TotalEnergies EP Canada Acquires an Additional Interest in Fort Hills, ahead of Its Planned Spin-off
27 Janeiro 2023 - 4:40AM
Business Wire
Regulatory News:
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE):
In the context of its future spin-off, TotalEnergies EP Canada
Ltd announces that it has exercised its preemption right to acquire
an additional 6.65% interest in the Fort Hills Energy Limited
Partnership and associated sales and logistics agreements from Teck
Resources Limited, for a consideration of 312 million Canadian
Dollars.
Fort Hills is located 90 kilometers North of Fort McMurray in
the Province of Alberta. Prior to the transaction, TotalEnergies EP
Canada held a working interest of 24.58% in the Fort Hills project,
and after the transaction it will hold 31.23%. TotalEnergies EP
Canada also holds a 50% working interest in the Surmont project
located in the region.
In line with its low-carbon strategy, TotalEnergies announced in
September 2022 its intention to exit Canadian oil sands by spinning
off TotalEnergies EP Canada in 2023. Through the acquisition of an
additional interest in Fort Hills, TotalEnergies EP Canada is
building the future for the spin-off entity in an asset with
long-term growth potential. The spin-off is planned to be submitted
to vote at TotalEnergies’ annual Shareholders’ Meeting in May
2023.
“By seizing this opportunity to grow its business under
attractive conditions, TotalEnergies EP Canada will deliver value
to the future shareholders of the spin-off entity”, said
Jean-Pierre Sbraire, CFO of TotalEnergies.
***
About TotalEnergies TotalEnergies is a global
multi-energy company that produces and markets energies: oil and
biofuels, natural gas and green gases, renewables and electricity.
Our 100,000 employees are committed to energy that is ever more
affordable, cleaner, more reliable and accessible to as many people
as possible. Active in more than 130 countries, TotalEnergies puts
sustainable development in all its dimensions at the heart of its
projects and operations to contribute to the well-being of
people.
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