Interim Unaudited Financial Statements of Suncor Energy Inc. for the three months ended March 31, 2009


		Three months ended March 31
($ millions)		2009		2008

Revenues (note 3)		4 814		5 988

Expenses
	Purchases of crude oil and products	848		1 258
	Operating, selling and general (note 7)	1 155		973
	Energy trading activities (note 3)	2 197		1 852
	Transportation and other costs	68		51
	Depreciation, depletion and amortization	302		248
	Accretion of asset retirement obligations	29		16
	Exploration	7		12
	Royalties (note 10)	31		322
	Taxes other than income taxes	187		150
	Loss on disposal of assets	17		2
	Project start-up costs	16		7
	Financing expenses (note 5)	199		79

		5 056		4 970

Earnings (Loss) Before Income Taxes		(242	)	1 018

Provision for (Recovery of) Income Taxes
	Current	90		156
	Future	(143	)	154

		(53	)	310

Net Earnings (Loss)		(189	)	708

	Other comprehensive income (note 12)	34		47

Comprehensive Income (Loss)		(155	)	755

Net Earnings (Loss) Per Common Share (dollars), (note 6)
	Basic	(0.20	)	0.77

	Diluted	(0.20	)	0.75

Cash dividends		0.05		0.05

Suncor Energy Inc.
020 2009 First Quarter For more information about Suncor Energy, visit our website www.suncor.com

March 31 2009

December 31 2008

($ millions)

(restated)
(note 2)

Assets

Current assets

Cash and cash equivalents

431

660

Accounts receivable (note 3)

1 563

1 580

Inventories

1 136

909

Income taxes receivable

168

Future income taxes

Total current assets

3 352

3 237

Property, plant and equipment, net (note 2)

29 697

28 882

Other assets (notes 2 and 3)

396

409

Total assets

33 445

32 528

Liabilities and Shareholders' Equity

Current liabilities

Short-term debt

Accounts payable and accrued liabilities (note 3)

2 998

3 229

Taxes other than income taxes

Income taxes payable

Future income taxes

111

Total current liabilities

3 175

3 529

Long-term debt (note 11)

9 058

7 875

Accrued liabilities and other (notes 3 and 8)

2 290

1 986

Future income taxes

4 556

4 615

Shareholders' equity (see below)

14 366

14 523

Total liabilities and shareholders' equity

33 445

32 528

Suncor Energy Inc.
Inquiries John Rogers (403) 269-8670 2009 First Quarter 021


		Three months ended March 31
($ millions)		2009		2008

Operating Activities
Cash flow from operations		479		1 161
Decrease (increase) in operating working capital
	Accounts receivable	19		(431	)
	Inventories	(227	)	(142	)
	Accounts payable and accrued liabilities	183		387
	Taxes payable/receivable	(177	)	(121	)

Cash flow from operating activities		277		854

Cash Used in Investing Activities		(1 516	)	(1 410	)

Net Cash Deficiency Before Financing Activities		(1 239	)	(556	)

Financing Activities
Increase in short-term debt		1		—
Net increase in long-term debt		1 037		651
Issuance of common shares under stock option plan		15		24
Dividends paid on common shares		(47	)	(43	)

Cash flow provided by financing activities		1 006		632

Increase (Decrease) in Cash and Cash Equivalents		(233	)	76
Effect of Foreign Exchange on Cash and Cash Equivalents		4		12
Cash and Cash Equivalents at Beginning of Period		660		569

Cash and Cash Equivalents at End of Period		431		657

Suncor Energy Inc.
022 2009 First Quarter For more information about Suncor Energy, visit our website www.suncor.com


($ millions)	Share Capital	Contributed Surplus		Accumulated Other Comprehensive Income (AOCI)		Retained Earnings

At December 31, 2007	881	194		(253	)	11 074
Net earnings	—	—		—		708
Dividends paid on common shares	—	—		—		(43	)
Issued for cash under stock option plan	29	(5	)	—		—
Issued under dividend reinvestment plan	3	—		—		(3	)
Stock-based compensation expense	—	44		—		—
Change in AOCI related to foreign currency translation	—	—		53		—
Change in AOCI related to derivative hedging activities	—	—		(6	)	—

At March 31, 2008	913	233		(206	)	11 736

At December 31, 2008	1 113	288		97		13 025
Net earnings (loss)	—	—		—		(189	)
Dividends paid on common shares	—	—		—		(47	)
Issued for cash under stock option plan	18	(3	)	—		—
Stock-based compensation expense	—	27		—		—
Income tax benefit of stock option deduction in the U.S.	—	3		—		—
Change in AOCI related to foreign currency translation	—	—		32		—
Change in AOCI related to derivative hedging activities	—	—		2		—

At March 31, 2009	1 131	315		131		12 789

Suncor Energy Inc.
Inquiries John Rogers (403) 269-8670 2009 First Quarter 023


Three months ended March 31
	Oil Sands				Natural Gas				Refining and Marketing				Corporate and Eliminations				Total
($ millions)	2009		2008		2009		2008		2009		2008		2009		2008		2009		2008

EARNINGS
Revenues
Operating revenues	945		1 945		99		162		1 519		2 022		5		5		2 568		4 134
Energy trading activities	—		—		—		—		2 247		1 881		(1	)	(33	)	2 246		1 848
Intersegment revenues	171		301		15		10		—		—		(186	)	(311	)	—		—
Interest	—		—		—		—		—		—		—		6		—		6

	1 116		2 246		114		172		3 766		3 903		(182	)	(333	)	4 814		5 988

Expenses
Purchases of crude oil and products	62		47		—		—		958		1 553		(172	)	(342	)	848		1 258
Operating, selling and general	909		717		42		40		175		175		29		41		1 155		973
Energy trading activities	—		—		—		—		2 198		1 853		(1	)	(1	)	2 197		1 852
Transportation and other costs	57		42		5		3		6		6		—		—		68		51
Depreciation, depletion and amortization	183		129		56		58		56		51		7		10		302		248
Accretion of asset retirement obligations	27		14		2		2		—		—		—		—		29		16
Exploration	6		9		1		3		—		—		—		—		7		12
Royalties (note 10)	8		282		23		40		—		—		—		—		31		322
Taxes other than income taxes	37		27		—		—		150		123		—		—		187		150
Loss on disposal of assets	17		—		—		—		—		2		—		—		17		2
Project start-up costs	16		7		—		—		—		—		—		—		16		7
Financing expenses	—		—		—		—		—		—		199		79		199		79

	1 322		1 274		129		146		3 543		3 763		62		(213	)	5 056		4 970

Earnings (loss) before income taxes	(206	)	972		(15	)	26		223		140		(244	)	(120	)	(242	)	1 018
Income taxes	96		(277	)	5		(7	)	(73	)	(45	)	25		19		53		(310	)

Net earnings (loss)	(110	)	695		(10	)	19		150		95		(219	)	(101	)	(189	)	708

As at March 31
TOTAL ASSETS	27 235		20 052		1 908		1 874		4 567		5 457		(265	)	(948	)	33 445		26 435

Suncor Energy Inc.
024 2009 First Quarter For more information about Suncor Energy, visit our website www.suncor.com


Three months ended March 31
				Oil Sands				Natural Gas				Refining and Marketing				Corporate and Eliminations				Total
($ millions)				2009		2008		2009		2008		2009		2008		2009		2008		2009		2008

CASH FLOW BEFORE FINANCING ACTIVITIES
Cash flow from (used in) operating activities:
	Cash flow from (used in) operations
		Net earnings (loss)		(110	)	695		(10	)	19		150		95		(219	)	(101	)	(189	)	708
		Non-cash items included in earnings
			Depreciation, depletion and amortization	183		129		56		58		56		51		7		10		302		248
			Future income taxes	(222	)	135		6		3		41		31		32		(15	)	(143	)	154
			Loss on disposal of assets	17		—		—		—		—		2		—		—		17		2
			Stock-based compensation expense	14		22		1		2		4		7		8		13		27		44
			Other	(11	)	(24	)	2		—		4		5		161		72		156		53
		Increase (decrease) in deferred credits and other		308		(47	)	—		—		—		(1	)	1		—		309		(48	)

Total cash flow from (used in) operations				179		910		55		82		255		190		(10	)	(21	)	479		1 161
Decrease (increase) in operating working capital				(1 056	)	(93	)	1		41		66		(110	)	787		(145	)	(202	)	(307	)

Total cash flow from (used in) operating activities				(877	)	817		56		123		321		80		777		(166	)	277		854

Cash from (used in) investing activities:
	Capital and exploration expenditures			(957	)	(1 310	)	(109	)	(126	)	(32	)	(49	)	—		(4	)	(1 098	)	(1 489	)
	Deferred outlays and other investments			(25	)	(6	)	—		—		—		(1	)	—		(4	)	(25	)	(11	)
	Decrease (increase) in investing working capital			(395	)	102		—		—		—		(12	)	2		—		(393	)	90

Total cash from (used in) investing activities				(1 377	)	(1 214	)	(109	)	(126	)	(32	)	(62	)	2		(8	)	(1 516	)	(1 410	)

Net cash surplus (deficiency) before financing activities				(2 254	)	(397	)	(53	)	(3	)	289		18		779		(174	)	(1 239	)	(556	)

Suncor Energy Inc.
Inquiries John Rogers (403) 269-8670 2009 First Quarter 025

These interim consolidated financial statements have been prepared in accordance with Canadian generally accepted accounting principles and follow the same accounting policies and methods of computation as, and should be read in conjunction with, the most recent annual financial statements, except for the accounting policy change as described in note 2, Change in Accounting Policies. Certain information and disclosures normally required to be included in notes to the annual consolidated financial statements have been condensed or omitted.

In the opinion of management, these interim consolidated financial statements contain all adjustments of a normal and recurring nature necessary to present fairly Suncor Energy Inc.'s (Suncor) financial position at March 31, 2009 and the results of its operations and cash flows for the three month periods ended March 31, 2009 and 2008.

Certain prior period comparative figures have been reclassified to conform to the current period presentation.

On January 1, 2009, the company retroactively adopted Canadian Institute of Chartered Accountants (CICA) Handbook section 3064 "Goodwill and Intangible Assets". This new standard replaces section 3062 "Goodwill and Other Intangible Assets" and section 3450 "Research and Development Costs", and focuses on the criteria for asset recognition in the financial statements, including those internally developed. The impact of adopting this standard resulted in a change in the classification of our deferred maintenance shutdown costs that had previously been classified within other assets and amortized over the period to the next shutdown, as follows:

Derivatives are financial instruments that either imitate or counter the price movements of stocks, bonds, currencies, commodities and interest rates. Suncor uses derivatives to reduce (hedge) its exposure to fluctuations in commodity prices and foreign currency exchange rates and to manage interest rate or currency-sensitive assets and liabilities. Suncor also uses derivatives for trading purposes. When used in a trading activity, the company is attempting to realize a gain on the fluctuations in the market value of the derivative.

Forwards and futures are contracts to purchase or sell a specific item at a specified date and price. When used as hedges, forwards and futures help to manage the exposure to losses that could result if commodity prices or foreign currency exchange rates change adversely.

Suncor Energy Inc.
026 2009 First Quarter For more information about Suncor Energy, visit our website www.suncor.com

An option is a contract where its holder, for a fee, has purchased the right (but not the obligation) to buy or sell a specified item at a fixed price during a specified period. Options used as hedges help to protect against adverse changes in commodity prices, interest rates, or foreign currency exchange rates.

A costless collar is a combination of two option contracts that limit the holder's exposure to changes in prices to within a specific range. The "costless" nature of this derivative is achieved by buying a put option (the right to sell) for consideration equal to the premium received from selling a call option (the right to purchase).

A swap is a contract where two parties exchange commodity, currency, interest or other payments in order to alter the nature of the payments. For example, fixed interest rate payments on debt may be converted to payments based on a floating interest rate, or vice versa; a domestic currency debt may be converted to a foreign currency debt.

Hedge accounting is a method for recognizing the gains, losses, revenues and expenses associated with the items in a hedging relationship at the time when the underlying transaction impacts earnings. Suncor has elected to use hedge accounting on certain derivatives linked to future commodity and financial transactions.

The company's financial instruments in the Consolidated Balance Sheets consist of cash and cash equivalents, accounts receivable, derivative contracts, substantially all current liabilities (except for the current portions of asset retirement and pension obligations and future income tax), and long-term debt. Unless otherwise noted, carrying values reflect the current fair value of the company's financial instruments.

The estimated fair values of recognized financial instruments have been determined based on the company's assessment of available market information and appropriate valuation methodologies based on industry accepted third-party models; however, these estimates may not necessarily be indicative of the amounts that could be realized or settled in a current market transaction.

The company's fixed-term debt is accounted for under the amortized cost method. Upon initial recognition, the cost of the debt is its fair value, adjusted for any associated transaction costs. We do not recognize gains or losses arising from changes in the fair value of this debt until the gains or losses are realized. Gains or losses on our U.S. dollar denominated long-term debt resulting from changes in the exchange rate are recognized in the period in which they occur. At March 31, 2009, the carrying value of our fixed-term debt accounted for under the amortized cost method was $6.8 billion (December 31, 2008 – $6.7 billion) and the fair value was $5.4 billion (December 31, 2008 – $5.4 billion).

At March 31, 2009, the company had interest rate swaps classified as fair value hedges outstanding until August 2011, relating to fixed-rate debt. There was no ineffectiveness recognized on interest rate swaps designated as fair value hedges during the three month periods ended March 31, 2009 and March 31, 2008.

The earnings impact associated with hedge ineffectiveness on derivative contracts to hedge risks specific to individual transactions during the three month period ended March 31, 2009 was a loss of $1 million net of income taxes of less than $1 million (2008 – loss of $1 million, net of income taxes of $1 million).

At March 31, 2009, the company had hedged a portion of its forecasted cash flows subject to natural gas price risk. There was no earnings impact associated with realized and unrealized hedge ineffectiveness on derivative contracts designated as cash flow hedges during the three month periods ended March 31, 2009 and March 31, 2008.

Suncor Energy Inc.
Inquiries John Rogers (403) 269-8670 2009 First Quarter 027

The fair value of hedging derivative financial instruments as recorded, is the estimated amount that the company would receive (pay) to terminate the hedging derivative contracts. Such amounts, which also represent the unrealized gain (loss) on the contracts, were as follows:

A reconciliation of changes in accumulated other comprehensive income (AOCI) attributable to derivative hedging activities for the three month periods ending March 31 is as follows:

The company also periodically enters into derivative financial instruments such as options, basis swaps, and heat rate swaps that either do not qualify for hedge accounting treatment or hedges that the company has not elected to document as part of a qualifying hedge relationship. The earnings impact associated with these contracts for the three month period ended March 31, 2009, was a loss of $148 million, net of income taxes of $59 million (2008 – a loss of $10 million, net of income taxes of $4 million).

Suncor Energy Inc.
028 2009 First Quarter For more information about Suncor Energy, visit our website www.suncor.com

In addition to the financial derivatives used for hedging activities, the company uses physical and financial energy contracts, including swaps, forwards and options to earn trading revenues. Physical energy trading contracts involve activities intended to enhance prices and satisfy physical deliveries to customers. Net pretax earnings for the three month periods ended March 31, as recorded in our refining and marketing segment, were as follows:

The fair value of unsettled (unrealized) non-designated derivative financial instruments, which includes all contracts referenced in section (c) & (d) above are as follows:

Suncor Energy Inc.
Inquiries John Rogers (403) 269-8670 2009 First Quarter 029

The company is exposed to a number of different financial risks arising from normal course business exposures, as well as the company's use of financial instruments. These risk factors include market risks relating to commodity prices, 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 Risk Management Committee (RMC) is charged with the oversight of the company's risk management for trading risk management activities which are defined as strategic hedging, optimization trading, marketing and speculative trading. The RMC, acting under board authority, meets regularly to monitor limits on risk exposures, review policy compliance and validate risk-related methodologies and procedures. All risk management activity is carried out by specialist teams that have the appropriate skills, experience and supervision with the appropriate financial and management controls.

At March 31, 2009, the company's exposure to risks associated arising from the use of financial instruments had not changed significantly from December 31, 2008, except for our sensitivity related to commodity price risk.

Changes in commodity prices on our financial contracts would have the following impact on our net earnings and other comprehensive income for the three months ended March 31, 2009:

For full discussion of the company's financial risk factors, see page 67 of our 2008 Annual Report.

The company's primary capital management objective is to maintain 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 monitors capital through two key ratios: net debt to cash flow from operations and total debt to total debt plus shareholders' equity.

Net debt to cash flow from operations is calculated as short-term debt plus long-term debt less cash and cash equivalents divided by the twelve month trailing cash flow from operations.

Total debt to total debt plus shareholders' equity is calculated as short term-debt plus long-term debt divided by short-term debt plus long-term debt plus shareholders' equity.

Suncor Energy Inc.
030 2009 First Quarter For more information about Suncor Energy, visit our website www.suncor.com

The company's strategy during the first quarter of 2009, which was unchanged from 2008, was to maintain the measure set out in the following schedule. The company believes that maintaining our capital target helps to provide the company access to capital at a reasonable cost by maintaining solid investment-grade credit ratings. The company operates in a cyclical business environment and ratios may periodically fall outside of management targets.

At March 31, ($ millions)

Capital Measure
Target

2009

2008

Components of ratios

Short-term debt

Long-term debt

9 058

4 552

Total debt

9 069

4 559

Cash and equivalents

431

657

Net debt

8 638

3 902

Shareholders' equity

14 366

12 676

Total capitalization (total debt + shareholders' equity)

23 435

17 235

Cash flow from operations (trailing twelve months)

3 781

4 345

Net debt/cash flow from operations

< 2.0 times

2.3

0.9

Total debt/total debt plus shareholders' equity

39%

26%


		Three months ended March 31
($ millions)		2009	2008 (restated)

Net earnings (loss)		(189)	708

(millions of common shares)
Weighted-average number of common shares		936	926
Dilutive securities:
	Options issued under stock-based compensation plans	8	20

Weighted-average number of diluted common shares		944	946

(dollars per common share)
Basic earnings (loss) per share ^(a)		(0.20)	0.77
Diluted earnings (loss) per share ^(b)		(0.20)	0.75

Suncor Energy Inc.
Inquiries John Rogers (403) 269-8670 2009 First Quarter 031

A common share option gives the holder the right, but not the obligation, to purchase common shares at a predetermined price over a specified period of time.

After the date of grant, employees and non-employee directors that hold options must earn the right to exercise them. This is done by the holder fulfilling a time requirement for service to the company, and with respect to certain options, is subject to accelerated vesting should the company meet predetermined performance criteria. Once this right has been earned, these options are considered vested.

The predetermined price at which an option can be exercised is equal to or greater than the market price of the common shares on the date the option is granted.

A performance vesting share unit is an award entitling employees to receive cash to varying degrees contingent upon the company's shareholder return relative to a peer group of companies.

A restricted share unit is a time-vested award with a three-year term entitling employees to receive cash.

The company granted 493,000 options in the first quarter of 2009 (230,000 options granted during the first quarter of 2008) to all eligible permanent full-time and part-time employees, both executive and non-executive, under its SunShare 2012 performance stock option plan. During 2008, in connection with the achievement of a predetermined performance criterion, 25% of the outstanding options vested under the SunShare 2012 plan and will become exercisable on January 1, 2010. The remaining 75% of outstanding options may vest on January 1, 2013 if further specified performance targets are met. All unvested options at January 1, 2013, which have not previously expired or been cancelled, will automatically expire.

Under this plan, the company granted 711,000 common share options in the first quarter of 2009 (802,000 options granted during the first quarter of 2008) to non-employee directors and certain executives and other senior members of the company. Options granted have a ten-year life and vest annually over a three-year period.

Under this plan, the company granted 565,000 common share options in the first quarter of 2009 (2,340,000 options granted during the first quarter of 2008) to non-insider senior managers and key employees. Options granted have a ten-year life and vest annually over a three-year period.

The fair values of all common share options granted during the period are estimated as at the grant date using the Monte Carlo simulation approach for the SunShare 2012 option plan and the Black-Scholes option-pricing model for all other option plans. The weighted-average fair values of the options granted during the various periods and the weighted-average assumptions used in their determination are as noted below:

Suncor Energy Inc.
032 2009 First Quarter For more information about Suncor Energy, visit our website www.suncor.com

Stock-based compensation expense recognized in the first quarter of 2009 related to stock options plans was $27 million (2008 – $44 million).

In the first quarter of 2009 the company issued 1,141,000 PSUs (762,000 PSUs granted during the first quarter of 2008). Expense recognized in the first quarter of 2009 was $8 million (2008 – recovery of $5 million of previously recognized expense).

In the first quarter of 2009 the company issued 29,000 RSUs (930,000 RSUs granted during the first quarter of 2008) under its SunShare 2012 restricted share unit plan. Expense recognized in the first quarter of 2009 was $4 million
(2008 – $4 million).

The company issued 1,562,000 RSUs in the first quarter of 2009 to non-insider senior managers and key employees under its new restricted share unit plan. Expense recognized in the first quarter of 2009 was $9 million.

The company's pension plans and other post-retirement benefits programs are described in note 10 of the company's 2008 Annual Report. The following is the status of the net periodic benefit cost for the three months ended March 31.

For a description of the Alberta Crown royalty regimes in effect for our oil sands operations, see page 15 of our 2008 Annual Report.

Our current estimation of Alberta Crown royalties is based on regulations and crown agreements currently in effect. Alberta Crown royalties in effect for each of our oil sands projects require payments to the Government of Alberta based on annual gross revenues less related transportation costs (R) less allowable costs (C), including the deduction of certain capital expenditures at 25% to 40% (the R-C Royalty), subject to a minimum payment of 1% to 9% of R (the Minimum Royalty).

Suncor Energy Inc.
Inquiries John Rogers (403) 269-8670 2009 First Quarter 033

Changes in crude oil and natural gas pricing, production volumes, foreign exchange rates, and capital and operating costs for each oil sands project; changes resulting from regulatory audits of prior year filings; changes in legislation and the occurrence of unexpected events all have the potential to have an impact on oil sands royalties payable to the Crown.

The oil sands royalty expense was $8 million for the first three months of 2009, compared to $282 million for the first three months of 2008. The lower expense was due to a significant decrease in price realizations in this quarter, causing royalty eligible operating costs and capital expenditures to exceed revenues related to bitumen, less related transportation costs. As a result, royalties were paid on 1% of R instead of 25% of R minus C. In addition, effective January 1, 2009, revenues from our base mine operations are now based on bitumen values (previously based on synthetic crude oil) with a corresponding exclusion of upgrading costs from royalty eligibility.

The balance of the consolidated royalty expense is in respect of natural gas royalties of $23 million (2008 – $40 million).


($ millions)	March 31 2009		December 31 2008

Fixed-term debt, redeemable at the option of the Company
6.85% Notes, denominated in U.S. dollars, due in 2039 (US$750)	945		918
6.50% Notes, denominated in U.S. dollars, due in 2038 (US$1150)	1 450		1 408
5.95% Notes, denominated in U.S. dollars, due in 2034 (US$500)	630		612
7.15% Notes, denominated in U.S. dollars, due in 2032 (US$500)	630		612
6.10% Notes, denominated in U.S. dollars, due in 2018 (US$1250)	1 575		1 531
5.39% Series 4 Medium Term Notes, due in 2037	600		600
5.80% Series 4 Medium Term Notes, due in 2018	700		700
6.70% Series 2 Medium Term Notes, due in 2011	500		500

	7 030		6 881
Revolving-term debt, with interest at variable rates
Commercial paper and bankers' acceptances	1 971		934

Total unsecured long-term debt	9 001		7 815
Secured long-term debt	13		13
Capital leases	103		103
Fair value of interest swaps	12		16
Deferred financing costs	(71	)	(72	)

Total long-term debt	9 058		7 875

At March 31, 2009, undrawn lines of credit were approximately $1,943 million, as follows:


($ millions)			2009

Facility that is fully revolving for 364 days, has a term period of one year and expires in 2009			480
Facility that is fully revolving for a period of five years and expires in 2013			3 750
Facilities that can be terminated at any time at the option of the lenders			53

Total available credit facilities			4 283

Credit facilities supporting outstanding commercial paper and bankers' acceptances			1 971
Credit facilities supporting standby letters of credit			369

Total undrawn credit facilities			1 943

Suncor Energy Inc.
034 2009 First Quarter For more information about Suncor Energy, visit our website www.suncor.com

The components of accumulated other comprehensive income, net of income taxes, are as follows:

On March 23, 2009, Suncor and Petro-Canada (TSX:PCA) (NYSE:PCZ) announced that they have agreed to merge the two companies. Upon completion of the transaction, which will require shareholder approval, regulatory approval, as well as a review by the Canadian Competition Bureau, the combined entity is expected to operate corporately and trade under the Suncor name.

Suncor Energy Inc.
Inquiries John Rogers (403) 269-8670 2009 First Quarter 035


		2009	2008

Cash Flow from Operations
(dollars per common share – basic)
For the three months ended March 31
Cash flow from operations ⁽¹⁾		0.51	1.25

Ratios
For the twelve months ended March 31
Return on capital employed (%) ⁽²⁾		16.0	28.8
Return on capital employed (%) ⁽³⁾		11.3	21.1

Net debt to cash flow from operations (times) ⁽⁴⁾		2.3	0.9

Interest coverage on long-term debt (times)
	Net earnings ⁽⁵⁾	4.8	17.0
	Cash flow from operations ⁽⁶⁾	10.4	22.0

As at March 31
Debt to debt plus shareholders' equity (%) ⁽⁷⁾		38.7	26.5

Common Share Information ⁽⁸⁾
As at March 31
Share price at end of trading
	Toronto Stock Exchange – Cdn$	28.14	49.61
	New York Stock Exchange – US$	22.21	48.18

Common share options outstanding (thousands)		46 620	55 774

For the three months ended March 31
Average number outstanding, weighted monthly (thousands)		936 293	926 216

Refer to the Quarterly Operating Summary for a discussion of financial measures not prepared in accordance with Canadian generally accepted accounting principles (GAAP).

Suncor Energy Inc.
036 2009 First Quarter For more information about Suncor Energy, visit our website www.suncor.com


	Three months ended					Twelve months ended
	Mar 31 2009	Dec 31 2008	Sept 30 2008	June 30 2008	Mar 31 2008	Dec 31 2008

OIL SANDS
Production ^(1), ^(a)
Total production	278.0	243.8	245.6	174.6	248.0	228.0
Firebag	42.4	39.7	40.4	34.7	34.6	37.4
Sales ^(a)
Light sweet crude oil	108.8	95.7	48.1	68.2	96.2	77.0
Diesel	22.8	19.1	10.9	21.2	28.0	19.8
Light sour crude oil	102.7	144.2	157.4	91.8	120.8	128.7
Bitumen	9.1	3.1	2.6	0.3	0.1	1.5

Total sales	243.4	262.1	219.0	181.5	245.1	227.0

Average sales price ^(2), ^(b)
Light sweet crude oil	69.26	64.58	121.96	122.12	100.93	97.54
Other (diesel, light sour crude oil and bitumen)	48.85	59.77	114.74	120.52	93.09	95.15
Total	57.97	61.53	116.32	121.12	96.16	95.96
Total *	52.78	61.20	117.14	122.39	96.22	96.33
Cash operating costs and Total operating costs – Total operations ^(c)
Cash costs	30.65	35.35	27.80	40.10	25.10	31.45
Natural gas	3.00	4.05	4.30	8.75	5.00	5.25
Imported bitumen	0.05	1.90	1.90	2.00	1.45	1.80

Cash operating costs ⁽³⁾	33.70	41.30	34.00	50.85	31.55	38.50
Project start-up costs	0.65	0.30	0.35	0.90	0.30	0.40

Total cash operating costs ⁽⁴⁾	34.35	41.60	34.35	51.75	31.85	38.90
Depreciation, depletion and amortization	7.30	7.50	6.70	8.30	5.75	6.95

Total operating costs ⁽⁵⁾	41.65	49.10	41.05	60.05	37.60	45.85

Cash operating costs and Total operating costs – In-situ bitumen production only ^(c)
Cash costs	10.50	16.55	10.75	10.10	14.60	13.00
Natural gas	7.90	9.65	11.30	14.55	14.10	12.30

Cash operating costs ⁽⁶⁾	18.40	26.20	22.05	24.65	28.70	25.30
Firebag start-up costs	3.35	—	0.80	1.65	0.35	0.65

Total cash operating costs ⁽⁷⁾	21.75	26.20	22.85	26.30	29.05	25.95
Depreciation, depletion and amortization	7.10	6.55	5.40	6.70	6.75	6.35

Total operating costs ⁽⁸⁾	28.85	32.75	28.25	33.00	35.80	32.30

Ending capital employed excluding major projects in progress ⁽ⁱ⁾	10 610	9 352	9 035	7 716	7 130
(for the twelve months ended)
Return on capital employed ^(j)	22.9	35.5	46.0	43.6	43.2
Return on capital employed ^(j)****	13.9	21.8	28.6	27.3	27.5

Suncor Energy Inc.
Inquiries John Rogers (403) 269-8670 2009 First Quarter 037


	Three months ended					Twelve months ended
	Mar 31 2009	Dec 31 2008	Sept 30 2008	June 30 2008	Mar 31 2008	Dec 31 2008

NATURAL GAS
Gross production ^**
Natural gas ^(d)	200	195	197	205	209	202
Natural gas liquids and crude oil ^(a)	3.1	3.1	2.6	3.4	3.3	3.1
Total gross production ^(e)	36.5	35.6	35.4	37.7	38.2	36.7
Total gross production ^(f)	219	213	213	226	229	220
Average sales price ⁽²⁾
Natural gas ^(g)	5.63	6.90	9.10	9.62	7.30	8.23
Natural gas ^(g) ^*	5.61	6.84	9.14	9.68	7.31	8.25
Natural gas liquids and crude oil ^(b)	39.03	39.31	96.88	86.14	64.14	70.89
Net wells drilled
Conventional – exploratory ^***	2	2	4	2	2	10
– development	5	4	6	6	7	23

	7	6	10	8	9	33

Ending capital employed ⁽ⁱ⁾	1 195	1 152	1 120	1 226	1 175
(for the twelve months ended)
Return on capital employed ^(j)	5.0	7.7	10.3	8.3	3.5

REFINING AND MARKETING
Refined product sales ^(h)
Transportation fuels
Gasoline – retail	4.5	4.6	4.5	4.5	4.6	4.6
– other	11.9	12.1	11.5	11.8	10.8	11.3
Distillate	10.5	10.9	10.6	11.5	10.4	10.8

Total transportation fuel sales	26.9	27.6	26.6	27.8	25.8	26.7
Petrochemicals	1.0	1.0	1.0	0.9	0.6	0.8
Asphalt	2.0	1.5	1.9	1.7	2.2	1.8
Other	1.5	1.4	2.5	2.7	1.9	2.2

Total refined product sales	31.4	31.5	32.0	33.1	30.5	31.5

Crude oil supply and refining
Processed at refineries ^(h)	25.5	24.8	25.1	26.0	23.0	24.7
Utilization of refining capacity ^(j)	90	98	99	102	90	97

Ending capital employed excluding major projects in progress ⁽ⁱ⁾	2 985	2 974	3 289	2 534	2 837
(for the twelve months ended)
Return on capital employed ^(j)	3.7	1.8	9.3	12.6	18.3
Return on capital employed ^(j) ^****	3.7	1.8	9.0	11.6	16.5

Suncor Energy Inc.
038 2009 First Quarter For more information about Suncor Energy, visit our website www.suncor.com

Certain financial measures referred to in the Highlights and Quarterly Operating Summary are not prescribed by Canadian generally accepted accounting principles (GAAP). Suncor includes cash flow from operations, return on capital employed and cash and total operating costs per barrel data because investors may use this information to analyze operating performance, leverage and liquidity. The additional information should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.


(1) Total operations production	–	Total operations production includes total production from both mining and in-situ operations, as well as volumes processed for Petro-Canada on a fee-for-service basis.
(2) Average sales price	–	This operating statistic is calculated before royalties and net of related transportation costs (including or excluding the impact of realized hedging activities as noted).
(3) Cash operating costs – Total operations	–	Include cash costs that are defined as operating, selling and general expenses (excluding inventory changes), accretion expense, taxes other than income taxes and the cost of bitumen imported from third parties. Per barrel amounts are based on total production volumes. For a reconciliation of this non-GAAP financial measure see Management's Discussion and Analysis.
(4) Total cash operating costs – Total operations	–	Include cash operating costs – Total operations as defined above and cash start-up costs. Per barrel amounts are based on total production volumes.
(5) Total operating costs – Total operations	–	Include total cash operating costs – Total operations as defined above and non-cash operating costs. Per barrel amounts are based on total production volumes.
(6) Cash operating costs – In-situ bitumen production	–	Include cash costs that are defined as operating, selling and general expenses (excluding inventory changes), accretion expense and taxes other than income taxes. Per barrel amounts are based on in-situ production volumes only.
(7) Total cash operating costs – In-situ bitumen production	–	Include cash operating costs – In-situ bitumen production as defined above and cash start-up operating costs. Per barrel amounts are based on in-situ production volumes only.
(8) Total operating costs – In-situ bitumen production	–	Include total cash operating costs – In-situ bitumen production as defined above and non-cash operating costs. Per barrel amounts are based on in-situ production volumes only.

Suncor Energy Inc.
Inquiries John Rogers (403) 269-8670 2009 First Quarter 039


($ millions, increase/(decrease))	As at March 31 2009		As at December 31 2008

Property, plant and equipment, net	522		566
Other assets	(522	)	(566	)


	Quantity	Average Price	⁽¹⁾	Revenue Hedged	⁽²⁾	Hedge
Crude oil	(bpd)	(US$/bbl)		(Cdn$ millions)		Period	⁽³⁾

Purchased puts ⁽⁴⁾	55 000	60.00		1 144		2009
Fixed price	126 575	50.68		2 223		2009
Purchased puts ⁽⁴⁾	55 000	60.00		1 518		2010
Sold puts ⁽⁵⁾	54 753	60.00		(1 511	)	2010
Collars – floor	50 041	50.00		1 151		2010
Collars – cap	49 986	68.06		1 565		2010


($ millions)	March 31 2009		December 31 2008

Derivative financial instrument assets ⁽¹⁾	462		635
Derivative financial instrument liabilities ⁽²⁾	497		14

Net assets (liabilities)	(35	)	621


($ millions)	2009

Fair value of contracts at December 31, 2008	621
Fair value of contracts realized during the period	(208	)
Fair value of contracts entered into during the period	(381	)
Changes in values attributable to market price and other market changes during the period	(67	)

Fair value of contracts outstanding at March 31, 2009	(35	)


	Three months ended March 31
	2009	2008

Quarterly dividend per share	$0.05	$0.05
Risk-free interest rate	2.17%	3.62%
Expected life	6 years	6 years
Expected volatility	39%	28%
Weighted-average fair value per option	$9.19	$15.65


	Pension Benefits				Other Post-retirement Benefits
	2009		2008		2009	2008

Current service costs	13		14		1	1
Interest costs	13		12		2	2
Expected return on plan assets	(10	)	(11	)	—	—
Amortization of net actuarial loss	5		6		—	1

Net periodic benefit cost recognized	21		21		3	4


*		Excludes the impact of realized hedging activities.
**		Currently production is located in the Western Canada Sedimentary Basin.
***		Excludes exploratory wells in progress.
****		If capital employed were to include capitalized costs related to major projects in progress, the return on capital employed would be as stated on this line.


(a)	thousands of barrels per day	(d)	millions of cubic feet per day	(g)	dollars per thousand cubic feet
(b)	dollars per barrel	(e)	thousands of barrels of oil equivalent per day	(h)	thousands of cubic metres per day
(c)	dollars per barrel rounded to the nearest $0.05	(f)	millions of cubit feet equivalent per day	(i)	$ millions
				(j)	percentage


Crude oil, refined products, etc.		1m ³ (cubic metre) = approx. 6.29 barrels