Suncor buys Total Energy's oil sands business for $4.1 billion
Suncor Energy is buying the Canadian oil sands business of France's Total Energy for $4.1 billion.
Suncor will acquire Total Energy Exploration and Production Canada Inc.'s 31.23% interest in Canada's Fort Hills oil sands project and the ConocoPhillips-operated Surmont 50% working interest in the project.
For Total Energy, the sale comes as the oil major reported a decline in first-quarter earnings, with net profit falling 27% to $6.5 billion. Despite the drop in quarterly earnings, it still met analysts' expectations, according to Reuters.
The transaction is expected to close in the third quarter of this year.
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