Suncor Energy to Sell Terra Nova, White Rose Offshore Stakes to Ithaca Energy for CA$1.55 Billion
MT newswire2026/10/05 11:1607:16 AM EDT, 10/05/2026 (MT Newswires) -- Suncor Energy (SU.TO, SU) 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 plc for CA$1.55 billion in total, it said over the weekend. The company will receive CA$1.2 billion of CA$1.55 billion upfront via cash and an additional contingent payment of up to CA$350 million will be made, based on future oil prices, it said. Ithaca will assume investment commitments and all future liabilities associated with the assets, it added. The deal has an effective date of July 1, 2026, and is expected to close in early 2027, subject to some conditions. Suncor will retain its interests in Hebron and Hibernia, it said. The company also increased share repurchases under its normal course issuer bid to $750 million from $500 million per month beginning in October 2026. US-listed shares of the company were last seen up 0.3% at CA$69.77 in pre-market trading.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Middle Eastern oil flow restored to about 80% of pre-war levels; Shell CEO Sawan says energy security is the cornerstone of national security.
According to reports, Shell (SHEL.US) CEO Wael Sawan said on Tuesday that Middle East oil flows have recovered to about 80% of pre-war levels.
BUZZ-Australia's Kelsian shares rise as asset sale triggers Morningstar's cautious optimism
Latest developments on October 7th – Kelsian Group (KLS.AX) shares briefly rose 1% to A$3.93 before narrowing gains to 0.3% by midday in Sydney. Morningstar holds a positive view on the transport operator’s recently announced A$150 million (US$104.76 million) sale of travel assets in mid-September. The investment research firm noted that this divestment relieves the transportation and travel operator from reliance on discretionary-spending businesses such as resorts, cruises, and tours. It also stated that the sale enables management to focus more on core operations and moderately reduces capital intensity. However, Morningstar pointed out that the sale means profits from the marine segment will still be "discretionary in nature." It added that the sale will leave the company’s earnings mainly dependent on its US interstate coach business, which is characterized by short-term contracts without cost-adjustment mechanisms and serves highly volatile sectors such as technology, oil, and gas. Year to date, the share price is down 8.2%. (US$1 = A$1.4318) (For the convenience of non-English speakers, Reuters automatically translates its reports into several other languages. Automated translation may be inaccurate or may not completely reflect the required context; Reuters does not guarantee the accuracy of translated texts, which are provided solely for reader convenience. Reuters is not responsible for any harm or loss arising from the use of automatic translation.)
JPMorgan raises Gilead Sciences' target price to $170.
Crypto prices
More
