On October 4, 2023, Suncor Energy announced its agreement to acquire TotalEnergies EP Canada Ltd., which owns a 31.23% interest in the Fort Hills oil sands mining project, for $1.468 billion. This acquisition enhances Suncor's oil sands portfolio by adding 61,000 barrels per day of net bitumen production capacity and 675 million barrels of proven and probable reserves. The transaction, which has already received regulatory approvals, will result in Suncor owning 100% of Fort Hills.

Rich Kruger, President and CEO of Suncor, emphasized the transaction's alignment with the company's strategy to fully own and operate long-term strategic assets. He noted the deal's potential to address uncertainties, add long-term shareholder value, and explore opportunities for creating additional value through regional synergies and integrated management of their oil sands asset base.

Suncor's acquisition also includes full ownership of Firebag and MacKay River in-situ assets. This ownership positions the company to maximize the use of its wholly-owned Base Plant upgraders, especially after the Base Mine's life ends. The additional interest in Fort Hills aligns with Suncor's goal of achieving net zero greenhouse gas emissions by 2050.

For this transaction, Suncor engaged J.P. Morgan Securities Canada as its exclusive financial advisor. Blake Cassels and Graydon LLP, along with Paul, Weiss, Rifkind, Wharton & Garrison LLP, were appointed as legal advisors.