Suncor Energy (SU.TO, SU) agreed to sell its 48% interest in Terra Nova, 40% interest in White Rose and 38.6% interest in West White Rose offshore assets to Ithaca Energy plc for CA$1.55 billion in total, it said over the weekend.
The company will receive CA$1.2 billion of CA$1.55 billion upfront via cash and an additional contingent payment of up to CA$350 million will be made, based on future oil prices, it said. Ithaca will assume investment commitments and all future liabilities associated with the assets, it added.
The deal has an effective date of July 1, 2026, and is expected to close in early 2027, subject to some conditions. Suncor will retain its interests in Hebron and Hibernia, it said.
The company also increased share repurchases under its normal course issuer bid to $750 million from $500 million per month beginning in October 2026.
US-listed shares of the company were last seen up 0.3% at CA$69.77 in pre-market trading.
Source: finance.yahoo.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
