Suncor acquires TotalEnergies' Fort Hills stake

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Suncor Energy has agreed to acquire TotalEnergies EP Canada for CAD1.47 billion (USD1 billion).

TotalEnergies EP Canada Ltd. holds a 31.23% working interest in the Fort Hills oil sands mining project (Fort Hills). This acquisition increases Suncor's net bitumen production capacity by 61,000 barrels per day and adds 675 million barrels of proved and probable reserves to Suncor's existing oil sands portfolio. Upon the completion of the transaction, Suncor will own 100% of Fort Hills, along with its 100% ownership of Firebag and MacKay River in-situ assets, providing the company with additional long-life, physically-integrated bitumen supply. This allows Suncor to maximize the utilization of its wholly-owned Base Plant upgrades after the end of the Base Mine life. The additional interest acquired in this asset aligns with the company's objective of achieving net zero greenhouse gas emissions from operations by 2050.

Suncor enlisted J.P. Morgan Securities Canada as its exclusive financial advisor and received legal advice from Blake Cassels and Graydon LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP for the transaction.

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