Suncor Energy (SU) 40-F25 Feb 222021 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, 2021shares
Document and Entity Information
Document Type	40-F
Document Registration Statement	false
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2021
Entity File Number	1-12384
Entity Registrant Name	SUNCOR ENERGY INC
Entity Primary SIC Number	2911
Entity Tax Identification Number	98-0343201
Entity Incorporation, State or Country Code	Z4
Entity Address, Address Line One	150 - 6th Avenue S.W.
Entity Address, Address Line Two	P.O. Box 2844
Entity Address, City or Town	Calgary
Entity Address, State or Province	AB
Entity Address, Country	CA
Entity Address, Postal Zip Code	T2P 3E3
City Area Code	403
Local Phone Number	296-8000
Title of 12(b) Security	Common shares
Trading Symbol	SU
Security Exchange Name	NYSE
Annual Information Form	true
Audited Annual Financial Statements	true
Entity Common Stock, Shares Outstanding	1,441,250,800
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Central Index Key	0000311337
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	KPMG LLP
Auditor Location	Calgary, Canada
Auditor Firm ID	85
Business Contact
Document and Entity Information
Contact Personnel Name	CT Corporation System
Entity Address, Address Line One	28 Liberty St.
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10005
City Area Code	212
Local Phone Number	894-8940

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenues and Other Income
Operating revenues, net of royalties	$ 39,132	$ 24,662
Other income	(31)	390
Total revenue	39,101	25,052
Expenses
Purchases of crude oil and products	13,791	9,112
Operating, selling and general	11,366	9,794
Transportation	1,479	1,551
Depreciation, depletion, amortization and impairment	5,850	9,526
Exploration	47	186
Gain on disposal of assets	(257)	(16)
Financing expenses	1,255	996
Total expenses	33,531	31,149
(Loss) Earnings before Income Taxes	5,570	(6,097)
Income Tax (Recovery) Expense
Current	1,395	(659)
Deferred	56	(1,119)
Total income tax expense (recovery)	1,451	(1,778)
Net Earnings (Loss)	4,119	(4,319)
Items That May be Subsequently Reclassified to Earnings:
Foreign currency translation adjustment	(63)	(22)
Items That Will Not be Reclassified to Earnings:
Actuarial gain (loss) on employee retirement benefit plans, net of income taxes	856	(196)
Other Comprehensive Income (Loss)	793	(218)
Total Comprehensive Income (Loss)	$ 4,912	$ (4,537)
Per Common Share (dollars)
Net (loss) earnings - basic	$ 2.77	$ (2.83)
Net (loss) earnings - diluted	2.77	(2.83)
Cash dividends	$ 1.05	$ 1.10

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Operating, selling and general	$ 11,366	$ 9,794
Transportation and distribution expense	$ 1,479	1,551
Reclassification, Adjustment
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Operating, selling and general		(133)
Transportation and distribution expense		$ 133

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 2,205	$ 1,885
Accounts receivable	4,534	3,157
Inventories	4,110	3,617
Income taxes receivable	128	727
Total current assets	10,977	9,386
Property, plant and equipment, net	65,546	68,130
Exploration and evaluation	2,226	2,286
Other assets	1,307	1,277
Goodwill and other intangible assets	3,523	3,328
Deferred income tax asset	160	209
Total assets	83,739	84,616
Current liabilities
Short-term debt	1,284	3,566
Current portion of long-term debt	231	1,413
Current portion of long-term lease liabilities	310	272
Accounts payable and accrued liabilities	6,503	4,684
Current portion of provisions	779	527
Income taxes payable	1,292	87
Total current liabilities	10,399	10,549
Long-term debt	13,989	13,812
Long-term lease liabilities	2,540	2,636
Other long-term liabilities	2,180	2,840
Provisions	8,776	10,055
Deferred income taxes	9,241	8,967
Equity	36,614	35,757
Total liabilities and shareholders' equity	$ 83,739	$ 84,616

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating Activities
Net (loss) earnings	$ 4,119	$ (4,319)
Adjustments for:
Depreciation, depletion, amortization and impairment	5,850	9,526
Deferred income tax expense (recovery)	56	(1,119)
Accretion	304	278
Unrealized foreign exchange gain on U.S. dollar denominated debt	(113)	(312)
Change in fair value of financial instruments and trading inventory	(13)	108
Gain on disposal of assets	(257)	(16)
Loss on extinguishment of long-term debt	80
Share-based compensation	205	(238)
Exploration		80
Settlement of decommissioning and restoration liabilities	(263)	(231)
Other	289	119
Decrease (increase) in non-cash working capital	1,507	(1,201)
Cash flow provided by operating activities	11,764	2,675
Investing Activities
Capital and exploration expenditures	(4,555)	(3,926)
Proceeds from disposal of assets	335	72
Other investments	(28)	(113)
Decrease (increase) in non-cash working capital	271	(557)
Cash flow used in investing activities	(3,977)	(4,524)
Financing Activities
Net (decrease) increase in short-term debt	(2,256)	1,445
Net (decrease) increase in long-term debt	(2,451)
Issuance of long-term debt	1,423	2,634
Lease liability payments	(325)	(335)
Issuance of common shares under share option plans	8	29
Repurchase of common shares	(2,304)	(307)
Distributions relating to non-controlling interest	(9)	(10)
Dividends paid on common shares	(1,550)	(1,670)
Cash flow (used in) provided by financing activities	(7,464)	1,786
Increase (Decrease) in Cash and Cash Equivalents	323	(63)
Effect of foreign exchange on cash and cash equivalents	(3)	(12)
Cash and cash equivalents at beginning of year	1,885	1,960
Cash and Cash Equivalents at End of Year	2,205	1,885
Supplementary Cash Flow Information
Interest paid	980	1,028
Income taxes paid	$ (532)	$ 695

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CAD ($) shares in Thousands, $ in Millions	Issued capital	Contributed surplus	Accumulated other comprehensive income	Retained earnings	Total
Beginning balance at Dec. 31, 2019	$ 25,167	$ 566	$ 899	$ 15,410	$ 42,042
Beginning balance (in share) at Dec. 31, 2019					1,531,874
Changes in equity
Net (loss) earnings				(4,319)	$ (4,319)
Foreign currency translation adjustment			(22)		(22)
Actuarial (loss) gain on employee retirement benefit plans, net of income taxes				(196)	(196)
Total comprehensive (loss) income			(22)	(4,515)	(4,537)
Issued under share option plans	36	(7)			$ 29
Issued under share option plans (in shares)					804
Repurchase of common shares for cancellation	(124)			(183)	$ (307)
Repurchase of common shares for cancellation (in shares)					(7,527)
Change in liability for share purchase commitment	65			103	$ 168
Share-based compensation		32			32
Dividends paid on common shares				(1,670)	(1,670)
Ending balance at Dec. 31, 2020	25,144	591	877	9,145	$ 35,757
Ending balance (in share) at Dec. 31, 2020					1,525,151
Changes in equity
Net (loss) earnings				4,119	$ 4,119
Foreign currency translation adjustment			(63)		(63)
Actuarial (loss) gain on employee retirement benefit plans, net of income taxes				856	856
Total comprehensive (loss) income			(63)	4,975	4,912
Issued under share option plans	8				$ 8
Issued under share option plans (in shares)					245
Common shares forfeited (in shares)					(186)
Repurchase of common shares for cancellation	(1,382)			(922)	$ (2,304)
Repurchase of common shares for cancellation (in shares)					(83,959)
Change in liability for share purchase commitment	(120)			(110)	$ (230)
Share-based compensation		21			21
Dividends paid on common shares				(1,550)	(1,550)
Ending balance at Dec. 31, 2021	$ 23,650	$ 612	$ 814	$ 11,538	$ 36,614
Ending balance (in share) at Dec. 31, 2021					1,441,251

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Taxes on actuarial (loss) gain on employee retirement benefit plans	$ 277	$ (62)

REPORTING ENTITY AND DESCRIPTIO

REPORTING ENTITY AND DESCRIPTION OF THE BUSINESS	12 Months Ended
REPORTING ENTITY AND DESCRIPTION OF THE BUSINESS	Dec. 31, 2021
REPORTING ENTITY AND DESCRIPTION OF THE BUSINESS
REPORTING ENTITY AND DESCRIPTION OF THE BUSINESS	NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 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's operations include oil sands development, production and upgrading; offshore oil and gas; petroleum refining in Canada and the U.S.; and the company’s Petro-Canada retail and wholesale distribution networks (including Canada’s Electric Highway™, a coast-to-coast network of fast-charging electric vehicle stations). Suncor is developing petroleum resources while advancing the transition to a low-emissions future through investment in power, renewable fuels and hydrogen. Suncor also conducts energy trading activities focused principally on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. Suncor has been recognized for its performance and transparent reporting on the Dow Jones Sustainability index, FTSE4Good and CDP. Suncor is also listed on the UN Global Compact 100 stock index. Suncor's common shares (symbol: SU) are listed on the Toronto Stock Exchange (TSX) and New York Stock Exchange (NYSE). 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, 2021
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). During 2021, the company revised the presentation of certain expenses from “transportation” to “transportation and distribution” and reclassified certain operating, selling and general expenses to transportation and distribution to better reflect the nature of these expenses. There is no impact on net earnings (loss) and comparative periods have been restated to reflect this change. 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 23, 2022. (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. (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, 2021
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) Investments in Associates Associates are entities for which the company has significant influence, but not control or joint control over the financial and operational decisions. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost and adjusted thereafter for the change in the company’s share of the investee’s profit or loss and Other Comprehensive Income (OCI) less distributions received until the date that significant influence ceases. (d) 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 OCI. 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. (e) 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 does not 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 partners. (f) 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. (g) 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 to sell and any changes in fair value are recognized in Other Income within the respective reporting segment to which the trading activity relates. (h) 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. (i) 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. (j) 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. (k) 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 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 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. (l) 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, brand value and certain software costs. 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 five (m) 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 since the last impairment loss was recognized. 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 the expected credit losses associated with its financial assets measured at amortized cost. Expected credit losses are measured as the difference between the cash flows that are due to the company and the cash flows that the company expects to receive, discounted at the effective interest rate determined at initial recognition. For trade accounts receivables, the company applies the simplified approach permitted by IFRS 9 Financial Instruments (n) 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. (o) 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. (p) 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. (q) 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. (r) 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 and certain investments 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 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. (s) 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, 2021 or 2020. (t) 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. (u) Dividend Distributions Dividends on common shares are recognized in the period in which the dividends are declared by the company’s Board of Directors. (v) 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. (w) Emissions Obligations Emissions obligations are measured at the weighted average cost per unit of emissions expected to be incurred to settle the obligation and are recorded in the period in which the emissions occur within Operating, Selling and General expense, or Purchases. 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. (x) Leases 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 on 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. Judgment is applied to determine the lease term where a renewal option exists. Right-of-use assets are depreciated 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 reduced by impairment losses or adjusted for certain remeasurements of the lease liability. The company has 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. The lease payments are recognized as an expense when incurred over the lease term. As well, the company has accounted for each lease component and any non-lease components as a single lease component for crude oil storage tanks. 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. 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. (y) Government Grants Government grants are recognized when the company has reasonable assurance that it has complied with the relevant conditions of the grant and that it will be received. The company recognizes the grants that compensate the company for expenses incurred against the financial statement line item that it is intended to compensate, or to other income if the grant is recognized in a different period than the underlying transaction.

SIGNIFICANT ACCOUNTING ESTIMATE

SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENTS	12 Months Ended
SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENTS	Dec. 31, 2021
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. COVID-19 On January 30, 2020, the World Health Organization declared the COVID-19 outbreak a Public Health Emergency of International Concern and, on March 10, 2020, declared it to be a pandemic. Actions taken around the world to help mitigate the spread of COVID-19 include restrictions on travel, quarantines in certain areas, and forced closures for certain types of public places and businesses. These measures have and may continue to have significant disruption to business operations and a significant increase in economic uncertainty, with fluctuating demand for commodities leading to volatile prices and currency exchange rates, and a decline in long-term interest rates. Our operations and business are particularly sensitive to a reduction in the demand for, and prices of, commodities that are closely linked to Suncor’s financial performance, including crude oil, refined petroleum products (such as jet fuel and gasoline), natural gas and electricity. The potential direct and indirect impacts of the economic volatility have been considered in management’s estimates, and assumptions at period-end have been reflected in our results with any significant changes described in the relevant financial statement note. The COVID-19 pandemic is an evolving situation that is expected to continue to have widespread implications for our business environment, operations and financial condition. Management cannot reasonably estimate the length or severity of this pandemic, or the extent to which the disruption may materially impact our consolidated statements of comprehensive income (loss), consolidated balance sheets and consolidated statements of cash flows. Climate Change Climate change and the transition to a lower-carbon economy from carbon-based sources to alternative energy were considered in preparing the consolidated financial statements. These may have significant impacts on the currently reported amounts of the company’s assets and liabilities discussed below and on similar assets and liabilities that may be recognized in the future. 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, 2021, 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, 2021, which could differ significantly from other points in time throughout the year, or future periods. Changes in market and regulatory conditions and assumptions, as well as climate change, and the evolving worldwide demand for energy and global advancement of alternative sources of energy that are not sourced from fossil fuels can materially impact the estimation of net reserves. The timing in which global energy markets transition from carbon-based sources to alternative energy is highly uncertain. 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, income taxes, 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. In addition, climate change, and the evolving worldwide demand for energy and global advancement of alternative sources of energy that are not sourced from fossil fuels could result in a change in assumptions used in determining the recoverable amount and could affect the carrying value and useful life of the related assets. The timing in which global energy markets transition from carbon-based sources to alternative energy is highly uncertain. 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. In addition, climate change, and the evolving worldwide demand for energy and global advancement of alternative sources of energy that are not sourced from fossil fuels could result in a change in assumptions used in determining the carrying value of the liabilities. The timing in which global energy markets transition from carbon-based sources to alternative energy is highly uncertain. 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 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.

NEW IFRS STANDARDS

NEW IFRS STANDARDS	12 Months Ended
NEW IFRS STANDARDS	Dec. 31, 2021
NEW IFRS STANDARDS
NEW IFRS STANDARDS	5. NEW IFRS STANDARDS 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. Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction In May 2021, the IASB issued Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) Definition of Accounting Estimates In February 2021, the IASB issued Definition of Accounting Estimates (Amendments to IAS 8).

SEGMENTED INFORMATION

SEGMENTED INFORMATION	12 Months Ended
SEGMENTED INFORMATION	Dec. 31, 2021
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, and the company’s joint interest in the Fort Hills partnership 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 (the latter of which the company sold during 2021 – see note 33) in the United Kingdom (U.K.), exploration and production of crude oil and gas at Oda, and the development of the Fenja field in Norway, as well as the marketing and risk management of crude oil and natural gas. ● 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, the development of the Forty Mile Wind Project in Alberta, as well as other investments in waste-to-biofuels, chemicals, and carbon capture projects. 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. Exploration Refining and Corporate and For the years ended December 31 Oil Sands and Production Marketing Eliminations Total ($ millions) 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Revenues and Other Income Gross revenues 15 319 7 792 2 978 1 899 22 808 15 180 28 29 41 133 24 900 Intersegment revenues 4 601 2 825 - - 107 92 (4 708) (2 917) - - Less: Royalties (1 523) (95) (478) (143) - - - - (2 001) (238) Operating revenues, net of royalties 18 397 10 522 2 500 1 756 22 915 15 272 (4 680) (2 888) 39 132 24 662 Other income (loss) 6 298 17 54 (50) 48 (4) (10) (31) 390 18 403 10 820 2 517 1 810 22 865 15 320 (4 684) (2 898) 39 101 25 052 Expenses Purchases of crude oil and products 1 444 844 - - 16 807 11 243 (4 460) (2 975) 13 791 9 112 Operating, selling and general (1) 8 056 7 169 429 476 2 019 1 759 862 390 11 366 9 794 Transportation and distribution (1) 1 126 1 223 112 100 282 271 (41) (43) 1 479 1 551 Depreciation, depletion, amortization and impairment 4 585 6 430 324 2 147 853 867 88 82 5 850 9 526 Exploration 12 57 35 129 - - - - 47 186 (Gain) loss on disposal of assets (4) (1) (227) - (19) (24) (7) 9 (257) (16) Financing expenses 359 336 53 47 56 37 787 576 1 255 996 15 578 16 058 726 2 899 19 998 14 153 (2 771) (1 961) 33 531 31 149 Earnings (Loss) before Income Taxes 2 825 (5 238) 1 791 (1 089) 2 867 1 167 (1 913) (937) 5 570 (6 097) Income Tax Expense (Recovery) Current 729 (645) 473 64 576 325 (383) (403) 1 395 (659) Deferred (51) (797) 33 (321) 113 (24) (39) 23 56 (1 119) 678 (1 442) 506 (257) 689 301 (422) (380) 1 451 (1 778) Net Earnings (Loss) 2 147 (3 796) 1 285 (832) 2 178 866 (1 491) (557) 4 119 (4 319) Capital and Exploration Expenditures 3 168 2 736 270 489 825 515 292 186 4 555 3 926 (1) Prior period amounts of the Refining and Marketing segment have been reclassified to align with the current year presentation of transportation and distribution expense. For the year ended December 31, 2020, $133 million was reclassified from operating, selling and general expense to transportation and distribution expense. This reclassification had no effect on net earnings (loss). Disaggregation of Revenue from Contracts with Customers and Intersegment Revenue The company derives revenue from the transfer of goods mainly at a point in time in the following major commodities, revenue streams and geographical regions: For the years ended December 31 2021 2020 ($ millions) North America International Total North America International Total Oil Sands SCO and diesel 14 452 - 14 452 8 574 - 8 574 Bitumen 5 468 - 5 468 2 043 - 2 043 19 920 - 19 920 10 617 - 10 617 Exploration and Production Crude oil and natural gas liquids 1 709 1 257 2 966 1 089 806 1 895 Natural gas - 12 12 - 4 4 1 709 1 269 2 978 1 089 810 1 899 Refining and Marketing Gasoline 9 983 - 9 983 6 585 - 6 585 Distillate 9 832 - 9 832 6 525 - 6 525 Other 3 100 - 3 100 2 162 - 2 162 22 915 - 22 915 15 272 - 15 272 Corporate and Eliminations (4 680) - (4 680) (2 888) - (2 888) Total Gross Revenue from Contracts with Customers 39 864 1 269 41 133 24 090 810 24 900 Geographical Information Operating Revenues, net of Royalties ($ millions) 2021 2020 Canada 32 286 20 588 United States 5 818 3 312 Other foreign 1 028 762 39 132 24 662 Non-Current Assets (1) December 31 December 31 ($ millions) 2021 2020 Canada 68 900 71 040 United States 2 020 1 856 Other foreign 1 682 2 125 72 602 75 021 (1) Excludes deferred income tax assets.

OTHER INCOME

OTHER INCOME	12 Months Ended
OTHER INCOME	Dec. 31, 2021
OTHER INCOME
OTHER INCOME	7. OTHER INCOME Other income consists of the following: ($ millions) 2021 2020 Energy trading activities Gains recognized in earnings 43 126 Losses on inventory valuation (10) (25) Short-term commodity risk management (198) 49 Investment and interest income 64 94 Insurance proceeds (1) 69 96 Other 1 50 (31) 390 (1) 2021 includes insurance proceeds for the outages at Mackay River and the secondary extraction facilities at Oil Sands Base Plant and 2020 includes insurance proceeds for MacKay River, both within the Oil Sands segment.

OPERATING, SELLING AND GENERAL

OPERATING, SELLING AND GENERAL EXPENSE	12 Months Ended
OPERATING, SELLING AND GENERAL EXPENSE	Dec. 31, 2021
OPERATING, SELLING AND GENERAL EXPENSE
OPERATING, SELLING AND GENERAL	8. OPERATING, SELLING AND GENERAL EXPENSE Operating, Selling and General expense consists of the following: ($ millions) 2021 2020 Contract services (1) 4 090 4 165 Employee costs (1) 3 884 2 813 Materials 880 951 Energy 1 500 1 113 Equipment rentals and leases 418 361 Travel, marketing and other (2) 594 391 11 366 9 794 (1) The company incurred $8.6 billion of contract services and employee costs for the year ended December 31, 2021 (2020 – $7.5 billion), of which $8.0 billion (2020 – $7.0 billion) was recorded in Operating, Selling and General expense and $0.6 billion was recorded as Property, Plant and Equipment (2020 – $0.5 billion). Employee costs include salaries, benefits and share-based compensation. (2) Prior period amounts have been reclassified to align with the current year presentation of transportation and distribution expense. For the year ended December 31, 2020, $133 million was reclassified from operating, selling and general expense to transportation and distribution expense. This reclassification had no effect on net earnings (loss).

FINANCING EXPENSES

FINANCING EXPENSES	12 Months Ended
FINANCING EXPENSES	Dec. 31, 2021
FINANCING EXPENSES
FINANCING EXPENSES	9. FINANCING EXPENSES Financing expenses consist of the following: ($ millions) 2021 2020 Interest on debt 834 884 Interest on lease liabilities 161 166 Capitalized interest at 5.0% ( 2020 – 4.8% ) (144) (120) Interest expense 851 930 Interest on partnership liability 51 52 Interest on pension and other post-retirement benefits 59 54 Accretion 304 278 Foreign exchange gain on U.S. dollar denominated debt (113) (312) Operational foreign exchange and other 23 (6) Loss on extinguishment of long-term debt 80 - 1 255 996

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Dec. 31, 2021
INCOME TAXES
INCOME TAXES	10. INCOME TAXES Income Tax Expense (Recovery) ($ millions) 2021 2020 Current: Current year 1 353 (650) Adjustments in respect of current income tax of prior years 42 (9) Deferred: Origination and reversal of temporary differences 29 (973) Adjustments in respect of deferred income tax of prior years 23 (52) Changes in tax rates and legislation 8 (106) Movement in unrecognized deferred income tax assets (4) 12 Total income tax expense (recovery) 1 451 (1 778) 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) 2021 2020 Earnings (loss) before income tax 5 570 (6 097) Canadian statutory tax rate 24.24% 24.96% Statutory tax 1 350 (1 522) Add (deduct) the tax effect of: Non-taxable component of capital gains (12) (45) Share-based compensation and other permanent items 3 7 Assessments and adjustments 65 (58) Impact of income tax rates and legislative changes 8 (173) Non-taxable component of dispositions (66) - Foreign tax rate differential 111 3 Movement in unrecognized deferred income tax assets (4) 12 Other (4) (2) Total income tax expense (recovery) 1 451 (1 778) Effective tax rate 26.1% 29.2% 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 Expense (Recovery) Deferred Income Tax Liability (Asset) December 31 December 31 ($ millions) 2021 2020 2021 2020 Property, plant and equipment (260) (1 084) 11 477 11 963 Decommissioning and restoration provision 141 21 (1 936) (2 304) Employee retirement benefit plans (142) 34 (470) (605) Tax loss carry-forwards 161 (20) (15) (176) Other 156 (70) 25 (120) Net deferred income tax expense (recovery) and liability 56 (1 119) 9 081 8 758 Change in Deferred Income Tax Balances ($ millions) 2021 2020 Net deferred income tax liability, beginning of year 8 758 9 967 Recognized in deferred income tax expense (recovery) 56 (1 119) Recognized in other comprehensive income 277 (62) Foreign exchange, acquisition and other (10) (28) Net deferred income tax liability, end of year 9 081 8 758 Deferred Tax in Shareholders’ Equity ($ millions) 2021 2020 Deferred Tax in Other Comprehensive Income Actuarial gain (loss) on employment retirement benefit plans 277 (62) Total income tax expense (recovery) reported in equity 277 (62) 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 a $74 million (2020 – $78 million) deferred income tax asset on $606 million (2020 – $640 million) of capital losses related to unrealized foreign exchange on U.S. dollar denominated debt, which can only be utilized against future capital gains. No

(LOSS) EARNINGS PER COMMON SHAR

(LOSS) EARNINGS PER COMMON SHARE	12 Months Ended
(LOSS) EARNINGS PER COMMON SHARE	Dec. 31, 2021
(LOSS) EARNINGS PER COMMON SHARE
(LOSS) EARNINGS PER COMMON SHARE	11. EARNINGS (LOSS) PER COMMON SHARE ($ millions) 2021 2020 Net earnings (loss) 4 119 (4 319) (millions of common shares) Weighted average number of common shares 1 488 1 526 Dilutive securities: Effect of share options 1 - Weighted average number of diluted common shares 1 489 1 526 (dollars per common share) Basic and diluted earnings (loss) per share 2.77 (2.83)

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS	12 Months Ended
CASH AND CASH EQUIVALENTS	Dec. 31, 2021
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS	12. CASH AND CASH EQUIVALENTS December 31 December 31 ($ millions) 2021 2020 Cash 1 971 1 523 Cash equivalents 234 362 2 205 1 885

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION	Dec. 31, 2021
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) 2021 2020 Accounts receivable (1 324) 954 Inventories (551) 121 Accounts payable and accrued liabilities (1) 1 588 (1 605) Current portion of provisions (1) 235 122 Income taxes payable (net) (2) 1 830 (1 350) 1 778 (1 758) Relating to: Operating activities 1 507 (1 201) Investing activities 271 (557) 1 778 (1 758) (1) Prior period amounts of the current portion of provisions have been reclassified to conform to the current year presentation. For the year ended December 31, 2020, $133 million was reclassified from accounts payable and accrued liabilities to current portion of provisions . This reclassification had no effect on the non-cash working capital. (2) During the twelve months ended December 31, 2021, the increase in taxes payable was primarily related to the company’s 2021 current income tax expense, which is payable in early 2022. Reconciliation of movements of liabilities to cash flows arising from financing activities: Current Portion Current Portion Short-Term of Long-Term Long-Term of Long-Term Long-Term Partnership Dividends ($ millions) Debt Lease Liabilities Lease Liabilities Debt Debt Liability Payable At December 31, 2019 2 155 310 2 621 - 12 884 455 - Changes from financing cash flows: Net issuance of commercial paper 1 445 - - - - - - Gross proceeds from issuance of long-term debt - - - - 2 651 - - Debt issuance costs - - - - (17) - - Dividends paid on common shares - - - - - - (1 670) Lease liability payments - (335) - - - - - Distributions to non-controlling interest - - - - - (10) - Non-cash changes: Dividends declared on common shares - - - - - - 1 670 Unrealized foreign exchange gains (34) - - (20) (258) - - Reclassification of debt - - - 1 433 (1 433) - - Reclassification of lease obligations - 297 (297) - - - - Deferred financing costs - - - - (15) - - Reassessment of partnership liability - - - - - (9) - New leases - - 312 - - - - At December 31, 2020 3 566 272 2 636 1 413 13 812 436 - Changes from financing cash flows: Reduction of commercial paper (2 256) - - - - - - Gross proceeds from issuance of long-term debt - - - - 1 446 - - Debt issuance costs - - - - (23) - - Repayment of long-term debt - - - (2 451) - - - Loss on extinguishment of long-term debt - - - 80 - - - Realized foreign exchange (gains) and losses (79) - - 128 - - - Dividends paid on common shares - - - - - - 1 550 Lease liability payments - (325) - - - - - Distributions to non-controlling interest - - - - - (9) - Other - - - 25 - - - Non-cash changes: Dividends declared on common shares - - - - - - (1 550) Unrealized foreign exchange losses and (gains) 53 - - (47) (168) - - Reclassification of debt - - - 1 083 (1 083) - - Lease derecognition - - (41) - - - - Reclassification of lease obligations - 363 (363) - - - - Deferred financing costs - - - - 5 - - New lease liabilities - - 308 - - - - At December 31, 2021 1 284 310 2 540 231 13 989 427 -

INVENTORIES

INVENTORIES	12 Months Ended
INVENTORIES	Dec. 31, 2021
INVENTORIES
INVENTORIES	14. INVENTORIES December 31 December 31 ($ millions) 2021 2020 Crude oil (1) 1 501 1 429 Refined products 1 820 1 322 Materials, supplies and merchandise 789 866 4 110 3 617 (1) Includes $110 million of inventories held for trading purposes (2020 – $154 million), which are measured at fair value less costs to sell based on Level 1 and Level 2 fair value inputs. During 2021, purchased product inventories of $14.7 billion (2020 – $9.4 billion) were recorded as an expense.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
PROPERTY, PLANT AND EQUIPMENT	Dec. 31, 2021
PROPERTY PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	15. PROPERTY, PLANT AND EQUIPMENT Oil and Gas Plant and ($ millions) Properties Equipment Total Cost At December 31, 2019 40 596 84 568 125 164 Additions 820 2 994 3 814 Transfers from exploration and evaluation 170 - 170 Changes in decommissioning and restoration 1 078 3 1 081 Disposals and derecognition (9) (2 528) (2 537) Foreign exchange adjustments 54 (88) (34) At December 31, 2020 42 709 84 949 127 658 Additions 755 3 901 4 656 Transfers from exploration and evaluation - - - Changes in decommissioning and restoration (1 127) (5) (1 132) Disposals and derecognition (1 902) (2 652) (4 554) Foreign exchange adjustments (118) 49 (69) At December 31, 2021 40 317 86 242 126 559 Accumulated provision At December 31, 2019 (22 389) (30 135) (52 524) Depreciation, depletion, amortization and impairment (3 039) (6 166) (9 205) Disposals and derecognition - 2 205 2 205 Foreign exchange adjustments (45) 41 (4) At December 31, 2020 (25 473) (34 055) (59 528) Depreciation, depletion, amortization and impairment (1 216) (4 465) (5 681) Disposals and derecognition 1 676 2 452 4 128 Foreign exchange adjustments 70 (2) 68 At December 31, 2021 (24 943) (36 070) (61 013) Net property, plant and equipment December 31, 2020 17 236 50 894 68 130 December 31, 2021 15 374 50 172 65 546 December 31, 2021 December 31, 2020 Accumulated Net Book Accumulated Net Book ($ millions) Cost Provision Value Cost Provision Value Oil Sands 87 849 (37 971) 49 878 86 999 (35 059) 51 940 Exploration and Production 21 495 (15 999) 5 496 23 640 (17 424) 6 216 Refining and Marketing 15 989 (6 596) 9 393 15 757 (6 547) 9 210 Corporate and Eliminations 1 226 (447) 779 1 262 (498) 764 126 559 (61 013) 65 546 127 658 (59 528) 68 130 At December 31, 2021, the balance of assets under construction and not subject to depreciation or depletion was $4.6 billion (December 31, 2020 – $5.0 billion).

ASSET IMPAIRMENTS

ASSET IMPAIRMENTS	12 Months Ended
ASSET IMPAIRMENTS	Dec. 31, 2021
ASSET IMPAIRMENT
ASSET IMPAIRMENT	16. ASSET IMPAIRMENTS Oil Sands Fort Hills assets: During the fourth quarter of 2021, the company performed an asset impairment test on its Fort Hills cash generating unit (CGU) due to changes in its mine plan. The impairment test was performed using recoverable amounts based on fair value less cost of disposal. An expected cash flow approach was used with the following asset-specific assumptions (Level 3 fair value inputs note 27): ● Western Canada Select (WCS) price forecast of US$55.00/bbl in 2022, US$54.57/bbl in 2023, and an average price of US$50.86/bbl between 2024 and 2031, escalating at 2% per year thereafter over the life of the project up to 2058, adjusted for asset-specific location and quality differentials; ● the company’s share of production ranging from 94,000 to 111,000 bbls/d over the life of the project; ● cash operating costs averaging $22.00/bbl to $23.00/bbl over the life of the project (expressed in real dollars), which reflects operating, selling and general expenses adjusted for non-production costs, including share-based compensation, research costs, and excess power revenue; ● foreign exchange rate of US$0.80 per one Canadian dollar; and ● risk-adjusted discount rate of 7.5% (after-tax). Factors including an improved WCS price forecast in the next two years and optimization of the mine plan to exclude high strip ratio zones were offset by higher operating and capital costs. The recoverable amount of the Fort Hills CGU was $5.5 billion as at December 31, 2021, which indicated that no impairment loss or reversal was required. The recoverable amount estimate is most sensitive to price and discount rate. A 5% average decrease in price over the life of the project would have resulted in an impairment charge of approximately $1.0 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 impairment charge of approximately $0.5 billion (after-tax) on the company’s share of the Fort Hills assets. Exploration and Production Terra Nova assets: During the third quarter of 2021, the company finalized an agreement with the co-owners of the Terra Nova Project to restructure the project ownership and move forward with the Asset Life Extension Project. The agreement increased the company’s working interest to 48% (previously approximately 38% ) and includes royalty and financial support from the Government of Newfoundland and Labrador. The company received $26 million (net of taxes of $8 million) in cash consideration to acquire the additional 10% working interest, which was primarily allocated to the asset retirement obligation and property, plant and equipment of the project. As a result of these events, during the third quarter of 2021, the company performed an impairment reversal test on the Terra Nova CGU as the recoverable amount of this CGU was sensitive to the financial support from the Government of Newfoundland and Labrador and revised royalty structure resulting in increased profitability and economic value. The impairment reversal test was 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 27). As a result of the impairment reversal test, the recoverable amounts were determined to be greater than the carrying values of the Terra Nova CGU and the company recorded an impairment reversal of $168 million (net of taxes of $53 million) on its share of the Terra Nova assets in the Exploration and Production segment in the third quarter of 2021. In addition to the financial support from the government, the recoverable amount was determined based on the following asset-specific assumptions: ● Brent price forecast of US $65.00 /bbl in 2023 and US $68.00 /bbl in 2024, escalating at 2% per year thereafter over the life of the project to 2033 and adjusted for asset-specific location and quality differentials; ● the anticipated return to operations before the end of 2022 and the company’s share of production of approximately 6,000 bbls/d (based on its previous 38% working interest) over the life of the project; and ● risk-adjusted discount rate of 9.0% (after-tax). The recoverable amount of the Terra Nova CGU was $177 million as at September 30, 2021. No indicators of impairment or reversals of impairment were identified as at December 31, 2021. Asset Impairments in 2020 The COVID-19 pandemic has resulted in a significant decrease in global demand for crude oil and commodity prices. In response, the company announced plans to reduce capital and operating costs. As a result of these events, the company performed asset impairment tests on certain CGUs in its Oil Sands and Exploration and Production segments as at March 31, 2020 as the recoverable amounts of these CGUs were most sensitive to the combined reduction in crude oil prices and changes to their respective capital and operating plans. During the fourth quarter of 2020, the Fort Hills partners approved an earlier date for the phased restart of the second primary extraction train, compared to what was assumed in the first quarter impairment test. As such, the company performed an impairment reversal assessment as at December 31, 2020. Further, as there is significant doubt on the future of the West White Rose (WWR) Project, the company also performed an impairment test for the White Rose CGU as at December 31, 2020. 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 27): Oil Sands The company performed an impairment reversal assessment for the Fort Hills CGU using the following asset-specific assumptions at December 31, 2020: ● Western Canadian Select (WCS) price forecast of US $32.00 /bbl in 2021, US $41.15 /bbl in 2022, US $47.50 /bbl in 2023 and US $49.50 /bbl in 2024, escalating at approximately 2% per year thereafter over the life of the project up to 2064, adjusted for asset-specific location and quality differentials; ● the company’s share of production averaging 74,000 bbls/d through 2022 while the Fort Hills Project operates on two primary extraction trains but at a reduced capacity, and then ranging from 97,000 to 105,000 bbls/d over the remaining life of the project; ● cash operating costs averaging $25.50 /bbl through 2022 while the Fort Hills Project operates on two primary extraction trains but at a reduced capacity, and then ranging from $19.00 /bbl to $23.00 /bbl thereafter as the project returns to full capacity over the remaining life of the project (expressed in real dollars). Cash operating costs reflect operating, selling and general expense adjusted for non-production costs, including share-based compensation, research costs, and excess power revenue; ● foreign exchange rate of US $0.76 per one Canadian dollar in 2021, and US $0.80 per one Canadian dollar thereafter; and ● risk-adjusted discount rate of 7.5% (after-tax). Positive factors, including an increase to forecast production as a result of the restart of the second primary extraction train, improved the WCS price forecast in the next two years, and lower operating costs were offset by lower long-term prices and the negative impact from a strengthening Canadian dollar. The recoverable amount of the Fort Hills CGU was $5.7 billion as at December 31, 2020, which indicated that no impairment reversal was required. The recoverable amount estimate is most sensitive to price and discount rate. A 5% average increase in price over the life of the project would have resulted in an impairment reversal amount of approximately $1.0 billion (after-tax) on the company’s share of the Fort Hills assets. A 1% decrease in the discount rate would have resulted in an impairment reversal amount of approximately $0.9 billion (after-tax) on the company’s share of the Fort Hills assets. During the first quarter of 2020, the company recorded an impairment of $1.38 billion (net of taxes of $0.44 billion) on its share of the Fort Hills Project in the Oil Sands segment using the following asset-specific assumptions: ● WCS price forecast of US$9.00/bbl for the remainder of 2020, US$13.60/bbl in 2021, US$32.00/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 2061, adjusted for asset-specific location and quality differentials; ● the company’s share of production of 47,000 bbls/d while the Fort Hills Project operates on one primary extraction train for the remainder of 2020 through to 2021, and ramping up to two primary extraction trains during 2022, and then ranging from 96,000 to 106,000 bbls/d over the remaining life of the project; ● cash operating costs averaging $32.00/bbl to $37.00/bbl while the Fort Hills Project operates on one primary extraction train for the remainder of 2020 through to 2021, and ranging from $22.00/bbl to $24.00/bbl thereafter, as the project returns to two primary extraction trains over the remaining life of the project (expressed in real dollars). Cash operating costs reflect operating, selling and general expense adjusted for non-production costs, including share-based compensation, research costs, and excess power revenue; ● foreign exchange rate of US $0.76 per one Canadian dollar; and ● risk-adjusted discount rate of 7.5% (after-tax). The recoverable amount of the Fort Hills CGU was $6.4 billion as at March 31, 2020. The recoverable amount estimate is most sensitive to price and discount rate. A 5% average decrease in price over the life of the project would have resulted in an increase to the impairment charge of approximately $1.1 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 $1.1 billion (after-tax) on the company’s share of the Fort Hills assets. Exploration and Production White Rose assets: In the fourth quarter of 2020, the company reassessed the likelihood of completing the West White Rose (WWR) Project. As a result of this reassessment, the company performed an impairment test of the White Rose CGU. While the base White Rose Project will continue to produce in 2021, the company has removed the reserves and forecast revenues for the WWR Project. This decision reduced planned production from the CGU and increased the expected closure costs relative to the assumptions used in the first quarter of 2020, with all other assumptions remaining relatively consistent. An after-tax impairment charge of $423 million (net of taxes of $136 million) was recognized and the White Rose CGU is fully impaired as at December 31, 2020. During the first quarter of 2020, the company recorded an impairment of $137 million (net of taxes of $45 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 $30.00 /bbl for the remainder of 2020, US $35.00 /bbl in 2021, US $50.00 /bbl in 2022 and US $69.00 /bbl in 2023, escalating at 2% per year thereafter over the life of the project to 2036 and adjusted for asset-specific location and quality differentials; ● the company’s share of production of approximately 9,800 bbls/d over the life of the project; ● the company’s share of future capital expenditures of $1.435 billion, including the WWR expansion; and ● risk-adjusted discount rate of 9.0% (after-tax). The recoverable amount of the White Rose CGU was $185 million as at March 31, 2020. The recoverable amount estimate was most sensitive to price and discount rate. A 5% average decrease in price over the life of the project would have resulted in an increase to the impairment charge of approximately $83 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 $45 million (after-tax) on the company’s share of the White Rose assets . Terra Nova assets: During the first quarter of 2020, the company recorded an impairment of $285 million (net of taxes of $93 million) on its share of the Terra Nova assets in the Exploration and Production segment using the following asset-specific assumptions: ● Brent price forecast of US$30.00/bbl for the remainder of 2020, US$35.00/bbl in 2021, US$50.00/bbl in 2022 and US$69.00/bbl in 2023, escalating at 2% per year thereafter over the life of the project to 2031 and adjusted for asset-specific location and quality differentials; ● the company’s share of production of approximately 6,200 bbls/d over the life of the project, including the benefit of the asset life extension project; and ● risk-adjusted discount rate of 9.0% (after-tax). The recoverable amount of the Terra Nova CGU was $24 million as at March 31, 2020. No indicators of impairment or reversals of impairment were identified as at December 31, 2020.

RIGHT-OF-USE ASSETS AND LEASES

RIGHT-OF-USE ASSETS AND LEASES	12 Months Ended
RIGHT-OF-USE ASSETS AND LEASES	Dec. 31, 2021
RIGHT-OF-USE ASSETS AND LEASES
RIGHT-OF-USE ASSETS AND LEASES	17. RIGHT-OF-USE ASSETS AND LEASES Right-of-use (ROU) assets within Property, Plant and Equipment: December 31 December 31 ($ millions) 2021 2020 Property, plant and equipment, net – excluding ROU assets 62 821 65 306 ROU assets 2 725 2 824 65 546 68 130 The following table presents the ROU assets by asset class: Plant and ($ millions) Equipment Cost At January 1, 2020 3 505 Additions and adjustments 312 Disposals (25) Foreign exchange (6) At December 31, 2020 3 786 Additions and adjustments 307 Disposals (232) Foreign exchange - At December 31, 2021 3 861 Accumulated provision At January 1, 2020 (610) Depreciation (375) Disposals 21 Foreign exchange 2 At December 31, 2020 (962) Depreciation (396) Disposals 221 Foreign exchange 1 At December 31, 2021 (1 136) Net ROU assets At December 31, 2020 2 824 At December 31, 2021 2 725 Other lease-related items recognized in the Consolidated Statements of Comprehensive Income (Loss): For the year ended December 31 ($ millions) 2021 2020 Operating, selling and general Short-term lease expense 143 181 Variable lease expense 35 39 There were no leases with residual value guarantees. For the year ended December 31, 2021, total cash outflow for leases, excluding short-term lease expense and variable lease expense, was $486 million (2020 – $501 million).

EXPLORATION AND EVALUATION ASSE

EXPLORATION AND EVALUATION ASSETS	12 Months Ended
EXPLORATION AND EVALUATION ASSETS	Dec. 31, 2021
EXPLORATION AND EVALUATION ASSETS.
EXPLORATION AND EVALUATION ASSETS	18. EXPLORATION AND EVALUATION ASSETS December 31 December 31 ($ millions) 2021 2020 Beginning of year 2 286 2 428 Acquisitions and additions 2 176 Transfers to oil and gas assets - (170) Dry hole expenses - (80) Disposals and derecognition (54) (70) Foreign exchange adjustments (8) 2 End of year 2 226 2 286

OTHER ASSETS

OTHER ASSETS	12 Months Ended
OTHER ASSETS	Dec. 31, 2021
OTHER ASSETS
OTHER ASSETS	19. OTHER ASSETS December 31 December 31 ($ millions) 2021 2020 Investments 391 323 Prepaids and other 916 954 1 307 1 277 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 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, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	20. GOODWILL AND OTHER INTANGIBLE ASSETS Refining and Oil Sands Marketing Other ($ millions) Goodwill Goodwill Intangibles Total At December 31, 2019 2 752 140 166 3 058 Additions - - 272 272 Amortization - - (2) (2) At December 31, 2020 2 752 140 436 3 328 Additions - - 213 213 Amortization - - (18) (18) At December 31, 2021 2 752 140 631 3 523 The company performed a goodwill impairment test at December 31, 2021 on its Oil Sands segment. Recoverable amounts were based on fair value less costs of disposal calculated using the present value of the segment’s expected future cash flows. Cash flow forecasts are based on past experience, historical trends, third-party evaluations of the company’s reserves and resources to determine production profiles and volumes, and estimates of operating costs, maintenance and capital expenditures. These estimates 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 climate change, long-term forecasts of commodity prices, inflation rates, foreign exchange rates and discount rates specific to the CGU (Level 3 fair value inputs) Future cash flow estimates are discounted using after-tax risk-adjusted discount rates. The after-tax discount rate applied to cash flow projections was 7.5% (2020 – 7.5%). The company based its cash flow projections on a West Texas Intermediate price of US$71.00/bbl in 2022, US$66.81/bbl in 2023, US$63.46/bbl in 2024, US$64.73/bbl in 2025 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 50 years to 55 years based on the respective CGU. As a result of this analysis, management did not identify any impairment of goodwill within 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. As a result of this analysis, management did not identify any impairment of goodwill within the Refining and Marketing segment.

DEBT AND CREDIT FACILITIES

DEBT AND CREDIT FACILITIES	12 Months Ended
DEBT AND CREDIT FACILITIES	Dec. 31, 2021
DEBT AND CREDIT FACILITIES
DEBT AND CREDIT FACILITIES	21. DEBT AND CREDIT FACILITIES Debt and credit facilities are comprised of the following: Short-Term Debt December 31 December 31 ($ millions) 2021 2020 Commercial paper (1) 1 284 3 566 (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 $5.0 billion having a term not to exceed 365 days. The weighted average interest rate as at December 31, 2021 was 0.33% (December 31, 2020 - 0.39% ). Long-Term Debt December 31 December 31 ($ millions) 2021 2020 Fixed-term debt (2)(3) 3.10% Series 5 Medium Term Notes, due 2021 - 748 9.25% Debentures, due 2021 ( US$300 ) - 389 9.40% Notes, due 2021 ( US$220 ) (4)(5) - 281 4.50% Notes, due 2022 ( US$182 ) (4) 231 224 2.80% Notes, due 2023 ( US$450 ) 569 574 3.60% Notes, due 2024 ( US$750 ) - 953 3.10% Notes, due 2025 ( US$550 ) 696 701 3.00% Series 5 Medium Term Notes, due 2026 699 699 7.875% Debentures, due 2026 ( US$275 ) 359 364 8.20% Notes, due 2027 ( US$59 ) (4) 78 79 7.00% Debentures, due 2028 ( US$250 ) 320 323 3.10% Series 6 Medium Term Notes, due 2029 748 748 5.00% Series 7 Medium Term Notes, due 2030 1 247 1 247 7.15% Notes, due 2032 ( US$500 ) 631 637 5.35% Notes, due 2033 ( US$300 ) 355 356 5.95% Notes, due 2034 ( US$500 ) 630 636 5.95% Notes, due 2035 ( US$600 ) 731 736 5.39% Series 4 Medium Term Notes, due 2037 599 599 6.50% Notes, due 2038 ( US$1 150 ) 1 451 1 464 6.80% Notes, due 2038 ( US$900 ) 1 156 1 167 6.85% Notes, due 2039 ( US$750 ) 946 953 6.00% Notes, due 2042 ( US$152 ) (4) 149 149 4.34% Series 5 Medium Term Notes, due 2046 300 300 4.00% Notes, due 2047 ( US$750 ) 945 952 3.95% Series 8 Medium Term Notes, due 2051 493 - 3.75% Notes, due 2051 ( US$750 ) 945 - Total unsecured long-term debt 14 278 15 279 Lease liabilities (6) 2 850 2 908 Deferred financing costs (58) (54) 17 070 18 133 Current portion of long-term debt and lease liabilities Lease liabilities (310) (272) Long-term debt (231) (1 413) (541) (1 685) Total long-term lease liabilities 2 540 2 636 Total long-term debt 13 989 13 812 (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) Interest rates range from 0.4% to 14.2% and maturity dates range from 2022 to 2062. Subsequent to the fourth quarter of 2021, the company completed an early redemption of its outstanding US $182 million 4.50% notes, originally scheduled to mature in the second quarter of 2022. During the fourth quarter of 2021, the company repaid its US$300 million (book value of $371 million) senior unsecured notes at maturity with a coupon of 9.25%, for US$314 million ($388 million), including US$14 million ($17 million) of accrued interest. In the third quarter of 2021, the company completed an early redemption of its US$750 million (book value of $951 million) senior unsecured notes with a coupon interest of 3.60% originally scheduled to mature on December 1, 2024, for US$822 million ($1.0 billion), including US$9 million ($11 million) of accrued interest, resulting in a debt extinguishment loss of $80 million ($60 million after tax). On March 4, 2021, the company issued US$750 million of senior unsecured notes maturing on March 4, 2051. The notes have a coupon of 3.75% and were priced at US$99.518 per US$100 principal amount for an effective yield of 3.777%. The company also issued $500 million of senior unsecured Series 8 medium-term notes on March 4, 2021, maturing on March 4, 2051. The notes have a coupon of 3.95% and were priced at $98.546 per $100 principal amount for an effective yield of 4.034%. Interest on the 3.75% and 3.95% notes is paid semi-annually. In the first quarter of 2021, the company completed an early redemption of its $750 million senior unsecured Series 5 medium-term notes with a coupon of 3.10%, originally scheduled to mature on November 26, 2021, for $770 million, including $8 million of accrued interest, resulting in a debt extinguishment loss of $12 million ($9 million after-tax). The company also completed an early redemption of its US$220 million (book value of $278 million) senior unsecured notes with a coupon of 9.40%, originally scheduled to mature on September 1, 2021, for US$230 million ($290 million), including US$2 million ($2 million) of accrued interest, resulting in a debt extinguishment loss of $10 million ($8 million after-tax). In 2020, the company issued $1.25 billion of senior unsecured Series 7 Medium Term Notes maturing on April 9, 2030. The Series 7 Medium Term Notes have a coupon of 5.00% and were priced at $99.697 per $100 principal amount for an effective yield of 5.039% . Interest on the Series 7 Medium Term Notes is paid semi-annually. In 2020, the company issued US $450 million of senior unsecured notes maturing on May 15, 2023. The notes have a coupon of 2.80% and were priced at US $99.903 per US$100 principal amount for an effective yield of 2.834% . The company also issued US $550 million of senior unsecured notes in 2020 maturing on May 15, 2025. The notes have a coupon of 3.10% and were priced at US $99.949 per US$100 principal amount for an effective yield of 3.111% . Interest on the 2.80% and 3.10% notes is paid semi-annually. Scheduled Debt Repayments Scheduled principal repayments as at December 31, 2021 for lease liabilities, short-term debt and long-term debt are as follows: ($ millions) Repayment 2022 1 816 2023 828 2024 232 2025 907 2026 1 244 Thereafter 13 482 18 509 Credit Facilities In the second quarter of 2021, the company reduced the size of each tranche of its syndicated credit facilities by US$500 million and $500 million to US$2.0 billion and $3.0 billion, respectively, and extended the maturity from April 2022 and April 2023 to June 2024 and June 2025, respectively. Effective March 5, 2021, the company terminated $2.8 billion of bilateral credit facilities as these credit facilities were no longer required. The terminated credit facilities had a two-year term and were entered into in March and April 2020 to ensure access to adequate financial resources in connection with the COVID-19 pandemic should they have been required. A summary of available and unutilized credit facilities is as follows: ($ millions) 2021 Fully revolving and expires in 2025 3 000 Fully revolving and expires in 2024 2 531 Can be terminated at any time at the option of the lenders 1 420 Total credit facilities 6 951 Credit facilities supporting outstanding commercial paper (1 284) Credit facilities supporting standby letters of credit (1 147) Total unutilized credit facilities (1) 4 520 (1) Available credit facilities for liquidity purposes at December 31, 2021 decreased to $4.247 billion, compared to $6.043 billion at December 31, 2020.

OTHER LONG TERM LIABILITIES

OTHER LONG TERM LIABILITIES	12 Months Ended
OTHER LONG TERM LIABILITIES	Dec. 31, 2021
OTHER LONG TERM LIABILITIES
OTHER LONG TERM LIABILITIES	22. OTHER LONG-TERM LIABILITIES December 31 December 31 ($ millions) 2021 2020 Pensions and other post-retirement benefits (note 23) 1 207 2 004 Share-based compensation plans (note 26) 291 143 Partnership liability (note 27) (1) 427 436 Deferred revenue 29 35 Libya Exploration and Production Sharing Agreement (EPSA) signature bonus (2) 74 74 Other 152 148 2 180 2 840 (1) The company paid $60 million in 2021 (2020 – $62 million) in distributions to the partners of the East Tank Farm Development, of which $51 million (2020 – $52 million) was allocated to interest expense and $9 million (2020 – $10 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, 2021, the carrying amount of the Libya EPSAs’ signature bonus was $78 million (December 31, 2020 – $78 million). The current portion is $4 million (December 31, 2020 – $4 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, 2021
PENSIONS AND OTHER POST RETIREMENT BENEFITS
PENSIONS AND OTHER POST RETIREMENT BENEFITS	23. 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. plans 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 Other Post-Retirement Pension Benefits Benefits ($ millions) 2021 2020 2021 2020 Change in benefit obligation Benefit obligation at beginning of year 8 682 7 708 690 631 Current service costs 302 272 19 15 Plan participants’ contributions 17 17 - - Benefits paid (350) (316) (27) (24) Interest costs 222 238 18 19 Foreign exchange (6) 1 - - Settlements 11 5 - - Actuarial remeasurement: Experience gain arising on plan liabilities (1) (26) (1) (6) Actuarial (gain) loss arising from changes in demographic assumptions (2) 50 - 12 Actuarial (gain) loss arising from changes in financial assumptions (572) 733 (27) 43 Benefit obligation at end of year 8 303 8 682 672 690 Change in plan assets Fair value of plan assets at beginning of year 7 305 6 693 - - Employer contributions (11) 132 - - Plan participants’ contributions 17 17 - - Benefits paid (325) (290) - - Foreign exchange (5) (1) - - Settlements 11 5 - - Administrative costs (2) (2) - - Income on plan assets 181 203 - - Actuarial remeasurement: Return on plan assets greater than discount rate 530 548 - - Fair value of plan assets at end of year 7 701 7 305 - - Net unfunded obligation 602 1 377 672 690 In June 2020, the Government of Alberta issued an amendment to the Employment Pension Plans Regulation to provide additional forms of relief to administrators of Alberta-registered pension plans. The amendment allowed for a temporary increase to the limit of funding excess to reduce or eliminate current service contributions for a single fiscal year for purposes of a contribution holiday. The company was approved for funding relief starting in late 2020 for both the defined benefit plan and the defined contribution plan based on funding levels in the defined benefit plan. In 2021, employer contributions reflect the contribution holiday and a transfer of funds from the defined benefit plan to the defined contribution plan, with the company resuming cash contributions near the end of the year. The company expects to make cash contributions to its defined benefit pension plans in 2022 of $189 million. Of the total net unfunded obligations as at December 31, 2021, 98% relates to Canadian pension plans and other post-retirement benefits obligation (December 31, 2020 – 96%). The weighted average duration of the defined benefit obligation under the Canadian pension plans and other post-retirement plans is 15.1 years (2020 – 15.8 years). The net unfunded obligation is recorded in Accounts Payable and Accrued Liabilities and Other Long-Term Liabilities (note 22) in the Consolidated Balance Sheets. Other Post-Retirement Pension Benefits Benefits ($ millions) 2021 2020 2021 2020 Analysis of amount charged to earnings: Current service costs 302 272 19 15 Interest costs 41 35 18 19 Defined benefit plans expense 343 307 37 34 Defined contribution plans expense 94 83 - - Total benefit plans expense charged to earnings 437 390 37 34 Components of defined benefit costs recognized in Other Comprehensive Income: Other Post-Retirement Pension Benefits Benefits ($ millions) 2021 2020 2021 2020 Return on plan assets (excluding amounts included in net interest expense) (530) (548) - - Actuarial (gain) arising from experience on plan liabilities (1) (26) (1) (6) Actuarial (gain) loss arising from changes in financial assumptions (572) 733 (27) 43 Actuarial (gain) loss arising from changes in demographic assumptions (2) 50 - 12 Actuarial (gain) loss recognized in other comprehensive income (1 105) 209 (28) 49 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: Other Post-Retirement Pension Benefits Benefits December 31 December 31 December 31 December 31 (%) 2021 2020 2021 2020 Discount rate 2.90 2.50 2.90 2.50 Rate of compensation increase 3.00 3.00 3.00 3.00 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 that the health care costs would increase annually by 5%. 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 (24) 31 Effect on the benefit obligations (1 155) 1 515 Other Post-Retirement Benefits ($ millions) Increase Decrease 1% change in discount rate Effect on the benefit obligations (80) 99 1% change in health care cost Effect on the aggregate service and interest costs 1 (1) Effect on the benefit obligations 36 (31) 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: (%) 2021 2020 Equities 48 50 Fixed income 38 38 Plan assets, comprised of: – Real Estate 14 12 Total 100 100 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.

PROVISIONS

PROVISIONS	12 Months Ended
PROVISIONS	Dec. 31, 2021
PROVISIONS
PROVISIONS	24. PROVISIONS Decommissioning ($ millions) and Restoration (1) Royalties Other (2) Total At December 31, 2019 8 898 133 276 9 307 Liabilities incurred 967 16 190 1 173 Change in discount rate 402 - - 402 Changes in estimates (268) (71) 5 (334) Liabilities settled (231) (7) (4) (242) Accretion 278 - - 278 Foreign exchange (2) - - (2) At December 31, 2020 10 044 71 467 10 582 Less: current portion (250) (71) (206) (527) 9 794 - 261 10 055 At December 31, 2020 10 044 71 467 10 582 Liabilities incurred 104 137 171 412 Change in discount rate (1 260) - - (1 260) Changes in estimates (76) (12) (13) (101) Liabilities settled (263) 26 (84) (321) Accretion 304 - - 304 Asset disposals (61) - - (61) Foreign exchange - - - - At December 31, 2021 8 792 222 541 9 555 Less: current portion (266) (222) (291) (779) 8 526 - 250 8 776 (1) Represents decommissioning and restoration provisions associated with the retirement of Property, Plant and Equipment and Exploration and Evaluation assets. The total undiscounted and uninflated amount of estimated future cash flows required to settle the obligations at December 31, 2021 was approximately $13.8 billion (December 31, 2020 – $14.1 billion). A weighted average credit-adjusted risk-free interest rate of 3.70% was used to discount the provision recognized at December 31, 2021 (December 31, 2020 – 3.10% ). 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. It also includes a provision, with the offset being recorded to transportation expense, for $187 million (after-tax $142 million) related to the Keystone XL pipeline project and a restructuring provision remaining for $88 million. Sensitivities Changes to the discount rate would have the following impact on Decommissioning and Restoration liabilities: As at December 31 2021 2020 1% Increase (1 497) (1 919) 1% Decrease 2 113 2 806

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
SHARE CAPITAL	Dec. 31, 2021
SHARE CAPITAL.
SHARE CAPITAL	25. 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 During the first quarter of 2021, the company announced its intention to commence a new Normal Course Issuer Bid (the 2021 NCIB) to repurchase common shares through the facilities of the Toronto Stock Exchange (TSX), New York Stock Exchange (NYSE) and/or alternative trading systems. Pursuant to the 2021 NCIB, the company may repurchase for cancellation up to 44,000,000 common shares between February 8, 2021, and February 7, 2022. During the third quarter of 2021, Suncor received approval from the TSX to amend the 2021 NCIB effective as of the close of markets on July 30, 2021. The amended notice provides that Suncor may increase the maximum number of common shares that may be repurchased under the 2021 NCIB from February 8, 2021, and ending February 7, 2022, from 44,000,000 common shares, or approximately 2.9% of Suncor’s issued and outstanding common shares as at January 31, 2021, to 76,250,000 common shares, or approximately 5% of Suncor’s issued and outstanding common shares as at January 31, 2021. No other terms of the NCIB were amended. During the fourth quarter of 2021, Suncor received approval from the TSX to amend its existing NCIB effective as of the close of markets on October 29, 2021. The notice provides that Suncor may increase the maximum number of common shares that may be repurchased in the period beginning February 8, 2021, and ending February 7, 2022, from 76,250,000 shares, or approximately 5% of Suncor’s issued and outstanding common shares as at January 31, 2021, to 106,700,000, or approximately 7% of Suncor’s public float as at January 31, 2021. No other terms of the NCIB have been amended. For the twelve months ended December 31, 2021, the company repurchased 84.0 million common shares under the 2021 NCIB at an average price of $27.45 per share, for a total repurchase cost of $2.3 billion. Subsequent to the fourth quarter of 2021, the TSX accepted a notice filed by Suncor to renew its NCIB to purchase the company’s common shares through the facilities of the TSX, NYSE and/or alternative trading systems. The notice provides that, beginning February 8, 2022, and ending February 7, 2023, Suncor may purchase for cancellation up to 71,650,000 common shares, which is equal to approximately 5% of Suncor’s issued and outstanding common shares as at the date hereof. As at January 31, 2022, Suncor had 1,435,748,494 common shares issued and outstanding. The following table summarizes the share repurchase activities during the period: ($ millions, except as noted) 2021 2020 Share repurchase activities (thousands of common shares) Shares repurchased 83 959 7 527 Amounts charged to Share capital 1 382 124 Retained earnings 922 183 Share repurchase cost 2 304 307 Average repurchase cost per share 27.45 40.83 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: December 31 December 31 ($ millions) 2021 2020 Amounts charged to Share capital 120 - Retained earnings 110 - Liability for share purchase commitment 230 -

SHARE BASED COMPENSATION

SHARE BASED COMPENSATION	12 Months Ended
SHARE BASED COMPENSATION	Dec. 31, 2021
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION	26. 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) 2021 2020 Equity-settled plans 21 32 Cash-settled plans 301 (28) Total share-based compensation expense 322 4 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: December 31 December 31 ($ millions) 2021 2020 Current liability 153 117 Long-term liability (note 22) 291 143 Total Liability 444 260 The intrinsic value of the vested awards at December 31, 2021 was $200 million (December 31, 2020 – $149 million). Stock Option Plans Suncor grants stock option awards as a form of retention and incentive compensation. Stock options granted by the company provide the holder with the right to purchase common shares at the market price on the grant date, subject to fulfilling vesting terms. Options granted have a seven three The weighted average fair value of options granted during the period and the weighted average assumptions used in their determination are as noted below: 2021 2020 Annual dividend per share (dollars) 1.05 1.10 Risk-free interest rate 0.49% 1.35% Expected life 5 years 5 years Expected volatility 40% 24% Weighted average fair value per option (dollars) 5.40 4.51 The expected life is based on historical stock option exercise data and current expectations. The expected volatility considers the historical volatility in the price of Suncor’s common shares over a period similar to the life of the options, and is indicative of future trends. The following table presents a summary of the activity related to Suncor’s stock option plans: 2021 2020 Weighted Weighted Average Average Number Exercise Price Number Exercise Price (thousands) ($) (thousands) ($) Outstanding, beginning of year 38 373 39.65 33 882 39.70 Granted 3 457 22.71 6 341 38.95 Exercised as options for common shares (245) 29.82 (804) 35.73 Forfeited/expired (4 495) 37.62 (1 046) 39.91 Outstanding, end of year 37 090 38.39 38 373 39.65 Exercisable, end of year 28 421 39.87 26 943 39.10 For the options outstanding at December 31, 2021, the exercise price ranges and weighted average remaining contractual lives are shown below: Outstanding Exercisable Weighted Average Weighted Weighted Remaining Average Average Number Contractual Life Exercise Number Exercise Exercise Prices ($) (thousands) (years) Price ($) (thousands) Price ($) 22.63 - 24.99 3 378 6 22.65 30 22.88 25.00 - 29.99 9 6 29.29 — — 30.00 - 34.99 4 694 1 30.23 4 672 30.23 35.00 - 39.99 9 537 3 38.99 6 024 38.95 40.00 - 44.99 19 292 3 42.71 17 516 42.68 45.00 - 49.99 52 4 48.15 51 48.16 50.00 - 54.27 128 3 52.39 128 52.39 Total 37 090 3 38.39 28 421 39.87 Common shares authorized for issuance by the Board of Directors that remain available for the granting of future options: (thousands) 2021 2020 25 037 8 999 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 (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. In 2022, Syncrude’s Long Term Incentive Plans (LTIP) of approximately $123 million will be converted into Suncor RSUs at a conversion price of $30.93. (c) Deferred Share Units (DSUs) A DSU is redeemable for cash or a common share for a period of time after a unitholder ceases employment or Board membership. The DSU Plan is limited to executives and members of the Board of Directors. Members of the Board of Directors receive an annual grant of DSUs as part of their compensation and may elect to receive their fees in cash only or in increments of 50% or 100% allocated to DSUs. Executives may elect to receive their annual incentive bonus in cash only or in increments of 25%, 50%, 75% or 100% allocated to DSUs. The following table presents a summary of the activity related to Suncor’s share unit plans: (thousands) PSU RSU DSU Outstanding, December 31, 2019 2 193 13 602 1 287 Granted 1 232 6 567 289 Redeemed for cash (1 086) (4 707) (191) Forfeited/expired (54) (367) - Outstanding, December 31, 2020 2 285 15 095 1 385 Granted 1 285 11 954 164 Redeemed for cash (751) (4 609) (167) Forfeited/expired (53) (1 003) - Outstanding, December 31, 2021 2 766 21 437 1 382 Stock Appreciation Rights (SARs) A SAR entitles the holder to receive a cash payment equal to the difference between the stated exercise price and the market price of the company’s common shares on the date the SAR is exercised, and is accounted for as a cash-settled award. SARs have a seven three The following table presents a summary of the activity related to Suncor’s SARs plan: 2021 2020 Weighted Weighted Average Average Number Exercise Price Number Exercise Price (thousands) ($) (thousands) ($) Outstanding, beginning of year 509 39.25 385 39.83 Granted 10 22.63 132 37.41 Exercised — — (7) 36.38 Forfeited/expired (56) 37.78 (1) 39.08 Outstanding, end of year 463 39.06 509 39.25 Exercisable, end of year 357 39.68 307 39.09

FINANCIAL INSTRUMENTS AND RISK

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT	12 Months Ended
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT	Dec. 31, 2021
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT	27. 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, 2021, the carrying value of fixed-term debt accounted for under amortized cost was $14.2 billion (December 31, 2020 – $15.2 billion) and the fair value at December 31, 2021 was $17.4 billion (December 31, 2020 – $18.8 billion). The decrease in carrying value and fair value of debt is mainly due to repayment of debt 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, 2021, the carrying value of the Partnership liability accounted for under amortized cost was $436 million (December 31, 2020 – $445 million). Derivative Financial Instruments (a) Non-Designated Derivative Financial Instruments The company uses derivative financial instruments, such as physical and financial contracts, to manage certain exposures to fluctuations in interest rates, commodity prices and foreign currency exchange rates, as part of its overall risk management program, as well as for trading purposes. The changes in the fair value of non-designated derivatives are as follows: ($ millions) 2021 2020 Fair value outstanding, beginning of year (121) (39) Cash settlements – paid (received) during the year 178 (257) Changes in fair value recognized in earnings during the year (note 7) (155) 175 Fair value outstanding, end of year (98) (121) (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, 2021, 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 measured at fair value for each hierarchy level as at December 31, 2021 and 2020. ($ millions) Level 1 Level 2 Level 3 Total Fair Value Accounts receivable 63 90 - 153 Accounts payable (202) (72) - (274) Balance at December 31, 2020 (139) 18 - (121) Accounts receivable 35 88 - 123 Accounts payable (134) (87) - (221) Balance at December 31, 2021 (99) 1 - (98) During the year ended December 31, 2021, there were no transfers 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, 2021 and 2020. Financial Assets Gross Gross Liabilities Net Amounts ($ millions) Assets Offset Presented Fair value of derivative assets 2 890 (2 737) 153 Accounts receivable 2 999 (1 398) 1 601 Balance at December 31, 2020 5 889 (4 135) 1 754 Fair value of derivative assets 6 527 (6 404) 123 Accounts receivable 5 048 (2 734) 2 314 Balance at December 31, 2021 11 575 (9 138) 2 437 Financial Liabilities Gross Gross Assets Net Amounts ($ millions) Liabilities Offset Presented Fair value of derivative liabilities (3 011) 2 737 (274) Accounts payable (2 385) 1 398 (987) Balance at December 31, 2020 (5 396) 4 135 (1 261) Fair value of derivative liabilities (6 625) 6 404 (221) Accounts payable (4 205) 2 734 (1 471) Balance at December 31, 2021 (10 830) 9 138 (1 692) 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. 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 and refined product prices (including pricing differentials for various product types) and, to a lesser extent, natural gas and electricity 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 and refined product prices during transportation and natural gas prices. An increase of US$10/bbl of crude oil as at December 31, 2021 would increase pre-tax earnings for the company’s outstanding derivative financial instruments by approximately $58 million (2020 – $95 million increase). (b) Foreign Currency Exchange Risk The company is exposed to foreign currency exchange risk on revenues, capital expenditures, or financial instruments that are denominated in a currency other than the company’s functional currency (Canadian dollars). As crude oil is priced in U.S. dollars, fluctuations in US$/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, 2021 would increase pre-tax earnings related to the company’s U.S. dollar denominated long-term debt, commercial paper and working capital by approximately $133 million (2020 – $182 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, 2021, the company had no outstanding forward interest rate swaps. The weighted average interest rate on total debt, including lease liabilities, for the year ended December 31, 2021 was 5.0% (2020 – 5.3%). 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 increase by approximately $9 million primarily due to a higher cash balance compared to the short-term debt balance (2020 – approximately $17 million decrease). This assumes that the amount and mix of fixed and floating rate debt remains unchanged from December 31, 2021. The proportion of floating interest rate exposure at December 31, 2021 was 7.0% of total debt outstanding (2020 – 16.4%). 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. The company’s available credit facilities decreased by $2.0 billion during the year ended December 31, 2021, primarily due to the cancellation of $2.8 billion in bi-lateral credit facilities that were no longer required as they were entered into in March and April 2020 to ensure access to adequate financial resources in connection with the COVID-19 pandemic, and a reduction in the size of the company’s syndicated credit facilities. Suncor’s cash and cash equivalents and total credit facilities at December 31, 2021 were $2.2 billion and $7.0 billion, respectively. Of Suncor’s $7.0 billion in total credit facilities, $4.5 billion were unutilized at December 31, 2021. In addition, Suncor has $4.50 billion of unused capacity under a Canadian debt shelf prospectus and an unused capacity of US$4.25 billion under a U.S. universal shelf prospectus. The ability of the company to raise additional capital utilizing these shelf prospectuses is dependent on market conditions. The company believes it has sufficient funding through the use of these facilities and access to capital markets to meet its future capital requirements. Surplus cash is invested into a range of short-dated money market securities. Investments are only permitted in high credit quality government or corporate securities. Diversification of these investments is managed through counterparty credit limits. The following table shows the timing of cash outflows related to trade and other payables and debt. December 31, 2020 Trade and Gross Derivative Lease ($ millions) Other Payables (1) Liabilities (2) Debt (3) Liabilities Within one year 4 410 2 849 5 773 474 2 to 3 years 37 162 2 233 771 4 to 5 years 37 - 3 009 631 Over 5 years - - 17 834 2 779 4 484 3 011 28 849 4 655 December 31, 2021 Trade and Gross Derivative Lease ($ millions) Other Payables (1) Liabilities (2) Debt (3) Liabilities Within one year 6 282 6 466 2 253 459 2 to 3 years 37 159 2 015 779 4 to 5 years 37 - 3 127 660 Over 5 years - - 18 836 2 633 6 356 6 625 26 231 4 531 (1) Trade and other payables exclude net derivative liabilities of $221 million (2020 – $274 million). (2) Gross derivative liabilities of $6.625 billion (2020 – $3.011 billion) are offset by gross derivative assets of $6.404 billion (2020 – $2.737 billion), resulting in a net amount of $221 million (2020 – $274 million). (3) Debt includes short-term debt, long-term debt and interest payments on fixed-term debt. 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, and 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. While the industry has experienced credit downgrades due to the COVID-19 pandemic, Suncor has not been significantly affected as the majority of Suncor’s customers are large and established downstream companies with investment grade credit ratings. At December 31, 2021, 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, 2021, the company’s net exposure was $123 million (December 31, 2020 – $153 million).

CAPITAL STRUCTURE FINANCIAL POL

CAPITAL STRUCTURE FINANCIAL POLICIES	12 Months Ended
CAPITAL STRUCTURE FINANCIAL POLICIES	Dec. 31, 2021
CAPITAL STRUCTURE FINANCIAL POLICIES
CAPITAL STRUCTURE FINANCIAL POLICIES	28. 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 adjusted funds from operations (2) Net debt to adjusted funds from operations (2) 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, 2021 and 2020. The company’s financial measures, as set out in the following schedule, were unchanged from 2020. 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. Total debt to total debt plus shareholders’ equity was 33.4% at December 31, 2021 and decreased due to lower debt levels and higher shareholders’ equity as a result of increased net earnings. 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. Capital Measure December 31 December 31 ($ millions) Target 2021 2020 Components of ratios Short-term debt 1 284 3 566 Current portion of long-term debt 231 1 413 Current portion of long-term lease liabilities 310 272 Long-term debt 13 989 13 812 Long-term lease liabilities 2 540 2 636 Total debt (1) 18 354 21 699 Less: Cash and cash equivalents 2 205 1 885 Net debt (1) 16 149 19 814 Shareholders’ equity 36 614 35 757 Total capitalization (total debt plus shareholders’ equity) 54 968 57 456 Adjusted funds from operations (2) 10 257 3 876 Net debt to adjusted funds from operations <3.0 times 1.6 5.1 Total debt to total debt plus shareholders’ equity 20% - 35% 33.4% 37.8% (1) Total debt and net debt are non-GAAP financial measures. (2) Adjusted 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, 2021
JOINT ARRANGEMENTS
JOINT ARRANGEMENTS	29. JOINT ARRANGEMENTS Joint Operations The company’s material joint operations as at December 31 are set out below: Country of Incorporation and Principal Place of Ownership % Ownership % Material Joint Operations Principal Activity Business 2021 2020 Oil Sands Operated by Suncor: Fort Hills Energy Limited Partnership Oil sands development Canada 54.11 54.11 Meadow Creek Oil sands development Canada 75.00 75.00 Syncrude (1) Oil sands development Canada 58.74 — Non-operated: Syncrude (1) Oil sands development Canada — 58.74 Exploration and Production Operated by Suncor: Terra Nova (2) Oil and gas production Canada 48.00 37.68 Non-operated: Buzzard Oil and gas production United Kingdom 29.89 29.89 Fenja Development JV Oil and gas production Norway 17.50 17.50 Golden Eagle Area Development (3) Oil and gas production United Kingdom — 26.69 Hibernia and the Hibernia South Extension Unit (4) Oil and gas production Canada 19.48 - 20.00 19.19 - 20.00 Hebron Oil and gas production Canada 21.03 21.03 Harouge Oil Operations Oil and gas production Libya 49.00 49.00 North Sea Rosebank Project Oil and gas production United Kingdom 40.00 40.00 Oda Oil and gas production Norway 30.00 30.00 White Rose and the White Rose Extensions (5) Oil and gas production Canada 26.13 - 27.50 26.13 - 27.50 (1) Suncor became the operator of the Syncrude project effective September 30, 2021. (2) In the third quarter of 2021, Suncor finalized an agreement with the co-owners of the Terra Nova Project to restructure the project ownership and move forward with the Asset Life Extension Project. The agreement increased the company’s working interest to 48.00% . (3) Suncor sold its 26.69% working interest in the Golden Eagle Area Development in the fourth quarter of 2021. (4) In the first quarter of 2021, the first redetermination of the Hibernia South Extension Unit increased the company’s interest by 0.29% (from 19.19% to approximately 19.48% ). (5) In the third quarter of 2021, Suncor entered into a conditional agreement to increase its interest by 12.50% to approximately 40.00% in the White Rose asset subject to the sanctioning of the West White Rose Project. 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 Refining and Marketing operations, are shown below: Joint ventures Associates ($ millions) 2021 2020 2021 2020 Net earnings (loss) 5 (10) (2) 9 Total comprehensive earnings (loss) 5 (10) (2) 9 Carrying amount as at December 31 63 58 66 68

SUBSIDIARIES

SUBSIDIARIES	12 Months Ended
SUBSIDIARIES	Dec. 31, 2021
SUBSIDIARIES
SUBSIDIARIES	30. SUBSIDIARIES Material subsidiaries, each of which is wholly owned, either directly or indirectly, by the company as at December 31, 2021 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, 2021
RELATED PARTY DISCLOSURES
RELATED PARTY DISCLOSURES	31. 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 years ended December 31, 2021 and 2020 are as follows: ($ millions) 2021 2020 Sales (1) 1 011 458 Purchases 247 130 Accounts receivable 70 26 Accounts payable and accrued liabilities 17 16 (1) Includes sales to Petroles Cadeko Inc. of $411 million (2020 - $93 million) and Parachem Chemicals Inc. of $343 million (2020 – $173 million). Compensation of Key Management Personnel Compensation of the company’s Board of Directors and members of the Executive Leadership Team for the years ended December 31 is as follows: ($ millions) 2021 2020 Salaries and other short-term benefits 8 9 Pension and other post-retirement benefits 3 3 Share-based compensation 47 (9) 58 3

COMMITMENTS, CONTINGENCIES AND

COMMITMENTS, CONTINGENCIES AND GUARANTEES	12 Months Ended
COMMITMENTS, CONTINGENCIES AND GUARANTEES	Dec. 31, 2021
COMMITMENTS, CONTINGENCIES AND GUARANTEES
COMMITMENTS, CONTINGENCIES AND GUARANTEES	32. 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) 2022 2023 2024 2025 2026 Thereafter Total Commitments Product transportation and storage 1 150 1 210 1 211 1 128 1 135 7 814 13 648 Energy services 159 160 151 112 66 75 723 Exploration work commitments - 20 - 64 1 454 539 Other 648 185 108 83 62 339 1 425 1 957 1 575 1 470 1 387 1 264 8 682 16 335 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 and Assets 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 or assets 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 24), 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. Contingent assets are only disclosed when the inflow of economic benefits is probable. When the economic benefit becomes virtually certain, the asset is no longer contingent and is recognized in the consolidated financial statements. (c) Guarantees At December 31, 2021, the company has provided loan guarantees to certain retail licensees and wholesale marketers. Suncor’s maximum potential amount payable under these loan guarantees is $134 million. The company has also agreed to indemnify holders of all notes and debentures and the company’s credit facility lenders (see note 21) 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, 2021, the probability is remote that these guarantee commitments will impact the company.

SALE OF GOLDEN EAGLE AREA DEVEL

SALE OF GOLDEN EAGLE AREA DEVELOPMENT	12 Months Ended
SALE OF GOLDEN EAGLE AREA DEVELOPMENT	Dec. 31, 2021
SALE OF GOLDEN EAGLE AREA DEVELOPMENT
SALE OF GOLDEN EAGLE AREA DEVELOPMENT	33. SALE OF GOLDEN EAGLE AREA DEVELOPMENT During the fourth quarter of 2021, the company completed the sale of its 26.69% working interest in the Golden Eagle Area Development for gross proceeds of US$250 million net of closing adjustments and other closing costs, resulting in a gain on sale of $227 million ($227 million after-tax). In addition, contingent consideration of up to US$50 million is receivable in the second half of 2023, if between July 2021 and June 2023 the Dated Brent average crude price equals or exceeds US$55/bbl, upon which US$25 million is receivable; or if the Dated Brent average crude price equals or exceeds US$65/bbl, upon which US$50 million is receivable. The company completed the sale on October 22, 2021 with an effective date of January 1, 2021. The Golden Eagle Area Development is reported within the Exploration and Production segment.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2021
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.
Investments in Associates	(c) Investments in Associates Associates are entities for which the company has significant influence, but not control or joint control over the financial and operational decisions. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost and adjusted thereafter for the change in the company’s share of the investee’s profit or loss and Other Comprehensive Income (OCI) less distributions received until the date that significant influence ceases.
Foreign Currency Translation	(d) 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 OCI. 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	(e) 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 does not 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 partners.
Cash and Cash Equivalents	(f) 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	(g) 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 to sell 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	(h) 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	(i) 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	(j) 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	(k) 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 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 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	(l) 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, brand value and certain software costs. 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 five
Impairment of Assets	(m) 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 since the last impairment loss was recognized. 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 the expected credit losses associated with its financial assets measured at amortized cost. Expected credit losses are measured as the difference between the cash flows that are due to the company and the cash flows that the company expects to receive, discounted at the effective interest rate determined at initial recognition. For trade accounts receivables, the company applies the simplified approach permitted by IFRS 9 Financial Instruments
Provisions	(n) 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	(o) 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	(p) 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	(q) 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	(r) 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 and certain investments 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 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	(s) 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, 2021 or 2020.
Share Capital	(t) 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	(u) 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	(v) 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	(w) Emissions Obligations Emissions obligations are measured at the weighted average cost per unit of emissions expected to be incurred to settle the obligation and are recorded in the period in which the emissions occur within Operating, Selling and General expense, or Purchases. 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.
Leases	(x) Leases 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 on 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. Judgment is applied to determine the lease term where a renewal option exists. Right-of-use assets are depreciated 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 reduced by impairment losses or adjusted for certain remeasurements of the lease liability. The company has 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. The lease payments are recognized as an expense when incurred over the lease term. As well, the company has accounted for each lease component and any non-lease components as a single lease component for crude oil storage tanks. 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. 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.
Government Grants	(y) Government Grants Government grants are recognized when the company has reasonable assurance that it has complied with the relevant conditions of the grant and that it will be received. The company recognizes the grants that compensate the company for expenses incurred against the financial statement line item that it is intended to compensate, or to other income if the grant is recognized in a different period than the underlying transaction.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Dec. 31, 2021
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

SEGMENTED INFORMATION (Tables)

SEGMENTED INFORMATION (Tables)	12 Months Ended
SEGMENTED INFORMATION (Tables)	Dec. 31, 2021
SEGMENTED INFORMATION
Segmented Information	Exploration Refining and Corporate and For the years ended December 31 Oil Sands and Production Marketing Eliminations Total ($ millions) 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Revenues and Other Income Gross revenues 15 319 7 792 2 978 1 899 22 808 15 180 28 29 41 133 24 900 Intersegment revenues 4 601 2 825 - - 107 92 (4 708) (2 917) - - Less: Royalties (1 523) (95) (478) (143) - - - - (2 001) (238) Operating revenues, net of royalties 18 397 10 522 2 500 1 756 22 915 15 272 (4 680) (2 888) 39 132 24 662 Other income (loss) 6 298 17 54 (50) 48 (4) (10) (31) 390 18 403 10 820 2 517 1 810 22 865 15 320 (4 684) (2 898) 39 101 25 052 Expenses Purchases of crude oil and products 1 444 844 - - 16 807 11 243 (4 460) (2 975) 13 791 9 112 Operating, selling and general (1) 8 056 7 169 429 476 2 019 1 759 862 390 11 366 9 794 Transportation and distribution (1) 1 126 1 223 112 100 282 271 (41) (43) 1 479 1 551 Depreciation, depletion, amortization and impairment 4 585 6 430 324 2 147 853 867 88 82 5 850 9 526 Exploration 12 57 35 129 - - - - 47 186 (Gain) loss on disposal of assets (4) (1) (227) - (19) (24) (7) 9 (257) (16) Financing expenses 359 336 53 47 56 37 787 576 1 255 996 15 578 16 058 726 2 899 19 998 14 153 (2 771) (1 961) 33 531 31 149 Earnings (Loss) before Income Taxes 2 825 (5 238) 1 791 (1 089) 2 867 1 167 (1 913) (937) 5 570 (6 097) Income Tax Expense (Recovery) Current 729 (645) 473 64 576 325 (383) (403) 1 395 (659) Deferred (51) (797) 33 (321) 113 (24) (39) 23 56 (1 119) 678 (1 442) 506 (257) 689 301 (422) (380) 1 451 (1 778) Net Earnings (Loss) 2 147 (3 796) 1 285 (832) 2 178 866 (1 491) (557) 4 119 (4 319) Capital and Exploration Expenditures 3 168 2 736 270 489 825 515 292 186 4 555 3 926 (1) Prior period amounts of the Refining and Marketing segment have been reclassified to align with the current year presentation of transportation and distribution expense. For the year ended December 31, 2020, $133 million was reclassified from operating, selling and general expense to transportation and distribution expense. This reclassification had no effect on net earnings (loss).
Disaggregation of revenue from contracts with customers	For the years ended December 31 2021 2020 ($ millions) North America International Total North America International Total Oil Sands SCO and diesel 14 452 - 14 452 8 574 - 8 574 Bitumen 5 468 - 5 468 2 043 - 2 043 19 920 - 19 920 10 617 - 10 617 Exploration and Production Crude oil and natural gas liquids 1 709 1 257 2 966 1 089 806 1 895 Natural gas - 12 12 - 4 4 1 709 1 269 2 978 1 089 810 1 899 Refining and Marketing Gasoline 9 983 - 9 983 6 585 - 6 585 Distillate 9 832 - 9 832 6 525 - 6 525 Other 3 100 - 3 100 2 162 - 2 162 22 915 - 22 915 15 272 - 15 272 Corporate and Eliminations (4 680) - (4 680) (2 888) - (2 888) Total Gross Revenue from Contracts with Customers 39 864 1 269 41 133 24 090 810 24 900
Geographical breakdown of operating revenue and non-current assets	Operating Revenues, net of Royalties ($ millions) 2021 2020 Canada 32 286 20 588 United States 5 818 3 312 Other foreign 1 028 762 39 132 24 662 Non-Current Assets (1) December 31 December 31 ($ millions) 2021 2020 Canada 68 900 71 040 United States 2 020 1 856 Other foreign 1 682 2 125 72 602 75 021 (1) Excludes deferred income tax assets.

OTHER INCOME (Tables)

OTHER INCOME (Tables)	12 Months Ended
OTHER INCOME (Tables)	Dec. 31, 2021
OTHER INCOME
Schedule of other income	($ millions) 2021 2020 Energy trading activities Gains recognized in earnings 43 126 Losses on inventory valuation (10) (25) Short-term commodity risk management (198) 49 Investment and interest income 64 94 Insurance proceeds (1) 69 96 Other 1 50 (31) 390 (1) 2021 includes insurance proceeds for the outages at Mackay River and the secondary extraction facilities at Oil Sands Base Plant and 2020 includes insurance proceeds for MacKay River, both within the Oil Sands segment.

OPERATING, SELLING AND GENERA_2

OPERATING, SELLING AND GENERAL EXPENSE (Tables)	12 Months Ended
OPERATING, SELLING AND GENERAL EXPENSE (Tables)	Dec. 31, 2021
OPERATING, SELLING AND GENERAL EXPENSE
Schedule of operating, selling and general expenses	($ millions) 2021 2020 Contract services (1) 4 090 4 165 Employee costs (1) 3 884 2 813 Materials 880 951 Energy 1 500 1 113 Equipment rentals and leases 418 361 Travel, marketing and other (2) 594 391 11 366 9 794 (1) The company incurred $8.6 billion of contract services and employee costs for the year ended December 31, 2021 (2020 – $7.5 billion), of which $8.0 billion (2020 – $7.0 billion) was recorded in Operating, Selling and General expense and $0.6 billion was recorded as Property, Plant and Equipment (2020 – $0.5 billion). Employee costs include salaries, benefits and share-based compensation. (2) Prior period amounts have been reclassified to align with the current year presentation of transportation and distribution expense. For the year ended December 31, 2020, $133 million was reclassified from operating, selling and general expense to transportation and distribution expense. This reclassification had no effect on net earnings (loss).

FINANCING EXPENSES (Tables)

FINANCING EXPENSES (Tables)	12 Months Ended
FINANCING EXPENSES (Tables)	Dec. 31, 2021
FINANCING EXPENSES
Schedule of financing expenses	($ millions) 2021 2020 Interest on debt 834 884 Interest on lease liabilities 161 166 Capitalized interest at 5.0% ( 2020 – 4.8% ) (144) (120) Interest expense 851 930 Interest on partnership liability 51 52 Interest on pension and other post-retirement benefits 59 54 Accretion 304 278 Foreign exchange gain on U.S. dollar denominated debt (113) (312) Operational foreign exchange and other 23 (6) Loss on extinguishment of long-term debt 80 - 1 255 996

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Dec. 31, 2021
INCOME TAXES
Schedule of income tax (recovery) expense	($ millions) 2021 2020 Current: Current year 1 353 (650) Adjustments in respect of current income tax of prior years 42 (9) Deferred: Origination and reversal of temporary differences 29 (973) Adjustments in respect of deferred income tax of prior years 23 (52) Changes in tax rates and legislation 8 (106) Movement in unrecognized deferred income tax assets (4) 12 Total income tax expense (recovery) 1 451 (1 778)
Reconciliation of Effective Tax Rate	($ millions) 2021 2020 Earnings (loss) before income tax 5 570 (6 097) Canadian statutory tax rate 24.24% 24.96% Statutory tax 1 350 (1 522) Add (deduct) the tax effect of: Non-taxable component of capital gains (12) (45) Share-based compensation and other permanent items 3 7 Assessments and adjustments 65 (58) Impact of income tax rates and legislative changes 8 (173) Non-taxable component of dispositions (66) - Foreign tax rate differential 111 3 Movement in unrecognized deferred income tax assets (4) 12 Other (4) (2) Total income tax expense (recovery) 1 451 (1 778) Effective tax rate 26.1% 29.2%
Schedule of deferred income tax balances	Deferred Income Tax Expense (Recovery) Deferred Income Tax Liability (Asset) December 31 December 31 ($ millions) 2021 2020 2021 2020 Property, plant and equipment (260) (1 084) 11 477 11 963 Decommissioning and restoration provision 141 21 (1 936) (2 304) Employee retirement benefit plans (142) 34 (470) (605) Tax loss carry-forwards 161 (20) (15) (176) Other 156 (70) 25 (120) Net deferred income tax expense (recovery) and liability 56 (1 119) 9 081 8 758
Summary of changes in deferred income tax balances	($ millions) 2021 2020 Net deferred income tax liability, beginning of year 8 758 9 967 Recognized in deferred income tax expense (recovery) 56 (1 119) Recognized in other comprehensive income 277 (62) Foreign exchange, acquisition and other (10) (28) Net deferred income tax liability, end of year 9 081 8 758
Schedule of deferred tax in shareholders' equity	($ millions) 2021 2020 Deferred Tax in Other Comprehensive Income Actuarial gain (loss) on employment retirement benefit plans 277 (62) Total income tax expense (recovery) reported in equity 277 (62)

(LOSS) EARNINGS PER COMMON SH_2

(LOSS) EARNINGS PER COMMON SHARE (Tables)	12 Months Ended
(LOSS) EARNINGS PER COMMON SHARE (Tables)	Dec. 31, 2021
(LOSS) EARNINGS PER COMMON SHARE
Schedule of (Loss) Earnings Per Common Share	($ millions) 2021 2020 Net earnings (loss) 4 119 (4 319) (millions of common shares) Weighted average number of common shares 1 488 1 526 Dilutive securities: Effect of share options 1 - Weighted average number of diluted common shares 1 489 1 526 (dollars per common share) Basic and diluted earnings (loss) per share 2.77 (2.83)

CASH AND CASH EQUIVALENTS (Tabl

CASH AND CASH EQUIVALENTS (Tables)	12 Months Ended
CASH AND CASH EQUIVALENTS (Tables)	Dec. 31, 2021
CASH AND CASH EQUIVALENTS
Schedule of cash and cash equivalents	December 31 December 31 ($ millions) 2021 2020 Cash 1 971 1 523 Cash equivalents 234 362 2 205 1 885

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	Dec. 31, 2021
SUPPLEMENTAL CASH FLOW INFORMATION
Schedule of supplemental cash flow information	The (increase) decrease in non-cash working capital is comprised of: ($ millions) 2021 2020 Accounts receivable (1 324) 954 Inventories (551) 121 Accounts payable and accrued liabilities (1) 1 588 (1 605) Current portion of provisions (1) 235 122 Income taxes payable (net) (2) 1 830 (1 350) 1 778 (1 758) Relating to: Operating activities 1 507 (1 201) Investing activities 271 (557) 1 778 (1 758) (1) Prior period amounts of the current portion of provisions have been reclassified to conform to the current year presentation. For the year ended December 31, 2020, $133 million was reclassified from accounts payable and accrued liabilities to current portion of provisions . This reclassification had no effect on the non-cash working capital. (2) During the twelve months ended December 31, 2021, the increase in taxes payable was primarily related to the company’s 2021 current income tax expense, which is payable in early 2022. Reconciliation of movements of liabilities to cash flows arising from financing activities: Current Portion Current Portion Short-Term of Long-Term Long-Term of Long-Term Long-Term Partnership Dividends ($ millions) Debt Lease Liabilities Lease Liabilities Debt Debt Liability Payable At December 31, 2019 2 155 310 2 621 - 12 884 455 - Changes from financing cash flows: Net issuance of commercial paper 1 445 - - - - - - Gross proceeds from issuance of long-term debt - - - - 2 651 - - Debt issuance costs - - - - (17) - - Dividends paid on common shares - - - - - - (1 670) Lease liability payments - (335) - - - - - Distributions to non-controlling interest - - - - - (10) - Non-cash changes: Dividends declared on common shares - - - - - - 1 670 Unrealized foreign exchange gains (34) - - (20) (258) - - Reclassification of debt - - - 1 433 (1 433) - - Reclassification of lease obligations - 297 (297) - - - - Deferred financing costs - - - - (15) - - Reassessment of partnership liability - - - - - (9) - New leases - - 312 - - - - At December 31, 2020 3 566 272 2 636 1 413 13 812 436 - Changes from financing cash flows: Reduction of commercial paper (2 256) - - - - - - Gross proceeds from issuance of long-term debt - - - - 1 446 - - Debt issuance costs - - - - (23) - - Repayment of long-term debt - - - (2 451) - - - Loss on extinguishment of long-term debt - - - 80 - - - Realized foreign exchange (gains) and losses (79) - - 128 - - - Dividends paid on common shares - - - - - - 1 550 Lease liability payments - (325) - - - - - Distributions to non-controlling interest - - - - - (9) - Other - - - 25 - - - Non-cash changes: Dividends declared on common shares - - - - - - (1 550) Unrealized foreign exchange losses and (gains) 53 - - (47) (168) - - Reclassification of debt - - - 1 083 (1 083) - - Lease derecognition - - (41) - - - - Reclassification of lease obligations - 363 (363) - - - - Deferred financing costs - - - - 5 - - New lease liabilities - - 308 - - - - At December 31, 2021 1 284 310 2 540 231 13 989 427 -

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
INVENTORIES (Tables)	Dec. 31, 2021
INVENTORIES
Schedule of Inventories table text block	December 31 December 31 ($ millions) 2021 2020 Crude oil (1) 1 501 1 429 Refined products 1 820 1 322 Materials, supplies and merchandise 789 866 4 110 3 617 (1) Includes $110 million of inventories held for trading purposes (2020 – $154 million), which are measured at fair value less costs to sell 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, 2021
PROPERTY PLANT AND EQUIPMENT
Disclosure of changes in property, plant and equipment	Oil and Gas Plant and ($ millions) Properties Equipment Total Cost At December 31, 2019 40 596 84 568 125 164 Additions 820 2 994 3 814 Transfers from exploration and evaluation 170 - 170 Changes in decommissioning and restoration 1 078 3 1 081 Disposals and derecognition (9) (2 528) (2 537) Foreign exchange adjustments 54 (88) (34) At December 31, 2020 42 709 84 949 127 658 Additions 755 3 901 4 656 Transfers from exploration and evaluation - - - Changes in decommissioning and restoration (1 127) (5) (1 132) Disposals and derecognition (1 902) (2 652) (4 554) Foreign exchange adjustments (118) 49 (69) At December 31, 2021 40 317 86 242 126 559 Accumulated provision At December 31, 2019 (22 389) (30 135) (52 524) Depreciation, depletion, amortization and impairment (3 039) (6 166) (9 205) Disposals and derecognition - 2 205 2 205 Foreign exchange adjustments (45) 41 (4) At December 31, 2020 (25 473) (34 055) (59 528) Depreciation, depletion, amortization and impairment (1 216) (4 465) (5 681) Disposals and derecognition 1 676 2 452 4 128 Foreign exchange adjustments 70 (2) 68 At December 31, 2021 (24 943) (36 070) (61 013) Net property, plant and equipment December 31, 2020 17 236 50 894 68 130 December 31, 2021 15 374 50 172 65 546 December 31, 2021 December 31, 2020 Accumulated Net Book Accumulated Net Book ($ millions) Cost Provision Value Cost Provision Value Oil Sands 87 849 (37 971) 49 878 86 999 (35 059) 51 940 Exploration and Production 21 495 (15 999) 5 496 23 640 (17 424) 6 216 Refining and Marketing 15 989 (6 596) 9 393 15 757 (6 547) 9 210 Corporate and Eliminations 1 226 (447) 779 1 262 (498) 764 126 559 (61 013) 65 546 127 658 (59 528) 68 130

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, 2021
RIGHT-OF-USE ASSETS AND LEASES
Schedule of right-of-use assets	December 31 December 31 ($ millions) 2021 2020 Property, plant and equipment, net – excluding ROU assets 62 821 65 306 ROU assets 2 725 2 824 65 546 68 130 The following table presents the ROU assets by asset class: Plant and ($ millions) Equipment Cost At January 1, 2020 3 505 Additions and adjustments 312 Disposals (25) Foreign exchange (6) At December 31, 2020 3 786 Additions and adjustments 307 Disposals (232) Foreign exchange - At December 31, 2021 3 861 Accumulated provision At January 1, 2020 (610) Depreciation (375) Disposals 21 Foreign exchange 2 At December 31, 2020 (962) Depreciation (396) Disposals 221 Foreign exchange 1 At December 31, 2021 (1 136) Net ROU assets At December 31, 2020 2 824 At December 31, 2021 2 725
Schedule of other related lease items recognized in the Consolidated Statement of Comprehensive (Loss) Income	For the year ended December 31 ($ millions) 2021 2020 Operating, selling and general Short-term lease expense 143 181 Variable lease expense 35 39

EXPLORATION AND EVALUATION AS_2

EXPLORATION AND EVALUATION ASSETS (Tables)	12 Months Ended
EXPLORATION AND EVALUATION ASSETS (Tables)	Dec. 31, 2021
EXPLORATION AND EVALUATION ASSETS.
Exploration and Evaluation Assets rollforward	December 31 December 31 ($ millions) 2021 2020 Beginning of year 2 286 2 428 Acquisitions and additions 2 176 Transfers to oil and gas assets - (170) Dry hole expenses - (80) Disposals and derecognition (54) (70) Foreign exchange adjustments (8) 2 End of year 2 226 2 286

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
OTHER ASSETS (Tables)	Dec. 31, 2021
OTHER ASSETS
Other Assets	December 31 December 31 ($ millions) 2021 2020 Investments 391 323 Prepaids and other 916 954 1 307 1 277

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	Dec. 31, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS
Segment breakdown of Goodwill and Other Intangible Assets	Refining and Oil Sands Marketing Other ($ millions) Goodwill Goodwill Intangibles Total At December 31, 2019 2 752 140 166 3 058 Additions - - 272 272 Amortization - - (2) (2) At December 31, 2020 2 752 140 436 3 328 Additions - - 213 213 Amortization - - (18) (18) At December 31, 2021 2 752 140 631 3 523

DEBT AND CREDIT FACILITIES (Tab

DEBT AND CREDIT FACILITIES (Tables)	12 Months Ended
DEBT AND CREDIT FACILITIES (Tables)	Dec. 31, 2021
DEBT AND CREDIT FACILITIES
Schedule of debt and credit facilities	Short-Term Debt December 31 December 31 ($ millions) 2021 2020 Commercial paper (1) 1 284 3 566 (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 $5.0 billion having a term not to exceed 365 days. The weighted average interest rate as at December 31, 2021 was 0.33% (December 31, 2020 - 0.39% ). Long-Term Debt December 31 December 31 ($ millions) 2021 2020 Fixed-term debt (2)(3) 3.10% Series 5 Medium Term Notes, due 2021 - 748 9.25% Debentures, due 2021 ( US$300 ) - 389 9.40% Notes, due 2021 ( US$220 ) (4)(5) - 281 4.50% Notes, due 2022 ( US$182 ) (4) 231 224 2.80% Notes, due 2023 ( US$450 ) 569 574 3.60% Notes, due 2024 ( US$750 ) - 953 3.10% Notes, due 2025 ( US$550 ) 696 701 3.00% Series 5 Medium Term Notes, due 2026 699 699 7.875% Debentures, due 2026 ( US$275 ) 359 364 8.20% Notes, due 2027 ( US$59 ) (4) 78 79 7.00% Debentures, due 2028 ( US$250 ) 320 323 3.10% Series 6 Medium Term Notes, due 2029 748 748 5.00% Series 7 Medium Term Notes, due 2030 1 247 1 247 7.15% Notes, due 2032 ( US$500 ) 631 637 5.35% Notes, due 2033 ( US$300 ) 355 356 5.95% Notes, due 2034 ( US$500 ) 630 636 5.95% Notes, due 2035 ( US$600 ) 731 736 5.39% Series 4 Medium Term Notes, due 2037 599 599 6.50% Notes, due 2038 ( US$1 150 ) 1 451 1 464 6.80% Notes, due 2038 ( US$900 ) 1 156 1 167 6.85% Notes, due 2039 ( US$750 ) 946 953 6.00% Notes, due 2042 ( US$152 ) (4) 149 149 4.34% Series 5 Medium Term Notes, due 2046 300 300 4.00% Notes, due 2047 ( US$750 ) 945 952 3.95% Series 8 Medium Term Notes, due 2051 493 - 3.75% Notes, due 2051 ( US$750 ) 945 - Total unsecured long-term debt 14 278 15 279 Lease liabilities (6) 2 850 2 908 Deferred financing costs (58) (54) 17 070 18 133 Current portion of long-term debt and lease liabilities Lease liabilities (310) (272) Long-term debt (231) (1 413) (541) (1 685) Total long-term lease liabilities 2 540 2 636 Total long-term debt 13 989 13 812 (2) The value of debt includes the unamortized balance of premiums or discounts. (3) Certain securities are redeemable at the option of the company. (4) Debt acquired through the acquisition of Canadian Oil Sands Limited (COS). (5) Subsequent to the acquisition of COS, Moody’s Investors Service downgraded COS long-term senior debt rating from Baa3 (negative outlook) to Ba3 (stable outlook). This triggered a change in the coupon rate of the note from 7.9% to 9.4% . (6) Interest rates range from 0.4% to 14.2% and maturity dates range from 2022 to 2062.
Scheduled principal repayments for leases liabilities, short term debt and long term debt	Scheduled principal repayments as at December 31, 2021 for lease liabilities, short-term debt and long-term debt are as follows: ($ millions) Repayment 2022 1 816 2023 828 2024 232 2025 907 2026 1 244 Thereafter 13 482 18 509
Summary of available and unutilized credit facilities	($ millions) 2021 Fully revolving and expires in 2025 3 000 Fully revolving and expires in 2024 2 531 Can be terminated at any time at the option of the lenders 1 420 Total credit facilities 6 951 Credit facilities supporting outstanding commercial paper (1 284) Credit facilities supporting standby letters of credit (1 147) Total unutilized credit facilities (1) 4 520 (1) Available credit facilities for liquidity purposes at December 31, 2021 decreased to $4.247 billion, compared to $6.043 billion at December 31, 2020.

OTHER LONG TERM LIABILITIES (Ta

OTHER LONG TERM LIABILITIES (Tables)	12 Months Ended
OTHER LONG TERM LIABILITIES (Tables)	Dec. 31, 2021
OTHER LONG TERM LIABILITIES
Schedule of other long-term liabilities	December 31 December 31 ($ millions) 2021 2020 Pensions and other post-retirement benefits (note 23) 1 207 2 004 Share-based compensation plans (note 26) 291 143 Partnership liability (note 27) (1) 427 436 Deferred revenue 29 35 Libya Exploration and Production Sharing Agreement (EPSA) signature bonus (2) 74 74 Other 152 148 2 180 2 840 (1) The company paid $60 million in 2021 (2020 – $62 million) in distributions to the partners of the East Tank Farm Development, of which $51 million (2020 – $52 million) was allocated to interest expense and $9 million (2020 – $10 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, 2021, the carrying amount of the Libya EPSAs’ signature bonus was $78 million (December 31, 2020 – $78 million). The current portion is $4 million (December 31, 2020 – $4 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, 2021
PENSIONS AND OTHER POST RETIREMENT BENEFITS
Schedule of defined benefit obligations and funded status	Other Post-Retirement Pension Benefits Benefits ($ millions) 2021 2020 2021 2020 Change in benefit obligation Benefit obligation at beginning of year 8 682 7 708 690 631 Current service costs 302 272 19 15 Plan participants’ contributions 17 17 - - Benefits paid (350) (316) (27) (24) Interest costs 222 238 18 19 Foreign exchange (6) 1 - - Settlements 11 5 - - Actuarial remeasurement: Experience gain arising on plan liabilities (1) (26) (1) (6) Actuarial (gain) loss arising from changes in demographic assumptions (2) 50 - 12 Actuarial (gain) loss arising from changes in financial assumptions (572) 733 (27) 43 Benefit obligation at end of year 8 303 8 682 672 690 Change in plan assets Fair value of plan assets at beginning of year 7 305 6 693 - - Employer contributions (11) 132 - - Plan participants’ contributions 17 17 - - Benefits paid (325) (290) - - Foreign exchange (5) (1) - - Settlements 11 5 - - Administrative costs (2) (2) - - Income on plan assets 181 203 - - Actuarial remeasurement: Return on plan assets greater than discount rate 530 548 - - Fair value of plan assets at end of year 7 701 7 305 - - Net unfunded obligation 602 1 377 672 690
Schedule of defined benefit plan expenses	Other Post-Retirement Pension Benefits Benefits ($ millions) 2021 2020 2021 2020 Analysis of amount charged to earnings: Current service costs 302 272 19 15 Interest costs 41 35 18 19 Defined benefit plans expense 343 307 37 34 Defined contribution plans expense 94 83 - - Total benefit plans expense charged to earnings 437 390 37 34 Components of defined benefit costs recognized in Other Comprehensive Income: Other Post-Retirement Pension Benefits Benefits ($ millions) 2021 2020 2021 2020 Return on plan assets (excluding amounts included in net interest expense) (530) (548) - - Actuarial (gain) arising from experience on plan liabilities (1) (26) (1) (6) Actuarial (gain) loss arising from changes in financial assumptions (572) 733 (27) 43 Actuarial (gain) loss arising from changes in demographic assumptions (2) 50 - 12 Actuarial (gain) loss recognized in other comprehensive income (1 105) 209 (28) 49
Schedule of weighted average actuarial assumptions	Other Post-Retirement Pension Benefits Benefits December 31 December 31 December 31 December 31 (%) 2021 2020 2021 2020 Discount rate 2.90 2.50 2.90 2.50 Rate of compensation increase 3.00 3.00 3.00 3.00
Schedule of changes in assumed assumptions	Pension Benefits ($ millions) Increase Decrease 1% change in discount rate Effect on the aggregate service and interest costs (24) 31 Effect on the benefit obligations (1 155) 1 515 Other Post-Retirement Benefits ($ millions) Increase Decrease 1% change in discount rate Effect on the benefit obligations (80) 99 1% change in health care cost Effect on the aggregate service and interest costs 1 (1) Effect on the benefit obligations 36 (31)
Schedule of weighted average pension plan asset allocations based on market value	The company’s weighted average pension plan asset allocations, based on market values as at December 31, are as follows: (%) 2021 2020 Equities 48 50 Fixed income 38 38 Plan assets, comprised of: – Real Estate 14 12 Total 100 100

PROVISIONS (Tables)

PROVISIONS (Tables)	12 Months Ended
PROVISIONS (Tables)	Dec. 31, 2021
PROVISIONS
Schedule of provisions	Decommissioning ($ millions) and Restoration (1) Royalties Other (2) Total At December 31, 2019 8 898 133 276 9 307 Liabilities incurred 967 16 190 1 173 Change in discount rate 402 - - 402 Changes in estimates (268) (71) 5 (334) Liabilities settled (231) (7) (4) (242) Accretion 278 - - 278 Foreign exchange (2) - - (2) At December 31, 2020 10 044 71 467 10 582 Less: current portion (250) (71) (206) (527) 9 794 - 261 10 055 At December 31, 2020 10 044 71 467 10 582 Liabilities incurred 104 137 171 412 Change in discount rate (1 260) - - (1 260) Changes in estimates (76) (12) (13) (101) Liabilities settled (263) 26 (84) (321) Accretion 304 - - 304 Asset disposals (61) - - (61) Foreign exchange - - - - At December 31, 2021 8 792 222 541 9 555 Less: current portion (266) (222) (291) (779) 8 526 - 250 8 776 (1) Represents decommissioning and restoration provisions associated with the retirement of Property, Plant and Equipment and Exploration and Evaluation assets. The total undiscounted and uninflated amount of estimated future cash flows required to settle the obligations at December 31, 2021 was approximately $13.8 billion (December 31, 2020 – $14.1 billion). A weighted average credit-adjusted risk-free interest rate of 3.70% was used to discount the provision recognized at December 31, 2021 (December 31, 2020 – 3.10% ). 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. It also includes a provision, with the offset being recorded to transportation expense, for $187 million (after-tax $142 million) related to the Keystone XL pipeline project and a restructuring provision remaining for $88 million.
Schedule of impact of changes in discount rate on decommissioning and restoration liabilities.	Changes to the discount rate would have the following impact on Decommissioning and Restoration liabilities: As at December 31 2021 2020 1% Increase (1 497) (1 919) 1% Decrease 2 113 2 806

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
SHARE CAPITAL (Tables)	Dec. 31, 2021
SHARE CAPITAL.
Schedule of share repurchase activities	The following table summarizes the share repurchase activities during the period: ($ millions, except as noted) 2021 2020 Share repurchase activities (thousands of common shares) Shares repurchased 83 959 7 527 Amounts charged to Share capital 1 382 124 Retained earnings 922 183 Share repurchase cost 2 304 307 Average repurchase cost per share 27.45 40.83
Schedule of liability for share repurchases	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: December 31 December 31 ($ millions) 2021 2020 Amounts charged to Share capital 120 - Retained earnings 110 - Liability for share purchase commitment 230 -

SHARE BASED COMPENSATION (Table

SHARE BASED COMPENSATION (Tables)	12 Months Ended
SHARE BASED COMPENSATION (Tables)	Dec. 31, 2021
SHARE BASED COMPENSATION
Schedule of 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) 2021 2020 Equity-settled plans 21 32 Cash-settled plans 301 (28) Total share-based compensation expense 322 4
Schedule of 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: December 31 December 31 ($ millions) 2021 2020 Current liability 153 117 Long-term liability (note 22) 291 143 Total Liability 444 260
Schedule of weighted average fair value of options granted during the period and the weighted average assumptions used in their determination	The weighted average fair value of options granted during the period and the weighted average assumptions used in their determination are as noted below: 2021 2020 Annual dividend per share (dollars) 1.05 1.10 Risk-free interest rate 0.49% 1.35% Expected life 5 years 5 years Expected volatility 40% 24% Weighted average fair value per option (dollars) 5.40 4.51
Summary of activity of stock option plans	The following table presents a summary of the activity related to Suncor’s stock option plans: 2021 2020 Weighted Weighted Average Average Number Exercise Price Number Exercise Price (thousands) ($) (thousands) ($) Outstanding, beginning of year 38 373 39.65 33 882 39.70 Granted 3 457 22.71 6 341 38.95 Exercised as options for common shares (245) 29.82 (804) 35.73 Forfeited/expired (4 495) 37.62 (1 046) 39.91 Outstanding, end of year 37 090 38.39 38 373 39.65 Exercisable, end of year 28 421 39.87 26 943 39.10
Schedule of exercise price ranges and weighted average remaining contractual lives	For the options outstanding at December 31, 2021, the exercise price ranges and weighted average remaining contractual lives are shown below: Outstanding Exercisable Weighted Average Weighted Weighted Remaining Average Average Number Contractual Life Exercise Number Exercise Exercise Prices ($) (thousands) (years) Price ($) (thousands) Price ($) 22.63 - 24.99 3 378 6 22.65 30 22.88 25.00 - 29.99 9 6 29.29 — — 30.00 - 34.99 4 694 1 30.23 4 672 30.23 35.00 - 39.99 9 537 3 38.99 6 024 38.95 40.00 - 44.99 19 292 3 42.71 17 516 42.68 45.00 - 49.99 52 4 48.15 51 48.16 50.00 - 54.27 128 3 52.39 128 52.39 Total 37 090 3 38.39 28 421 39.87
Summary of common shares available for granting future options	Common shares authorized for issuance by the Board of Directors that remain available for the granting of future options: (thousands) 2021 2020 25 037 8 999
Summary of share units and stock appreciation rights	The following table presents a summary of the activity related to Suncor’s share unit plans: (thousands) PSU RSU DSU Outstanding, December 31, 2019 2 193 13 602 1 287 Granted 1 232 6 567 289 Redeemed for cash (1 086) (4 707) (191) Forfeited/expired (54) (367) - Outstanding, December 31, 2020 2 285 15 095 1 385 Granted 1 285 11 954 164 Redeemed for cash (751) (4 609) (167) Forfeited/expired (53) (1 003) - Outstanding, December 31, 2021 2 766 21 437 1 382 The following table presents a summary of the activity related to Suncor’s SARs plan: 2021 2020 Weighted Weighted Average Average Number Exercise Price Number Exercise Price (thousands) ($) (thousands) ($) Outstanding, beginning of year 509 39.25 385 39.83 Granted 10 22.63 132 37.41 Exercised — — (7) 36.38 Forfeited/expired (56) 37.78 (1) 39.08 Outstanding, end of year 463 39.06 509 39.25 Exercisable, end of year 357 39.68 307 39.09

FINANCIAL INSTRUMENTS AND RIS_2

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Tables)	12 Months Ended
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Tables)	Dec. 31, 2021
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
Summary of changes in the fair value of non designated derivatives	($ millions) 2021 2020 Fair value outstanding, beginning of year (121) (39) Cash settlements – paid (received) during the year 178 (257) Changes in fair value recognized in earnings during the year (note 7) (155) 175 Fair value outstanding, end of year (98) (121)
Schedule 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 Value Accounts receivable 63 90 - 153 Accounts payable (202) (72) - (274) Balance at December 31, 2020 (139) 18 - (121) Accounts receivable 35 88 - 123 Accounts payable (134) (87) - (221) Balance at December 31, 2021 (99) 1 - (98)
Schedule of offsetting financial assets	Gross Gross Liabilities Net Amounts ($ millions) Assets Offset Presented Fair value of derivative assets 2 890 (2 737) 153 Accounts receivable 2 999 (1 398) 1 601 Balance at December 31, 2020 5 889 (4 135) 1 754 Fair value of derivative assets 6 527 (6 404) 123 Accounts receivable 5 048 (2 734) 2 314 Balance at December 31, 2021 11 575 (9 138) 2 437
Schedule of offsetting financial liabilities	Gross Gross Assets Net Amounts ($ millions) Liabilities Offset Presented Fair value of derivative liabilities (3 011) 2 737 (274) Accounts payable (2 385) 1 398 (987) Balance at December 31, 2020 (5 396) 4 135 (1 261) Fair value of derivative liabilities (6 625) 6 404 (221) Accounts payable (4 205) 2 734 (1 471) Balance at December 31, 2021 (10 830) 9 138 (1 692)
Schedule of maturities for trade and other payables and debt	December 31, 2020 Trade and Gross Derivative Lease ($ millions) Other Payables (1) Liabilities (2) Debt (3) Liabilities Within one year 4 410 2 849 5 773 474 2 to 3 years 37 162 2 233 771 4 to 5 years 37 - 3 009 631 Over 5 years - - 17 834 2 779 4 484 3 011 28 849 4 655 December 31, 2021 Trade and Gross Derivative Lease ($ millions) Other Payables (1) Liabilities (2) Debt (3) Liabilities Within one year 6 282 6 466 2 253 459 2 to 3 years 37 159 2 015 779 4 to 5 years 37 - 3 127 660 Over 5 years - - 18 836 2 633 6 356 6 625 26 231 4 531 (1) Trade and other payables exclude net derivative liabilities of $221 million (2020 – $274 million). (2) Gross derivative liabilities of $6.625 billion (2020 – $3.011 billion) are offset by gross derivative assets of $6.404 billion (2020 – $2.737 billion), resulting in a net amount of $221 million (2020 – $274 million). (3) Debt includes short-term debt, long-term debt and interest payments on fixed-term debt.

CAPITAL STRUCTURE FINANCIAL P_2

CAPITAL STRUCTURE FINANCIAL POLICIES - (Tables)	12 Months Ended
CAPITAL STRUCTURE FINANCIAL POLICIES - (Tables)	Dec. 31, 2021
CAPITAL STRUCTURE FINANCIAL POLICIES
Schedule of components of ratios	Capital Measure December 31 December 31 ($ millions) Target 2021 2020 Components of ratios Short-term debt 1 284 3 566 Current portion of long-term debt 231 1 413 Current portion of long-term lease liabilities 310 272 Long-term debt 13 989 13 812 Long-term lease liabilities 2 540 2 636 Total debt (1) 18 354 21 699 Less: Cash and cash equivalents 2 205 1 885 Net debt (1) 16 149 19 814 Shareholders’ equity 36 614 35 757 Total capitalization (total debt plus shareholders’ equity) 54 968 57 456 Adjusted funds from operations (2) 10 257 3 876 Net debt to adjusted funds from operations <3.0 times 1.6 5.1 Total debt to total debt plus shareholders’ equity 20% - 35% 33.4% 37.8% (1) Total debt and net debt are non-GAAP financial measures. (2) Adjusted 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, 2021
JOINT ARRANGEMENTS
Schedule of joint operations	Country of Incorporation and Principal Place of Ownership % Ownership % Material Joint Operations Principal Activity Business 2021 2020 Oil Sands Operated by Suncor: Fort Hills Energy Limited Partnership Oil sands development Canada 54.11 54.11 Meadow Creek Oil sands development Canada 75.00 75.00 Syncrude (1) Oil sands development Canada 58.74 — Non-operated: Syncrude (1) Oil sands development Canada — 58.74 Exploration and Production Operated by Suncor: Terra Nova (2) Oil and gas production Canada 48.00 37.68 Non-operated: Buzzard Oil and gas production United Kingdom 29.89 29.89 Fenja Development JV Oil and gas production Norway 17.50 17.50 Golden Eagle Area Development (3) Oil and gas production United Kingdom — 26.69 Hibernia and the Hibernia South Extension Unit (4) Oil and gas production Canada 19.48 - 20.00 19.19 - 20.00 Hebron Oil and gas production Canada 21.03 21.03 Harouge Oil Operations Oil and gas production Libya 49.00 49.00 North Sea Rosebank Project Oil and gas production United Kingdom 40.00 40.00 Oda Oil and gas production Norway 30.00 30.00 White Rose and the White Rose Extensions (5) Oil and gas production Canada 26.13 - 27.50 26.13 - 27.50 (1) Suncor became the operator of the Syncrude project effective September 30, 2021. (2) In the third quarter of 2021, Suncor finalized an agreement with the co-owners of the Terra Nova Project to restructure the project ownership and move forward with the Asset Life Extension Project. The agreement increased the company’s working interest to 48.00% . (3) Suncor sold its 26.69% working interest in the Golden Eagle Area Development in the fourth quarter of 2021. (4) In the first quarter of 2021, the first redetermination of the Hibernia South Extension Unit increased the company’s interest by 0.29% (from 19.19% to approximately 19.48% ). (5) In the third quarter of 2021, Suncor entered into a conditional agreement to increase its interest by 12.50% to approximately 40.00% in the White Rose asset subject to the sanctioning of the West White Rose Project.
Schedule of joint ventures and associates	Joint ventures Associates ($ millions) 2021 2020 2021 2020 Net earnings (loss) 5 (10) (2) 9 Total comprehensive earnings (loss) 5 (10) (2) 9 Carrying amount as at December 31 63 58 66 68

SUBSIDIARIES - (Tables)

SUBSIDIARIES - (Tables)	12 Months Ended
SUBSIDIARIES - (Tables)	Dec. 31, 2021
SUBSIDIARIES
Schedule of material subsidiaries	Material subsidiaries, each of which is wholly owned, either directly or indirectly, by the company as at December 31, 2021 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.

RELATED PARTY DISCLOSURES (Tabl

RELATED PARTY DISCLOSURES (Tables)	12 Months Ended
RELATED PARTY DISCLOSURES (Tables)	Dec. 31, 2021
RELATED PARTY DISCLOSURES
Summary of significant related party transactions	A summary of the significant related party transactions as at and for the years ended December 31, 2021 and 2020 are as follows: ($ millions) 2021 2020 Sales (1) 1 011 458 Purchases 247 130 Accounts receivable 70 26 Accounts payable and accrued liabilities 17 16 (1) Includes sales to Petroles Cadeko Inc. of $411 million (2020 - $93 million) and Parachem Chemicals Inc. of $343 million (2020 – $173 million).
Schedule of compensation of Key Management Personnel	Compensation of the company’s Board of Directors and members of the Executive Leadership Team for the years ended December 31 is as follows: ($ millions) 2021 2020 Salaries and other short-term benefits 8 9 Pension and other post-retirement benefits 3 3 Share-based compensation 47 (9) 58 3

COMMITMENTS, CONTINGENCIES AN_2

COMMITMENTS, CONTINGENCIES AND GUARANTEES (Tables)	12 Months Ended
COMMITMENTS, CONTINGENCIES AND GUARANTEES (Tables)	Dec. 31, 2021
COMMITMENTS, CONTINGENCIES AND GUARANTEES
Schedule of 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) 2022 2023 2024 2025 2026 Thereafter Total Commitments Product transportation and storage 1 150 1 210 1 211 1 128 1 135 7 814 13 648 Energy services 159 160 151 112 66 75 723 Exploration work commitments - 20 - 64 1 454 539 Other 648 185 108 83 62 339 1 425 1 957 1 575 1 470 1 387 1 264 8 682 16 335

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Useful lives of PP&E (Details)	12 Months Ended
	Dec. 31, 2021
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)	12 Months Ended
	Dec. 31, 2021
Minimum \| Customer Lists
GOODWILL AND OTHER INTANGIBLE ASSETS
Estimated useful lives of other intangible assets	5 years
Minimum \| Software costs
GOODWILL AND OTHER INTANGIBLE ASSETS
Estimated useful lives of other intangible assets	5 years
Maximum \| Customer Lists
GOODWILL AND OTHER INTANGIBLE ASSETS
Estimated useful lives of other intangible assets	10 years
Maximum \| Software costs
GOODWILL AND OTHER INTANGIBLE ASSETS
Estimated useful lives of other intangible assets	6 years

SEGMENTED INFORMATION (Details)

SEGMENTED INFORMATION (Details) - CAD ($) $ in Millions	12 Months Ended
SEGMENTED INFORMATION (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Revenues and Other Income
Less : Royalties	$ (2,001)	$ (238)
Operating revenues, net of royalties	39,132	24,662
Other income (loss)	(31)	390
Total revenue	39,101	25,052
Expenses
Purchases of crude oil and products	13,791	9,112
Operating, selling and general	11,366	9,794
Transportation	1,479	1,551
Depreciation, depletion, amortization and impairment	5,850	9,526
Exploration	47	186
(Gain) loss on disposal of assets	(257)	(16)
Financing expenses	1,255	996
Total expenses	33,531	31,149
(Loss) Earnings before Income Taxes	5,570	(6,097)
Income Tax Expense (Recovery)
Current	1,395	(659)
Deferred	56	(1,119)
Total income tax expense (recovery)	1,451	(1,778)
Net Earnings (Loss)	4,119	(4,319)
Capital and Exploration Expenditures	4,555	3,926
Reclassification, Adjustment
Expenses
Operating, selling and general		(133)
Transportation		133
Operating segments
Revenues and Other Income
Gross revenues	41,133	24,900
Oil Sands
Revenues and Other Income
Less : Royalties	(1,523)	(95)
Operating revenues, net of royalties	18,397	10,522
Other income (loss)	6	298
Total revenue	18,403	10,820
Expenses
Purchases of crude oil and products	1,444	844
Operating, selling and general	8,056	7,169
Transportation	1,126	1,223
Depreciation, depletion, amortization and impairment	4,585	6,430
Exploration	12	57
(Gain) loss on disposal of assets	(4)	(1)
Financing expenses	359	336
Total expenses	15,578	16,058
(Loss) Earnings before Income Taxes	2,825	(5,238)
Income Tax Expense (Recovery)
Current	729	(645)
Deferred	(51)	(797)
Total income tax expense (recovery)	678	(1,442)
Net Earnings (Loss)	2,147	(3,796)
Capital and Exploration Expenditures	3,168	2,736
Oil Sands \| Operating segments
Revenues and Other Income
Gross revenues	15,319	7,792
Oil Sands \| Elimination of intersegment amounts
Revenues and Other Income
Gross revenues	4,601	2,825
Exploration and Production
Revenues and Other Income
Less : Royalties	(478)	(143)
Operating revenues, net of royalties	2,500	1,756
Other income (loss)	17	54
Total revenue	2,517	1,810
Expenses
Operating, selling and general	429	476
Transportation	112	100
Depreciation, depletion, amortization and impairment	324	2,147
Exploration	35	129
(Gain) loss on disposal of assets	(227)
Financing expenses	53	47
Total expenses	726	2,899
(Loss) Earnings before Income Taxes	1,791	(1,089)
Income Tax Expense (Recovery)
Current	473	64
Deferred	33	(321)
Total income tax expense (recovery)	506	(257)
Net Earnings (Loss)	1,285	(832)
Capital and Exploration Expenditures	270	489
Exploration and Production \| Operating segments
Revenues and Other Income
Gross revenues	2,978	1,899
Refining and Marketing
Revenues and Other Income
Operating revenues, net of royalties	22,915	15,272
Other income (loss)	(50)	48
Total revenue	22,865	15,320
Expenses
Purchases of crude oil and products	16,807	11,243
Operating, selling and general	2,019	1,759
Transportation	282	271
Depreciation, depletion, amortization and impairment	853	867
(Gain) loss on disposal of assets	(19)	(24)
Financing expenses	56	37
Total expenses	19,998	14,153
(Loss) Earnings before Income Taxes	2,867	1,167
Income Tax Expense (Recovery)
Current	576	325
Deferred	113	(24)
Total income tax expense (recovery)	689	301
Net Earnings (Loss)	2,178	866
Capital and Exploration Expenditures	825	515
Refining and Marketing \| Operating segments
Revenues and Other Income
Gross revenues	22,808	15,180
Refining and Marketing \| Elimination of intersegment amounts
Revenues and Other Income
Gross revenues	107	92
Corporate and Eliminations
Revenues and Other Income
Operating revenues, net of royalties	(4,680)	(2,888)
Other income (loss)	(4)	(10)
Total revenue	(4,684)	(2,898)
Expenses
Purchases of crude oil and products	(4,460)	(2,975)
Operating, selling and general	862	390
Transportation	(41)	(43)
Depreciation, depletion, amortization and impairment	88	82
(Gain) loss on disposal of assets	(7)	9
Financing expenses	787	576
Total expenses	(2,771)	(1,961)
(Loss) Earnings before Income Taxes	(1,913)	(937)
Income Tax Expense (Recovery)
Current	(383)	(403)
Deferred	(39)	23
Total income tax expense (recovery)	(422)	(380)
Net Earnings (Loss)	(1,491)	(557)
Capital and Exploration Expenditures	292	186
Corporate and Eliminations \| Operating segments
Revenues and Other Income
Gross revenues	28	29
Corporate and Eliminations \| Elimination of intersegment amounts
Revenues and Other Income
Gross revenues	$ (4,708)	$ (2,917)

SEGMENTED INFORMATION - Disaggr

SEGMENTED INFORMATION - Disaggregation of Revenue (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SEGMENTED INFORMATION
Total gross revenues from contracts with customers	$ 41,133	$ 24,900
North America
SEGMENTED INFORMATION
Total gross revenues from contracts with customers	39,864	24,090
International
SEGMENTED INFORMATION
Total gross revenues from contracts with customers	1,269	810
Elimination of intersegment amounts
SEGMENTED INFORMATION
Total gross revenues from contracts with customers	(4,680)	(2,888)
Elimination of intersegment amounts \| North America
SEGMENTED INFORMATION
Total gross revenues from contracts with customers	(4,680)	(2,888)
Oil Sands \| Operating segments
SEGMENTED INFORMATION
Total gross revenues from contracts with customers	19,920	10,617
Oil Sands \| Operating segments \| SCO And Diesel
SEGMENTED INFORMATION
Total gross revenues from contracts with customers	14,452	8,574
Oil Sands \| Operating segments \| Bitumen
SEGMENTED INFORMATION
Total gross revenues from contracts with customers	5,468	2,043
Oil Sands \| Operating segments \| North America
SEGMENTED INFORMATION
Total gross revenues from contracts with customers	19,920	10,617
Oil Sands \| Operating segments \| North America \| SCO And Diesel
SEGMENTED INFORMATION
Total gross revenues from contracts with customers	14,452	8,574
Oil Sands \| Operating segments \| North America \| Bitumen
SEGMENTED INFORMATION
Total gross revenues from contracts with customers	5,468	2,043
Exploration and Production \| Operating segments
SEGMENTED INFORMATION
Total gross revenues from contracts with customers	2,978	1,899
Exploration and Production \| Operating segments \| Crude Oil And Natural Gas Liquids
SEGMENTED INFORMATION
Total gross revenues from contracts with customers	2,966	1,895
Exploration and Production \| Operating segments \| Natural Gas
SEGMENTED INFORMATION
Total gross revenues from contracts with customers	12	4
Exploration and Production \| Operating segments \| North America
SEGMENTED INFORMATION
Total gross revenues from contracts with customers	1,709	1,089
Exploration and Production \| Operating segments \| North America \| Crude Oil And Natural Gas Liquids
SEGMENTED INFORMATION
Total gross revenues from contracts with customers	1,709	1,089
Exploration and Production \| Operating segments \| International
SEGMENTED INFORMATION
Total gross revenues from contracts with customers	1,269	810
Exploration and Production \| Operating segments \| International \| Crude Oil And Natural Gas Liquids
SEGMENTED INFORMATION
Total gross revenues from contracts with customers	1,257	806
Exploration and Production \| Operating segments \| International \| Natural Gas
SEGMENTED INFORMATION
Total gross revenues from contracts with customers	12	4
Refining and Marketing \| Operating segments
SEGMENTED INFORMATION
Total gross revenues from contracts with customers	22,915	15,272
Refining and Marketing \| Operating segments \| Gasoline
SEGMENTED INFORMATION
Total gross revenues from contracts with customers	9,983	6,585
Refining and Marketing \| Operating segments \| Distillate
SEGMENTED INFORMATION
Total gross revenues from contracts with customers	9,832	6,525
Refining and Marketing \| Operating segments \| Other Product and Services
SEGMENTED INFORMATION
Total gross revenues from contracts with customers	3,100	2,162
Refining and Marketing \| Operating segments \| North America
SEGMENTED INFORMATION
Total gross revenues from contracts with customers	22,915	15,272
Refining and Marketing \| Operating segments \| North America \| Gasoline
SEGMENTED INFORMATION
Total gross revenues from contracts with customers	9,983	6,585
Refining and Marketing \| Operating segments \| North America \| Distillate
SEGMENTED INFORMATION
Total gross revenues from contracts with customers	9,832	6,525
Refining and Marketing \| Operating segments \| North America \| Other Product and Services
SEGMENTED INFORMATION
Total gross revenues from contracts with customers	$ 3,100	$ 2,162

SEGMENTED INFORMATION - Geograp

SEGMENTED INFORMATION - Geographical information (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SEGMENTED INFORMATION
Operating revenues, net of royalties	$ 39,132	$ 24,662
Non-current assets excluding deferred income tax assets	72,602	75,021
Canada
SEGMENTED INFORMATION
Operating revenues, net of royalties	32,286	20,588
Non-current assets excluding deferred income tax assets	68,900	71,040
United States
SEGMENTED INFORMATION
Operating revenues, net of royalties	5,818	3,312
Non-current assets excluding deferred income tax assets	2,020	1,856
Other foreign
SEGMENTED INFORMATION
Operating revenues, net of royalties	1,028	762
Non-current assets excluding deferred income tax assets	$ 1,682	$ 2,125

OTHER INCOME (Details)

OTHER INCOME (Details) - CAD ($) $ in Millions	12 Months Ended
OTHER INCOME (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
OTHER INCOME
Gains recognized in earnings	$ 43	$ 126
Gains (losses) on inventory valuation	(10)	(25)
Short-term commodity risk management	(198)	49
Investment and interest income	64	94
Insurance proceeds	69	96
Other	1	50
Total other income	$ (31)	$ 390

OPERATING, SELLING AND GENERA_3

OPERATING, SELLING AND GENERAL EXPENSE (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
OPERATING, SELLING AND GENERAL EXPENSE
Contract services	$ 4,090	$ 4,165
Employee costs	3,884	2,813
Materials	880	951
Energy	1,500	1,113
Equipment rentals and leases	418	361
Travel, marketing and other	594	391
Total operating, selling and general expense	11,366	9,794
Transportation and distribution expense	1,479	1,551
Contract services and employee costs	8,600	7,500
Contract services and employee costs in operating, selling and general	8,000	7,000
Contract services and employee costs in property, plant and equipment	$ 600	500
Reclassification, Adjustment
OPERATING, SELLING AND GENERAL EXPENSE
Total operating, selling and general expense		(133)
Transportation and distribution expense		$ 133

FINANCING EXPENSES (Details)

FINANCING EXPENSES (Details) - CAD ($) $ in Millions	12 Months Ended
FINANCING EXPENSES (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Finance expenses breakdown
Interest on debt	$ 834	$ 884
Interest on lease liabilities	161	166
Capitalized interest at 5.0% ( 2020 - 4.8%)	(144)	(120)
Interest expense	851	930
Interest on partnership liability	51	52
Interest on pension and other post-retirement benefits	59	54
Accretion	304	278
Foreign exchange gain on U.S. dollar denominated debt	(113)	(312)
Operational foreign exchange and other	23	(6)
Loss on extinguishment of long-term debt	80
Total Financing expenses	$ 1,255	$ 996
Interest rate	5.00%	4.80%

INCOME TAXES - Income Tax (Reco

INCOME TAXES - Income Tax (Recovery) Expense (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Current:
Current year	$ 1,353	$ (650)
Adjustments to current income tax of prior years	42	(9)
Deferred:
Origination and reversal of temporary differences	29	(973)
Adjustments in respect of deferred income tax of prior years	23	(52)
Changes in tax rates and legislation	8	(106)
Movement in unrecognized deferred income tax assets	(4)	12
Total income tax expense (recovery)	$ 1,451	$ (1,778)

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Effective Tax Rate (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
INCOME TAXES
(Loss) earnings before income tax	$ 5,570	$ (6,097)
Canadian statutory tax rate	24.24%	24.96%
Statutory tax	$ 1,350	$ (1,522)
Add (deduct) the tax effect of:
Non-taxable component of capital gains	(12)	(45)
Share-based compensation and other permanent items	3	7
Assessments and adjustments	65	(58)
Impact of income tax rates and legislative changes	8	(173)
Non-taxable component of dispositions	(66)
Foreign tax rate differential	111	3
Movement in unrecognized deferred income tax assets	(4)	12
Other	(4)	(2)
Total income tax expense (recovery)	$ 1,451	$ (1,778)
Effective tax rate	26.10%	29.20%

INCOME TAXES - Deferred Income

INCOME TAXES - Deferred Income Tax Balances (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred Income Tax (Recovery) Expense	$ 56	$ (1,119)
Deferred Income Tax Liability (Asset)	9,081	8,758	$ 9,967
Property, plant and equipment
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred Income Tax (Recovery) Expense	(260)	(1,084)
Deferred Income Tax Liability (Asset)	11,477	11,963
Decommissioning and Restoration
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred Income Tax (Recovery) Expense	141	21
Deferred Income Tax Liability (Asset)	(1,936)	(2,304)
Employee retirement benefit plans
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred Income Tax (Recovery) Expense	(142)	34
Deferred Income Tax Liability (Asset)	(470)	(605)
Tax loss carryforwards
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred Income Tax (Recovery) Expense	161	(20)
Deferred Income Tax Liability (Asset)	(15)	(176)
Other
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred Income Tax (Recovery) Expense	156	(70)
Deferred Income Tax Liability (Asset)	$ 25	$ (120)

INCOME TAXES - Change in Deferr

INCOME TAXES - Change in Deferred Income Tax Balances (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of changes in deferred tax liability (asset) [abstract]
Net deferred tax income tax liability, beginning of year	$ 8,758	$ 9,967
Deferred Income Tax (Recovery) Expense	56	(1,119)
Recognized in other comprehensive income	277	(62)
Foreign exchange, acquisition and other	(10)	(28)
Net deferred income tax liability, end of year	$ 9,081	$ 8,758

INCOME TAXES - Deferred Tax in

INCOME TAXES - Deferred Tax in Shareholders' Equity (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax in Other Comprehensive Income
Actuarial loss gain on employment retirement benefit plans	$ 277	$ (62)
Total income tax recovery reported in equity	277	(62)
Deferred income tax asset	160	209
Capital losses on unrealized foreign exchange	606	640
Unremitted net earnings of foreign subsidiaries	0
Tax loss carryforwards
Deferred Tax in Other Comprehensive Income
Deferred income tax asset	$ 74	$ 78

(LOSS) EARNINGS PER COMMON SH_3

(LOSS) EARNINGS PER COMMON SHARE (Details) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
(LOSS) EARNINGS PER COMMON SHARE
Net (loss) earnings	$ 4,119	$ (4,319)
Weighted average number of common shares	1,488	1,526
Dilutive securities:
Effect of share options	1
Weighted average number of diluted common shares	1,489	1,526
Basic earnings per share	$ 2.77	$ (2.83)
Diluted earnings per share	$ 2.77	$ (2.83)

CASH AND CASH EQUIVALENTS (Deta

CASH AND CASH EQUIVALENTS (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CASH AND CASH EQUIVALENTS
Cash	$ 1,971	$ 1,523
Cash equivalents	234	362
Total cash and cash equivalents	$ 2,205	$ 1,885	$ 1,960

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Changes in non cash working capital (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SUPPLEMENTAL CASH FLOW INFORMATION
Accounts receivable	$ (1,324)	$ 954
Inventories	(551)	121
Accounts payable and accrued liabilities	1,588	(1,605)
Current portion of provisions	235	122
Income taxes payable (net)	1,830	(1,350)
Total (increase) decrease in working capital	1,778	(1,758)
Relating to :
Decrease (increase) in non-cash working capital	1,507	(1,201)
Decrease (increase) in non-cash working capital	271	(557)
Total (increase) decrease in working capital	$ 1,778	(1,758)
Accounts payable and accrued liabilities
Relating to :
Amount of reclassifications		(133)
Current provisions
Relating to :
Amount of reclassifications		$ 133

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION - Reconciliation of movements of liabilities to cash flows (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Short-Term Debt
Reconciliation of movements of liabilities to cash flows arising from financing activities
Liabilities arising from financing activities at beginning of period	$ 3,566	$ 2,155
Changes from financing cash flows:
Net issuance (reduction) of commercial paper	(2,256)	1,445
Realized foreign exchange (gains) and losses	(79)
Non-cash changes:
Unrealized foreign exchange losses and (gains)	53	(34)
Liabilities arising from financing activities at end of period	1,284	3,566
Current Portion of Long-Term Lease Liabilities
Reconciliation of movements of liabilities to cash flows arising from financing activities
Liabilities arising from financing activities at beginning of period	272	310
Changes from financing cash flows:
Lease liability payments	(325)	(335)
Non-cash changes:
Reclassification of lease obligations	363	297
Liabilities arising from financing activities at end of period	310	272
Long-Term Lease Liabilities
Reconciliation of movements of liabilities to cash flows arising from financing activities
Liabilities arising from financing activities at beginning of period	2,636	2,621
Non-cash changes:
Reclassification of lease obligations	(363)	(297)
Lease derecognition	(41)
New lease liabilities	308	312
Liabilities arising from financing activities at end of period	2,540	2,636
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	1,413
Changes from financing cash flows:
Repayment of long-term debt	(2,451)
Loss on extinguishment of long-term debt	80
Realized foreign exchange (gains) and losses	128
Other	25
Non-cash changes:
Unrealized foreign exchange losses and (gains)	(47)	(20)
Reclassification of debt	1,083	1,433
Liabilities arising from financing activities at end of period	231	1,413
Long-Term Debt
Reconciliation of movements of liabilities to cash flows arising from financing activities
Liabilities arising from financing activities at beginning of period	13,812	12,884
Changes from financing cash flows:
Gross proceeds from issuance of long-term debt	1,446	2,651
Debt issuance costs	(23)	(17)
Non-cash changes:
Unrealized foreign exchange losses and (gains)	(168)	(258)
Reclassification of debt	(1,083)	(1,433)
Deferred financing costs	5	(15)
Liabilities arising from financing activities at end of period	13,989	13,812
Partnership Liability
Reconciliation of movements of liabilities to cash flows arising from financing activities
Liabilities arising from financing activities at beginning of period	436	455
Changes from financing cash flows:
Distributions to non-controlling interest	(9)	(10)
Non-cash changes:
Reassessment of partnership liability		(9)
Liabilities arising from financing activities at end of period	427	436
Dividends Payable
Changes from financing cash flows:
Dividends paid on common shares	1,550	(1,670)
Non-cash changes:
Dividends declared on common shares	$ (1,550)	$ 1,670

INVENTORIES (Details)

INVENTORIES (Details) - CAD ($) $ in Millions	12 Months Ended
INVENTORIES (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
INVENTORIES
Crude oil	$ 1,501	$ 1,429
Refined products	1,820	1,322
Energy trading commodity inventories	789	866
Total current inventories	4,110	3,617
Write-downs (reversals of write-downs) of inventories
Crude oil held for trading purpose	110	154
Product inventory expensed	$ 14,700	$ 9,400

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Changes in property, plant and equipment
Beginning balance	$ 68,130
Depreciation, depletion, amortization and impairment	(5,850)	$ (9,526)
Ending balance	65,546	68,130
Cost
Changes in property, plant and equipment
Beginning balance	127,658	125,164
Adoption of IFRS 16		3,814
Additions	4,656	170
Changes in decommissioning and restoration	(1,132)	1,081
Disposals and derecognition	(4,554)	(2,537)
Foreign exchange adjustments	(69)	(34)
Ending balance	126,559	127,658
Accumulated provision
Changes in property, plant and equipment
Beginning balance	(59,528)	(52,524)
Disposals and derecognition	4,128	2,205
Foreign exchange adjustments	68	(4)
Depreciation, depletion, amortization and impairment	(5,681)	(9,205)
Ending balance	(61,013)	(59,528)
Oil and Gas properties
Changes in property, plant and equipment
Beginning balance	17,236
Ending balance	15,374	17,236
Oil and Gas properties \| Cost
Changes in property, plant and equipment
Beginning balance	42,709	40,596
Adoption of IFRS 16		820
Additions	755	170
Changes in decommissioning and restoration	(1,127)	1,078
Disposals and derecognition	(1,902)	(9)
Foreign exchange adjustments	(118)	54
Ending balance	40,317	42,709
Oil and Gas properties \| Accumulated provision
Changes in property, plant and equipment
Beginning balance	(25,473)	(22,389)
Disposals and derecognition	1,676
Foreign exchange adjustments	70	(45)
Depreciation, depletion, amortization and impairment	(1,216)	(3,039)
Ending balance	(24,943)	(25,473)
Plant and Equipment
Changes in property, plant and equipment
Beginning balance	50,894
Ending balance	50,172	50,894
Plant and Equipment \| Cost
Changes in property, plant and equipment
Beginning balance	84,949	84,568
Adoption of IFRS 16		2,994
Additions	3,901
Changes in decommissioning and restoration	(5)	3
Disposals and derecognition	(2,652)	(2,528)
Foreign exchange adjustments	49	(88)
Ending balance	86,242	84,949
Plant and Equipment \| Accumulated provision
Changes in property, plant and equipment
Beginning balance	(34,055)	(30,135)
Disposals and derecognition	2,452	2,205
Foreign exchange adjustments	(2)	41
Depreciation, depletion, amortization and impairment	(4,465)	(6,166)
Ending balance	$ (36,070)	$ (34,055)

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Segment breakup - (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
PROPERTY PLANT AND EQUIPMENT
Property, plant and equipment	$ 65,546	$ 68,130
Assets under construction and not subject to depreciation	4,600	5,000
Oil Sands
PROPERTY PLANT AND EQUIPMENT
Property, plant and equipment	49,878	51,940
Exploration and Production
PROPERTY PLANT AND EQUIPMENT
Property, plant and equipment	5,496	6,216
Refining and Marketing
PROPERTY PLANT AND EQUIPMENT
Property, plant and equipment	9,393	9,210
Corporate and Eliminations
PROPERTY PLANT AND EQUIPMENT
Property, plant and equipment	779	764
Cost
PROPERTY PLANT AND EQUIPMENT
Property, plant and equipment	126,559	127,658	$ 125,164
Cost \| Oil Sands
PROPERTY PLANT AND EQUIPMENT
Property, plant and equipment	87,849	86,999
Cost \| Exploration and Production
PROPERTY PLANT AND EQUIPMENT
Property, plant and equipment	21,495	23,640
Cost \| Refining and Marketing
PROPERTY PLANT AND EQUIPMENT
Property, plant and equipment	15,989	15,757
Cost \| Corporate and Eliminations
PROPERTY PLANT AND EQUIPMENT
Property, plant and equipment	1,226	1,262
Accumulated provision
PROPERTY PLANT AND EQUIPMENT
Property, plant and equipment	(61,013)	(59,528)	$ (52,524)
Accumulated provision \| Oil Sands
PROPERTY PLANT AND EQUIPMENT
Property, plant and equipment	(37,971)	(35,059)
Accumulated provision \| Exploration and Production
PROPERTY PLANT AND EQUIPMENT
Property, plant and equipment	(15,999)	(17,424)
Accumulated provision \| Refining and Marketing
PROPERTY PLANT AND EQUIPMENT
Property, plant and equipment	(6,596)	(6,547)
Accumulated provision \| Corporate and Eliminations
PROPERTY PLANT AND EQUIPMENT
Property, plant and equipment	$ (447)	$ (498)

ASSET IMPAIRMENT (Details)

ASSET IMPAIRMENT (Details) $ in Millions	3 Months Ended				6 Months Ended
ASSET IMPAIRMENT (Details) $ in Millions	Dec. 31, 2021CAD ($)$ / bblbbl / d$ / bbl$ / $	Sep. 30, 2021CAD ($)$ / bblbbl / d	Dec. 31, 2020CAD ($)bbl / d$ / bbl$ / bblitem$ / $	Mar. 31, 2020CAD ($)$ / shares$ / bbl$ / sharesbbl / ditem$ / $	Jun. 30, 2021
Fort Hills CGU
ASSET IMPAIRMENT
Recoverable amount of CGU			$ 5,700	$ 6,400
Reversal of impairment loss			$ 0
Fort Hills CGU \| Sensitivity analysis, increase in price
ASSET IMPAIRMENT
Reasonably possible increase in unobservable input (as a percent)			5.00%
Increase to (reversal of) impairment charge, due to increase in unobservable input			$ (1,000)
Fort Hills CGU \| Sensitivity analysis, decrease in price
ASSET IMPAIRMENT
Reasonably possible decrease in unobservable input (as a percent)				5.00%
Increase to (reversal of) impairment charge, due to decrease in unobservable input				$ 1,100
Fort Hills CGU \| Sensitivity analysis increase In discount rate
ASSET IMPAIRMENT
Reasonably possible increase in unobservable input (as a percent)				1.00%
Increase to (reversal of) impairment charge, due to increase in unobservable input				$ 1,100
Fort Hills CGU \| Sensitivity analysis, decrease in discount rate
ASSET IMPAIRMENT
Reasonably possible decrease in unobservable input (as a percent)			1.00%
Increase to (reversal of) impairment charge, due to decrease in unobservable input			$ (900)
Terra Nova CGU
ASSET IMPAIRMENT
Ownership interest (as percent)		48.00%			38.00%
Consideration received, net of tax		$ 26
Tax effect of consideration received		$ 8
Additional interest acquired (as a percent)		10.00%
Recoverable amount of CGU		$ 177		24
White Rose CGU
ASSET IMPAIRMENT
Recoverable amount of CGU				$ 185
White Rose CGU \| Sensitivity analysis, decrease in price
ASSET IMPAIRMENT
Reasonably possible decrease in unobservable input (as a percent)				5.00%
Increase to (reversal of) impairment charge, due to decrease in unobservable input				$ 83
White Rose CGU \| Sensitivity analysis increase In discount rate
ASSET IMPAIRMENT
Reasonably possible increase in unobservable input (as a percent)				1.00%
Increase to (reversal of) impairment charge, due to increase in unobservable input				$ 45
White Rose CGU \| WWR Project
ASSET IMPAIRMENT
Impairment loss, net of tax			423
Tax effect of impairment loss			$ 136
Oil Sands \| Fort Hills CGU
ASSET IMPAIRMENT
Impairment testing assumption, foreign exchange rate \| $ / $	0.80
Impairment testing assumption, risk-adjusted discount rate, after tax	7.50%		7.50%
Recoverable amount of CGU	$ 5,500
Impairment loss, net of tax	$ 0
Oil Sands \| Fort Hills CGU \| Minimum
ASSET IMPAIRMENT
Impairment testing assumption, share of barrels per day of crude oil produced \| bbl / d	94,000
Impairment testing assumption, average cash operating costs per bbl \| $ / bbl	22
Oil Sands \| Fort Hills CGU \| Maximum
ASSET IMPAIRMENT
Impairment testing assumption, share of barrels per day of crude oil produced \| bbl / d	111,000
Impairment testing assumption, average cash operating costs per bbl \| $ / bbl	23
Oil Sands \| Fort Hills CGU \| Forecast for 2021
ASSET IMPAIRMENT
Impairment testing assumption, foreign exchange rate \| $ / $			0.76
Oil Sands \| Fort Hills CGU \| Forecast after 2021
ASSET IMPAIRMENT
Impairment testing assumption, foreign exchange rate \| $ / $			0.80
Oil Sands \| Fort Hills CGU \| Forecast through 2022
ASSET IMPAIRMENT
Impairment testing assumption, share of barrels per day of crude oil produced \| bbl / d			74,000
Impairment testing assumption, average cash operating costs per bbl \| $ / bbl			25.50
Impairment testing assumption, number of extraction trains \| item			2
Oil Sands \| Fort Hills CGU \| Forecast after 2022 \| Minimum
ASSET IMPAIRMENT
Impairment testing assumption, share of barrels per day of crude oil produced \| bbl / d			97,000
Impairment testing assumption, average cash operating costs per bbl \| $ / bbl			19
Oil Sands \| Fort Hills CGU \| Forecast after 2022 \| Maximum
ASSET IMPAIRMENT
Impairment testing assumption, share of barrels per day of crude oil produced \| bbl / d			105,000
Impairment testing assumption, average cash operating costs per bbl \| $ / bbl			23
Oil Sands \| Fort Hills CGU \| Sensitivity analysis, decrease in price
ASSET IMPAIRMENT
Reasonably possible decrease in unobservable input (as a percent)	5.00%
Impairment loss, net of tax	$ 1,000
Oil Sands \| Fort Hills CGU \| Sensitivity analysis increase In discount rate
ASSET IMPAIRMENT
Reasonably possible increase in unobservable input (as a percent)	1.00%
Impairment loss, net of tax	$ 500
Oil Sands \| Fort Hills CGU \| Western Canadian Select crude oil \| Forecast for 2021
ASSET IMPAIRMENT
Impairment testing assumption, price per barrel \| $ / bbl			32
Oil Sands \| Fort Hills CGU \| Western Canadian Select crude oil \| Forecast for 2022
ASSET IMPAIRMENT
Impairment testing assumption, price per barrel \| $ / bbl	55		41.15
Oil Sands \| Fort Hills CGU \| Western Canadian Select crude oil \| Forecast for 2023
ASSET IMPAIRMENT
Impairment testing assumption, price per barrel \| $ / bbl	54.57		47.50
Oil Sands \| Fort Hills CGU \| Western Canadian Select crude oil \| Forecast for 2024
ASSET IMPAIRMENT
Impairment testing assumption, price per barrel \| $ / bbl			49.50
Oil Sands \| Fort Hills CGU \| Western Canadian Select crude oil \| Forecast for 2024 to 2031
ASSET IMPAIRMENT
Impairment testing assumption, price per barrel \| $ / bbl	50.86
Impairment testing assumption, price per barrel escalation percentage	2.00%
Oil Sands \| Fort Hills CGU \| Western Canadian Select crude oil \| Forecast for 2025 to 2064
ASSET IMPAIRMENT
Impairment testing assumption, price per barrel escalation percentage			2.00%
Oil Sands \| Fort Hills CGU \| Fort Hills Project
ASSET IMPAIRMENT
Impairment testing assumption, foreign exchange rate \| $ / $				0.76
Impairment testing assumption, risk-adjusted discount rate, after tax				7.50%
Impairment loss, net of tax				$ 1,380
Tax effect of impairment loss				$ 440
Oil Sands \| Fort Hills CGU \| Fort Hills Project \| Forecast for remainder of 2020 and 2021
ASSET IMPAIRMENT
Impairment testing assumption, share of barrels per day of crude oil produced \| bbl / d				47,000
Impairment testing assumption, number of extraction trains \| item				1
Oil Sands \| Fort Hills CGU \| Fort Hills Project \| Forecast for remainder of 2020 and 2021 \| Minimum
ASSET IMPAIRMENT
Impairment testing assumption, average cash operating costs per bbl \| $ / shares				32
Oil Sands \| Fort Hills CGU \| Fort Hills Project \| Forecast for remainder of 2020 and 2021 \| Maximum
ASSET IMPAIRMENT
Impairment testing assumption, average cash operating costs per bbl \| $ / shares				37
Oil Sands \| Fort Hills CGU \| Fort Hills Project \| Forecast after 2021
ASSET IMPAIRMENT
Impairment testing assumption, number of extraction trains \| item				2
Oil Sands \| Fort Hills CGU \| Fort Hills Project \| Forecast after 2021 \| Minimum
ASSET IMPAIRMENT
Impairment testing assumption, average cash operating costs per bbl \| $ / shares				22
Oil Sands \| Fort Hills CGU \| Fort Hills Project \| Forecast after 2021 \| Maximum
ASSET IMPAIRMENT
Impairment testing assumption, average cash operating costs per bbl \| $ / shares				24
Oil Sands \| Fort Hills CGU \| Fort Hills Project \| Forecast for 2022
ASSET IMPAIRMENT
Impairment testing assumption, number of extraction trains \| item				2
Oil Sands \| Fort Hills CGU \| Fort Hills Project \| Forecast after 2022 \| Minimum
ASSET IMPAIRMENT
Impairment testing assumption, share of barrels per day of crude oil produced \| bbl / d				96,000
Oil Sands \| Fort Hills CGU \| Fort Hills Project \| Forecast after 2022 \| Maximum
ASSET IMPAIRMENT
Impairment testing assumption, share of barrels per day of crude oil produced \| bbl / d				106,000
Oil Sands \| Fort Hills CGU \| Fort Hills Project \| Western Canadian Select crude oil \| Forecast for remainder of 2020
ASSET IMPAIRMENT
Impairment testing assumption, price per barrel \| $ / bbl				9
Oil Sands \| Fort Hills CGU \| Fort Hills Project \| Western Canadian Select crude oil \| Forecast for 2021
ASSET IMPAIRMENT
Impairment testing assumption, price per barrel \| $ / bbl				13.60
Oil Sands \| Fort Hills CGU \| Fort Hills Project \| Western Canadian Select crude oil \| Forecast for 2022
ASSET IMPAIRMENT
Impairment testing assumption, price per barrel \| $ / bbl				32
Oil Sands \| Fort Hills CGU \| Fort Hills Project \| Western Canadian Select crude oil \| Forecast for 2023
ASSET IMPAIRMENT
Impairment testing assumption, price per barrel \| $ / bbl				51.55
Oil Sands \| Fort Hills CGU \| Fort Hills Project \| Western Canadian Select crude oil \| Forecast for 2024
ASSET IMPAIRMENT
Impairment testing assumption, price per barrel \| $ / bbl				52.90
Oil Sands \| Fort Hills CGU \| Fort Hills Project \| Western Canadian Select crude oil \| Forecast for 2025 through 2061
ASSET IMPAIRMENT
Impairment testing assumption, price per barrel escalation percentage				2.00%
Exploration and Production \| Terra Nova CGU
ASSET IMPAIRMENT
Reversal of impairment loss, net of tax		168
Tax effect of the reversal of impairment loss		$ 53
Impairment testing assumption, share of barrels per day of crude oil produced \| bbl / d				6,200
Impairment testing assumption, risk-adjusted discount rate, after tax		9.00%		9.00%
Impairment loss, net of tax				$ 285
Tax effect of impairment loss				$ 93
Exploration and Production \| Terra Nova CGU \| Forecast for 2022
ASSET IMPAIRMENT
Impairment testing assumption, share of barrels per day of crude oil produced \| bbl / d		6,000
Impairment testing assumption, percentage of working interest		38.00%
Exploration and Production \| Terra Nova CGU \| Brent crude oil \| Forecast for remainder of 2020
ASSET IMPAIRMENT
Impairment testing assumption, price per barrel \| $ / bbl				30
Exploration and Production \| Terra Nova CGU \| Brent crude oil \| Forecast for 2021
ASSET IMPAIRMENT
Impairment testing assumption, price per barrel \| $ / bbl				35
Exploration and Production \| Terra Nova CGU \| Brent crude oil \| Forecast for 2022
ASSET IMPAIRMENT
Impairment testing assumption, price per barrel \| $ / shares				50
Exploration and Production \| Terra Nova CGU \| Brent crude oil \| Forecast for 2023
ASSET IMPAIRMENT
Impairment testing assumption, price per barrel		65		69
Exploration and Production \| Terra Nova CGU \| Brent crude oil \| Forecast for 2024
ASSET IMPAIRMENT
Impairment testing assumption, price per barrel \| $ / bbl		68
Exploration and Production \| Terra Nova CGU \| Brent crude oil \| Forecast for 2024 to 2031
ASSET IMPAIRMENT
Impairment testing assumption, price per barrel escalation percentage				2.00%
Exploration and Production \| Terra Nova CGU \| Brent crude oil \| Forecast for 2025 to 2033
ASSET IMPAIRMENT
Impairment testing assumption, price per barrel escalation percentage		2.00%
Exploration and Production \| White Rose CGU
ASSET IMPAIRMENT
Impairment testing assumption, share of future capital expenditure				$ 1,435
Impairment testing assumption, risk-adjusted discount rate, after tax				9.00%
Impairment loss, net of tax				$ 137
Tax effect of impairment loss				$ 45
Exploration and Production \| White Rose CGU \| Brent crude oil \| Forecast
ASSET IMPAIRMENT
Impairment testing assumption, share of barrels per day of crude oil produced \| bbl / d				9,800
Exploration and Production \| White Rose CGU \| Brent crude oil \| Forecast for remainder of 2020
ASSET IMPAIRMENT
Impairment testing assumption, price per barrel \| $ / bbl				30
Exploration and Production \| White Rose CGU \| Brent crude oil \| Forecast for 2021
ASSET IMPAIRMENT
Impairment testing assumption, price per barrel \| $ / bbl				35
Exploration and Production \| White Rose CGU \| Brent crude oil \| Forecast for 2022
ASSET IMPAIRMENT
Impairment testing assumption, price per barrel \| $ / shares				50
Exploration and Production \| White Rose CGU \| Brent crude oil \| Forecast for 2023
ASSET IMPAIRMENT
Impairment testing assumption, price per barrel \| $ / shares				69
Exploration and Production \| White Rose CGU \| Brent crude oil \| Forecast for 2024 to 2036
ASSET IMPAIRMENT
Impairment testing assumption, price per barrel escalation percentage				2.00%

RIGHT-OF-USE ASSETS AND LEASE_2

RIGHT-OF-USE ASSETS AND LEASES - ROU assets within Property, Plant and Equipment (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
RIGHT-OF-USE ASSETS AND LEASES
Property, plant and equipment, net	$ 65,546	$ 68,130
Property, plant and equipment, net - excluding ROU assets
RIGHT-OF-USE ASSETS AND LEASES
Property, plant and equipment, net	62,821	65,306
ROU assets
RIGHT-OF-USE ASSETS AND LEASES
Property, plant and equipment, net	$ 2,725	$ 2,824

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, 2021	Dec. 31, 2020
Changes in ROU assets:
Beginning balance	$ 68,130
Ending balance	65,546	$ 68,130
Cost
Changes in ROU assets:
Beginning balance	127,658	125,164
Additions and adjustments	4,656	170
Foreign exchange	(69)	(34)
Ending balance	126,559	127,658
Accumulated provision
Changes in ROU assets:
Beginning balance	(59,528)	(52,524)
Foreign exchange	68	(4)
Ending balance	(61,013)	(59,528)
ROU assets
Changes in ROU assets:
Beginning balance	2,824
Ending balance	2,725	2,824
ROU assets \| Cost
Changes in ROU assets:
Beginning balance	3,786	3,505
Additions and adjustments	307	312
Disposals	(232)	(25)
Foreign exchange		(6)
Ending balance	3,861	3,786
ROU assets \| Accumulated provision
Changes in ROU assets:
Beginning balance	(962)	(610)
Depreciation	(396)	(375)
Disposals	221	21
Foreign exchange	(1)	2
Ending balance	$ (1,136)	$ (962)

RIGHT-OF-USE ASSETS AND LEASE_4

RIGHT-OF-USE ASSETS AND LEASES - Other Lease Disclosures (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
RIGHT-OF-USE ASSETS AND LEASES
Short-term lease expense	$ 143	$ 181
Variable lease expense	35	39
Leases with residual value guarantees	0	0
Cash outflow for leases	$ 486	$ 501

EXPLORATION AND EVALUATION AS_3

EXPLORATION AND EVALUATION ASSETS (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Exploration and Evaluation Assets
Beginning balance	$ 436	$ 166
Amortization	(18)	(2)
Ending balance	631	436
Exploration and Evaluation Assets
Exploration and Evaluation Assets
Beginning balance	2,286	2,428
Acquisitions and additions	2	176
Transfers to oil and gas assets		(170)
Dry hole expenses		(80)
Disposals and derecognition	(54)	(70)
Foreign exchange adjustments	(8)	2
Ending balance	$ 2,226	$ 2,286

OTHER ASSETS (Details)

OTHER ASSETS (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
OTHER ASSETS
Investments	$ 391	$ 323
Prepaids and other	916	954
Other assets	$ 1,307	$ 1,277

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Changes (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Other Intangibles
Beginning balance	$ 436	$ 166
Additions	213	272
Amortization	(18)	(2)
Ending balance	631	436
Total Goodwill and Other Intangible Assets
Beginning balance	3,328	3,058
Additions	213	272
Amortization	(18)	(2)
Ending balance	3,523	3,328
Oil Sands
Goodwill
Beginning balance	2,752	2,752
Additions
Ending balance	2,752	2,752
Refining and Marketing
Goodwill
Beginning balance	140	140
Additions
Ending balance	$ 140	$ 140

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill Impairment (Details) - $ / bbl	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
GOODWILL AND OTHER INTANGIBLE ASSETS
After-tax discount rate applied to cash flow projections	7.50%	7.50%
Minimum
GOODWILL AND OTHER INTANGIBLE ASSETS
Cash flow forecast period	50 years to
Maximum
GOODWILL AND OTHER INTANGIBLE ASSETS
Cash flow forecast period	55 years
Within one year
GOODWILL AND OTHER INTANGIBLE ASSETS
Projected West Texas Intermediate prices	71
2018
GOODWILL AND OTHER INTANGIBLE ASSETS
Projected West Texas Intermediate prices	66.81
2019
GOODWILL AND OTHER INTANGIBLE ASSETS
Projected West Texas Intermediate prices	63.46
2020
GOODWILL AND OTHER INTANGIBLE ASSETS
Projected West Texas Intermediate prices	64.73
Over 5 years
GOODWILL AND OTHER INTANGIBLE ASSETS
Impairment testing assumption, price per barrel escalation percentage		2.00%

DEBT AND CREDIT FACILITIES - Sh

DEBT AND CREDIT FACILITIES - Short Term Debt Summary (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
DEBT AND CREDIT FACILITIES
Commercial papers issued	$ 1,284	$ 3,566
Interest rate	5.00%	4.80%
Commercial paper
DEBT AND CREDIT FACILITIES
Commercial papers issued	$ 1,284	$ 3,566
Commercial paper \| Maximum
DEBT AND CREDIT FACILITIES
Commercial paper authorized to be issued	$ 5,000
Term of debt	365 days
Commercial paper \| Weighted average
DEBT AND CREDIT FACILITIES
Interest rate	0.33%	0.39%

DEBT AND CREDIT FACILITIES - Lo

DEBT AND CREDIT FACILITIES - Long Term Debt Summary (Details) $ in Millions, $ in Millions	Dec. 31, 2021USD ($)	Dec. 31, 2021CAD ($)	Mar. 04, 2021USD ($)	Mar. 04, 2021CAD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020CAD ($)
DEBT AND CREDIT FACILITIES
Interest rate	5.00%	5.00%			4.80%	4.80%
Lease liabilities		$ 2,850				$ 2,908
Deferred financing costs		(58)				(54)
Total gross debt and lease liabilities		17,070				18,133
Current portion of longterm debt and lease liabilities
Current portion of lease liabilities		(310)				(272)
Current portion of long-term debt		(231)				(1,413)
Current portion of long-term debt and lease liabilities		(541)				(1,685)
Long-term lease liabilities		2,540				2,636
Long-term debt		$ 13,989				13,812
Minimum
Additional information
Interest rate on lease liabilities	0.40%	0.40%
Maximum
Additional information
Interest rate on lease liabilities	14.20%	14.20%
Unsecured long-term debt
DEBT AND CREDIT FACILITIES
Total unsecured long term debt		$ 14,278				$ 15,279
3.10% Series 5 Medium Term Notes, due 2021
DEBT AND CREDIT FACILITIES
Face amount of debt		$ 750
Interest rate	3.10%	3.10%			3.10%	3.10%
Total unsecured long term debt						$ 748
9.25% Debentures, due 2021
DEBT AND CREDIT FACILITIES
Face amount of debt	$ 300	$ 371			$ 300
Interest rate	9.25%	9.25%			9.25%	9.25%
Total unsecured long term debt						$ 389
9.40% Notes, due 2021
DEBT AND CREDIT FACILITIES
Face amount of debt	$ 220	$ 278			$ 220
Interest rate	9.40%	9.40%			9.40%	9.40%
Total unsecured long term debt						$ 281
Additional information
Revised debt coupon rate following ratings downgrade by Moodys	9.40%	9.40%			7.90%	7.90%
4.50% Notes, due 2022
DEBT AND CREDIT FACILITIES
Face amount of debt	$ 182
Interest rate	4.50%	4.50%			4.50%	4.50%
Total unsecured long term debt		$ 231				$ 224
2.80% Notes, due 2023
DEBT AND CREDIT FACILITIES
Face amount of debt	$ 450				$ 450
Interest rate	2.80%	2.80%			2.80%	2.80%
Total unsecured long term debt		$ 569				$ 574
3.60% Notes, due 2024
DEBT AND CREDIT FACILITIES
Face amount of debt	$ 750	$ 951			$ 750
Interest rate	3.60%	3.60%			3.60%	3.60%
Total unsecured long term debt						$ 953
3.10% Notes, due 2025
DEBT AND CREDIT FACILITIES
Face amount of debt	$ 550				$ 550
Interest rate	3.10%	3.10%			3.10%	3.10%
Total unsecured long term debt		$ 696				$ 701
3.00% Series 5 Medium Term Notes, due 2026
DEBT AND CREDIT FACILITIES
Interest rate	3.00%	3.00%			3.00%	3.00%
Total unsecured long term debt		$ 699				$ 699
7.875% Debentures, due 2026
DEBT AND CREDIT FACILITIES
Face amount of debt	$ 275
Interest rate	7.875%	7.875%			7.875%	7.875%
Total unsecured long term debt		$ 359				$ 364
8.20% Notes, due 2027
DEBT AND CREDIT FACILITIES
Face amount of debt	$ 59
Interest rate	8.20%	8.20%			8.20%	8.20%
Total unsecured long term debt		$ 78				$ 79
7.00% Debentures, due 2028
DEBT AND CREDIT FACILITIES
Face amount of debt	$ 250
Interest rate	7.00%	7.00%			7.00%	7.00%
Total unsecured long term debt		$ 320				$ 323
3.10% Series 6 Medium Term Notes, due 2029
DEBT AND CREDIT FACILITIES
Interest rate	3.10%	3.10%			3.10%	3.10%
Total unsecured long term debt		$ 748				$ 748
5.00% Series 7 Medium Term Notes, Due 2030
DEBT AND CREDIT FACILITIES
Face amount of debt						$ 1,250
Interest rate	5.00%	5.00%			5.00%	5.00%
Total unsecured long term debt		$ 1,247				$ 1,247
7.15% Notes, due 2032
DEBT AND CREDIT FACILITIES
Face amount of debt	$ 500
Interest rate	7.15%	7.15%			7.15%	7.15%
Total unsecured long term debt		$ 631				$ 637
5.35% Notes, due 2033
DEBT AND CREDIT FACILITIES
Face amount of debt	$ 300
Interest rate	5.35%	5.35%			5.35%	5.35%
Total unsecured long term debt		$ 355				$ 356
5.95% Notes, due 2034
DEBT AND CREDIT FACILITIES
Face amount of debt	$ 500
Interest rate	5.95%	5.95%			5.95%	5.95%
Total unsecured long term debt		$ 630				$ 636
5.95% Notes, due 2035
DEBT AND CREDIT FACILITIES
Face amount of debt	$ 600
Interest rate	5.95%	5.95%			5.95%	5.95%
Total unsecured long term debt		$ 731				$ 736
5.39% Series 4 Medium Term Notes, due 2037
DEBT AND CREDIT FACILITIES
Interest rate	5.39%	5.39%			5.39%	5.39%
Total unsecured long term debt		$ 599				$ 599
6.50% Notes, due 2038
DEBT AND CREDIT FACILITIES
Face amount of debt	$ 1,150
Interest rate	6.50%	6.50%			6.50%	6.50%
Total unsecured long term debt		$ 1,451				$ 1,464
6.80% Notes, due 2038
DEBT AND CREDIT FACILITIES
Face amount of debt	$ 900
Interest rate	6.80%	6.80%			6.80%	6.80%
Total unsecured long term debt		$ 1,156				$ 1,167
6.85% Notes, due 2039
DEBT AND CREDIT FACILITIES
Face amount of debt	$ 750
Interest rate	6.85%	6.85%			6.85%	6.85%
Total unsecured long term debt		$ 946				$ 953
6.00% Notes, due 2042
DEBT AND CREDIT FACILITIES
Face amount of debt	$ 152
Interest rate	6.00%	6.00%			6.00%	6.00%
Total unsecured long term debt		$ 149				$ 149
4.34% Series 5 Medium Term Notes, due 2046
DEBT AND CREDIT FACILITIES
Interest rate	4.34%	4.34%			4.34%	4.34%
Total unsecured long term debt		$ 300				$ 300
4.00% Notes, due 2047
DEBT AND CREDIT FACILITIES
Face amount of debt	$ 750
Interest rate	4.00%	4.00%
Total unsecured long term debt		$ 945				$ 952
3.95% Series 8 Medium Term Notes, due 2051
DEBT AND CREDIT FACILITIES
Face amount of debt				$ 500
Interest rate	3.95%	3.95%	3.95%	3.95%
Total unsecured long term debt		$ 493
3.75% Notes, due 2051
DEBT AND CREDIT FACILITIES
Face amount of debt	$ 750		$ 750
Interest rate	3.75%	3.75%	3.75%	3.75%
Total unsecured long term debt		$ 945

DEBT AND CREDIT FACILITIES - _2

DEBT AND CREDIT FACILITIES - Long Term Debt Narrative (Details) $ / shares in Units, $ / shares in Units, $ in Millions, $ in Millions	1 Months Ended		3 Months Ended		12 Months Ended
	Apr. 30, 2020	Mar. 31, 2020	Dec. 31, 2021USD ($)	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2021CAD ($)	Mar. 31, 2022USD ($)	Dec. 31, 2021CAD ($)	Mar. 05, 2021CAD ($)	Mar. 04, 2021USD ($)$ / shares	Mar. 04, 2021CAD ($)$ / shares	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2020CAD ($)$ / shares
DEBT AND CREDIT FACILITIES
Interest rate			5.00%		5.00%			5.00%				4.80%	4.80%
Maximum borrowing capacity								$ 6,951
4.50% Notes, due 2022
DEBT AND CREDIT FACILITIES
Face amount of debt			$ 182		$ 182
Interest rate			4.50%		4.50%			4.50%				4.50%	4.50%
9.25% Debentures, due 2021
DEBT AND CREDIT FACILITIES
Face amount of debt			$ 300		$ 300			$ 371				$ 300
Interest rate			9.25%		9.25%			9.25%				9.25%	9.25%
Payments for early redemption of senior unsecured notes			$ 314	$ 388
Accrued interest			14		$ 14			$ 17
3.60% Notes, due 2024
DEBT AND CREDIT FACILITIES
Face amount of debt			$ 750		$ 750			$ 951				$ 750
Interest rate			3.60%		3.60%			3.60%				3.60%	3.60%
Payments for early redemption of senior unsecured notes					$ 822	$ 1,000
Accrued interest			$ 9		9			$ 11
Loss on extinguishment of long-term debt						80
Loss on debt extinguishment, net of tax						60
3.75% Notes, due 2051
DEBT AND CREDIT FACILITIES
Face amount of debt			$ 750		$ 750					$ 750
Interest rate			3.75%		3.75%			3.75%		3.75%	3.75%
Issuance price per $100 principal amount \| $ / shares										$ 99.518
Effective yield										3.777%	3.777%
3.95% Series 8 Medium Term Notes, due 2051
DEBT AND CREDIT FACILITIES
Face amount of debt											$ 500
Interest rate			3.95%		3.95%			3.95%		3.95%	3.95%
Issuance price per $100 principal amount \| $ / shares											$ 98.546
Effective yield										4.034%	4.034%
3.10% Series 5 Medium Term Notes, due 2021
DEBT AND CREDIT FACILITIES
Face amount of debt								$ 750
Interest rate			3.10%		3.10%			3.10%				3.10%	3.10%
Payments for early redemption of senior unsecured notes						770
Accrued interest								$ 8
Loss on extinguishment of long-term debt						12
Loss on debt extinguishment, net of tax						9
9.40% Notes, due 2021
DEBT AND CREDIT FACILITIES
Face amount of debt			$ 220		$ 220			$ 278				$ 220
Interest rate			9.40%		9.40%			9.40%				9.40%	9.40%
Payments for early redemption of senior unsecured notes					$ 230	290
Accrued interest			$ 2		$ 2			$ 2
Loss on extinguishment of long-term debt						10
Loss on debt extinguishment, net of tax						$ 8
5.00% Series 7 Medium Term Notes, Due 2030
DEBT AND CREDIT FACILITIES
Face amount of debt													$ 1,250
Interest rate			5.00%		5.00%			5.00%				5.00%	5.00%
Issuance price per $100 principal amount \| $ / shares													$ 99.697
Effective yield												5.039%	5.039%
2.80% Notes, due 2023
DEBT AND CREDIT FACILITIES
Face amount of debt			$ 450		$ 450							$ 450
Interest rate			2.80%		2.80%			2.80%				2.80%	2.80%
Issuance price per $100 principal amount \| $ / shares												$ 99.903
Effective yield												2.834%	2.834%
3.10% Notes, due 2025
DEBT AND CREDIT FACILITIES
Face amount of debt			$ 550		$ 550							$ 550
Interest rate			3.10%		3.10%			3.10%				3.10%	3.10%
Issuance price per $100 principal amount \| $ / shares												$ 99.949
Effective yield												3.111%	3.111%
Syndicated Credit Facilities, Tranche 1
DEBT AND CREDIT FACILITIES
Reduction in available borrowing capacity					$ 500
Maximum borrowing capacity			$ 2,000		2,000
Syndicated Credit Facilities, Tranche 2
DEBT AND CREDIT FACILITIES
Reduction in available borrowing capacity					500
Maximum borrowing capacity			$ 3,000		$ 3,000
Bilateral credit facilities
DEBT AND CREDIT FACILITIES
Credit facilities terminated									$ 2,800
Term of debt	2 years	2 years
Early redemption of notes \| 4.50% Notes, due 2022
DEBT AND CREDIT FACILITIES
Face amount of debt							$ 182
Interest rate							4.50%

DEBT AND CREDIT FACILITIES - Sc

DEBT AND CREDIT FACILITIES - Scheduled Debt Repayments (Details) $ in Millions	Dec. 31, 2021CAD ($)
DEBT AND CREDIT FACILITIES
Scheduled principal repayments for lease liabilities, short-term debt and long-term debt	$ 18,509
Within one year
DEBT AND CREDIT FACILITIES
Scheduled principal repayments for lease liabilities, short-term debt and long-term debt	1,816
2018
DEBT AND CREDIT FACILITIES
Scheduled principal repayments for lease liabilities, short-term debt and long-term debt	828
2019
DEBT AND CREDIT FACILITIES
Scheduled principal repayments for lease liabilities, short-term debt and long-term debt	232
2020
DEBT AND CREDIT FACILITIES
Scheduled principal repayments for lease liabilities, short-term debt and long-term debt	907
2021
DEBT AND CREDIT FACILITIES
Scheduled principal repayments for lease liabilities, short-term debt and long-term debt	1,244
Over 5 years
DEBT AND CREDIT FACILITIES
Scheduled principal repayments for lease liabilities, short-term debt and long-term debt	$ 13,482

DEBT AND CREDIT FACILITIES - Av

DEBT AND CREDIT FACILITIES - Available and unutilized credit facilities (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
DEBT AND CREDIT FACILITIES
Total credit facilities	$ 6,951
Total unutilized credit facilities	4,520
Available credit facilities for liquidity purposes	4,247	$ 6,043
Fully revolving and expires in 2025
DEBT AND CREDIT FACILITIES
Total credit facilities	3,000
Fully revolving and expires in 2024
DEBT AND CREDIT FACILITIES
Total credit facilities	2,531
Can be terminated at any time at the option of the lenders
DEBT AND CREDIT FACILITIES
Total credit facilities	1,420
Credit facilities supporting outstanding commercial paper
DEBT AND CREDIT FACILITIES
Credit facilities assigned	(1,284)
Credit facilities supporting standby letters of credit
DEBT AND CREDIT FACILITIES
Credit facilities assigned	$ (1,147)

OTHER LONG TERM LIABILITIES (De

OTHER LONG TERM LIABILITIES (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2009USD ($)agreement
OTHER LONG TERM LIABILITIES
Pensions and other post-retirement benefits	$ 1,207	$ 2,004
Share-based compensation plans	291	143
Partnership liability	427	436
Deferred revenue	29	35
Libya Exploration and Production Sharing Agreement (EPSA) signature bonus(1)	74	74
Other	152	148
Other long term liabilities	2,180	2,840
Distribution to partners	60	62
Distribution to partners, interest component	51	52
Distribution to partners, principal component	9	10
Petro Canada
OTHER LONG TERM LIABILITIES
Number of EPSA's agreement ratified \| agreement			6
Signature bonus	78	78	$ 500
Signature bonus current	$ 4	$ 4

PENSIONS AND OTHER POST RETIR_3

PENSIONS AND OTHER POST RETIREMENT BENEFITS (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
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 benefit pension plans
Change in benefit obligation
Current service costs	$ 302	$ 272
Experience gain arising on plan liabilities	(1)	(26)
Actuarial loss arising from changes in demographic assumptions	(2)	50
Actuarial loss arising from changes in financial assumptions	(572)	733
Return on plan assets greater than discount rate	530	548
Expected cash contributions in the next fiscal year	189
Defined benefit pension plans \| Obligations
Change in benefit obligation
Benefit obligation at beginning of year	8,682	7,708
Current service costs	302	272
Plan participants' contributions	(17)	(17)
Benefits paid	350	316
Interest costs (income)	222	238
Foreign exchange	(6)	1
Settlements	11	5
Experience gain arising on plan liabilities	(1)	(26)
Actuarial loss arising from changes in demographic assumptions	(2)	50
Actuarial loss arising from changes in financial assumptions	(572)	733
Benefit obligation at end of year	8,303	8,682
Defined benefit pension plans \| Plan assets
Change in benefit obligation
Benefit obligation at beginning of year	(7,305)	(6,693)
Employer contributions	(11)	132
Plan participants' contributions	17	17
Benefits paid	(325)	(290)
Interest costs (income)	(181)	(203)
Foreign exchange	5	1
Settlements	(11)	(5)
Administrative costs	(2)	(2)
Return on plan assets greater than discount rate	530	548
Benefit obligation at end of year	(7,701)	(7,305)
Net unfunded obligation	(602)	(1,377)
Defined benefit other post retirement benefits
Change in benefit obligation
Current service costs	19	15
Experience gain arising on plan liabilities	(1)	(6)
Actuarial loss arising from changes in demographic assumptions		12
Actuarial loss arising from changes in financial assumptions	(27)	43
Defined benefit other post retirement benefits \| Obligations
Change in benefit obligation
Benefit obligation at beginning of year	690	631
Current service costs	19	15
Benefits paid	27	24
Interest costs (income)	18	19
Experience gain arising on plan liabilities	(1)	(6)
Actuarial loss arising from changes in demographic assumptions		12
Actuarial loss arising from changes in financial assumptions	(27)	43
Benefit obligation at end of year	672	690
Defined benefit other post retirement benefits \| Plan assets
Change in benefit obligation
Net unfunded obligation	$ (672)	$ (690)
Pension and Other Post Retirement Benefits \| Canada
Change in benefit obligation
Percentage of net unfunded obligations	98.00%	96.00%
Pension and Other Post Retirement Benefits \| Canada \| Weighted average
Change in benefit obligation
Weighted average duration of defined benefit obligation	15 years 1 month 6 days	15 years 9 months 18 days

PENSIONS AND OTHER POST RETIR_4

PENSIONS AND OTHER POST RETIREMENT BENEFITS - Expenses (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined benefit pension plans
Disclosure of defined benefit plans [line items]
Current service costs	$ 302	$ 272
Interest cost	41	35
Defined benefit plans expense	343	307
Defined contribution plans expense	94	83
Total benefit plans expense charged to earnings	437	390
Return on plan assets (excluding amounts included in net interest expense)	(530)	(548)
Experience gain arising on plan liabilities	(1)	(26)
Actuarial loss arising from changes in financial assumptions	(572)	733
Actuarial loss arising from changes in demographic assumptions	(2)	50
Actuarial loss recognized in other comprehensive income	(1,105)	209
Defined benefit other post retirement benefits
Disclosure of defined benefit plans [line items]
Current service costs	19	15
Interest cost	18	19
Defined benefit plans expense	37	34
Total benefit plans expense charged to earnings	37	34
Experience gain arising on plan liabilities	(1)	(6)
Actuarial loss arising from changes in financial assumptions	(27)	43
Actuarial loss arising from changes in demographic assumptions		12
Actuarial loss recognized in other comprehensive income	$ (28)	$ 49

PENSIONS AND OTHER POST RETIR_5

PENSIONS AND OTHER POST RETIREMENT BENEFITS - Actuarial assumptions (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of defined benefit plans [line items]
Actual experience period	5 years
Increase in actuarial assumption (as a percent)	1.00%
Decrease in actuarial assumption (as a percent)	1.00%
Defined benefit pension plans
Disclosure of defined benefit plans [line items]
Discount rate	2.90%	2.50%
Rate of compensation increase	3.00%	3.00%
Defined benefit pension plans \| Discount rate
Disclosure of defined benefit plans [line items]
Increase (decrease) in interest and service cost due to increase in actuarial assumption	$ (24)
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	(1,155)
Increase (decrease) in net obligation due to decrease in actuarial assumption	$ 1,515
Defined benefit other post retirement benefits
Disclosure of defined benefit plans [line items]
Discount rate	2.90%	2.50%
Rate of compensation increase	3.00%	3.00%
Assumption of percentage of increase of healthcare costs	5.00%
Increase (decrease) in net obligation due to increase in actuarial assumption	$ (80)
Increase (decrease) in net obligation due to decrease in actuarial assumption	99
Defined benefit other post retirement benefits \| Actuarial assumption of medical cost trend rates
Disclosure of defined benefit plans [line items]
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	36
Increase (decrease) in net obligation due to decrease in actuarial assumption	$ (31)

PENSIONS AND OTHER POST RETIR_6

PENSIONS AND OTHER POST RETIREMENT BENEFITS - Investment Objectives (Details)	Dec. 31, 2021	Dec. 31, 2020
Weighted average pension plan asset allocations
Equities	48.00%	50.00%
Fixed income	38.00%	38.00%
Plan assets comprised of: - Real estate	14.00%	12.00%
Total plan assets	100.00%	100.00%

PROVISIONS - Summary (Details)

PROVISIONS - Summary (Details) $ in Millions	12 Months Ended
PROVISIONS - Summary (Details) $ in Millions	Dec. 31, 2021CAD ($)	Dec. 31, 2020CAD ($)
PROVISIONS
Beginning balance	$ 10,582	$ 9,307
Liabilities incurred	412	1,173
Change in discount rate	(1,260)	402
Changes in estimates	(101)	(334)
Liabilities settled	(321)	(242)
Accretion	304	278
Asset disposals	(61)
Foreign exchange		(2)
Ending balance	9,555	10,582
Less: current portion	(779)	(527)
Non-current provisions	8,776	10,055
Provisions for transportation expense before tax	187
Provisions for transportation expense after tax	142
Provisions For restructuring	88
Decommissioning and Restoration
PROVISIONS
Beginning balance	10,044	8,898
Liabilities incurred	104	967
Change in discount rate	(1,260)	402
Changes in estimates	(76)	(268)
Liabilities settled	(263)	(231)
Accretion	304	278
Asset disposals	(61)
Foreign exchange		(2)
Ending balance	8,792	10,044
Less: current portion	(266)	(250)
Non-current provisions	8,526	9,794
Total undiscounted amount of estimated future cash flows required	$ 13,800	$ 14,100
Weighted average credit adjusted risk free interest rate	3.70	3.10
Decommissioning and restoration provision settlement term	50 years
Royalties
PROVISIONS
Beginning balance	$ 71	$ 133
Liabilities incurred	137	16
Changes in estimates	(12)	(71)
Liabilities settled	26	(7)
Ending balance	222	71
Less: current portion	(222)	(71)
Other
PROVISIONS
Beginning balance	467	276
Liabilities incurred	171	190
Changes in estimates	(13)	5
Liabilities settled	(84)	(4)
Ending balance	541	467
Less: current portion	(291)	(206)
Non-current provisions	$ 250	$ 261

PROVISIONS - Sensitivities (Det

PROVISIONS - Sensitivities (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
PROVISIONS
Percentage change in discount rate used to arrive at provision for decommissioning, restoration and rehabilitation costs	1.00%	1.00%
1% Increase	$ (1,497)	$ (1,919)
1% Decrease	$ 2,113	$ 2,806

SHARE CAPITAL - Normal Course I

SHARE CAPITAL - Normal Course Issuer Bid (Details) - CAD ($) $ / shares in Units, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Feb. 08, 2022	Jan. 31, 2022	Mar. 31, 2021
Share Capital
Shares repurchased		83,959,000	7,527,000
Average repurchase cost per share		$ 27.45	$ 40.83
Share repurchase cost		$ 2,304	$ 307
2021 NCIB
Share Capital
Repurchase of shares for cancellation, shares authorized	76,250,000	106,700,000				44,000,000
Percentage of shares issued and outstanding	5.00%	7.00%				2.90%
Shares repurchased	84,000,000
Average repurchase cost per share	$ 27.45
Share repurchase cost	$ 2,300
2022 NCIB
Share Capital
Repurchase of shares for cancellation, shares authorized				71,650,000
Percentage of shares issued and outstanding				5.00%
Common shares outstanding					1,435,748,494

SHARE CAPITAL - Share repurchas

SHARE CAPITAL - Share repurchases (Details) - CAD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Capital
Shares repurchased	83,959	7,527
Share repurchase cost	$ 2,304	$ 307
Average repurchase cost per share	$ 27.45	$ 40.83
Liability for share purchase commitment	$ 230
Issued capital [member]
Share Capital
Share repurchase cost	1,382	$ 124
Liability for share purchase commitment	120
Retained earnings
Share Capital
Share repurchase cost	922	$ 183
Liability for share purchase commitment	$ 110

SHARE BASED COMPENSATION - Shar

SHARE BASED COMPENSATION - Share Based Compensation Expense (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SHARE BASED COMPENSATION
Equity-settled plans	$ 21	$ 32
Cash-settled plans	301	(28)
Total share-based compensation expense	$ 322	$ 4

SHARE BASED COMPENSATION - Liab

SHARE BASED COMPENSATION - Liability Recognized For Share-Based Compensation - (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
SHARE BASED COMPENSATION
Current Liability	$ 153	$ 117
Long-Term Liability (note 21)	291	143
Total Liability	444	260
Intrinsic value of vested awards	$ 200	$ 149

SHARE BASED COMPENSATION - Stoc

SHARE BASED COMPENSATION - Stock Option Plans - (Details)	12 Months Ended
SHARE BASED COMPENSATION - Stock Option Plans - (Details)	Dec. 31, 2021CAD ($)Y	Dec. 31, 2020CAD ($)Y
SHARE BASED COMPENSATION
Option term (expiration period)	7 years
Vesting period	3 years
Options
SHARE BASED COMPENSATION
Option term (expiration period)	7 years
Vesting period	3 years
Annual dividend per share (dollars)	$ 1.05	$ 1.10
Risk-free interest rate	0.49%	1.35%
Expected life \| Y	5	5
Expected volatility	40.00%	24.00%
Weighted average fair value per option (dollars)	$ 5.40	$ 4.51

SHARE BASED COMPENSATION - Summ

SHARE BASED COMPENSATION - Summary of Stock Option Plans - (Details) shares in Thousands, Option in Thousands	12 Months Ended
	Dec. 31, 2021Option$ / sharesshares	Dec. 31, 2020Option$ / sharesshares
Number of outstanding share options (shares)
Outstanding, beginning of year \| Option	38,373	33,882
Granted \| Option	3,457	6,341
Exercised as options for common shares \| Option	(245)	(804)
Forfeited/expired \| shares	(4,495)	(1,046)
Outstanding, end of year \| Option	37,090	38,373
Exercisable, end of year \| Option	28,421	26,943
Weighted average exercise price of share options ($ per share)
Outstanding, beginning of year (in dollar per share)	$ 39.65	$ 39.70
Granted	22.71	38.95
Exercised as options for common shares	29.82	35.73
Forfeited/expired	37.62	39.91
Outstanding, end of year (in dollar per share)	38.39	39.65
Exercisable, end of year (in dollar per share)	$ 39.87	$ 39.10

SHARE BASED COMPENSATION - Exer

SHARE BASED COMPENSATION - Exercise Price - (Details) shares in Thousands, Option in Thousands	12 Months Ended
	Dec. 31, 2021Option$ / sharesshares	Dec. 31, 2020Option$ / sharesshares	Dec. 31, 2019Option$ / shares
SHARE BASED COMPENSATION
Number of share options \| Option	37,090	38,373	33,882
Weighted average remaining contractual life	3 years
Weighted Average Exercise Price	$ 38.39	$ 39.65	$ 39.70
Number of exercisable share option \| Option	28,421	26,943
Weighted Average Exercise Price Exercisable	$ 39.87	$ 39.10
Shares available for future issuance \| shares	25,037	8,999
22.00-23.27
SHARE BASED COMPENSATION
Number of share options \| Option	3,378
Weighted average remaining contractual life	6 years
Weighted Average Exercise Price	$ 22.65
Number of exercisable share option \| Option	30
Weighted Average Exercise Price Exercisable	$ 22.88
23.28-24.99
SHARE BASED COMPENSATION
Number of share options \| Option	9
Weighted average remaining contractual life	6 years
Weighted Average Exercise Price	$ 29.29
30.00-34.99
SHARE BASED COMPENSATION
Number of share options \| Option	4,694
Weighted average remaining contractual life	1 year
Weighted Average Exercise Price	$ 30.23
Number of exercisable share option \| Option	4,672
Weighted Average Exercise Price Exercisable	$ 30.23
35.00-39.99
SHARE BASED COMPENSATION
Number of share options \| Option	9,537
Weighted average remaining contractual life	3 years
Weighted Average Exercise Price	$ 38.99
Number of exercisable share option \| Option	6,024
Weighted Average Exercise Price Exercisable	$ 38.95
40.00-44.99
SHARE BASED COMPENSATION
Number of share options \| Option	19,292
Weighted average remaining contractual life	3 years
Weighted Average Exercise Price	$ 42.71
Number of exercisable share option \| Option	17,516
Weighted Average Exercise Price Exercisable	$ 42.68
45.00-49.99
SHARE BASED COMPENSATION
Number of share options \| Option	52
Weighted average remaining contractual life	4 years
Weighted Average Exercise Price	$ 48.15
Number of exercisable share option \| Option	51
Weighted Average Exercise Price Exercisable	$ 48.16
50.00-54.27
SHARE BASED COMPENSATION
Number of share options \| Option	128
Weighted average remaining contractual life	3 years
Weighted Average Exercise Price	$ 52.39
Number of exercisable share option \| Option	128
Weighted Average Exercise Price Exercisable	$ 52.39
Minimum \| 22.00-23.27
SHARE BASED COMPENSATION
Exercise price (in dollars per share)	22.63
Minimum \| 23.28-24.99
SHARE BASED COMPENSATION
Exercise price (in dollars per share)	25
Minimum \| 30.00-34.99
SHARE BASED COMPENSATION
Exercise price (in dollars per share)	30
Minimum \| 35.00-39.99
SHARE BASED COMPENSATION
Exercise price (in dollars per share)	35
Minimum \| 40.00-44.99
SHARE BASED COMPENSATION
Exercise price (in dollars per share)	40
Minimum \| 45.00-49.99
SHARE BASED COMPENSATION
Exercise price (in dollars per share)	45
Minimum \| 50.00-54.27
SHARE BASED COMPENSATION
Exercise price (in dollars per share)	50
Maximum \| 22.00-23.27
SHARE BASED COMPENSATION
Exercise price (in dollars per share)	24.99
Maximum \| 23.28-24.99
SHARE BASED COMPENSATION
Exercise price (in dollars per share)	29.99
Maximum \| 30.00-34.99
SHARE BASED COMPENSATION
Exercise price (in dollars per share)	34.99
Maximum \| 35.00-39.99
SHARE BASED COMPENSATION
Exercise price (in dollars per share)	39.99
Maximum \| 40.00-44.99
SHARE BASED COMPENSATION
Exercise price (in dollars per share)	44.99
Maximum \| 45.00-49.99
SHARE BASED COMPENSATION
Exercise price (in dollars per share)	49.99
Maximum \| 50.00-54.27
SHARE BASED COMPENSATION
Exercise price (in dollars per share)	$ 54.27

SHARE BASED COMPENSATION - Sh_2

SHARE BASED COMPENSATION - Share Unit Plans - (Details) $ / shares in Units, shares in Thousands, EquityInstruments in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022CAD ($)EquityInstruments$ / shares	Dec. 31, 2021EquityInstrumentsshares	Dec. 31, 2020EquityInstrumentsshares
SHARE BASED COMPENSATION
Vesting period		3 years
Performance Share Units (PSUs)
SHARE BASED COMPENSATION
Vesting period		3 years
Outstanding, beginning of year	2,766	2,285	2,193
Granted		1,285	1,232
Redeemed for cash \| shares		(751)	(1,086)
Forfeited/expired \| shares		(53)	(54)
Outstanding, end of year		2,766	2,285
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	21,437	15,095	13,602
Granted		11,954	6,567
Redeemed for cash \| shares		(4,609)	(4,707)
Forfeited/expired \| shares		(1,003)	(367)
Outstanding, end of year		21,437	15,095
Deferred Share Units (DSUs)
SHARE BASED COMPENSATION
Outstanding, beginning of year	1,382	1,385	1,287
Granted		164	289
Redeemed for cash \| shares		(167)	(191)
Outstanding, end of year		1,382	1,385
Deferred Share Units (DSUs) \| Director
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%
Deferred Share Units (DSUs) \| Executive Officer
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%
Syncrude Long Term Incentive Plans \| Restricted Stock Units (RSUs)
SHARE BASED COMPENSATION
Value of shares to be converted \| $	$ 123
Conversion price per share \| $ / shares	$ 30.93

SHARE BASED COMPENSATION - St_2

SHARE BASED COMPENSATION - Stock Appreciation Rights - (Details) shares in Thousands, EquityInstruments in Thousands	12 Months Ended
	Dec. 31, 2021EquityInstruments$ / sharesshares	Dec. 31, 2020EquityInstruments$ / 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	509	385
Granted \| EquityInstruments	10	132
Exercised \| EquityInstruments		(7)
Forfeited/expired \| shares	(56)	(1)
Outstanding, end of year \| EquityInstruments	463	509
Exercisable, end of year \| EquityInstruments	357	307
Weighted average exercise price of share options ($ per share)
Weighted average exercise price Outstanding, beginning of year	$ 39.25	$ 39.83
Weighted average exercise price, Granted	22.63	37.41
Weighted average exercise price, Exercised		36.38
Weighted average exercise price, Forfeited/expired	37.78	39.08
Weighted average exercise price, Outstanding, end of year	39.06	39.25
Weighted average exercise price, Exercisable, end of year	$ 39.68	$ 39.09

FINANCIAL INSTRUMENTS AND RIS_3

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Non Derivative Financial Instruments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2021CAD ($)	Dec. 31, 2020CAD ($)
Non Derivative Financial Instruments
Partnership liability		$ 436	$ 445
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 debt
Non Derivative Financial Instruments
Borrowings excluding short term debt		14,200	15,200
Fair value of fixed term debt		$ 17,400	$ 18,800

FINANCIAL INSTRUMENTS AND RIS_4

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Non Designated Derivative Financial Instruments (Details) - Non-Designated Derivative Financial Instruments - At fair value - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Derivative Financial Instrument
Fair value outstanding, beginning of year	$ (121)	$ (39)
Cash settlements - paid (received) during the year	178	(257)
Changes in fair value recognized in earnings during the year (note 7)	(155)	175
Fair value outstanding, end of year	$ (98)	$ (121)

FINANCIAL INSTRUMENTS AND RIS_5

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Fair Value Hierarchy (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Derivative Financial Instrument
Balance, at fair value	$ (98)	$ (121)
Transfers of financial liabilities from level 1 to 2	0
Transfers of financial liabilities from level 2 to 1	0
Trade receivables
Derivative Financial Instrument
Financial assets, at fair value	123	153
Accounts Payable
Derivative Financial Instrument
Financial liabilities, at fair value	(221)	(274)
Level 1
Derivative Financial Instrument
Balance, at fair value	(99)	(139)
Level 1 \| Trade receivables
Derivative Financial Instrument
Financial assets, at fair value	35	63
Level 1 \| Accounts Payable
Derivative Financial Instrument
Financial liabilities, at fair value	(134)	(202)
Level 2
Derivative Financial Instrument
Balance, at fair value	1	18
Level 2 \| Trade receivables
Derivative Financial Instrument
Financial assets, at fair value	88	90
Level 2 \| Accounts Payable
Derivative Financial Instrument
Financial liabilities, at fair value	$ (87)	$ (72)

FINANCIAL INSTRUMENTS AND RIS_6

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Financial Assets (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Derivatives
Financial Assets Offsetting
Gross Assets	$ 6,527	$ 2,890
Gross Liabilities Offset	(6,404)	(2,737)
Net Amounts Presented	123	153
Trade receivables
Financial Assets Offsetting
Gross Assets	5,048	2,999
Gross Liabilities Offset	(2,734)	(1,398)
Net Amounts Presented	2,314	1,601
Financial assets
Financial Assets Offsetting
Gross Assets	11,575	5,889
Gross Liabilities Offset	(9,138)	(4,135)
Net Amounts Presented	$ 2,437	$ 1,754

FINANCIAL INSTRUMENTS AND RIS_7

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Financial Liabilities (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Derivatives
Financial Liabilities Offsetting
Gross Liabilities	$ (6,625)	$ (3,011)
Gross Assets Offset	6,404	2,737
Net Amounts Presented	(221)	(274)
Accounts Payable
Financial Liabilities Offsetting
Gross Liabilities	(4,205)	(2,385)
Gross Assets Offset	2,734	1,398
Net Amounts Presented	(1,471)	(987)
Financial liabilities
Financial Liabilities Offsetting
Gross Liabilities	(10,830)	(5,396)
Gross Assets Offset	9,138	4,135
Net Amounts Presented	$ (1,692)	$ (1,261)

FINANCIAL INSTRUMENTS AND RIS_8

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Market Risk (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)item$ / bbl	Dec. 31, 2020CAD ($)
Risk Management Strategy Related to Hedge Accounting
Weighted average interest rate on total debt	5.00%	4.80%
Commodity Price Risk
Risk Management Strategy Related to Hedge Accounting
Increase in price per barrel of crude oil \| $ / bbl	10
Increase (decrease) in pre-tax earnings for the company's outstanding derivative financial instruments	$ 58	$ (95)
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	$ 133	182
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	$ (9)	$ (17)
Proportion of floating interest rate exposure	7.00%	16.40%
Interest rate swaps \| Interest Rate Risk
Risk Management Strategy Related to Hedge Accounting
Number of derivative instruments outstanding \| item	0
Weighted average \| Fixed interest rates \| Interest Rate Risk
Risk Management Strategy Related to Hedge Accounting
Weighted average interest rate on total debt	5.00%	5.30%

FINANCIAL INSTRUMENTS AND RIS_9

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Liquidity Risk (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Mar. 05, 2021CAD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2019CAD ($)
Financial Liabilities
Cash and cash equivalents	$ 2,205			$ 1,885	$ 1,960
Total credit facilities	6,951
Total unutilized credit facilities	4,520
Timing of cash outflows related to trade and other payables and debt
Trade and other payables undiscounted cash flows	6,356			4,484
Gross derivative liability undiscounted cash flows	6,625			3,011
Debt undiscounted cash flows	26,231			28,849
Lease liabilities	4,531			4,655
Bilateral credit facilities
Financial Liabilities
Credit facilities terminated			$ 2,800
Within one year
Timing of cash outflows related to trade and other payables and debt
Trade and other payables undiscounted cash flows	6,282			4,410
Gross derivative liability undiscounted cash flows	6,466			2,849
Debt undiscounted cash flows	2,253			5,773
Lease liabilities	459			474
2 to 3 years
Timing of cash outflows related to trade and other payables and debt
Trade and other payables undiscounted cash flows	37			37
Gross derivative liability undiscounted cash flows	159			162
Debt undiscounted cash flows	2,015			2,233
Lease liabilities	779			771
4 to 5 years
Timing of cash outflows related to trade and other payables and debt
Trade and other payables undiscounted cash flows	37			37
Debt undiscounted cash flows	3,127			3,009
Lease liabilities	660			631
Over 5 years
Timing of cash outflows related to trade and other payables and debt
Debt undiscounted cash flows	18,836			17,834
Lease liabilities	2,633			2,779
Liquidity Risk
Financial Liabilities
Cash and cash equivalents	2,200
Total credit facilities	7,000
Total unutilized credit facilities	4,500
Unused capacity under a Canadian debt shelf prospectus	4,500
Unused capacity under Canadian and U.S. universal shelf prospectus		$ 4,250
Timing of cash outflows related to trade and other payables and debt
Derivative financial liabilities	6,625			3,011
Derivative financial assets	6,404			2,737
Derivative liabilities, net	221			$ 274
Liquidity Risk \| Bilateral credit facilities
Financial Liabilities
Reduction in available borrowing capacity	2,000
Credit facilities terminated	$ 2,800

FINANCIAL INSTRUMENTS AND RI_10

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Credit Risk (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Credit Risk
Credit Exposure
Net exposure	$ 123	$ 153

CAPITAL STRUCTURE FINANCIAL P_3

CAPITAL STRUCTURE FINANCIAL POLICIES - (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2019CAD ($)
Components of Ratio
Short-term debt	$ 1,284	$ 3,566
Current portion of long - term debt	231	1,413
Current portion of long-term lease liabilities	310	272
Long-term debt	13,989	13,812
Long-term lease liabilities	2,540	2,636
Total debt	18,354	21,699
Less: Cash and cash equivalents	2,205	1,885	$ 1,960
Net debt	16,149	19,814
Shareholders' equity	36,614	35,757	$ 42,042
Total capitalization (total debt plus shareholders' equity)	54,968	57,456
Funds from operations	$ 10,257	$ 3,876
Net debt to adjusted funds from operations	1.6	5.1
Total debt to total debt plus shareholders' equity	33.4	37.8
Minimum
CAPITAL STRUCTURE FINANCIAL POLICIES
Target percentage of financial covenant	20.00%
Maximum
CAPITAL STRUCTURE FINANCIAL POLICIES
Percentage of Financial covenant	65.00%
Target percentage of financial covenant		35.00%
Components of Ratio
Net debt to adjusted funds from operations multiplier	3

JOINT ARRANGEMENTS - Joint Oper

JOINT ARRANGEMENTS - Joint Operations (Details)	3 Months Ended			12 Months Ended
JOINT ARRANGEMENTS - Joint Operations (Details)	Dec. 31, 2021	Sep. 30, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Golden Eagle Area Development
JOINT ARRANGEMENTS
Ownership interest sold (as percent)	26.69%
WWR Project \| Conditional agreement
JOINT ARRANGEMENTS
Ownership interest (as percent)		40.00%
Percentage increase in ownership interest in joint operation		12.50%
Oil Sands \| Operated By Suncor \| Fort Hills Energy Limited Partnership
JOINT ARRANGEMENTS
Ownership interest (as percent)				54.11%	54.11%
Oil Sands \| Operated By Suncor \| Meadow Creek
JOINT ARRANGEMENTS
Ownership interest (as percent)				75.00%	75.00%
Oil Sands \| Operated By Suncor \| Syncrude
JOINT ARRANGEMENTS
Ownership interest (as percent)				58.74%
Oil Sands \| Non-operated \| Syncrude
JOINT ARRANGEMENTS
Ownership interest (as percent)					58.74%
Exploration and Production \| Operated By Suncor \| Terra Nova
JOINT ARRANGEMENTS
Ownership interest (as percent)				48.00%	37.68%
Exploration and Production \| Non-operated \| Buzzard
JOINT ARRANGEMENTS
Ownership interest (as percent)				29.89%	29.89%
Exploration and Production \| Non-operated \| Fenja Development JV
JOINT ARRANGEMENTS
Ownership interest (as percent)				17.50%	17.50%
Exploration and Production \| Non-operated \| Golden Eagle Area Development
JOINT ARRANGEMENTS
Ownership interest (as percent)					26.69%
Exploration and Production \| Non-operated \| Hibernia and the Hibernia South Extension Unit
JOINT ARRANGEMENTS
Ownership interest (as percent)			19.48%		19.19%
Percentage increase in ownership interest in joint operation			0.29%
Exploration and Production \| Non-operated \| Hibernia and the Hibernia South Extension Unit \| Minimum
JOINT ARRANGEMENTS
Ownership interest (as percent)				19.48%	19.19%
Exploration and Production \| Non-operated \| Hibernia and the Hibernia South Extension Unit \| Maximum
JOINT ARRANGEMENTS
Ownership interest (as percent)				20.00%	20.00%
Exploration and Production \| Non-operated \| Hebron
JOINT ARRANGEMENTS
Ownership interest (as percent)				21.03%	21.03%
Exploration and Production \| Non-operated \| Harouge Oil Operations
JOINT ARRANGEMENTS
Ownership interest (as percent)				49.00%	49.00%
Exploration and Production \| Non-operated \| North Sea Rosebank Project
JOINT ARRANGEMENTS
Ownership interest (as percent)				40.00%	40.00%
Exploration and Production \| Non-operated \| Oda
JOINT ARRANGEMENTS
Ownership interest (as percent)				30.00%	30.00%
Exploration and Production \| Non-operated \| White Rose and the White Rose Extensions \| Minimum
JOINT ARRANGEMENTS
Ownership interest (as percent)				26.13%	26.13%
Exploration and Production \| Non-operated \| White Rose and the White Rose Extensions \| Maximum
JOINT ARRANGEMENTS
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, 2021	Dec. 31, 2020
JOINT ARRANGEMENTS
Net (loss) earnings	$ 4,119	$ (4,319)
Other comprehensive income	793	(218)
Total Comprehensive Income (Loss)	4,912	(4,537)
Joint ventures
JOINT ARRANGEMENTS
Net (loss) earnings	5	(10)
Total Comprehensive Income (Loss)	5	(10)
Carrying amount as at December 31	63	58
Associates
JOINT ARRANGEMENTS
Net (loss) earnings	(2)	9
Total Comprehensive Income (Loss)	(2)	9
Carrying amount as at December 31	$ 66	$ 68

SUBSIDIARIES (Details)

SUBSIDIARIES (Details)	12 Months Ended
SUBSIDIARIES (Details)	Dec. 31, 2021
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, 2021	Dec. 31, 2020
RELATED PARTY DISCLOSURES
Sales	$ 1,011	$ 458
Purchases	247	130
Accounts receivable	70	26
Accounts payable and accrued liabilities	17	16
Compensation of Key Management Personnel
Salaries and other short-term benefits	8	9
Pension and other post-retirement benefits	3	3
Share-based compensation	47	(9)
Total	58	3
Parachem Chemicals Inc
RELATED PARTY DISCLOSURES
Sales	343	173
Petroles Cadeko Inc.
RELATED PARTY DISCLOSURES
Sales	$ 411	$ 93

COMMITMENTS, CONTINGENCIES AN_3

COMMITMENTS, CONTINGENCIES AND GUARANTEES - Commitments (Details) $ in Millions	Dec. 31, 2021CAD ($)
Commitments, Contingencies and guarantees
Product transportation and storage	$ 13,648
Energy services	723
Exploration work commitments	539
Other	1,425
Total	16,335
Within one year
Commitments, Contingencies and guarantees
Product transportation and storage	1,150
Energy services	159
Other	648
Total	1,957
2018
Commitments, Contingencies and guarantees
Product transportation and storage	1,210
Energy services	160
Exploration work commitments	20
Other	185
Total	1,575
2019
Commitments, Contingencies and guarantees
Product transportation and storage	1,211
Energy services	151
Other	108
Total	1,470
2020
Commitments, Contingencies and guarantees
Product transportation and storage	1,128
Energy services	112
Exploration work commitments	64
Other	83
Total	1,387
2021
Commitments, Contingencies and guarantees
Product transportation and storage	1,135
Energy services	66
Exploration work commitments	1
Other	62
Total	1,264
Over 5 years
Commitments, Contingencies and guarantees
Product transportation and storage	7,814
Energy services	75
Exploration work commitments	454
Other	339
Total	$ 8,682

COMMITMENTS, CONTINGENCIES AN_4

COMMITMENTS, CONTINGENCIES AND GUARANTEES - Guarantees (Details) $ in Millions	Dec. 31, 2021CAD ($)
Commitments, Contingencies and guarantees
Maximum potential amount payable under indemnification agreements	$ 134

SALE OF GOLDEN EAGLE AREA DEV_2

SALE OF GOLDEN EAGLE AREA DEVELOPMENT (Details) - Golden Eagle Area Development $ in Millions, $ in Millions	3 Months Ended
	Dec. 31, 2021USD ($)$ / bbl	Dec. 31, 2021CAD ($)
SALE OF GOLDEN EAGLE AREA DEVELOPMENT
Ownership interest sold (as percent)	26.69%	26.69%
Proceeds from sale of joint operations, net of closing adjustments and other closing costs	$ 250
Gain on sale of joint operations, net of tax		$ 227
Maximum
SALE OF GOLDEN EAGLE AREA DEVELOPMENT
Contingent receivable	50
Contingent Consideration, Milestone 1
SALE OF GOLDEN EAGLE AREA DEVELOPMENT
Contingent receivable	$ 25
Contingent Consideration, Milestone 1 \| Brent crude oil
SALE OF GOLDEN EAGLE AREA DEVELOPMENT
Average crude price per barrel \| $ / bbl	55
Contingent Consideration, Milestone 2
SALE OF GOLDEN EAGLE AREA DEVELOPMENT
Contingent receivable	$ 50
Contingent Consideration, Milestone 2 \| Brent crude oil
SALE OF GOLDEN EAGLE AREA DEVELOPMENT
Average crude price per barrel \| $ / bbl	65