By Giulia Petroni

 

TotalEnergies SE said Wednesday that it is considering spinning off its Canadian oil sands operations and listing them on the Toronto Stock Exchange.

The French oil-and-gas major said the spinoff would include the Surmont oil sands project and the Fort Hills oil sands mine as well as midstream and trading-related activities. It would temporarily retain a minority shareholding to smooth the transition.

The assets are considered to have growth potential but don't fit the company's low-carbon strategy, TotalEnergies said. In 2022, their cash flow from operations amounted to over $1.5 billion, it said.

The proposal will be submitted to vote at the annual general meeting in May 2023.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

September 28, 2022 10:55 ET (14:55 GMT)

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