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The Suncor Energy oil refinery in Edmonton, Alberta, Canada, on Wednesday, April 5, 2023. Canadian oil producers beset by years of constrained pipeline capacity expect to garner better prices for their crude when the expanded Trans Mountain conduit starts up next year, opening them to new markets in Asia. Article content (Bloomberg) — Suncor Energy Inc. is set to boost its carbon-intensive oil sand reserves after agreeing to buy TotalEnergies SE’s Canada unit in a C$5.5 billion ($4 billion) all-cash deal. Article content The acquisition represents a “major step” for Suncor in securing long-term supplies at competitive costs, Chief Executive Officer Rich Kruger said in a Thursday statement. He said the move will provide Canada’s second-largest oil producer with greater freedom on the timing and scope of its oil sands developments. Article content The transaction, which is pending regulatory approvals and other conditions, has the potential for an additional C$600 million in payments based on oil prices and certain production targets, according to the statement. The deal, which comes three weeks after Kruger joined as CEO following a 39-year career at Exxon Mobil Corp, is expected to be closed by the third quarter. Kruger was named after a seven-month […]
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