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Suncor Energy to Sell Offshore Asset Stakes to Ithaca; Raises Buyback Plan

MT Newswires Live
Oct 05

Suncor Energy (SU) agreed to sell its interests in the Terra Nova, White Rose and West White Rose offshore assets to Ithaca Energy for 1.2 billion Canadian dollars ($841.3 million) upfront cash, plus up to CA$350 million in contingent payments, Suncor said Sunday.

Ithaca will assume investment commitments and all future liabilities related to the assets, including a CA$500 million regulatory well compliance program starting next year at Terra Nova and the total estimated abandonment and lease liabilities of CA$1.4 billion.

The transaction is expected to close in early 2027.

Suncor also said it increased share repurchases under its normal course issuer bid to CA$750 million from CA$500 million a month, starting in October.

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