Suncor Energy Closes Purchase of Additional Interest in Syncrude

Source Press Release
Company Suncor Energy Inc.Husky Energy Inc. 
Tags Asset Deals, Deals, Oil Sands, Unconventional Resources, Upstream Activities
Date June 23, 2016

Suncor today announced that it has closed the previously announced purchase of a five per cent interest in Syncrude from  Murphy Oil Corporation's Canadian subsidiary.

"The closing of this transaction further reinforces Suncor's commitment to profitable growth and creating value for shareholders through strategic acquisitions," said Steve Williams president and chief executive officer. "Despite speculative reports, there has been no change to Suncor's strategy. We continue to focus on capital discipline as we evaluate value-added opportunities that are a good fit with our existing core business."

The $937 million sale price is subject to closing adjustments typical of transactions of this nature and is based on an effective date of April 1, 2016. All necessary regulatory approvals were received. The acquisition will be funded from the proceeds of the previously announced $2.9 billion common share financing which closed on June 22, 2016.

Through this transaction Suncor's share in the Syncrude joint venture has increased from 48.74 per cent to 53.74 per cent.

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd