ConocoPhillips completed the acquisition of the remaining 50% stake in Surmont from TotalEnergies for $3bn.

ConocoPhillips, a hydrocarbon exploration and production company, completed the acquisition of the remaining 50% stake in Surmont oil sands asset from TotalEnergies, an energy and petroleum company, for $3bn. “Long-life, low sustaining capital assets like Surmont play an important role in our deep, durable and diverse low cost of supply portfolio. This transaction enhances our returns-focused value proposition, improves our return on capital employed, lowers our free cash flow breakeven and is expected to deliver significant free cash flow for decades to come. We know this asset very well and plan to further optimize it while remaining on track to achieve our GHG emission intensity reduction goals,” Ryan Lance, ConocoPhillips Chairman and CEO.