TotalEnergies sells Canadian operations to Suncor in deal worth up to $6.1B

French company TotalEnergies says it has signed a deal to sell its Canadian operations to Suncor Energy Inc. in an agreement worth up to $6.1 billion.

Under the deal, Suncor will pay $5.5 billion in cash, plus up to an additional $600 million that is conditional on Western Canadian Select benchmark oil pricing and certain production targets.

“This transaction represents a major step in securing long-term bitumen supply to our base plant upgraders at a competitive supply cost,” Suncor chief executive Rich Kruger said in statement.

“These are valuable oilsands assets that are a strategic fit for us and add long-term shareholder value."