On 04 October, TotalEnergies had already completed the sale of its 50% participation in Surmont and associated midstream commitments to ConocoPhillips and had received a cash payment of CAN$3.7 billion (about US$2.75 billion), with future contingent payments of up to CAN$440 million (about US$330 million).
“With these two divestments over the last couple of months, TotalEnergies effectively exits the Canadian oil sands, focusing our allocation of capital to oil and gas assets with low breakeven. The company has hence received more than US$4 billion from these sales during the fourth quarter 2023, out of which, as previously announced, US$1.5 billion will be shared with shareholders as buybacks in 2023,” said Jean-Pierre Sbraire, Chief Financial Officer of TotalEnergies.
