ConocoPhillips Acquires Remaining 50% Stake in Surmont from TotalEnergies.

MANews-(C)2009-2023

Houston-based exploration and production company ConocoPhillips (NYSE: COP) has purchased the remaining 50% interest in Canada-based oil production facility Surmont from TotalEnergies EP Canada Ltd. for approximately USD 2.7 bn cash (CDN 3.7 bn), the company said.

The transaction includes future contingent payments of up to approximately USD 0.3 bn (CDN 0.4 bn), giving ConocoPhillips 100% of Surmont.

The transaction is subject to contingent payments for a five-year term of up to approximately USD 0.3 bn (CDN 0.4 bn) representing USD 2 m (CDN 2.7 m) for every dollar that WCS pricing exceeds USD 52 per barrel during the month, subject to certain production targets being achieved.

ConocoPhillips remains on track to achieve its previously announced accelerated GHG intensity...

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