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 CAN$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 and gas assets with low breakeven. As announced during our Investor Day on 27 September, proceeds from these divestments will be shared with our shareholders through US$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.
