Suncor Energy Inc. (SU)

Inventory Accounting Policy

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. Costs include direct and indirect expenditures incurred in bringing an item or product to its existing condition and location. Materials and supplies are valued at the lower of average cost and net realizable value.

Inventories held for trading purposes in Suncor's energy supply and trading operations are carried at fair value less costs to sell, and any changes in fair value are recognized within Other Income.

Source: Suncor Energy Inc., Annual Report

Inventory Disclosure

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Suncor Energy Inc., Statement of Financial Position, Inventory

USD $ in millions, translated from CAD C$

		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	Crude oil
	Refined products
	Materials, supplies and merchandise
	Energy trading commodity inventories
	Inventories

Source: Based on data from Suncor Energy Inc. Annual Reports

Item	Description	The company
Crude oil	Carrying amount as of the balance sheet date of finished goods inventories for petroleum products, crude oil, petrochemical products, and other oil and gas inventories.	Suncor Energy Inc.'s crude oil increased from 2009 to 2010 and from 2010 to 2011.
Refined products	Carrying amount as of the balance sheet date of solvents or substances produced by or used in a process to change the shape, form or composition of some related matter.	Suncor Energy Inc.'s refined products increased from 2009 to 2010 and from 2010 to 2011.
Materials, supplies and merchandise	Aggregated amount of unprocessed materials to be used in manufacturing or production process and supplies that will be consumed.	Suncor Energy Inc.'s materials, supplies and merchandise increased from 2009 to 2010 and from 2010 to 2011.
Inventories	Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer).	Suncor Energy Inc.'s inventories increased from 2009 to 2010 and from 2010 to 2011.

Adjustment to Inventory: from LIFO to FIFO

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Adjusting LIFO Inventory to FIFO (Current) Cost

USD $ in millions, translated from CAD C$

		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	Adjustment to Inventories
	Inventories at LIFO (as reported)
	Add: LIFO reserve, ending balance
	Inventories at FIFO (adjusted)
	Adjustment to Current Assets
	Current assets (as reported)
	Add: LIFO reserve, ending balance
	Current assets (adjusted)
	Adjustment to Total Assets
	Total assets (as reported)
	Add: LIFO reserve, ending balance
	Total assets (adjusted)
	Adjustment to Shareholders' Equity
	Shareholders' equity (as reported)
	Add: LIFO reserve, ending balance
	Shareholders' equity (adjusted)
	Adjustment to Net Earnings
	Net earnings (as reported)
	Add: Increase (decrease) in LIFO reserve, ending balance
	Net earnings (adjusted)

Suncor Energy Inc.'s inventory value on Dec 31, 2011 would be $4,136 (in millions) if the FIFO inventory method was used instead of LIFO. Suncor Energy Inc.'s inventories, valued on a LIFO basis, on Dec 31, 2011 were $4,136 . Suncor Energy Inc.'s inventories would have been $– higher than reported on Dec 31, 2011 if the FIFO method had been used instead.

Adjusted Ratios: LIFO vs. FIFO (Summary)

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Suncor Energy Inc., adjusted ratios

	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
Current Ratio
Reported current ratio (LIFO)
Adjusted current ratio (FIFO)
Net Profit Margin
Reported net profit margin (LIFO)	%	%	%	%	%
Adjusted net profit margin (FIFO)	%	%	%	%	%
Total Asset Turnover
Reported total asset turnover (LIFO)
Adjusted total asset turnover (FIFO)
Financial Leverage
Reported financial leverage (LIFO)
Adjusted financial leverage (FIFO)
Return on Equity (ROE)
Reported ROE (LIFO)	%	%	%	%	%
Adjusted ROE (FIFO)	%	%	%	%	%
Return on Assets (ROA)
Reported ROA (LIFO)	%	%	%	%	%
Adjusted ROA (FIFO)	%	%	%	%	%

Ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by current liabilities.	Suncor Energy Inc.'s adjusted current ratio deteriorated from 2009 to 2010 but then improved from 2010 to 2011 exceeding 2009 level.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Suncor Energy Inc.'s adjusted net profit margin improved from 2009 to 2010 but then slightly deteriorated from 2010 to 2011.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Suncor Energy Inc.'s adjusted total asset turnover improved from 2009 to 2010 and from 2010 to 2011.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Suncor Energy Inc.'s adjusted financial leverage declined from 2009 to 2010 and from 2010 to 2011.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders' equity.	Suncor Energy Inc.'s adjusted ROE improved from 2009 to 2010 and from 2010 to 2011.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Suncor Energy Inc.'s adjusted ROA improved from 2009 to 2010 and from 2010 to 2011.

Adjusted Current Ratio

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		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	As Reported
	Current assets (USD $ in millions, translated from CAD C$)
	Current liabilities (USD $ in millions, translated from CAD C$)

	Current ratio¹
	Adjusted: from LIFO to FIFO
	Adjusted current assets (USD $ in millions, translated from CAD C$)
	Current liabilities (USD $ in millions, translated from CAD C$)

	Adjusted current ratio²

2011 Calculations

¹ Current ratio = Current assets ÷ Current liabilities
= ÷ =

² Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= ÷ =

Ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by current liabilities.	Suncor Energy Inc.'s adjusted current ratio deteriorated from 2009 to 2010 but then improved from 2010 to 2011 exceeding 2009 level.

Adjusted Net Profit Margin

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	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
As Reported
Net earnings (USD $ in millions, translated from CAD C$)
Operating revenues (USD $ in millions, translated from CAD C$)

Net profit margin¹	%	%	%	%	%
Adjusted: from LIFO to FIFO
Adjusted net earnings (USD $ in millions, translated from CAD C$)
Operating revenues (USD $ in millions, translated from CAD C$)

Adjusted net profit margin²	%	%	%	%	%

2011 Calculations

¹ Net profit margin = 100 × Net earnings ÷ Operating revenues
= 100 × ÷ = %

² Adjusted net profit margin = 100 × Adjusted net earnings ÷ Operating revenues
= 100 × ÷ = %

Ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Suncor Energy Inc.'s adjusted net profit margin improved from 2009 to 2010 but then slightly deteriorated from 2010 to 2011.

Adjusted Total Asset Turnover

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		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	As Reported
	Operating revenues (USD $ in millions, translated from CAD C$)
	Total assets (USD $ in millions, translated from CAD C$)

	Total asset turnover¹
	Adjusted: from LIFO to FIFO
	Operating revenues (USD $ in millions, translated from CAD C$)
	Adjusted total assets (USD $ in millions, translated from CAD C$)

	Adjusted total asset turnover²

2011 Calculations

¹ Total asset turnover = Operating revenues ÷ Total assets
= ÷ =

² Adjusted total asset turnover = Operating revenues ÷ Adjusted total assets
= ÷ =

Ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Suncor Energy Inc.'s adjusted total asset turnover improved from 2009 to 2010 and from 2010 to 2011.

Adjusted Financial Leverage

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		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	As Reported
	Total assets (USD $ in millions, translated from CAD C$)
	Shareholders' equity (USD $ in millions, translated from CAD C$)

	Financial leverage¹
	Adjusted: from LIFO to FIFO
	Adjusted total assets (USD $ in millions, translated from CAD C$)
	Adjusted shareholders' equity (USD $ in millions, translated from CAD C$)

	Adjusted financial leverage²

2011 Calculations

¹ Financial leverage = Total assets ÷ Shareholders' equity
= ÷ =

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders' equity
= ÷ =

Ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Suncor Energy Inc.'s adjusted financial leverage declined from 2009 to 2010 and from 2010 to 2011.

Adjusted Return On Equity (ROE)

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	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
As Reported
Net earnings (USD $ in millions, translated from CAD C$)
Shareholders' equity (USD $ in millions, translated from CAD C$)

ROE¹	%	%	%	%	%
Adjusted: from LIFO to FIFO
Adjusted net earnings (USD $ in millions, translated from CAD C$)
Adjusted shareholders' equity (USD $ in millions, translated from CAD C$)

Adjusted ROE²	%	%	%	%	%

2011 Calculations

¹ ROE = 100 × Net earnings ÷ Shareholders' equity
= 100 × ÷ = %

² Adjusted ROE = 100 × Adjusted net earnings ÷ Adjusted shareholders' equity
= 100 × ÷ = %

Ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders' equity.	Suncor Energy Inc.'s adjusted ROE improved from 2009 to 2010 and from 2010 to 2011.

Adjusted Return On Assets (ROA)

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	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
As Reported
Net earnings (USD $ in millions, translated from CAD C$)
Total assets (USD $ in millions, translated from CAD C$)

ROA¹	%	%	%	%	%
Adjusted: from LIFO to FIFO
Adjusted net earnings (USD $ in millions, translated from CAD C$)
Adjusted total assets (USD $ in millions, translated from CAD C$)

Adjusted ROA²	%	%	%	%	%

2011 Calculations

¹ ROA = 100 × Net earnings ÷ Total assets
= 100 × ÷ = %

² Adjusted ROA = 100 × Adjusted net earnings ÷ Adjusted total assets
= 100 × ÷ = %

Ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Suncor Energy Inc.'s adjusted ROA improved from 2009 to 2010 and from 2010 to 2011.

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Suncor Energy Inc. (SU) | Analysis of Inventory

Inventory Accounting Policy

Inventory Disclosure

Adjustment to Inventory: from LIFO to FIFO

Adjusted Ratios: LIFO vs. FIFO (Summary)

Adjusted Current Ratio

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return On Equity (ROE)

Adjusted Return On Assets (ROA)

Basic Materials

Consumer Goods

Consumer Services

Health Care

Industrials

Oil & Gas

Technology

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Suncor Energy Inc. (SU) | Analysis of Inventory

Inventory Accounting Policy

Inventory Disclosure

Adjustment to Inventory: from LIFO to FIFO

Adjusted Ratios: LIFO vs. FIFO (Summary)

Adjusted Current Ratio

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return On Equity (ROE)

Adjusted Return On Assets (ROA)

Basic Materials

Consumer Goods

Consumer Services

Health Care

Industrials

Oil & Gas

Technology

Telecommunications

...the analysis of Suncor Energy
(data of only one company could be available for free)