TotalEnergies has finalized the sale to Suncor of its entire interest in TotalEnergies EP Canada, including its interest in the Fort Hills oil sands asset and associated logistics obligations.

The transaction was concluded for 1.47 billion Canadian dollars (approximately 1.1 billion US dollars), with an effective date of April 1, 2023.

Including price adjustments, TotalEnergies received a cash payment at closing of C$1.83 billion (approximately US$1.3 billion).

On October 4, TotalEnergies sold its 50% interest in Surmont and certain associated logistics obligations to ConocoPhillips, and received a cash payment at closing of C$3.7 billion (approximately US$2.75 billion), with up to C$440 million (approximately US$330 million) in additional payments to come.

With these two divestments in the space of two months, TotalEnergies has completed its exit from the oil sands in Canada, in order to prioritize capital allocation to low breakeven Oil & Gas assets", said Jean-Pierre Sbraire, CFO of TotalEnergies.

Copyright (c) 2023 CercleFinance.com. All rights reserved.