Suncor Energy Provides Update on Acquisition of TotalEnergies' Canadian Operations

Source Company Press Release
Company Suncor Energy Inc., TotalEnergies SE, ConocoPhillips
Tags Corporate: Overview/Strategy, Country: Canada, M&A: Asset Deal, Deals, Oil Sands Project: Surmont (ConocoPhillips), Segment: Oilsands News, Upstream: Upstream News
Date May 26, 2023

Suncor Energy (TSX: SU) (NYSE: SU) ("Suncor") announced that it has been notified that ConocoPhillips Canada ("ConocoPhillips") has elected to exercise their right of first refusal with respect to TotalEnergies' 50% working interest in the Surmont asset.

Suncor's agreement to close the transaction to acquire TotalEnergies' Canadian operations was conditional upon ConocoPhillips waiving its right of first refusal in respect of the Surmont working interest. As a result, each of the parties has the right to terminate the agreement under which Suncor would acquire TotalEnergies' Canadian operations and Suncor will be assessing the transaction in light of this change.

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