Suncor Energy announced that it has closed the transaction to purchase an additional 14.65% working interest in the Fort Hills Project from Teck Resources Limited (“Teck”). As announced by TotalEnergies on January 27, 2023, TotalEnergies EP Canada Ltd. has provided notice of the exercise of its contractual right of first refusal to acquire the remaining 6.65% of Teck’s interest.

“I’m pleased to increase our ownership in the Fort Hills Project,” said Kris Smith, Interim President and Chief Executive Officer. “Our previously announced performance improvement plan is proceeding as expected and I am confident that with the execution of this plan we will realize the long-term value of this asset.”

The $688 million purchase price is subject to closing adjustments and is based on an effective date of November 1, 2022.

As a result of this transaction, Suncor and its affiliate’s aggregate share in the project is 68.76%. Suncor is the operator of the Fort Hills Project through an operating services contract. The Fort Hills Project is located in Alberta’s Athabasca region, 90 kilometres north of Fort McMurray.

About Suncor Energy

Suncor Energy (TSX: SU) (NYSE: SU) is Canada’s leading integrated energy company, with a global team of over 30,000 people. Suncor’s operations include oil sands development, production and upgrading, offshore oil and gas, petroleum refining in Canada and the US, and our national Petro‑Canada retail distribution network (now including our Electric Highway network of fast-charging EV stations). A member of Dow Jones Sustainability indexes, FTSE4Good and CDP, Suncor is responsibly developing petroleum resources, while profitably growing a renewable energy portfolio and advancing the transition to a low-emissions future. Suncor is listed on the UN Global Compact 100 stock index. Suncor’s common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.

About TotalEnergies

TotalEnergies is a broad energy company that produces and markets energies on a global scale: oil and biofuels, natural gas and green gases, renewables and electricity. Our 105,000 employees are committed to energy that is ever more affordable, clean, reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.