Paris-based TotalEnergies announced on 4 October that it has agreed to sell off the majority of its stakes in two Canadian oil sands projects in cash and stock deals valued at a combined $4.1 billion. US-independent ConocoPhillips completed the purchase it announced in May of TotalEnergies' entire 50% interest in the Surmont oil sands asset and associated midstream commitments for a base amount of about $2.7 billion cash, plus up to $330 million in contingent payments. The transaction's effective date was 1 April 2023. TotalEnergies received a cash payment at closing of $2.75 billion, and at current Western Canadian Select crude prices and production levels, the French operator would receive the entirety of the contingent payments within a year. According to ConocoPhillips, it now owns 100% of Surmont and will continue as its operator.