ConocoPhillips said on Friday it was buying the 50% stake in the Surmont oil facility held by TotalEnergies' Canadian subsidiary for about $3 billion, giving it full ownership and elbowing away rival Suncor Energy.
Canadian subsidiary for about $3 billion, giving it full ownership and elbowing away rival Suncor Energy.
But ConocoPhillips, which held the other 50% stake, held right of first refusal to buy the rest of Surmont. Conoco's decision to exercise that right is a setback to Suncor's plans to boost its long-term bitumen supplies to replace its aging Base Mine. Conoco's pending decision had stirred speculation about whether it would exercise its option, but investors seemed to favor buying Surmont, given its returns, RBC Capital Markets said in a note.ConocoPhillips expects the transaction to add about $600 million of annual free cash flow in 2024.
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