News | May 26, 2023

TotalEnergies To Sell Its 50% Stake In Surmont Oil Sands Asset To ConocoPhillips Following Exercise Of Its Preemption Right

In connection with the sale by TotalEnergies to Suncor Energy Inc. of the entirety of the shares of TotalEnergies EP Canada Ltd announced on April 27, 2023, ConocoPhillips has notified on May 26, 2023 TotalEnergies that it is exercising its preemption right to purchase the 50% interest in the Surmont asset held by TotalEnergies EP Canada Ltd.

TotalEnergies will receive from ConocoPhillips a cash payment upon closing of C$4.03B (about US$3B) and additional payments that could reach a maximum of C$440M (about US$325M) under specific conditions for its 50% non-operated interest in the Surmont asset and associated logistics commitments. Closing, subject to regulatory approval, is expected in the third quarter 2023.

As previously announced, the transaction with Suncor is subject to the waiver of its partner ConocoPhillips pre-emptive right. As ConocoPhillips has exercised its preemption right, TotalEnergies will be open to complete a transaction with Suncor regarding the sale of TEPCA’s shares, comprising the Fort Hills working interest, as per the agreed value in the initial SPA.

About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.

Source: TotalEnergies