(Bloomberg) -- Suncor Energy Inc. agreed to buy TotalEnergies SE’s stake in the Fort Hills oil-sands mine for C$1.47 billion ($1.07 billion) after an earlier deal to buy the French company’s Canadian assets was thwarted by ConocoPhillips. Most Read from BloombergAlmost Anyone Can Become the House Speaker, Except Donald TrumpKey Taiwan Tech Firms Helping Huawei With China Chip PlantsOzempic Is Making People Buy Less Food, Walmart SaysUS Stocks Buoyed by Big Tech Gains as Yields Slide: Markets Wra
CALGARY — French company TotalEnergies says it has finalized its sale of its 50 per cent stake in the Surmont oilsands project to U.S. oil company ConocoPhillipsin a deal worth up to $4.4 billion. Canadian oil producer Suncor Energy Inc. had announced last April its intention to acquire Total's share of Surmont as part of a larger $6.1-billion deal that would also see Suncor acquire Total's stake in the Fort Hills oilsands project. But ConocoPhillips, the operator and 50 per cent owner of the Su
Suncor Energy on Wednesday said it would acquire French energy firm TotalEnergies' Canadian operations for C$1.47 billion ($1.07 billion) to bolster its bitumen production capacity. Suncor will buy the 31.23% interest held by TotalEnergies EP Canada in the Fort Hills oil sands mining project to get its total ownership to 100%. "The transaction secures additional long-term bitumen supply to fill our Base Plant upgraders at a competitive supply cost, addressing a key uncertainty for the company," Suncor Chief Executive Rich Kruger said in a statement.