ICYMI: Suncor Energy has taken another step toward streamlining its business, signing a deal to sell its offshore assets in the North Sea to Equinor UK in an agreement valued at about $1.2 billion.
"The decision to sell our UK Exploration & Production business is a clear example of our commitment to optimize our asset portfolio," interim CEO Kris Smith said in a news release.
Last year, it announced it would sell its wind and solar assets to Canadian Utilities Ltd. for $730 million and in another deal agreed to sell its exploration and production assets in Norway for $410 million. Suncor's efforts to streamline its operations are part of an overall plan to boost performance at the Calgary-based energy giant. Last year, the company reached a deal with activist investor Elliott Investment Management LP, which had expressed frustration with the company's lagging share price, safety record, and streak of operational challenges.
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