Suncor Sells Canadian Oil Stakes for 842 Million
Suncor Energy agreed to sell its interests in three offshore Canadian oil assets to Ithaca Energy for 842 million dollars in upfront cash. The deal includes contingent payments and transfers future liabilities. Suncor also increased its monthly share repurchases.
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SUNCOR ENERGY INC will sell its offshore oil assets in Canada to London-based ITHACA ENERGY PLC for $841.69M in upfront cash on Sunday. The divestment allows the energy producer to streamline its portfolio toward core domestic operations. The transaction reshapes North Sea and Atlantic Canadian asset ownership as operators pare non-core holdings.
