TotalEnergies Completes Sale of Canadian Assets to Suncor
21 November 2023 - 7:54AM
Dow Jones News
By Giulia Petroni
TotalEnergies has completed the sale of its upstream Canadian
assets to Suncor for 1.47 billion Canadian dollars ($1.1
billion).
The French company said late on Monday that the sale comprises
its participation in the Fort Hills oil sands asset and associated
midstream commitments. Including adjustments, the company received
a cash payment of CAD1.83 billion.
Last month, TotalEnergies sold its 50% participation in Surmont
and associated midstream commitments to ConocoPhillips for a cash
payment of CAD3.7 billion, with future contingent payments of up to
CAD440 million.
"With these two divestments over the last couple of months,
TotalEnergies effectively exits the Canadian oil sands, focusing
our allocation of capital to oil & gas assets with low
breakeven," said Chief Financial Officer Jean-Pierre Sbraire.
The company said it has received more than $4 billion from these
sales in the fourth quarter and that, as previously announced, it
will use $1.5 billion as buybacks in 2023.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
November 21, 2023 01:39 ET (06:39 GMT)
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