Suncor to acquire Teck Resources’ stake in Fort Hills oilsands project for $1B | Globalnews.ca

Suncor Energy Inc. will buy out Teck Resources Ltd.’s 21.3 per cent stake in the Fort Hills oilsands project for approximately $1 billion, the two companies announced late Wednesday.

Upon closure of the deal, Calgary-based Suncor, which is the operator of Fort Hills, will see its stake in the oilsands project increase to 75.4 per cent. TotalEnergies will own the remaining 24.6 per cent. Then in 2020, one of Fort Hills’ two production trains was shut down due to low oil prices because of the COVID-19 pandemic.

Vancouver-based Teck said it expects to record a non-cash impairment charge of $950 million in the third quarter of 2023. Teck is slated to hold its third-quarter earnings call Thursday morning.

Tax Billionaire CEO’s

Hmm guess suncor stocks instead of Teck then?

Wow

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