On October 4, 2023, TotalEnergies EP Canada Ltd. completed the sale of its 50% stake in the Surmont oil sands asset and related midstream commitments to ConocoPhillips. The transaction, effective from April 1, 2023, was valued at a base of C$4.03 billion (approximately US$3.0 billion), with potential additional payments up to C$440 million (around US$330 million) contingent on certain conditions. TotalEnergies received C$3.7 billion (about US$2.75 billion) in cash at closing, after adjustments. Given the current Western Canadian Select (WCS) prices and production levels, TotalEnergies is anticipated to receive the full contingent payments within a year.

Additionally, TotalEnergies agreed to sell all shares of TotalEnergies EP Canada Ltd. to Suncor. This deal includes TotalEnergies' participation in the Fort Hills oil sands asset and its associated midstream commitments, with a transaction value of C$1.47 billion (about US$1.1 billion). The closure of this sale is expected before the end of 2023.

Jean-Pierre Sbraire, TotalEnergies' Chief Financial Officer, stated that the divestiture of their Canadian oil sands assets aligns with the company's strategy to prioritize capital allocation towards low breakeven Oil & Gas assets. Proceeds from these sales are planned to be distributed to shareholders, with a buyback of $1.5 billion in 2023. This is expected to result in a shareholder distribution of approximately 44% of TotalEnergies' cash flow (CFFO) for the year.