StocksMedium•4 October 2026•
1 min read
Suncor Divests Offshore Assets for $1.2B and Increases Share Buybacks
Key Facts
1Suncor Energy agreed to sell its interests in Terra Nova, White Rose, and West White Rose assets to Ithaca Energy for $1.2 billion in cash.
2The company increased its monthly share repurchase program from $500 million to $750 million starting in October 2026.
3The deal includes an additional contingent payment of up to $350 million based on future oil prices.
Suncor Energy agreed to sell its interests in the Terra Nova, White Rose, and West White Rose offshore assets to Ithaca Energy for $1.2 billion in cash. Newsfile Corp reported that the deal includes an additional contingent payment of up to $350 million based on future oil prices, with the transaction expected to close in early 2027.
The company simultaneously increased its monthly share repurchase program from $500 million to $750 million starting in October 2026. SU closed at $69.56 on October 2, 2026, while ITH.L closed at 275.40 pence on the same date, as Suncor focuses on core opportunities to meet free funds flow growth targets.