1. Suncor Energy has agreed to sell stakes in three offshore Canadian oil assets to Britain’s Ithaca Energy for C$1.2 billion in cash, with additional payments tied to oil prices and substantial future liabilities passing to the buyer.

Both companies described the upfront consideration as US$860 million. Ithaca said the cash would be paid on completion, subject to customary adjustments, and that it was targeting the first half of 2027 for closing.

The agreement covers Suncor’s 48% interest in Terra Nova, 40% in White Rose and 38.6% in West White Rose, off Newfoundland and Labrador.

“This transaction further focuses our efforts on opportunities that generate the greatest long-term shareholder value,” Suncor chief executive Rich Kruger said in a statement dated 4 October 2026.

Suncor said Ithaca would also assume investment commitments and future liabilities associated with the assets. These include a C$500 million regulatory well-compliance programme beginning at Terra Nova in 2027, alongside estimated abandonment and lease liabilities totalling C$1.4 billion.

Those obligations are separate from the cash consideration. Suncor will retain its interests in the Hebron and Hibernia offshore projects.

Ithaca’s regulatory announcement on 5 October said the acquisition would establish a position in shallow-water oil production off Canada’s east coast. It plans to fund the purchase through existing cash, its borrowing facility and secured financing in Canada.

The buyer may also pay up to US$250 million in additional consideration linked to Brent crude prices over a 27-month period beginning on 1 July 2026. Suncor expressed that contingent amount as up to C$350 million.

Ithaca expects the transaction to increase free cash flow and dividends per share from completion. These are company forecasts, rather than confirmed financial outcomes.

Terra Nova began producing oil in 2002 using a floating production, storage and offloading vessel, according to Suncor’s project information. Production restarted in the final quarter of 2023 after an extension project that the company expects to add about 10 years to the field’s productive life.

Separately, Suncor announced an increase in monthly share repurchases from C$500 million to C$750 million, beginning in October 2026.

Completion of the asset sale remains subject to conditions. Suncor identified regulatory approvals and partner consents, while Ithaca said Canadian regulatory and government approvals were required.