A series of deals are reshaping the energy industry in Northeast BC. Strathcona Resources has sold off major assets to three companies in separate deals totalling $2.84 billion.
In announcing the deals, Strathcona said the moves are a major step in reshaping the company’s focus and strengthening its financial position.
In the last few years, Strathcona has been expanding by buying other companies such as Pipestone Energy, Serafina Energy and Osum Oil Sands. The company says these deals helped it grow into one of Canda’s biggest oil producers.
In the first deal, Strathcona sold its Kwawa Asset to ARC Resources Ltd. for about $1.695 billion.
The second deal sees the Groundbirch Asset sold to Tourmaline Oil Corp. for $291.5 million in common Tourmaline shares.
Finally, the Grande Prairie Asset has been sold for roughly $750 million. However, it is not stated which company the asset was sold to.
This moves makes up about 12% of Strathcona‘s 2024 operating earnings and 15% of its total value from proven reserves.
Strathcona says it will keep focusing on Canadian oil, gas and energy development and the company is looking ahead to even more growth.
The company went public in October 2023 and is listed on the Toronto Stock Exchange (TSX)