Professional M&A intelligence for the energy transition
Cenovus Energy and Husky Energy completed their all-stock deal in a transaction valued at approximately C$23.6 billion including assumed debt. The combined company will operate as Cenovus Energy and remain headquartered in Calgary, Alberta.
Canadian Natural Resources completed its C$6.5 billion acquisition of Chevron's Canadian assets in October 2024. The deal includes Chevron's 20% interest in the Athabasca Oil Sands Project and 70% operated interest in light oil assets in the Duvernay Shale.
Cenovus Energy acquired BP's 50% interest in the Sunrise oil sands project in October 2022, gaining 100% ownership. Cenovus paid C$600 million in cash, with BP also receiving Cenovus's 35% stake in the Bay du Nord project.
Suncor Energy acquired Teck Resources' 21.3% interest in the Fort Hills oil sands project for approximately C$1.0 billion in February 2023, increasing Suncor's stake to 75.4%. The deal supports Suncor's strategy to consolidate operated assets.
Suncor Energy acquired TotalEnergies' Canadian operations, including the 31.23% interest in the Fort Hills oil sands project, for C$1.47 billion in April 2023. The deal gave Suncor 100% ownership of Fort Hills. TotalEnergies EP Canada holds a 31.23% working interest in Fort Hills.