REG-TotalEnergies SE Canada: TotalEnergies to Sell Its 50% Stake in Surmont Oil Sands Asset to ConocoPhillips Following Exercise of Its Preemption Right

TotalEnergies SEAnnouncement

30/05/2023 07:00

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Canada: TotalEnergies to Sell Its 50% Stake in Surmont Oil Sands Asset to
ConocoPhillips Following Exercise of Its Preemption Right

 

In connection with the sale by TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE)
to Suncor Energy Inc. of the entirety of the shares of TotalEnergies EP Canada
Ltd announced on April 27, 2023, ConocoPhillips has notified on May 26, 2023
TotalEnergies that it is exercising its preemption right to purchase the 50%
interest in the Surmont asset held by TotalEnergies EP Canada Ltd.

TotalEnergies will receive from ConocoPhillips a cash payment upon closing of
C$4.03 billion (about US$3 billion) and additional payments that could reach a
maximum of C$440 million (about US$325 million) under specific conditions for
its 50% non-operated interest in the Surmont asset and associated logistics
commitments. Closing, subject to regulatory approval, is expected in the third
quarter 2023.

As previously announced, the transaction with Suncor is subject to the waiver
of its partner ConocoPhillips pre-emptive right. As ConocoPhillips has
exercised its preemption right, TotalEnergies will be open to complete a
transaction with Suncor regarding the sale of TEPCA’s shares, comprising the
Fort Hills working interest, as per the agreed value in the initial SPA.

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).



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TotalEnergies 

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