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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Business

Business

Suncor loses Surmont oil site to ConocoPhillips.

ConocoPhillips
ConocoPhillips ConocoPhillips
ConocoPhillips
ConocoPhillips ConocoPhillips

ConocoPhillips (COP.N) bought TotalEnergies’ (TTEF.PA) Canadian subsidiary’s 50% stake in the Surmont oil complex for $3 billion, displacing Suncor Energy.

Cash-flush producers want to increase production in Alberta’s oil sands, which have the world’s greatest crude reserves.

Suncor (SU.TO) bought TotalEnergies’ Canadian operations last month for C$5.5 billion ($4.11 billion), including Total’s 50% ownership in ConocoPhillips’ Surmont.
The other 50% stakeholder, ConocoPhillips, first refused to buy Surmont. Conoco’s decision hampered Suncor’s efforts to increase long-term bitumen supplies to replace its Base Mine.

Suncor said its Total contract was contingent on ConocoPhillips renouncing its right of first refusal, and it is re-evaluating the transaction.

RBC Capital Markets said investors preferred Surmount’s returns over Conoco’s imminent decision.
Suncor fell 1.3%, while Conoco softened.

ConocoPhillips forecast $600 million in 2024 free cash flow from the purchase.

ConocoPhillips said the acquisition would be funded by cash, short- and medium-term financing, or a combination in the second half 2023.


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