REG-TotalEnergies SE TotalEnergies Completes the Sale of Its Upstream Canadian Assets to Suncor

TotalEnergies SEAnnouncement

21/11/2023 07:00

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TotalEnergies Completes the Sale of Its Upstream Canadian Assets to Suncor

 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has completed today the sale to
Suncor of 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 the transaction is
C$1.47 billion (about US$1.1 billion), with an effective date on April 1(st),
2023. Including adjustments, TotalEnergies received a cash payment at closing
of C$1.83 billion (about US$1.3 billion).

On October 4th, TotalEnergies had already completed the sale of its 50%
participation in Surmont and associated midstream commitments to
ConocoPhillips and had received a cash payment of C$3.7 billion (about US$2.75
billion), with future contingent payments of up to C$440 million (about US$330
million).

“With these two divestments over the last couple of months, TotalEnergies
effectively exits the Canadian oil sands, focusing our allocation of capital
to Oil & Gas assets with low breakeven. The Company has hence received
more than US$4 billion from these sales during the fourth quarter 2023, out of
which, as previously announced, US$1.5 billion will be shared with
shareholders as buybacks in 2023”, 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, more sustainable, 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 

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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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