REG-TotalEnergies SE TotalEnergies EP Canada Acquires an Additional Interest in Fort Hills, ahead of Its Planned Spin-off

TotalEnergies SEAnnouncement

27/01/2023 07:45

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TotalEnergies EP Canada Acquires an Additional Interest in Fort Hills, ahead
of Its Planned Spin-off

 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE):

In the context of its future spin-off, TotalEnergies EP Canada Ltd announces
that it has exercised its preemption right to acquire an additional 6.65%
interest in the Fort Hills Energy Limited Partnership and associated sales and
logistics agreements from Teck Resources Limited, for a consideration of 312
million Canadian Dollars.

Fort Hills is located 90 kilometers North of Fort McMurray in the Province of
Alberta. Prior to the transaction, TotalEnergies EP Canada held a working
interest of 24.58% in the Fort Hills project, and after the transaction it
will hold 31.23%. TotalEnergies EP Canada also holds a 50% working interest in
the Surmont project located in the region.

In line with its low-carbon strategy, TotalEnergies announced in September
2022 its intention to exit Canadian oil sands by spinning off TotalEnergies EP
Canada in 2023. Through the acquisition of an additional interest in Fort
Hills, TotalEnergies EP Canada is building the future for the spin-off entity
in an asset with long-term growth potential. The spin-off is planned to be
submitted to vote at TotalEnergies’ annual Shareholders’ Meeting in May
2023.

“By seizing this opportunity to grow its business under attractive
conditions, TotalEnergies EP Canada will deliver value to the future
shareholders of the spin-off entity”, said Jean-Pierre Sbraire, CFO 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 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 more than 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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