Suncor to Sell East Coast Offshore Oil Interests to Ithaca Energy for C$1.2 Billion

Suncor Energy agreed to sell its stakes in three offshore oil fields off Canada's east coast to Ithaca Energy for C$1.2 billion (US$860 million) in upfront cash, plus up to C$350 million (US$250 million) contingent on future oil prices, the company said. The deal covers Suncor's 48% stake in Terra Nova, 40% in White Rose and 38.6% in West White Rose. Ithaca will assume C$1.9 billion in liabilities, including a C$500 million Terra Nova well compliance program starting 2027 and C$1.4 billion in estimated abandonment and lease obligations. Suncor retains Hebron and Hibernia. London-listed Ithaca, a major U.K. North Sea operator, called it its first international acquisition. The transaction carries an effective date of July 1, 2026, and is expected to close in early 2027, subject to approvals. Suncor concurrently raised monthly buybacks under its issuer bid to C$750 million from C$500 million, starting October 2026.