Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]
October 05 2023 - 8:22AM
Edgar (US Regulatory)
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
For the month of: October, 2023 |
Commission File Number: 1-12384 |
SUNCOR ENERGY
INC.
(Name of registrant)
150 – 6th Avenue S.W.
P.O. Box
2844
Calgary,
Alberta
Canada,
T2P 3E3
Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F:
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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SUNCOR ENERGY INC. |
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Date: |
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By: |
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October 5, 2023 |
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“Shawn Poirier” |
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Shawn Poirier
Assistant Corporate Secretary |
EXHIBIT INDEX
EXHIBIT 99.1
News Release dated October 4, 2023, Suncor
Energy to acquire TotalEnergies’ Canadian operations for $1.468 billion
Exhibit 99.1
| News
Release |
FOR IMMEDIATE RELEASE
Suncor Energy to acquire TotalEnergies’ Canadian operations
for $1.468 billion
All financial figures are in Canadian dollars, unless noted otherwise
| · | Includes
a 31.23% working interest in the Fort Hills project, with Suncor now owning 100% |
| · | Adds
61,000 barrels per day of bitumen production capacity, 675 million barrels of 2P reserves |
| · | Secures
additional long-term bitumen supply to fill Suncor’s Base Plant upgraders |
Calgary, Alberta (October 4, 2023) – Suncor Energy
(TSX: SU) (NYSE: SU) announced today that it has agreed to purchase TotalEnergies EP Canada Ltd., which holds a 31.23% working interest
in the Fort Hills oil sands mining project (Fort Hills) for $1.468 billion. The acquisition adds 61,000 barrels per day of net bitumen
production capacity and 675 million barrels of proved and probable reserves to Suncor’s existing oil sands portfolio. Regulatory
approvals have been received and, subject to closing, the transaction will have an effective date of April 1, 2023.
“The transaction secures additional long-term bitumen supply
to fill our Base Plant upgraders at a competitive supply cost, addressing a key uncertainty for the company and adding long-term shareholder
value,” said Rich Kruger, President and Chief Executive Officer. “With 100% ownership of Fort Hills we will pursue opportunities
to create additional value through regional synergies and basin-wide management of our unparalleled, integrated oil sands asset base.
This transaction is aligned with our strategy to wholly own and operate long-life strategic assets.”
Specifically, upon closing of the transaction, Suncor will own 100%
of Fort Hills, which along with its 100% ownership of Firebag and MacKay River in-situ assets, provides the company with additional long-life,
physically-integrated bitumen supply to maximize the utilization of its wholly-owned Base Plant upgraders post the end of the Base Mine
life.
The additional interest acquired in this asset will be subject to
the company’s objective of achieving net zero greenhouse gas emissions from operations by 2050.
Suncor engaged J.P. Morgan Securities Canada to act as its exclusive
financial advisor and Blake Cassels and Graydon LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP as its legal advisors on
the transaction.
Legal Advisory – Forward-Looking Statements
This news release contains certain forward-looking information
and forward-looking statements (collectively referred to herein as “forward-looking statements”) within the meaning of applicable
Canadian and U.S. securities laws. Forward-looking statements are based on Suncor’s current expectations, estimates, projections
and assumptions that were made by the company in light of its information available at the time the statement was made and consider Suncor’s
experience and its perception of historical trends. Forward-looking statements in this news release include Suncor’s expectations
regarding the transaction to purchase TotalEnergies’ remaining Canadian operations, including the timing of the transaction, the
expected benefits therefrom, the reserves associated with the transaction, and the impact the transaction will have with respect to the
use of the Base Plant upgraders post the end of the Base Mine life as well as statements regarding Suncor’s objective to have net
zero greenhouse gas emissions from operations by 2050. Forward-looking statements are not guarantees of future performance and involve
a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Suncor. Suncor’s
actual results may differ materially from those expressed or implied by its forward-looking statements, so readers are cautioned not
to place undue reliance on them.
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Suncor Energy
150 6 Avenue S.W. Calgary, Alberta T2P 3E3 |
Suncor’s Management’s Discussion and Analysis for the
second quarter of 2023 dated August 14, 2023, its Annual Information Form, Annual Report to Shareholders and Form 40-F, each
dated March 6, 2023, and other documents it files from time to time with securities regulatory authorities describe the risks, uncertainties,
material assumptions and other factors that could influence actual results and such factors are incorporated herein by reference. Copies
of these documents are available without charge from Suncor at 150 6th Avenue S.W., Calgary, Alberta T2P 3E3; by e-mail request to invest@suncor.com;
by calling (800) 558-9071; or by referring to suncor.com/FinancialReports or to the company’s profile on SEDAR at sedarplus.ca
or EDGAR at sec.gov. Except as required by applicable securities laws, Suncor disclaims any intention or obligation to publicly
update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Reserves
Reserves information presented herein is presented as TotalEnergies
EP Canada Ltd.'s working interests in the Fort Hills project, and are at December 31, 2022. Reserves data is based upon evaluations
conducted by independent qualified reserves evaluators. The Fort Hills reserves of 0.7 billion barrels is based upon evaluations conducted
by GLJ Ltd. in its report dated February 17, 2023. The estimates of reserves for individual properties may not reflect the same
confidence level as estimates of reserves for all properties, due to the effects of aggregation.
Suncor Energy is Canada's leading integrated energy company. Suncor’s
operations include oil sands development, production and upgrading; offshore oil and gas; petroleum refining in Canada and the U.S.;
and the company’s Petro-Canada™ retail and wholesale distribution networks (including Canada’s Electric Highway™,
a coast-to-coast network of fast-charging electric vehicle stations). Suncor is developing petroleum resources while advancing the
transition to a low-emissions future through investment in power and renewable fuels. Suncor also conducts energy trading activities
focused principally on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. Suncor has been recognized
for its performance and transparent reporting on the Dow Jones Sustainability North American Index, FTSE4Good Index and CDP. Suncor’s
common shares (symbol: SU) are listed on the Toronto Stock Exchange and the New York Stock Exchange.
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For more information about Suncor, visit our web site at suncor.com
Media inquiries:
(833) 296-4570
media@suncor.com
Investor inquiries:
(800) 558-9071
invest@suncor.com
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