Bloomberg Law
May 26, 2023, 8:27 PM

Conoco to Buy Full Control of Oil-Sands Site for $3 Billion (4)

Kevin Orland
Kevin Orland
Bloomberg News

ConocoPhillips exercised its right to acquire TotalEnergies SE’s 50% stake in the Surmont oil-sands field for as much as $3.33 billion, giving it full control of the Canadian operation and thwarting efforts by Suncor Energy Inc. to buy into the site.

The purchase includes a $3 billion price tag and as much as $325 million in contingent payments, Houston-based ConocoPhillips said Friday. The transaction is expected to close in the second half of the year and will be funded with cash and short- and medium-term financing or a combination of those options.

Taking full control of Surmont’s low-cost production helps ...

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