Suncor Energy completed the acquisition of the remaining 31.23% stake in Fort Hills from TotalEnergies for $1.07bn.

Suncor Energy, a unique and sustainable energy company, completed the acquisition of the remaining 31.23% stake in Fort Hills, an open-pit truck and shovel mine, from TotalEnergies, an energy and petroleum company, for $1.07bn. “The transaction secures additional long-term bitumen supply to fill our Base Plant upgraders at a competitive supply cost, addressing a key uncertainty for the company and adding long term shareholder value. With 100% ownership of Fort Hills we will pursue opportunities to create additional value through regional synergies and basinwide management of our unparalleled, integrated oil sands asset base. This transaction is aligned with our strategy to wholly own and operate long-life strategic assets," Rich Kruger, Suncor Energy President and CEO.