Cenovus Snatches Up MEG Energy to Create New Oil Sands Titan

August 23, 2025-- Researched by Industrial Info Resources (Sugar Land, Texas)--Fee fi fo fum: One of the giants of Canada's oil sands region is about to get bigger. Cenovus Energy (Calgary, Alberta) announced last week it will buy MEG Energy Corporation (Calgary) in a C$7.9 billion ($5.68 billion) cash-and-stock deal that will grow Cenovus' already-prominent role in the region. The expanded company will boast more than 720,000 barrels per day (BBL/d) of output. Industrial Info is tracking more than US$27 billion worth of active and proposed projects from Cenovus and MEG, about 77% of which is attributed to projects in Alberta. MEG's board of directors unanimously approved the arrangement and recommended its shareholders vote for it at a special meeting expected to be held in early October 2025, after which the deal is expected to close. Other companies featured: Strathcona Resources Limited