TotalEnergies exits Canadian oil sands

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TotalEnergies announced on Nov. 20 that it has completed the sale of shares of TotalEnergies EP Canada Ltd. to Suncor.

The sale comprises TotalEnergies’ participation in the Fort Hills oil sands asset in Alberta and associated midstream commitments. The consideration for the transaction is CA$1.47 billion (about US$1.1 billion), with an effective date of April 1, 2023. Including adjustments, TotalEnergies received a cash payment at closing of CA$1.83 billion (about US$1.3 billion).

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On October 4, TotalEnergies had already completed the sale of its 50% participation in Surmont and associated midstream commitments to ConocoPhillips and had received a cash payment of CA$3.7 billion (about US$2.75 billion), with future contingent payments of up to CA$440 million (about US$330 million).

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“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. The company has hence received more than US$4 billion from these sales during the fourth quarter 2023, out of which, as previously announced, US$1.5 billion will be shared with shareholders as buybacks in 2023”, said Jean-Pierre Sbraire, Chief Financial Officer of TotalEnergies.

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