Suncor Energy To Acquire TotalEnergies' Canadian Operations For $1.468B
Portfolio Pulse from Benzinga Newsdesk
Suncor Energy (NYSE:SU) has agreed to acquire TotalEnergies EP Canada Ltd., which holds a 31.23% working interest in the Fort Hills oil sands mining project, for $1.468 billion. The acquisition will add 61,000 barrels per day of net bitumen production capacity and 675 million barrels of proved and probable reserves to Suncor's existing oil sands portfolio. The deal is expected to close on April 1, 2023.
October 04, 2023 | 8:04 pm
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POSITIVE IMPACT
Suncor's acquisition of TotalEnergies' Canadian operations will significantly increase its production capacity and reserves.
The acquisition will add significant production capacity and reserves to Suncor's portfolio, which could potentially increase its revenues and profitability in the long term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
TotalEnergies is selling its Canadian operations to Suncor Energy for $1.468 billion.
The sale of its Canadian operations will result in a reduction in TotalEnergies' production capacity and reserves, which could potentially impact its revenues and profitability in the long term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100