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.
"The acquisition of an additional interest in Fort Hills meets our return objectives, builds upon our strategy to optimize our portfolio around our core operated assets and underscores Suncor's confidence in the long-term value of the Fort Hills project," said Suncor interim president and CEO Kris Smith in a news release.
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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Suncor to acquire Teck Resources’ stake in Fort Hills oilsands project for $1B | Globalnews.caSuncor Energy will buy out Teck Resources' 21.3 per cent stake in the Fort Hills oilsands project for approximately $1 billion, the two companies announced late Wednesday. Wow Hmm guess suncor stocks instead of Teck then? Tax Billionaire CEO’s
Source: GlobalCalgary - 🏆 50. / 61 Read more »
Suncor to buy Teck Resources’ stake in Fort Hills oilsands project for $1 billionOilsands giant Suncor Energy says it has reached a deal to purchase Teck Resources\u0027s stake in the Fort Hills project for $1 billion. Read on
Source: fpinvesting - 🏆 43. / 63 Read more »
Suncor to buy Teck Resources’ stake in Fort Hills oilsands project for $1 billionOilsands giant Suncor Energy says it has reached a deal to purchase Teck Resources\u0027s stake in the Fort Hills project for $1 billion. Read on mpotkins Bitcoin is slowly becoming a substitute currency for banks. An economic entity where the supply is unaffected by the demand. lynn_v1 is a super underrated bitcoiner I’ve been taking her TA and tips seriously & I’ve been doing superb Follow her
Source: financialpost - 🏆 7. / 85 Read more »
Teck exits oil sands with C$1bn Fort Hills saleCanada’s biggest diversified miner, Teck Resources, on Wednesday announced the sale of its 21.3% interest in the Fort Hills Energy partnership to Suncor Energy for C$1-billion in cash. With the transaction, Teck is exiting the oil sand business, in line with its strategy of pursuing growth in metals needed for the transition to a low-carbon world.
Source: MiningWeeklyCA - 🏆 48. / 63 Read more »