Suncor to Boost Oil Sands Output With $4 Billion Total Deal

Suncor Energy Inc. is set to boost its carbon-intensive oil sand reserves after agreeing to buy TotalEnergies SE’s Canada unit in a C$5.5 billion ($4 billion) all-cash deal.

The acquisition represents a “major step” for Suncor in securing long-term supplies at competitive costs, Chief Executive Officer Rich Kruger said in a Thursday statement. He said the move will provide Canada’s second-largest oil producer with greater freedom on the timing and scope of its oil sands developments.