Suncor Energy has entered into a definitive agreement to sell its interests in the Terra Nova, White Rose, and West White Rose offshore assets to Ithaca Energy plc for $1.2 billion in upfront cash and up to $350 million in contingent payments based on future oil prices. The transaction, effective July 1, 2026, is expected to close in early 2027 subject to regulatory approvals and partner consents. Ithaca will assume operatorship of Terra Nova, along with investment commitments and approximately $1.9 billion in liabilities, including a $500 million regulatory well compliance program and $1.4 billion in abandonment costs. Concurrently, Suncor increased its monthly share repurchase authorization from $500 million to $750 million starting in October 2026. The company operates as an integrated energy firm with assets spanning oil sands, refining, offshore production, and retail networks across Canada.
