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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)
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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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