PLUS1
| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| TotalEnergies SE | EU:TTE | Euronext | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.17 | 2.12% | 56.35 | 56.28 | 56.70 | 56.91 | 55.12 | 55.16 | 6,885,333 | 16:40:00 |
TotalEnergies Plans to Spin Off Canadian Oil Sands Assets
28/09/2022 4:10pm
Dow Jones News
TotalEnergies (EU:TTE)
Historical Stock Chart
From Aug 2022 to Feb 2023
By Giulia Petroni
TotalEnergies SE said Wednesday that it is considering spinning off its Canadian oil sands operations and listing them on the Toronto Stock Exchange.
The French oil-and-gas major said the spinoff would include the Surmont oil sands project and the Fort Hills oil sands mine as well as midstream and trading-related activities. It would temporarily retain a minority shareholding to smooth the transition.
The assets are considered to have growth potential but don't fit the company's low-carbon strategy, TotalEnergies said. In 2022, their cash flow from operations amounted to over $1.5 billion, it said.
The proposal will be submitted to vote at the annual general meeting in May 2023.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
September 28, 2022 10:55 ET (14:55 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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