French company TotalEnergies says it has signed a deal to sell its Canadian operations to Suncor Energy Inc. in an agreement worth up to $6.1 billion.
Under the deal, Suncor will pay $5.5 billion in cash, plus up to an additional $600 million that is conditional on Western Canadian Select benchmark oil pricing and certain production targets.
“These are valuable oilsands assets that are a strategic fit for us and add long-term shareholder value.” TotalEnergies had announced last year it planned to exit the Canadian oilsands by spinning off TotalEnergies EP Canada, but said it decided to sell the operations instead after receiving several unsolicited offers including the one by Suncor.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
TotalEnergies exits Canadian oilsands, selling stakes to Suncor for $4.1 billionTotalEnergies exits Canada\u0027s oilsands, selling its stake to Suncor Energy for $4.1 billion. Read more
Read more »
TotalEnergies exits Canadian oilsands, selling stakes to Suncor for $5.5 billionTotalEnergies exits Canada\u0027s oilsands, selling its stake to Suncor Energy for $4.1 billion. Read more
Read more »
TotalEnergies accepts offer to sell Canadian oil sands operations to Suncor for US$4.1-billionTotalEnergies initially planned to spin off the business but said the sale to Suncor would be more straightforward and the price tag was comparable to its own valuations for a listing of the business
Read more »
Suncor inks deal with French company that will expand bitumen production capacity | Globalnews.caTotalEnergies had announced last year it planned to exit the Canadian oilsands by spinning off TotalEnergies EP Canada, but said it decided to sell the operations instead.
Read more »
Speranza Scappucci steps onto the podium for Canadian Opera Company’s production of MacbethSperanza Scappucci on her approach to the podium, and what ensembles can do to better support the next generation of female conductors
Read more »