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TotalEnergies EP Canada Acquires an Additional Interest in Fort Hills, ahead of Its Planned Spin-off


PARIS–()–Regulatory news:

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE):

As part of its future spin-off, TotalEnergies EP Canada Ltd announces that it has exercised its pre-emption right to acquire an additional 6.65% stake in the Fort Hills Energy Limited Partnership and related sales agreements and logistics from Teck Resources Limited, for a consideration of C$312 million.

Fort Hills is located 90 kilometers north of Fort McMurray in the province of Alberta. Prior to the transaction, TotalEnergies EP Canada held a 24.58% operating interest in the Fort Hills project and will own 31.23% after the transaction. TotalEnergies EP Canada also holds a 50% stake in the Surmont project located in the region.

In line with its low-carbon strategy, TotalEnergies announced in September 2022 its intention to exit the Canadian tar sands by spinning off TotalEnergies EP Canada in 2023. Through the acquisition of an additional stake in Fort Hills, TotalEnergies EP Canada is building the future for the spin-off entity into an asset with long-term growth potential. The demerger is expected to be put to a vote at TotalEnergies’ annual meeting of shareholders in May 2023.

“By taking this opportunity to grow your business on attractive terms, TotalEnergies EP Canada will provide value to future shareholders of the spin-off entity”, said Jean-Pierre Sbraire, CFO of TotalEnergie.


About TotalEnergie

TotalEnergies is a global multi-energy company that produces and sells energy: oil and biofuels, natural gas and green gas, renewables and electricity. Our 100,000 employees are committed to making energy cheaper, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies places sustainable development in all its dimensions at the heart of its projects and operations to contribute to people’s well-being.

@TotalEnergie TotalEnergie TotalEnergie TotalEnergie

Cautionary note

The terms “TotalEnergies”, “TotalEnergies Company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities which are directly or indirectly controlled by TotalEnergies SE. Similarly, the words “we”, “we” and “our” may also be used to refer to these entities or their employees. The entities in which TotalEnergies SE directly or indirectly holds an interest are separate legal entities. This document may contain forward-looking information and statements that are based on a variety of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries undertake any obligation to publicly update any information or forward-looking statements, objectives or trends contained in this document, whether as a result of new information, future events or otherwise. Information relating to risk factors that may affect TotalEnergies’ financial results or business is provided in the most recent universal registration document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in Form 20-F filed with the United States Securities and Exchange Commission (SEC).


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Written by Natalia Chi

Chicago Popular; Chicago breaking news, weather and live video. Covering local politics, health, traffic and sports for Chicago, the suburbs and northwest Indiana.

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