ConocoPhillips to buy rest of Canada's Surmont oil site, bumping Suncor
- ConocoPhillips is buying TotalEnergies' 50% stake in the Surmont oil facility for $3 billion, giving it full ownership and outbidding Suncor Energy.
- ConocoPhillips's decision to exercise its right of first refusal is a setback to Suncor's plans to boost its long-term bitumen supplies.
- ConocoPhillips expects the transaction to add $600 million of annual free cash flow in 2024 and plans to fund the deal through cash, financing, or a combination.
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Leaning Left19Leaning Right2Center5Last Updated10 months agoBias Distribution73% Left
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- 73% of the sources lean Left
L 73%
C 19%
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