ConocoPhillips: exercises preemption right on Surmont

(CercleFinance.com) - TotalEnergies announces that ConocoPhillips has notified TotalEnergies that it has exercised its preemption right to acquire the 50% interest in the Surmont assets held by TotalEnergies EP Canada Ltd.


At closing, the French company will receive a cash payment of C$4.03 billion (approximately US$3 billion), with additional payments of up to C$440 million, subject to certain conditions.

The transaction, which is subject to public approvals, is expected to close in the third quarter of 2023. TotalEnergies is now open to finalising a transaction with Suncor for the sale of TEPCA shares.


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