TotalEnergies Plans to Spin Off Canadian Oil Sands Assets
28 Septembre 2022 - 5:10PM
Dow Jones News
By Giulia Petroni
TotalEnergies SE said Wednesday that it is considering spinning
off its Canadian oil sands operations and listing them on the
Toronto Stock Exchange.
The French oil-and-gas major said the spinoff would include the
Surmont oil sands project and the Fort Hills oil sands mine as well
as midstream and trading-related activities. It would temporarily
retain a minority shareholding to smooth the transition.
The assets are considered to have growth potential but don't fit
the company's low-carbon strategy, TotalEnergies said. In 2022,
their cash flow from operations amounted to over $1.5 billion, it
said.
The proposal will be submitted to vote at the annual general
meeting in May 2023.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
September 28, 2022 10:55 ET (14:55 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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