Suncor Sells Offshore Assets to Ithaca Energy, Boosts Share Buyback Program

Suncor Energy has agreed to divest interests in three offshore assets to Ithaca Energy for approximately $1.2 billion in upfront cash, with additional contingent payments tied to future oil prices. The company will retain its stakes in the Hebron and Hibernia projects while exiting other positions. Concurrent with the sale, Suncor increased its monthly share repurchase program from $500 million to $750 million starting in October 2026.

Suncor is streamlining its offshore portfolio by transferring stakes in three North Sea fields to a competitor while retaining control of its two largest positions. The buyer assumes responsibility for substantial future costs, including a half-billion-dollar compliance initiative and over a billion in decommissioning expenses. The transaction structure includes performance-based payments, making the deal's total value dependent on commodity market conditions over coming years.

The company plans to redirect capital toward shareholders through an expanded repurchase program, increasing monthly buybacks by 50 percent from late 2026. Simultaneously, Suncor reaffirms medium-term operational targets centered on cash generation and cost reduction, signaling confidence in its retained asset base and strategic direction through 2028.