TotalEnergies Completes Sale Of Upstream Canadian Belongings To Suncor

TotalEnergies accomplished MONday the sale to Suncor of the whole thing of the shares of TotalEnergies EP Canada Ltd., comprising notably its participation within the Fort Hills oil sands asset and related midstream commitments.

The consideration for the transaction is C$1.47 billion (about US$1.1 billion), with an efficient date on April 1st, 2023. Together with changes, TotalEnergies obtained a money cost at closing of C$1.83 billion (about US$1.3 billion).

On October 4th, TotalEnergies had already accomplished the sale of its 50% participation in Surmont and related midstream commitments to ConocoPhillips and had obtained a money cost of C$3.7 billion (about US$2.75 billion), with future contingent funds of as much as C$440 million (about US$330 million).

“With these two divestments over the past couple of months, TotalEnergies successfully exits the Canadian oil sands, focusing our allocation of capital to Oil & Gasoline belongings with low breakeven. The Firm has therefore obtained greater than US$4 billion from these gross sales through the fourth quarter 2023, out of which, as beforehand introduced, US$1.5 billion can be shared with shareholders as buybacks in 2023”, mentioned Jean-Pierre Sbraire, Chief Monetary Officer of TotalEnergies.