Ithaca Energy Shares Rise 3% on $860 Mln Suncor Canada Asset Deal
Ithaca will assume $1.4 billion in liabilities and a $500 million well compliance program as Suncor narrows its offshore footprint.
- On Sunday, Calgary-based Suncor Energy Inc. announced it is selling its interests in three Newfoundland oil fields to London-based Ithaca Energy PLC IACAF in a deal worth up to $1.55 billion, marking a major reduction in its regional presence.
- An upfront payment of $1.2 billion, plus up to an additional $350 million in contingent payments based on future oil prices, forms the agreement with an effective date of July 1, 2026.
- Ithaca will assume all future liabilities associated with the assets, including total estimated abandonment and lease liabilities of $1.4 billion and a $500 million regulatory well compliance program starting in 2027 at Terra Nova.
- Suncor will maintain its existing interests in the Hibernia and Hebron fields, which are also located off the East Coast, as the sale is expected to close in early 2027.
- Capital earmarked for normal-course share repurchases will increase to $750 million per month from $500 million, reflecting a shift in the company's capital allocation strategy coinciding with the divestment announcement.
22 Articles
22 Articles
Suncor selling off stakes in N.L.’s Terra Nova, White Rose and West White Rose for $1.2B
Calgary-based Suncor Energy is selling off stakes in three Newfoundland and Labrador oilfields — Terra Nova, White Rose and West White Rose — to Ithaca Energy in a deal for $1.2 billion plus up to $350 million based on future oil prices. The deal is expected to close in early 2027.
The British oil company Ithaca Energy has agreed to acquire a portfolio of Canadian oil assets from Suncor Energy for up to $1.11 billion, marking its international debut outside UK waters. Exclusive material for subscribers. To have full access, access the material link and register.
Ithaca Energy shares rise 3% on $860 mln Suncor Canada asset deal
نُشر هذا المقال أولاً عبر Cedarnews.net. لمتابعة المزيد من الأخبار والتقارير الحصرية، زورونا على موقعنا. Ithaca Energy shares: The development was reported about 20 minutes ago. The verified report states: The acquisition is a significant transaction under UK. تم نشر هذا الخبر عبر موقع Cedarnews الإخباري. للاطلاع على مزيد من الأخبار العاجلة والتقارير الحصرية، زوروا موقعنا الرسمي.
Coverage Details
Bias Distribution
- 50% of the sources lean Left
Factuality
To view factuality data please Upgrade to Premium
