On November 13, 2025, Cenovus Energy Inc. ("Cenovus") completed its $8.6 billion acquisition of MEG Energy Corp. ("MEG") through a cash-and-stock deal, combining two major oil sands producers under a plan of arrangement.

The acquisition allows Cenovus to expand its oil sands footprint by integrating MEG’s Christina Lake assets, creating a stronger, more efficient operation with significant cost and development synergies. This combination enhances Cenovus’s position as the pre-eminent SAGD oil sands producer, increasing scale and competitiveness while supporting long-term sustainability and operational efficiency goals. As part of the transaction, Cenovus gains roughly 110,000 barrels per day of additional oil sands production, further strengthening its low-cost, long-life asset base.

Cenovus, headquartered in Calgary, Alberta, is an integrated energy company with operations in oil sands, conventional oil and natural gas production, and refining across North America.

Goldman Sachs Canada Inc. and CIBC Capital Markets are advising Cenovus, with legal counsel from McCarthy Tétrault LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP. MEG’s advisors are BMO Capital Markets and Burnet, Duckworth & Palmer LLP and Latham & Watkins LLP, while RBC Capital Markets and Norton Rose Fulbright Canada LLP are advising MEG Energy’s Special Committee.