By Stephen Nakrosis

TotalEnergies said Wednesday it agreed to sell the entirety of the shares of TotalEnergies EP Canada Ltd. to Suncor for about $1.1 billion.

TotalEnergies said the sale comprises its participation in the Fort Hills oil sands asset and associated midstream commitments. The deal is expected to close before the end of this year.

Also on Wednesday, TotalEnergies EP Canada Ltd. said it completed the sale of its 50% interest in the Surmont oil sands asset and associated midstream commitments to ConocoPhillips. That deal has a base amount of about $3 billion and up to $330 million in contingent payments, the company said.

Jean-Pierre Sbraire, TotalEnergies' chief financial officer, said the sale of these assets "fits our strategy to focus our allocation of capital to oil & gas assets with low breakeven."

The company previously announced proceeds from the divestments will be shared with shareholders through $1.5 billion of buybacks this year.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

October 04, 2023 17:09 ET (21:09 GMT)

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