Suncor Energy has agreed to sell its interests in the Terra Nova, White Rose and West White Rose fields in Eastern Canada to UK-based Ithaca Energy for C$1.2 billion in cash. That is equivalent to US$860 million. The deal includes potential additional payments of up to C$350 million, depending on future oil prices.
Ithaca will assume Suncor’s future liabilities, estimated at C$1.9 billion. These include significant abandonment costs and a regulatory compliance program for the Terra Nova field. The sale supports Suncor’s strategy to focus on its core oil sands operations. Suncor will retain its interests in the Hebron and Hibernia offshore projects.
Suncor also announced it would increase its monthly share repurchase program by 50%. The program will rise to C$750 million per month.
The sale is expected to close in early 2027, subject to regulatory and partner approvals.