Suncor Energy Closes Purchase of TotalEnergies' Canadian Operations

Rhea-AI Summary

Suncor Energy (TSX: SU) (NYSE: SU) has completed the acquisition of TotalEnergies EP Canada Ltd., securing the remaining 31.23% working interest in the Fort Hills Project for a purchase price of $1.468 billion. This transaction makes Suncor the sole owner of the Fort Hills Project, located in Alberta's Athabasca region. Suncor Energy is Canada's leading integrated energy company, with operations in oil sands development, production, and upgrading, offshore oil and gas, petroleum refining, and energy trading activities. The company is also committed to transitioning to a low-emissions future through investments in power and renewable fuels.

Positive

• Suncor Energy has solidified its position as a major player in Canada's energy sector through the acquisition of TotalEnergies EP Canada Ltd., consolidating its ownership of the Fort Hills Project and expanding its portfolio in the oil sands development and production sector.
• The purchase price of $1.468 billion demonstrates Suncor's commitment to strategic investments in key projects, positioning the company for future growth and profitability.

Negative

• None.

All financial figures are in Canadian dollars, unless noted otherwise

Calgary, Alberta--(Newsfile Corp. - November 20, 2023) - Suncor Energy (TSX: SU) (NYSE: SU) announced today it has closed the transaction to purchase TotalEnergies EP Canada Ltd., which includes the remaining 31.23% working interest in the Fort Hills Project.

The $1.468 billion purchase price is subject to closing adjustments typical of transactions of this nature and is based on an effective date April 1, 2023.

As a result of this transaction, Suncor wholly owns the Fort Hills Project, which is located in Alberta's Athabasca region, 90 kilometres north of Fort McMurray.

Suncor Energy is Canada's leading integrated energy company. Suncor's operations include oil sands development, production and upgrading; offshore oil and gas; petroleum refining in Canada and the U.S.; and the company's Petro-Canada™ retail and wholesale distribution networks (including Canada's Electric Highway™, a coast-to-coast network of fast-charging electric vehicle stations). Suncor is developing petroleum resources while advancing the transition to a low-emissions future through investment in power and renewable fuels. Suncor also conducts energy trading activities focused principally on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. Suncor has been recognized for its performance and transparent reporting on the Dow Jones Sustainability North America Index, FTSE4Good Index and CDP. Suncor's common shares (symbol: SU) are listed on the Toronto Stock Exchange and the New York Stock Exchange.

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For more information about Suncor, visit our web site at suncor.com.

Media inquiries:
(833) 296-4570
media@suncor.com

Investor inquiries:
(800) 558-9071
invest@suncor.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/188131

FAQ

What is the purchase price of the acquisition?

The purchase price for the acquisition of TotalEnergies EP Canada Ltd., including the remaining 31.23% working interest in the Fort Hills Project, is $1.468 billion.

Where is the Fort Hills Project located?

The Fort Hills Project is situated in Alberta's Athabasca region, 90 kilometres north of Fort McMurray.

What are Suncor Energy's main operations?

Suncor's operations include oil sands development, production, and upgrading; offshore oil and gas; petroleum refining in Canada and the U.S.; and energy trading activities, with a focus on crude oil, natural gas, byproducts, refined products, and power.

How is Suncor Energy contributing to a low-emissions future?

Suncor is advancing the transition to a low-emissions future through investments in power and renewable fuels, aligning with its commitment to sustainable energy practices.

Where are Suncor's common shares listed?

Suncor's common shares (symbol: SU) are listed on the Toronto Stock Exchange and the New York Stock Exchange.