ConocoPhillips

ConocoPhillips in its acquisition of the remaining Surmont interest from TotalEnergies EP Canada Ltd. for approximately $3.7 billion

Client

ConocoPhillips

Value

$3.7 billion

Service

Mergers and Acquisitions

Date Closed

October 2023

Industry

Energy

Lead Office

Toronto

 

On October 4, 2023, ConocoPhillips closed the acquisition of the remaining 50% interest in the Surmont oilsands project (“Surmont”) from TotalEnergies EP Canada Ltd. for approximately $3.7 billion plus contingent payments of up to $0.4 billion. The transaction gives ConocoPhillips 100% ownership and will continue as operator of Surmont.

ConocoPhillips is one of the world’s leading exploration and production companies based on both production and reserves, with a globally diversified asset portfolio.

TotalEnergies EP is a multi-national energy company that operates on a global scale.

Osler, Hoskin & Harcourt LLP advised ConocoPhillips with a team consisting of Janice Buckingham, Vivek Warrier, Lindsay Hofer and Bukola Agbede (Corporate), and Kaeleigh Kuzma (Competition).