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)

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