TotalEnergies Says to Sell Canada Business to Suncor Energy for up to $4.55 Bln

Reuters2023-04-27

PARIS, April 27 - French oil and gas major TotalEnergies said on Thursday it had accepted an offer to sell its Canadian oil sands operations to Suncor Energy for $4.1 billion, with potential additional payments of up to $450 million.

The company had initially planned to spin off the business.

It said its first-quarter adjusted net income fell 27% to $6.5 billion - in line with analyst expectations - due to lower oil and gas prices.

TotalEnergies said it was sticking with plans for a share buyback of up to $2 billion in the second quarter, as it did in the first three months of the year. It confirmed it expected net investments of $16-18 billion this year, including $5 billion for low-carbon energies.

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