ConocoPhillips Secures $3 Billion for Surmont Oil Facility Acquisition

ConocoPhillips plans to raise funds for its $3 billion acquisition of the remaining 50% stake in the Surmont oil facility in Canada through the issuance of senior unsecured debt notes. The company did not specify the amount it intends to raise. The Surmont oil facility is located in the Canadian oil sands and holds significant crude reserves. ConocoPhillips previously issued $1.1 billion in notes in May and had a total debt of $16.44 billion as of June 30. The acquisition is expected to be completed in the second half of 2023.