			4.50%		4.50%	4.50%			4.50%
Total unsecured long term debt			$ 182		$ 182	$ 225			$ 234
Notes 3.60 Percent Due 2024
Disclosure of detailed information about borrowings [line items]
Interest rate on notes			3.60%		3.60%	3.60%			3.60%
Total unsecured long term debt			$ 750		$ 750	$ 968			$ 1,020
3.00% Series 5 Medium Term Notes, due 2026
Disclosure of detailed information about borrowings [line items]
Interest rate on notes			3.00%		3.00%	3.00%			3.00%
Total unsecured long term debt						$ 698			$ 698
Debentures 7.875 Percent Due 2026
Disclosure of detailed information about borrowings [line items]
Interest rate on notes			7.875%		7.875%	7.875%			7.875%
Total unsecured long term debt			$ 275		$ 275	$ 372			$ 393
Notes 8.20 Percent Due 2027
Disclosure of detailed information about borrowings [line items]
Interest rate on notes			8.20%		8.20%	8.20%			8.20%
Total unsecured long term debt			$ 59		$ 59	$ 82			$ 87
Debentures 7.00 Percent Due 2028
Disclosure of detailed information about borrowings [line items]
Interest rate on notes			7.00%		7.00%	7.00%			7.00%
Total unsecured long term debt			$ 250		$ 250	$ 329			$ 346
3.10% Series 6 Medium Term Notes, due 2029
Disclosure of detailed information about borrowings [line items]
Interest rate on notes	3.10%	3.10%	3.10%		3.10%	3.10%	3.10%		3.10%
Total unsecured long term debt						$ 750
Additional information
Senior unsecured notes issued							$ 750
Debt instrument issue price \| $ / shares		$ 99.761
Effective yield	3.128%	3.128%					3.128%
Notes 7.15 Percent Due 2032
Disclosure of detailed information about borrowings [line items]
Interest rate on notes			7.15%		7.15%	7.15%			7.15%
Total unsecured long term debt			$ 500		$ 500	$ 647			$ 681
Notes 5.35 Percent Due 2033
Disclosure of detailed information about borrowings [line items]
Interest rate on notes			5.35%		5.35%	5.35%			5.35%
Total unsecured long term debt			$ 300		$ 300	$ 361			$ 379
Notes 5.95 Percent Due 2034
Disclosure of detailed information about borrowings [line items]
Interest rate on notes			5.95%		5.95%	5.95%			5.95%
Total unsecured long term debt			$ 500		$ 500	$ 646			$ 680
Notes 5.95 Percent Due 2035
Disclosure of detailed information about borrowings [line items]
Interest rate on notes			5.95%		5.95%	5.95%			5.95%
Total unsecured long term debt			$ 600		$ 600	$ 747			$ 786
5.39% Series 4 Medium Term Notes, due 2037
Disclosure of detailed information about borrowings [line items]
Interest rate on notes			5.39%		5.39%	5.39%			5.39%
Total unsecured long term debt						$ 599			$ 599
Notes 6.50 Percent Due 2038
Disclosure of detailed information about borrowings [line items]
Interest rate on notes			6.50%		6.50%	6.50%			6.50%
Total unsecured long term debt			$ 1,150		$ 1,150	$ 1,487			$ 1,565
Notes 6.80 Percent Due 2038
Disclosure of detailed information about borrowings [line items]
Interest rate on notes			6.80%		6.80%	6.80%			6.80%
Total unsecured long term debt			$ 900		$ 900	$ 1,186			$ 1,249
Notes 6.85 Percent Due 2039
Disclosure of detailed information about borrowings [line items]
Interest rate on notes			6.85%		6.85%	6.85%			6.85%
Total unsecured long term debt			$ 750		$ 750	$ 969			$ 1,021
Notes 6.00 Percent Due 2042
Disclosure of detailed information about borrowings [line items]
Interest rate on notes			6.00%		6.00%	6.00%			6.00%
Total unsecured long term debt			$ 152		$ 152	$ 150			$ 158
Notes 4.00 Percent Due 2047
Disclosure of detailed information about borrowings [line items]
Interest rate on notes			4.00%		4.00%	4.00%			4.00%
Total unsecured long term debt			$ 750		$ 750	$ 967			$ 1,018
4.34% Series 5 Medium Term Notes, due 2046
Disclosure of detailed information about borrowings [line items]
Interest rate on notes			4.34%		4.34%	4.34%			4.34%
Total unsecured long term debt						$ 300			$ 300

DEBT AND CREDIT FACILITIES - Sc

DEBT AND CREDIT FACILITIES - Scheduled Debt Repayments (Details) $ in Millions	Dec. 31, 2019CAD ($)
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Scheduled principal repayments for lease liabilities, short-term debt and long-term debt	$ 18,053
2020
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Scheduled principal repayments for lease liabilities, short-term debt and long-term debt	2,457
2021
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Scheduled principal repayments for lease liabilities, short-term debt and long-term debt	1,699
2022
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Scheduled principal repayments for lease liabilities, short-term debt and long-term debt	451
2023
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Scheduled principal repayments for lease liabilities, short-term debt and long-term debt	175
2024
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Scheduled principal repayments for lease liabilities, short-term debt and long-term debt	1,139
Thereafter
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Scheduled principal repayments for lease liabilities, short-term debt and long-term debt	$ 12,132

DEBT AND CREDIT FACILITIES - Cr

DEBT AND CREDIT FACILITIES - Credit Facilities- (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about borrowings [line items]
Total credit facilities	$ 8,328
Total unutilized credit facilities	889
Available credit facilities for liquidity purposes	4,701	$ 3,608
Fully revolving and expires in 2023
Disclosure of detailed information about borrowings [line items]
Total credit facilities	3,500
Fully revolving and expires in 2022
Disclosure of detailed information about borrowings [line items]
Total credit facilities	3,241
Fully revolving and expires in 2021
Disclosure of detailed information about borrowings [line items]
Total credit facilities	1,455
Can be terminated at any time at the option of the lenders
Disclosure of detailed information about borrowings [line items]
Total credit facilities	132
Credit facilities supporting outstanding commercial paper
Disclosure of detailed information about borrowings [line items]
Credit facilities assigned	(2,155)
Credit facilities supporting standby letters of credit
Disclosure of detailed information about borrowings [line items]
Credit facilities assigned	(1,284)
Cash collateral	$ 206	$ 108

OTHER LONG TERM LIABILITIES (De

OTHER LONG TERM LIABILITIES (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019CAD ($)	Dec. 31, 2018CAD ($)	Jan. 01, 2019CAD ($)	Dec. 31, 2009USD ($)agreement
OTHER LONG TERM LIABILITIES
Pensions and other post-retirement benefits	$ 1,577	$ 1,420
Share-based compensation plans	289	259
Partnership liability	446	470
Deferred revenue	40	46
Libya Exploration and Production Sharing Agreement (EPSA) signature bonus(1)	79	83
Other	68	68
Other long term liabilities	2,499	2,346	$ 2,345
Distribution to partners	62	62
Distribution to partners, interest component	55	56
Distribution to partners, principal component	7	6
Petro Canada
OTHER LONG TERM LIABILITIES
Number of EPSA's agreement ratified \| agreement				6
Signature bonus	81	85		$ 500
Signature bonus current	$ 2	$ 2

PENSIONS AND OTHER POST RETIR_3

PENSIONS AND OTHER POST RETIREMENT BENEFITS (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Minimum
PENSIONS AND OTHER POST RETIREMENT BENEFITS
Annual contribution (as a percent)	5.00%
Maximum
PENSIONS AND OTHER POST RETIREMENT BENEFITS
Annual contribution (as a percent)	11.50%
Defined benefits pension plans
Change in benefit obligation
Experience (gain) loss arising on plan liabilities	$ 11	$ 26
Defined benefits pension plans \| Obligations
Change in benefit obligation
Benefit obligation at beginning of year	6,730	6,717
Obligations acquired through acquisition (note 32)		185
Current service costs	220	235
Plan participants' contributions	16	15
Benefits paid	(293)	(296)
Interest costs	255	236
Foreign exchange	(13)	14
Settlements	5	5
Experience (gain) loss arising on plan liabilities	(11)	(26)
Actuarial gain arising from changes in demographic assumptions		(1)
Actuarial loss (gain) arising from changes in financial assumptions	799	(354)
Benefit obligation at end of year	7,708	6,730
Defined benefits pension plans \| Plan assets
Change in benefit obligation
Benefit obligation at beginning of year	(5,795)	(5,799)
Obligations acquired through acquisition (note 32)		153
Employer contributions	157	182
Plan participants' contributions	(16)	(15)
Benefits paid	269	273
Interest costs	(218)	(201)
Foreign exchange	8	(14)
Settlements	(5)	(5)
Administrative costs	2	2
Return on plan assets greater than (less than) discount rate	781	(299)
Benefit obligation at end of year	(6,693)	(5,795)
Net unfunded obligation	(1,015)	(935)
Defined benefits other post retirement benefits
Change in benefit obligation
Experience (gain) loss arising on plan liabilities	2	18
Defined benefits other post retirement benefits \| Obligations
Change in benefit obligation
Benefit obligation at beginning of year	557	597
Obligations acquired through acquisition (note 32)		8
Current service costs	13	13
Benefits paid	(24)	(23)
Interest costs	22	21
Foreign exchange	(1)	1
Experience (gain) loss arising on plan liabilities	(2)	(18)
Actuarial loss (gain) arising from changes in financial assumptions	66	(42)
Benefit obligation at end of year	631	557
Defined benefits other post retirement benefits \| Plan assets
Change in benefit obligation
Net unfunded obligation	$ (631)	$ (557)
Pension and Other Post Retirement Benefits \| Canada
Change in benefit obligation
Percentage of net unfunded obligations	97.00%	98.00%
Pension and Other Post Retirement Benefits \| Canada \| Weighted average
Change in benefit obligation
Weighted average duration of defined benefit obligation	14 years 7 months 6 days	14 years 9 months

PENSIONS AND OTHER POST RETIR_4

PENSIONS AND OTHER POST RETIREMENT BENEFITS - Expenses (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Defined benefits pension plans
Pension and other PostRetirement Benefits,
Current service cost	$ 220	$ 235
Interest cost	37	35
Defined benefit plans expense	257	270
Defined contribution plans expense	82	77
Total benefit plans expense charged to earnings	339	347
Return on plan assets (excluding amounts included in net interest expense)	(781)	299
Experience gain arising on plan liabilities	(11)	(26)
Actuarial loss (gain) arising from changes in financial assumptions	799	(354)
Actuarial gain arising from changes in demographic assumptions		(1)
Actuarial loss (gain) recognized in other comprehensive income	7	(82)
Defined benefits other post retirement benefits
Pension and other PostRetirement Benefits,
Current service cost	13	13
Interest cost	22	21
Defined benefit plans expense	35	34
Total benefit plans expense charged to earnings	35	34
Experience gain arising on plan liabilities	(2)	(18)
Actuarial loss (gain) arising from changes in financial assumptions	66	(42)
Actuarial loss (gain) recognized in other comprehensive income	$ 64	$ (60)

PENSIONS AND OTHER POST RETIR_5

PENSIONS AND OTHER POST RETIREMENT BENEFITS - Actuarial assumptions (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Pension and other PostRetirement Benefits,
Actual experience period	5 years
Increase in actuarial assumption (as a percent)	1.00%
Decrease in actuarial assumption (as a percent)	1.00%
Defined benefits pension plans
Pension and other PostRetirement Benefits,
Discount rate	3.10%	3.80%
Rate of compensation increase	3.00%	3.00%
Defined benefits pension plans \| Discount rate
Pension and other PostRetirement Benefits,
Increase (decrease) in interest and service cost due to increase in actuarial assumption	$ (25)
Increase (decrease) in service and interest cost due to decrease in actuarial assumption	31
Increase (decrease) in net obligation due to increase in actuarial assumption	(988)
Increase (decrease) in net obligation due to decrease in actuarial assumption	$ 1,271
Defined benefits other post retirement benefits
Pension and other PostRetirement Benefits,
Discount rate	3.10%	3.90%
Rate of compensation increase	3.00%	3.00%
Assumption of percentage of increase of healthcare costs	6.50%	6.50%
Percentage of decrease in healthcare cost in year two	0.50%
Assumption of percentage of increase of healthcare costs after 2022	5.00%
Increase (decrease) in net obligation due to increase in actuarial assumption	$ (74)
Increase (decrease) in net obligation due to decrease in actuarial assumption	91
Defined benefits other post retirement benefits \| Actuarial assumption of medical cost trend rates
Pension and other PostRetirement Benefits,
Increase (decrease) in interest and service cost due to increase in actuarial assumption	1
Increase (decrease) in service and interest cost due to decrease in actuarial assumption	(1)
Increase (decrease) in net obligation due to increase in actuarial assumption	30
Increase (decrease) in net obligation due to decrease in actuarial assumption	$ (26)

PENSIONS AND OTHER POST RETIR_6

PENSIONS AND OTHER POST RETIREMENT BENEFITS - Investment Objectives (Details) - Defined benefits pension plans - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Pension and other PostRetirement Benefits,
Employer contributions		$ 157	$ 182
Contribution deposited in solvency reserve account		$ 2	$ 2
Expected cash contributions	$ 176
Equities
Pension and other PostRetirement Benefits,
Plan asset allocation percentage		50.00%	48.00%
Equities \| Canada
Pension and other PostRetirement Benefits,
Plan asset allocation percentage		12.00%	13.00%
Equities \| United States
Pension and other PostRetirement Benefits,
Plan asset allocation percentage		19.00%	17.00%
Equities \| Foreign
Pension and other PostRetirement Benefits,
Plan asset allocation percentage		19.00%	18.00%
Fixed income \| Canada
Pension and other PostRetirement Benefits,
Plan asset allocation percentage		41.00%	43.00%
Real estate
Pension and other PostRetirement Benefits,
Plan asset allocation percentage		100.00%	100.00%
Real estate \| Canada
Pension and other PostRetirement Benefits,
Plan asset allocation percentage		9.00%	9.00%

PROVISIONS (Details)

PROVISIONS (Details) $ in Millions	12 Months Ended
PROVISIONS (Details) $ in Millions	Dec. 31, 2019CAD ($)	Dec. 31, 2018CAD ($)	Jan. 01, 2019CAD ($)
PROVISIONS
Beginning balance	$ 7,651	$ 7,959
Adoption of IFRS 16 impact (note 5)			$ (21)
At January 1, 2019, adjusted			7,630
Liabilities incurred	402	455
Change in discount rate	1,344	(663)
Changes in estimates	169	31
Liabilities settled	(478)	(578)
Accretion	270	266
Asset disposals	(1)
Asset acquisitions		133
Foreign exchange	(29)	48
Ending balance	9,307	7,651
Less: current portion	(631)	(667)	(666)
Non-current provisions	8,676	6,984	6,964
Decommissioning and Restoration
PROVISIONS
Beginning balance	7,239	7,465
At January 1, 2019, adjusted			7,239
Liabilities incurred	346	345
Change in discount rate	1,344	(663)
Changes in estimates	193	114
Liabilities settled	(464)	(469)
Accretion	270	266
Asset disposals	(1)
Asset acquisitions		133
Foreign exchange	(29)	48
Ending balance	8,898	7,239
Less: current portion	(475)	(538)
Non-current provisions	8,423	6,701
Total undiscounted amount of estimated future cash flows required	$ 12,900	$ 13,000
Weighted average credit adjusted risk free interest rate	3.30	4.20
Decommissioning and restoration provision settlement term	50 years
Royalties
PROVISIONS
Beginning balance	$ 98	$ 240
At January 1, 2019, adjusted			98
Liabilities incurred	60	9
Changes in estimates	(25)	(67)
Liabilities settled		(84)
Ending balance	133	98
Less: current portion	(133)	(98)
Other
PROVISIONS
Beginning balance	314	254
Adoption of IFRS 16 impact (note 5)			(21)
At January 1, 2019, adjusted			$ 293
Liabilities incurred	(4)	101
Changes in estimates	1	(16)
Liabilities settled	(14)	(25)
Ending balance	276	314
Less: current portion	(23)	(31)
Non-current provisions	$ 253	$ 283

PROVISIONS - Decommissioning an

PROVISIONS - Decommissioning and Restoration (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019CAD ($)	Dec. 31, 2018CAD ($)
PROVISIONS
Percentage change in discount rate used to arrive at provision for decommissioning, restoration and rehabilitation costs	1	1
1% Increase	$ (1,629)	$ (1,099)
1% Decrease	$ 2,365	$ 1,521

SHARE CAPITAL (Details)

SHARE CAPITAL (Details) $ in Millions	Dec. 23, 2019CAD ($)shares	May 01, 2019shares	Nov. 14, 2018shares	May 01, 2018shares	Dec. 31, 2019CAD ($)$ / shares	Dec. 31, 2019CAD ($)shares	Dec. 31, 2018CAD ($)$ / shares	Dec. 31, 2018CAD ($)shares
Share Capital
Treasury shares authorized for repurchase \| shares				52,285,330
Amended treasury shares authorized for repurchase \| shares	78,549,178	50,252,231	81,695,830
Treasury share repurchase authorized amount	$ 2,000
Purchase of common shares for cancellation (in shares) \| shares						55,298,000		64,426,000
Issued Capital						$ 2,274		$ 3,053
Share repurchase cost						2,274		3,053
Average repurchase cost per share \| $ / shares					$ 41.12		$ 47.38
Liability for share purchase commitment					$ 168	168	$ 263	263
Share capital
Share Capital
Issued Capital						905		1,040
Share repurchase cost						905		1,040
Liability for share purchase commitment					65	65	111	111
Retained earnings
Share Capital
Issued Capital						1,369		2,013
Share repurchase cost						1,369		2,013
Liability for share purchase commitment					$ 103	$ 103	$ 152	$ 152

SHARE BASED COMPENSATION (Detai

SHARE BASED COMPENSATION (Details) - CAD ($) $ in Millions	12 Months Ended
SHARE BASED COMPENSATION (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
SHARE BASED COMPENSATION
Equity-settled plans	$ 50	$ 46
Cash-settled plans	274	181
Total share-based compensation expense	$ 324	$ 227

SHARE BASED COMPENSATION - Liab

SHARE BASED COMPENSATION - Liability Recognized For Share-Based Compensation - (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
SHARE BASED COMPENSATION
Current Liability	$ 242	$ 286
Long-Term Liability (note 21)	289	259
Total Liability	531	545
Intrinsic value of vested awards	$ 300	$ 328

SHARE BASED COMPENSATION - Stoc

SHARE BASED COMPENSATION - Stock Option Plans - (Details)	12 Months Ended
SHARE BASED COMPENSATION - Stock Option Plans - (Details)	Dec. 31, 2019CAD ($)	Dec. 31, 2018CAD ($)Y
SHARE BASED COMPENSATION
Option term (expiration period)	7 years
Vesting period	3 years
Active Stock Option Plan
SHARE BASED COMPENSATION
Option term (expiration period)	7 years
Vesting period	3 years
Annual dividend per share (dollars)	$ 1.68	$ 1.44
Risk-free interest rate	1.78%	2.03%
Expected life	5	5
Expected volatility	26.00%	24.00%
Weighted average fair value per option (dollars)	$ 6.61	$ 6.73
Executive and Key Contributor Stock Options
SHARE BASED COMPENSATION
Vesting period	3 years
Minimum \| Executive and Key Contributor Stock Options
SHARE BASED COMPENSATION
Option term (expiration period)	7 years
Maximum \| Executive and Key Contributor Stock Options
SHARE BASED COMPENSATION
Option term (expiration period)	10 years

SHARE BASED COMPENSATION - Summ

SHARE BASED COMPENSATION - Summary of Stock Option Plans - (Details) shares in Thousands, Option in Thousands	12 Months Ended
	Dec. 31, 2019Option$ / sharesshares	Dec. 31, 2018Option$ / sharesshares
Number of outstanding share options (shares)
Outstanding, beginning of year \| Option	28,935	31,110
Granted \| Option	7,756	7,231
Exercised as options for common shares \| Option	(2,688)	(7,927)
Forfeited/expired \| shares	(121)	(1,479)
Outstanding, end of year \| Option	33,882	28,935
Exercisable, end of year \| Option	21,535	15,374
Weighted average exercise price of share options ($ per share)
Outstanding, beginning of year (in dollar per share)	$ 38.25	$ 36.96
Granted	42.96	43.19
Exercised as options for common shares	33.37	35.95
Forfeited/expired	42.57	47.88
Outstanding, end of year (in dollar per share)	39.70	38.25
Exercisable, end of year (in dollar per share)	37.86	36.10
Weighted average share price	$ 40.82	$ 46.99

SHARE BASED COMPENSATION - Exer

SHARE BASED COMPENSATION - Exercise Price - (Details) shares in Thousands, Option in Thousands	12 Months Ended
	Dec. 31, 2019Option$ / sharesshares	Dec. 31, 2018Option$ / sharesshares	Dec. 31, 2017Option$ / shares
SHARE BASED COMPENSATION
Number of share options \| Option	33,882	28,935	31,110
Weighted average remaining contractual life	4 years
Weighted Average Exercise Price	$ 39.70	$ 38.25	$ 36.96
Number of exercisable share option \| Option	21,535	15,374
Weighted Average Exercise Price Exercisable	$ 37.86	$ 36.10
Shares available for future issuance \| shares	14,295	21,929
30.21 To 34.99
SHARE BASED COMPENSATION
Number of share options \| Option	5,614
Weighted average remaining contractual life	3 years
Weighted Average Exercise Price	$ 30.36
Number of exercisable share option \| Option	5,614
Weighted Average Exercise Price Exercisable	$ 30.36
35.00 to 39.99
SHARE BASED COMPENSATION
Number of share options \| Option	6,851
Weighted average remaining contractual life	2 years
Weighted Average Exercise Price	$ 37.74
Number of exercisable share option \| Option	6,782
Weighted Average Exercise Price Exercisable	$ 37.74
40.00 to 44.99
SHARE BASED COMPENSATION
Number of share options \| Option	21,235
Weighted average remaining contractual life	5 years
Weighted Average Exercise Price	$ 42.70
Number of exercisable share option \| Option	9,078
Weighted Average Exercise Price Exercisable	$ 42.50
45.00 to 49.99
SHARE BASED COMPENSATION
Number of share options \| Option	54
Weighted average remaining contractual life	6 years
Weighted Average Exercise Price	$ 48
Number of exercisable share option \| Option	18
Weighted Average Exercise Price Exercisable	$ 48.04
50.00 to 54.27
SHARE BASED COMPENSATION
Number of share options \| Option	128
Weighted average remaining contractual life	6 years
Weighted Average Exercise Price	$ 52.40
Number of exercisable share option \| Option	43
Weighted Average Exercise Price Exercisable	$ 52.40
Minimum \| 30.21 To 34.99
SHARE BASED COMPENSATION
Exercise price (in dollars per share)	30.21
Minimum \| 35.00 to 39.99
SHARE BASED COMPENSATION
Exercise price (in dollars per share)	35
Minimum \| 40.00 to 44.99
SHARE BASED COMPENSATION
Exercise price (in dollars per share)	40
Minimum \| 45.00 to 49.99
SHARE BASED COMPENSATION
Exercise price (in dollars per share)	45
Minimum \| 50.00 to 54.27
SHARE BASED COMPENSATION
Exercise price (in dollars per share)	50
Maximum \| 30.21 To 34.99
SHARE BASED COMPENSATION
Exercise price (in dollars per share)	34.99
Maximum \| 35.00 to 39.99
SHARE BASED COMPENSATION
Exercise price (in dollars per share)	39.99
Maximum \| 40.00 to 44.99
SHARE BASED COMPENSATION
Exercise price (in dollars per share)	44.99
Maximum \| 45.00 to 49.99
SHARE BASED COMPENSATION
Exercise price (in dollars per share)	49.99
Maximum \| 50.00 to 54.27
SHARE BASED COMPENSATION
Exercise price (in dollars per share)	$ 54.27

SHARE BASED COMPENSATION - Shar

SHARE BASED COMPENSATION - Share Unit Plans - (Details) shares in Thousands, EquityInstruments in Thousands	12 Months Ended
	Dec. 31, 2019EquityInstrumentsshares	Dec. 31, 2018EquityInstrumentsshares
SHARE BASED COMPENSATION
Vesting period	3 years
Performance Share Units (PSUs)
SHARE BASED COMPENSATION
Vesting period	3 years
Outstanding, beginning of year	2,197	2,267
Granted	1,212	1,553
Redeemed for cash \| shares	(1,210)	(1,623)
Forfeited/expired \| shares	(6)
Outstanding, end of year	2,193	2,197
Performance Share Units (PSUs) \| Minimum
SHARE BASED COMPENSATION
Percentage of share price receivable at the time of vesting	0.00%
Performance Share Units (PSUs) \| Maximum
SHARE BASED COMPENSATION
Percentage of share price receivable at the time of vesting	200.00%
Restricted Stock Units (RSUs)
SHARE BASED COMPENSATION
Vesting period	3 years
Outstanding, beginning of year	14,592	16,072
Granted	4,861	4,796
Redeemed for cash \| shares	(5,577)	(5,962)
Forfeited/expired \| shares	(274)	(314)
Outstanding, end of year	13,602	14,592
Deferred Share Units (DSUs)
SHARE BASED COMPENSATION
Outstanding, beginning of year	1,305	1,302
Granted	200	192
Redeemed for cash \| shares	(217)	(189)
Forfeited/expired \| shares	(1)
Outstanding, end of year	1,287	1,305
Director \| Deferred Share Units (DSUs)
SHARE BASED COMPENSATION
First increments of share price receivable by executives at the time of vesting	50.00%
Second increments of share price receivable by executives at the time of vesting	100.00%
Executive Officer \| Deferred Share Units (DSUs)
SHARE BASED COMPENSATION
First increments of share price receivable by executives at the time of vesting	25.00%
Second increments of share price receivable by executives at the time of vesting	50.00%
Third increments of share price receivable by executives at the time of vesting	75.00%
Fourth increments of share price receivable by executives at the time of vesting	100.00%

SHARE BASED COMPENSATION - St_2

SHARE BASED COMPENSATION - Stock Appreciation Rights - (Details) shares in Thousands, EquityInstruments in Thousands	12 Months Ended
	Dec. 31, 2019EquityInstruments$ / sharesshares	Dec. 31, 2018EquityInstruments$ / sharesshares
SHARE BASED COMPENSATION
Option term (expiration period)	7 years
Vesting period	3 years
Stock Appreciation Rights (SARs)
Number Of Outstanding Share Options [Abstract]
Outstanding, beginning of year \| EquityInstruments	363	387
Granted \| EquityInstruments	112	108
Exercised \| EquityInstruments	(44)	(126)
Forfeited/expired \| shares	(46)	(6)
Outstanding, end of year \| EquityInstruments	385	363
Exercisable, end of year \| EquityInstruments	223	170
Weighted average exercise price of share options ($ per share)
Weighted average exercise price Outstanding, beginning of year	$ 38.60	$ 36.38
Weighted average exercise price, Granted	42.95	43.09
Weighted average exercise price, Exercised	34.53	35.65
Weighted average exercise price, Forfeited/expired	42.85	38.36
Weighted average exercise price, Outstanding, end of year	39.83	38.60
Weighted average exercise price, Exercisable, end of year	$ 37.62	$ 36.57

FINANCIAL INSTRUMENTS AND RIS_3

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Non Derivative Financial Instruments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019CAD ($)	Dec. 31, 2018CAD ($)
Non Derivative Financial Instruments
Partnership liability	$ 455	$ 477
East Tank Farm Development \| Fort McKay First Nation and the Mikisew Cree First Nation Partnership
Non Derivative Financial Instruments
Percentage of ownership interest acquired	49
Fixed Term Notes
Non Derivative Financial Instruments
Borrowings excluding short term debt	$ 12,927	12,900
Fair value of fixed term debt	$ 16,100	$ 14,200

FINANCIAL INSTRUMENTS AND RIS_4

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Non Designated Derivative Financial Instruments (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Derivative financial instrument assets and liabilities and assets available for sale measured at fair value
Fair value outstanding, beginning of year	$ 89,579
Fair value outstanding, end of year	89,435	$ 89,579
At fair value
Derivative financial instrument assets and liabilities and assets available for sale measured at fair value
Fair value outstanding, beginning of year		(105)
Cash Settlements - received during the year	(254)	(90)
Fair value outstanding, end of year	(39)
Fair value outstanding, beginning of year	60
Changes in fair value recognized in earnings during the year (note 7)	$ 155	255
Fair value outstanding, end of year		$ 60

FINANCIAL INSTRUMENTS AND RIS_5

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Fair Value Hierarchy (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Derivative financial instrument assets and liabilities and assets available for sale measured at fair value
Balance	$ (39)	$ 60
Transfers of financial liabilities from level 1 to 2	0
Transfers of financial liabilities from level 2 to 1	0
Accounts receivable
Derivative financial instrument assets and liabilities and assets available for sale measured at fair value
Financial assets, at fair value	94	215
Accounts Payable
Derivative financial instrument assets and liabilities and assets available for sale measured at fair value
Financial liabilities, at fair value	(133)	(155)
Level 1
Derivative financial instrument assets and liabilities and assets available for sale measured at fair value
Balance	(33)	20
Level 1 \| Accounts receivable
Derivative financial instrument assets and liabilities and assets available for sale measured at fair value
Financial assets, at fair value	33	63
Level 1 \| Accounts Payable
Derivative financial instrument assets and liabilities and assets available for sale measured at fair value
Financial liabilities, at fair value	(66)	(43)
Level 2
Derivative financial instrument assets and liabilities and assets available for sale measured at fair value
Balance	(6)	40
Level 2 \| Accounts receivable
Derivative financial instrument assets and liabilities and assets available for sale measured at fair value
Financial assets, at fair value	61	152
Level 2 \| Accounts Payable
Derivative financial instrument assets and liabilities and assets available for sale measured at fair value
Financial liabilities, at fair value	$ (67)	$ (112)

FINANCIAL INSTRUMENTS AND RIS_6

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Financial Assets (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Derivatives
Financial Assets Offsetting
Gross Assets	$ 1,737	$ 1,599
Gross Liabilities Offset	(1,643)	(1,384)
Net Amounts Presented	94	215
Accounts receivable
Financial Assets Offsetting
Gross Assets	2,860	1,837
Gross Liabilities Offset	(1,289)	(882)
Net Amounts Presented	1,571	955
Financial assets
Financial Assets Offsetting
Gross Assets	4,597	3,436
Gross Liabilities Offset	(2,932)	(2,266)
Net Amounts Presented	$ 1,665	$ 1,170

FINANCIAL INSTRUMENTS AND RIS_7

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Financial Liabilities (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Derivatives
Financial Liabilities Offsetting
Gross Liabilities	$ (1,776)	$ (1,539)
Gross Assets Offset	1,643	1,384
Net Amounts Presented	(133)	(155)
Accounts Payable
Financial Liabilities Offsetting
Gross Liabilities	(2,532)	(1,798)
Gross Assets Offset	1,289	882
Net Amounts Presented	(1,243)	(916)
Financial liabilities
Financial Liabilities Offsetting
Gross Liabilities	(4,308)	(3,337)
Gross Assets Offset	2,932	2,266
Net Amounts Presented	$ (1,376)	$ (1,071)

FINANCIAL INSTRUMENTS AND RIS_8

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Risk Management (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019CAD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2017CAD ($)	Dec. 31, 2019USD ($)$ / bbl	Dec. 31, 2019CAD ($)$ / bbl
Risk Management Strategy Related to Hedge Accounting
Forward starting swaps		$ 1,384			$ 1,643
Weighted average interest rate on total debt		5.40%		5.30%	5.30%
Cash and cash equivalents		$ 2,221	$ 2,672		$ 1,960
Total credit facilities					8,328
Total unutilized credit facilities					$ 889
Commodity Price Risk
Risk Management Strategy Related to Hedge Accounting
Increase in price per barrel of crude oil \| $ / bbl				10	10
Decrease in pre tax earnings for the company's outstanding derivative financial instruments	$ 46	39
Foreign Currency Exchange Risk
Risk Management Strategy Related to Hedge Accounting
Strengthening in the Cdn$ relative to the US$	1.00%
Gains (losses) on change in value of foreign currency basis spreads, net of tax	$ 146		$ 167
Liquidity Risk
Risk Management Strategy Related to Hedge Accounting
Cash and cash equivalents					$ 2,000
Total credit facilities					8,300
Total unutilized credit facilities					$ 4,900
Unused capacity under a Canadian debt shelf prospectus				$ 2,250
Unused capacity under Canadian and U.S. universal shelf prospectus				$ 3,000
Variable interest rates \| Interest Rate Risk
Risk Management Strategy Related to Hedge Accounting
Increase in interest rates	1.00%
Increase (decrease) in pre-tax earnings from increase in interest rates	$ (2)	$ (10)
Proportion of floating interest rate exposure	12.00%		18.60%
Weighted average \| Fixed interest rates \| Interest Rate Risk
Risk Management Strategy Related to Hedge Accounting
Weighted average interest rate on total debt		5.40%		5.60%	5.60%

FINANCIAL INSTRUMENTS AND RIS_9

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Liquidity Risk (Details) $ in Millions, $ in Millions	Dec. 31, 2019CAD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2018CAD ($)
Financial Liabilities
Lease liabilities	$ 2,931	$ 1,792
Derivative financial liabilities	1,776		$ 1,539
Derivative financial assets	1,643		1,384
Derivative liabilities, net	133		155
Accounts Payable
Financial Liabilities
Trade and other payables undiscounted cash flows	6,501		5,576
Derivatives
Financial Liabilities
Gross derivative liability undiscounted cash flows	1,776		1,539
Debt
Financial Liabilities
Debt undiscounted cash flows	25,271		30,114
Lease Liablities
Financial Liabilities
Lease liabilities	4,842
2020 \| Accounts Payable
Financial Liabilities
Trade and other payables undiscounted cash flows	6,422		5,492
2020 \| Derivatives
Financial Liabilities
Gross derivative liability undiscounted cash flows	1,568		1,539
2020 \| Debt
Financial Liabilities
Debt undiscounted cash flows	2,877		4,314
2020 \| Lease Liablities
Financial Liabilities
Lease liabilities	470
1 to 3 years \| Accounts Payable
Financial Liabilities
Trade and other payables undiscounted cash flows	39		42
1 to 3 years \| Derivatives
Financial Liabilities
Gross derivative liability undiscounted cash flows	208
1 to 3 years \| Debt
Financial Liabilities
Debt undiscounted cash flows	2,991		3,362
1 to 3 years \| Lease Liablities
Financial Liabilities
Lease liabilities	796
3 to 5 years \| Accounts Payable
Financial Liabilities
Trade and other payables undiscounted cash flows	40		42
3 to 5 years \| Debt
Financial Liabilities
Debt undiscounted cash flows	2,220		1,827
3 to 5 years \| Lease Liablities
Financial Liabilities
Lease liabilities	616
Thereafter \| Debt
Financial Liabilities
Debt undiscounted cash flows	17,183		$ 20,611
Thereafter \| Lease Liablities
Financial Liabilities
Lease liabilities	$ 2,960

FINANCIAL INSTRUMENTS AND RI_10

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Credit Risk (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Credit Risk
Credit Exposure
Company's exposure	$ 1,737	$ 1,599

CAPITAL STRUCTURE FINANCIAL P_3

CAPITAL STRUCTURE FINANCIAL POLICIES - (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019CAD ($)	Dec. 31, 2018CAD ($)	Jan. 01, 2019CAD ($)	Dec. 31, 2017CAD ($)
Components of Ratio
Short-term debt	$ 2,155	$ 3,231
Current portion of long - term debt		229
Current portion of long-term lease liabilities	310		$ 276
Long-term debt	12,884	13,890	12,668
Long-term lease liabilities	2,621		2,777
Total debt	17,970	17,350
Less: Cash and cash equivalents	1,960	2,221		$ 2,672
Net debt	16,010	15,129
Shareholders' equity	42,042	44,005	$ 44,019	$ 45,383
Total capitalization (total debt plus shareholders' equity)	60,012	61,355
Funds from operations	$ 10,818	$ 10,172
Net debt to funds from operations	1.5	1.5
Total debt to total debt plus shareholders' equity	30	28
Minimum
CAPITAL STRUCTURE FINANCIAL POLICIES
Target percentage of financial covenant	20
Maximum
CAPITAL STRUCTURE FINANCIAL POLICIES
Percentage of Financial covenant	65
Target percentage of financial covenant	35
Components of Ratio
Net debt to funds from operations	3	3

JOINT ARRANGEMENTS - Joint Oper

JOINT ARRANGEMENTS - Joint Operations (Details)	3 Months Ended	12 Months Ended
JOINT ARRANGEMENTS - Joint Operations (Details)	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Fort Hills Energy Limited Partnership
Disclosure of joint operations
Ownership interest (as percent)	54.11%	54.11%	54.11%
Meadow Creek
Disclosure of joint operations
Ownership interest (as percent)		75.00%	75.00%
Syncrude
Disclosure of joint operations
Ownership interest (as percent)		58.74%	58.74%
Terra Nova
Disclosure of joint operations
Ownership interest (as percent)		37.68%	37.68%
Buzzard
Disclosure of joint operations
Ownership interest (as percent)		29.89%	29.89%
Fenja Development JV
Disclosure of joint operations
Ownership interest (as percent)		17.50%	17.50%
Golden Eagle Area Development
Disclosure of joint operations
Ownership interest (as percent)		26.69%	26.69%
Hibernia and the Hibernia South Extension Unit \| Minimum
Disclosure of joint operations
Ownership interest (as percent)		19.19%	19.19%
Hebron
Disclosure of joint operations
Ownership interest (as percent)		21.03%	21.03%
Harouge Oil Operations
Disclosure of joint operations
Ownership interest (as percent)		49.00%	49.00%
North Sea Rosebank Project
Disclosure of joint operations
Ownership interest (as percent)		40.00%	40.00%
Oda
Disclosure of joint operations
Ownership interest (as percent)		30.00%	30.00%
White Rose and the White Rose Extensions \| Minimum
Disclosure of joint operations
Ownership interest (as percent)		26.13%	26.13%
White Rose and the White Rose Extensions \| Maximum
Disclosure of joint operations
Ownership interest (as percent)		27.50%	27.50%

JOINT ARRANGEMENTS - Joint Vent

JOINT ARRANGEMENTS - Joint Ventures and Associates (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
JOINT ARRANGEMENTS
Net (loss) earnings	$ 2,899	$ 3,293
Other comprehensive income	(225)	370
Total Comprehensive (Loss) Income	2,674	3,663
Joint ventures
JOINT ARRANGEMENTS
Net (loss) earnings	(7)	11
Total Comprehensive (Loss) Income	(7)	11
Carrying amount as at December 31	68	75
Associates
JOINT ARRANGEMENTS
Net (loss) earnings		(19)
Total Comprehensive (Loss) Income		(19)
Carrying amount as at December 31	$ 76	$ 110

SUBSIDIARIES (Details)

SUBSIDIARIES (Details)	12 Months Ended
SUBSIDIARIES (Details)	Dec. 31, 2019
Suncor Energy Venture Holding Corporation
Disclosure of subsidiaries
Ownership by subsidiaries (as a percent)	36.74%
Suncor Energy Ventures Partnership
Disclosure of subsidiaries
Ownership by subsidiaries (as a percent)	22.00%

RELATED PARTY DISCLOSURES (Deta

RELATED PARTY DISCLOSURES (Details) - CAD ($) $ in Millions	12 Months Ended
RELATED PARTY DISCLOSURES (Details) - CAD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
RELATED PARTY DISCLOSURES
Sales	$ 676	$ 723
Purchases	215	237
Accounts receivable	38	33
Accounts payable and accrued liabilities	19	15
Compensation of Key Management Personnel
Salaries and other short-term benefits	14	15
Pension and other post-retirement benefits	3	5
Share-based compensation	47	32
Total	64	52
Parachem Chemicals Inc
RELATED PARTY DISCLOSURES
Sales	$ 269	$ 338

COMMITMENTS, CONTINGENCIES AN_3

COMMITMENTS, CONTINGENCIES AND GUARANTEES (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019CAD ($)	Dec. 31, 2018USD ($)
Commitments, Contingencies and guarantees
Product transportation and storage	$ 14,723
Energy services	805
Exploration work commitments	516
Other	1,549
Total	17,593
Pipeline commitments	$ 5,900
Pipeline commitment contract term	20 years
Minimum Lease Payments Payable Under Noncancellable Operating Lease IAS17		$ 2,457
2020
Commitments, Contingencies and guarantees
Product transportation and storage	$ 1,083
Energy services	164
Exploration work commitments	7
Other	525
Total	1,779
2021
Commitments, Contingencies and guarantees
Product transportation and storage	1,034
Energy services	150
Exploration work commitments	44
Other	188
Total	1,416
2022
Commitments, Contingencies and guarantees
Product transportation and storage	992
Energy services	180
Other	133
Total	1,305
2023
Commitments, Contingencies and guarantees
Product transportation and storage	1,076
Energy services	121
Other	118
Total	1,315
2024
Commitments, Contingencies and guarantees
Product transportation and storage	1,068
Energy services	61
Other	100
Total	1,229
Thereafter
Commitments, Contingencies and guarantees
Product transportation and storage	9,470
Energy services	129
Exploration work commitments	465
Other	485
Total	$ 10,549

COMMITMENTS, CONTINGENCIES AN_4

COMMITMENTS, CONTINGENCIES AND GUARANTEES - Contingencies (Details) $ in Millions	Dec. 31, 2019CAD ($)
COMMITMENTS, CONTINGENCIES AND GUARANTEES
Maximum potential amount payable under indemnification agreements	$ 125

ACQUISITION OF ADDITIONAL OWN_3

ACQUISITION OF ADDITIONAL OWNERSHIP INTEREST IN THE SYNCRUDE PROJECT (Details) - Syncrude $ in Millions, $ in Millions	Feb. 23, 2018USD ($)	Dec. 31, 2019CAD ($)	Dec. 31, 2018CAD ($)	Feb. 23, 2018CAD ($)
Disclosure of detailed information about business combination [line items]
Percentage of additional working interest acquired	5.00%
Cash transferred	$ 923
Interest purchased (as a percent)	58.74%			58.74%
Assets acquired
Accounts receivable				$ 2
Inventory				15
Property, plant and equipment				998
Exploration and evaluation				163
Total assets acquired				1,178
Liabilities assumed
Accounts payable and other liabilities				(51)
Employee future benefits				(33)
Decommissioning provision				(169)
Deferred income taxes				(2)
Total liabilities assumed				(255)
Net assets acquired				$ 923
Contribution to gross revenues			$ 270
Contribution to consolidated net income			7
Proforma revenue contributed by acquired entity if acquisition had occurred at the beginning of year			$ 64
Proforma net loss contributed by acquired entity if acquisition had occurred at the beginning of year		$ (4)
Proforma gross revenues		39,660
Proforma net income		$ 3,300

FORT HILLS (Details)

FORT HILLS (Details) - CAD ($) $ in Millions	3 Months Ended	12 Months Ended
FORT HILLS (Details) - CAD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of joint operations
Risk adjusted discount rate		7.50%	8.00%
Teck Resources Limited
Disclosure of joint operations
Consideration paid	$ 145
Fort Hills Energy Limited Partnership
Disclosure of joint operations
Interest purchased (as a percent)	1.05%
Interest (as a percent)	54.11%	54.11%	54.11%
Fort Hills Energy Limited Partnership \| Teck Resources Limited
Disclosure of joint operations
Interest purchased (as a percent)				0.42%
Interest (as a percent)	21.31%
Fort Hills Energy Limited Partnership \| Total
Disclosure of joint operations
Interest (as a percent)	24.58%

OTHER TRANSACTIONS (Details)

OTHER TRANSACTIONS (Details) $ in Millions, $ in Millions	Jun. 28, 2019CAD ($)	Sep. 29, 2018CAD ($)	Sep. 30, 2019CAD ($)	Mar. 31, 2019CAD ($)	Dec. 31, 2019CAD ($)	Dec. 31, 2018CAD ($)	May 31, 2018USD ($)	May 31, 2018CAD ($)
Disclosure of Other Transactions [Line Items]
Proceeds from disposal of assets					$ 274	$ 84
Gain on sale of business					253	24
Exploration and Production
Disclosure of Other Transactions [Line Items]
Gain on sale of business					$ 228	$ (91)
Non Core Australian Assets
Disclosure of Other Transactions [Line Items]
Gain on sale of business			$ 65
Gain on sale of business after tax			$ 48
Suncor's Libyan Assets
Disclosure of Other Transactions [Line Items]
Gain on sale of business				$ 363
Gain on sale of business after tax				$ (264)
Fenja Development Project
Disclosure of Other Transactions [Line Items]
Interest purchased (as a percent)							17.50%	17.50%
Consideration paid							$ 55	$ 70
Interim settlement costs								$ 22
Canbriam Energy, Inc.
Disclosure of Other Transactions [Line Items]
Ownership interest (as percent)	37.00%
Canbriam Energy, Inc. \| Exploration and Production
Disclosure of Other Transactions [Line Items]
Gain on sale of business	$ 151
Gain on sale of business after tax	139
Consideration paid	$ 52
Joslyn Oil Sands Mining Project
Disclosure of Other Transactions [Line Items]
Percentage of working interest agreed to sell		36.75%
Gross proceeds		$ 82.7
Proceeds from disposal of assets		36.8
Total receivable		45.9
Long term receivable		36.7
Current receivable		$ 9.2
Other receivable term		5 years
Gain on sale of business		$ 83
Suncor With the Other Working Interest Partners \| Joslyn Oil Sands Mining Project
Disclosure of Other Transactions [Line Items]
Percentage of working interest agreed to sell		100.00%
Gross proceeds		$ 225
Proceeds from disposal of assets		100
Total receivable		$ 125