TotalEnergies Completes Sale of Canadian Assets to Suncor
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)
Copyright (c) 2023 Dow Jones & Company, Inc.-
Markets Brief: Non-Farm Payrolls in the Spotlight Again
-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
Morningstar’s Guide to Investing in Stocks
-
Our Top Pick for Investing in US Renewable Energy
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth
-
How to Measure a Company’s Competitive Advantage
-
How to Think Like a Stock Analyst