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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| ConocoPhillips | NYSE:COP | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.54 | -0.45% | 120.50 | 121.9094 | 118.66 | 120.67 | 6,138,613 | 01:00:00 |
From May 2023 to May 2024
By Chris Wack
ConocoPhillips said Friday that it is exercising its preemption right to buy the remaining 50% interest in Surmont from TotalEnergies EP Canada for $3 billion, as well as contingent payments of up to $325 million.
ConocoPhillips currently holds a 50% interest as operator of Surmont and will own 100% upon closing.
The Surmont project is a producing oil sands field located in Alberta, Canada.
The transaction is expected to close in the second half of 2023, with an effective date of April 1, and will be funded from either cash, short- and medium-term financing, or a combination of both.
Based on $60 WTI, the transaction will add $600 million of annual free cash flow in 2024, inclusive of $100 million of annual capex for maintenance and pad development costs.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
May 26, 2023 12:54 ET (16:54 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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