TotalEnergies has finalised the sale of the company’s TotalEnergies EP Canada Ltd shares to Suncor — including its 31.23 per cent working interest in the Fort Hills oil sands mining project and other associated midstream commitments.

The consideration for the transaction totalled C$1.47 billion — with an effective date on 1 April 2023 — and including adjustments, TotalEnergies received a cash payment of $1.83 billion at closing.

The company had already completed the sale of its 50 per cent participation in Surmont on 4 October 2023 and associated midstream commitments to ConocoPhillips and received a cash payment of C$3.7 billion, with future contingent payments of up to C$440 million.

TotalEnergies Chief Financial Officer Jean-Pierre Sbraire said: “With these two divestments over the last couple of months, TotalEnergies effectively exits the Canadian oil sands, focusing our allocation of capital to Oil & Gas assets with low breakeven.

“The company has hence received more than US$4 billion from these sales during the fourth quarter 2023, out of which, as previously announced, US$1.5 billion will be shared with shareholders as buybacks in 2023,” said Sbraire.