Suncor Energy said Sunday it agreed to sell its 48% interest in Terra Nova, 40% interest in White Rose, and 38.6% interest in West White Rose offshore assets to Ithaca Energy for C$1.2B (US$860M) of upfront cash plus an additional contingent payment of up to C$350M (US$250M) tied to future oil prices. Ithaca Energy, one of the largest independent operators in the U.K. North Sea, will also assume investment commitments and all future liabilities associated with the assets, including a C$500M regulatory well compliance program starting in 2027 at Terra Nova and C$1.4B in estimated abandonment and lease liabilities. Suncor CEO Rich Kruger said the transaction further focuses the company's efforts on opportunities that generate the greatest long-term shareholder value, aligning its portfolio around its competitive advantages and its physically integrated business, underpinned by large-scale, long-life oil sands resources. Suncor also said it increased share repurchases under its normal course issuer bid from $500M to $750M per month beginning in October 2026.
Suncor Energy IncSuncor agreed to sell three offshore Canadian oil stakes for up to C$1.55B, offloading C$1.4B in abandonment liabilities and focusing on oil sands.
Ithaca Energy PLCIthaca Energy is the buyer of the stakes, assuming investment commitments and C$1.4B in abandonment liabilities, a mixed trade-off.
ITHLF
