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100% Ownership and Green Goals: ConocoPhillips Buys Out Surmont Partner for 3B

Anusuya Lahiri
·1 分鐘文章

  • ConocoPhillips (NYSE: COP) disclosed exercising its preemption right to purchase the remaining 50% interest in Surmont from TotalEnergies SE (NYSE: TTE) TotalEnergies EP Canada Ltd for approximately $3 billion (C$4 billion) and contingent payments of up to roughly $325 million (C$440 million).

  • ConocoPhillips currently holds a 50% interest as the operator of Surmont and will own 100% upon closing.

  • Also Read: Suncor Buys TotalEnergies' Canadian Operation For CA$5.5B, Plans To Raise Dividend by 10% Post Closure

  • The transaction will likely close in the second half of 2023.

  • Based on $60 WTI, the transaction will add approximately $600 million of annual free cash flow in 2024, including about $100 million of yearly capex for maintenance and pad development costs.

  • Since 2016, Surmont's GHG emissions intensity has declined by about 20%, and ConocoPhillips plans for future emissions reduction by applying current and new technology.

  • ConocoPhillips held $8.9 billion in cash and equivalents as of March 31, 2023.

  • Price Action: COP shares are trading higher by 0.39% at $102.12 on the last check Friday. TTE shares traded higher by 0.61% at $59.66.

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This article 100% Ownership and Green Goals: ConocoPhillips Buys Out Surmont Partner for 3B originally appeared on Benzinga.com

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