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A screen displays the logo for ConocoPhillips on the floor of the NYSE in New York May 26 (Reuters) – ConocoPhillips (COP.N) said on Friday it was purchasing the remaining 50% interest in the Surmont project from TotalEnergies’s (TTEF.PA) Canadian subsidiary for about $3 billion. Canada’s oil sands hold some of the world’s largest crude reserves and are a lucrative target for cash-flush producers looking to bolster their reserves. Under the deal terms, ConocoPhillips will make a contingent payment of up to $325 million to TotalEnergies, its joint venture partner in the project. ConocoPhillips expects the transaction to add about $600 million of annual free cash flow in 2024. The transaction, expected to close in the second half of 2023, will be funded either through cash, short- and medium-term financing, or a combination of both, ConocoPhillips said.
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