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Calgary's Suncor sells offshore assets for C$1.2B, raises buybacks to C$750M a month
Calgary-based Suncor is selling its Terra Nova, White Rose and West White Rose offshore interests for C$1.2 billion in cash and raising share repurchases from C$500 million to C$750 million a month.
Why it matters
The sale is Suncor's latest step to focus on its core assets. It is selling its 48% interest in Terra Nova, 40% in White Rose and 38.6% in West White Rose to UK North Sea operator Ithaca Energy plc for C$1.2 billion in upfront cash (about US$860 million), plus a contingent payment of up to C$350 million tied to future oil prices.
Buyer takes on liabilities
Ithaca will assume investment commitments and future liabilities, including a C$500 million regulatory well compliance program at Terra Nova starting in 2027 and about C$1.4 billion in abandonment and lease liabilities. The deal's effective date is July 1, 2026, with closing expected in early 2027; Suncor keeps its Hebron and Hibernia interests.
Bigger buybacks
At the same time, Suncor is raising share repurchases under its normal course issuer bid from C$500 million to C$750 million a month (a 50% increase), starting October 2026. The company says its 2026 Investor Day commitments — C$2 billion in free funds flow growth and a US$5/bbl cut to WTI breakeven by 2028 — remain unchanged.
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