Suncor Energy to Sell Offshore Asset Stakes to Ithaca; Raises Buyback Plan

MT newswire2026/10/05 08:17

04:17 AM EDT, 10/05/2026 (MT Newswires) -- Suncor Energy (SU) agreed to sell its interests in the Terra Nova, White Rose and West White Rose offshore assets to Ithaca Energy for 1.2 billion Canadian dollars ($841.3 million) upfront cash, plus up to CA$350 million in contingent payments, Suncor said Sunday. Ithaca will assume investment commitments and all future liabilities related to the assets, including a CA$500 million regulatory well compliance program starting next year at Terra Nova and the total estimated abandonment and lease liabilities of CA$1.4 billion. The transaction is expected to close in early 2027. Suncor also said it increased share repurchases under its normal course issuer bid to CA$750 million from CA$500 million a month, starting in October.

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