Business
Suncor Energy Announces Sale of UK Exploration & Production Business
All financial figures are in Canadian dollars Calgary, Alberta--(Newsfile Corp. - March 2, 20...
About this update from Suncor Energy Inc.
[{"type":"text","content":"Suncor Energy Announces Sale of UK Exploration & Production BusinessAll financial figures are in Canadian dollarsCalgary, Alberta--(Newsfile Corp. - March 2, 2023) - Suncor Energy (TSX: SU) (NYSE: SU) today announced that it has entered into a share purchase agreement with Equinor UK Limited for the sale of Suncor Energy UK Limited, which includes Suncor's non-operated offshore interests in the North Sea. The deal is valued at approximately C$1.2 billion excluding working capital adjustments and including contingent consideration of C$338 million that is conditional upon the submission of the Rosebank development application to the regulator. The transaction is expected to close mid-2023.\"The decision to sell our UK Exploration & Production business is a clear example of our commitment to optimize our asset portfolio,\" said Kris Smith, Interim President and Chief Executive Officer, Suncor. \"Having the right 'fit and focus' in our portfolio enables us to both ensure effective capital allocation consistent with our strategic objectives and to focus our organization on delivering value in the rest of our portfolio, including our E&P business in East Coast Canada.\"The transaction will include Suncor's non-operated stakes in the producing Buzzard field (29.9%) and the Rosebank development (40%). The purchase price is subject to closing adjustments typical of transactions of this nature. Legal Advisory - Forward-Looking Statements This news release contains certain forward-looking information and forward-looking statements (collectively referred to herein as \"forward-looking statements\") within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements are based on Suncor's current expectations, estimates, projections and assumptions that were made by the company in light of its information available at the time the statement was made and consider Suncor's experience and its perception of historical trends. Forward-looking statements in this news release include expectations regarding Suncor's sale of Suncor Energy UK Limited, including the expected timing of the sale. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Suncor. Suncor's actual resul...