1. Rocky Mountain Crude Differentials A Suncor Perspective Tim Kirwin Crude Trader April 2006

2. OPTIONAL TEXT Rocky Mountain Crude Differentials  Executive Summary  Rockies production increased versus anticipated decline  Canadian crude production increasing, however Padd 4 refiners have not increased Canadian crude percentage  Infrastructure is inadequate to handle supply/demand disruptions  Quality of common stream Guernsey is heavier than historical  Heavy industry wide turnaround maintenance  Unplanned refinery maintenance  Signs of over supply already taking place prior to refinery outages

3. OPTIONAL TEXT Rocky Mountain Fundamentals  Demand  Unplanned outages in December 2005 lowered demand for local and Canadian crudes.  Demand has been further reduced by industry wide refinery maintenance (including Suncor) mandated by the EPA to produce ultra clean fuels.  Suncor was not a sweet buyer February/March  The east plant continued to run at full capacity  Both plants expected back to full capacity in April (Suncor running at 85% as of April 25 th )

4. OPTIONAL TEXT Rocky Mountain Crude Differentials  Refinery Supply  Refineries are all different in what kinds and how much of any one crude they can run  Refineries rarely able to process 100% of any crude type  To fill up all refinery units and run at full capacity refineries make decisions based on  Price  Yield  Availability  LP determines optimum crude slate

5. OPTIONAL TEXT 20% Naphtha 40% Distillate 40% Gas Oil OSA 12% LSR 19% Naphtha 8% Sweet Resid 35% Gas Oil 13% Diesel Sweet Crude 13% Kerosene 5% LSR 9% Naphtha 12% Kerosene 31% Asphalt 31% Gas Oil 12% Diesel Sour Crude

6. OPTIONAL TEXT Differential widened in 2005, major move due to Suncor fire maintenance

7. OPTIONAL TEXT Strong outright WTI prices have off-set wide differentials

8. OPTIONAL TEXT Suncor Energy – overview  Suncor is a major purchaser of Rockies crude:  We have increased domestic crude runs since purchasing the refineries  Suncor focuses on fair pricing to foster strong long-term relationships with crude suppliers  Suncor’s oil sands production is increasing, but that production and the infrastructure to take it to market are planned years in advance.  In 2005 less than 8% of Suncor crude came from Oil Sands  Suncor has invested over $400 million in refinery upgrades.  reliable demand for Rockies crude  local refining means lower fuel prices  increased employment, economic benefits, taxes/royalties

9. OPTIONAL TEXT Suncor has increased Rockies crude purchases Barrels Per Day