REG-TotalEnergies SE Canada: TotalEnergies Closes the Sale of Its 50% Interest in Surmont to ConocoPhillips and Sells the Remainder of Its Upstream Canadian Assets to Suncor

TotalEnergies SEAnnouncement

05/10/2023 07:00

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Canada: TotalEnergies Closes the Sale of Its 50% Interest in Surmont to
ConocoPhillips and Sells the Remainder of Its Upstream Canadian Assets to
Suncor

 

TotalEnergies EP Canada Ltd. (Paris:TTE) (LSE:TTE) (NYSE:TTE) has finalized
today the sale to ConocoPhillips of its 50% interest in the Surmont oil sands
asset and associated midstream commitments. The transaction, for a base amount
of C$4.03 billion (about US$3.0 billion) plus up to C$440 million (about
US$330 million) in contingent payments, has an effective date on April 1(st),
2023. Including adjustments, TotalEnergies received a cash payment at closing
of C$3.7 billion (about US$2.75 billion). At current WCS (Western Canadian
Select) prices and production levels, TotalEnergies would receive the entirety
of the contingent payments within a year.

TotalEnergies has also signed an agreement to sell to Suncor the entirety of
the shares of TotalEnergies EP Canada Ltd., comprising notably its
participation in the Fort Hills oil sands asset and associated midstream
commitments. The consideration for this transaction is C$1.47 billion (about
US$1.1 billion). Closing is expected before the end of 2023.

“The disposal of our Canadian oil sands assets fits our strategy to focus
our allocation of capital to Oil & Gas assets with low breakeven. As
announced during our Investor Day on September 27(th), proceeds from these
divestments will be shared with our shareholders through $1.5 billion of
buybacks in 2023, yielding an expected shareholder distribution of around 44%
of our cash flow (CFFO) this year,” said Jean-Pierre Sbraire, Chief
Financial Officer of TotalEnergies.

About TotalEnergies

TotalEnergies is a global multi-energy company that produces and markets
energies: oil and biofuels, natural gas and green gases, renewables and
electricity. Our more than 100,000 employees are committed to energy that is
ever more affordable, cleaner, more reliable and accessible to as many people
as possible. Active in nearly 130 countries, TotalEnergies puts sustainable
development in all its dimensions at the heart of its projects and operations
to contribute to the well-being of people.

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Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in
this document are used to designate TotalEnergies SE and the consolidated
entities that are directly or indirectly controlled by TotalEnergies SE.
Likewise, the words “we”, “us” and “our” may also be used to refer
to these entities or to their employees. The entities in which TotalEnergies
SE directly or indirectly owns a shareholding are separate legal entities.
This document may contain forward-looking information and statements that are
based on a number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be inaccurate in the
future and are subject to a number of risk factors. Neither TotalEnergies SE
nor any of its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends contained in
this document whether as a result of new information, future events or
otherwise. Information concerning risk factors, that may affect
TotalEnergies’ financial results or activities is provided in the most
recent Universal Registration Document, the French-language version of which
is filed by TotalEnergies SE with the French securities regulator Autorité
des Marchés Financiers (AMF), and in the Form 20-F filed with the United
States Securities and Exchange Commission (SEC).

TotalEnergies 

Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
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Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
(mailto:ir@totalenergies.com)



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