(World Oil) – Cenovus Energy has entered into a definitive agreement to acquire MEG Energy in a cash and stock transaction valued at $7.9 billion CAD ($5.7 billion USD), inclusive of assumed debt. The deal follows MEG’s recent rejection of a lesser takeover bid from Strathcona Resources. The acquisition brings together two leading SAGD oil sands producers with combined oil sands production of
Yahoo Finance Publisher’s Note: BP will be presenting at EnerCom Denver-The Energy Investment Conference on August 7-10, 2022. Register to attend. CALGARY, Alberta, June 13, 2022 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) has reached an agreement to purchase the remaining 50% of the Sunrise oil sands project in northern Alberta from bp. Total consideration for the
World Oil (Bloomberg) –For a few fleeting hours Thursday, shares of Cenovus Energy Inc., one of Canada’s biggest oil producers, bounced back to highs not seen since its massive stock issuance to buy assets from ConocoPhillips four and a half years ago. Cenovus extended three days of gains to rise as much as 6% at midday to C$17.53, briefly eclipsing
From The Globe and Mail Canadian oil producers faced an “existential crisis” that required emergency intervention last fall, and Alberta Premier Jason Kenney now has a precedent to order companies to ratchet back output again should heavy oil prices crash, says Alex Pourbaix, chief executive of Cenovus Energy Inc. Former premier Rachel Notley’s government imposed a reduction of 325,000 barrels
From Reuters Canada’s Cenovus Energy on Wednesday praised government-ordered oil production cuts that have dramatically improved Canadian crude oil prices, allowing the company to post a return to quarterly profits after a torrid 2018. Canada’s main oil-producing province Alberta ordered companies to cut output by 325,000 barrels per day (bpd), effective Jan. 1, 2019, to deal with pipeline bottlenecks that
From Reuters Cenovus Energy is pressing ahead with aggressive plans to transport more crude by rail, contrasting itself with peers who have hit the brakes, as the Canadian oil producer bets that pipeline bottlenecks are likely to return. Pipeline congestion depressed Canadian oil prices last year, prompting Cenovus and other producers to increase their reliance on rail to move crude
From Reuters Canadian oil producer Cenovus Energy Inc is sticking to its plan to accelerate rail shipments starting in the second quarter, as crude transported by that form remains profitable despite price swings this year, its chief executive said. Cenovus signed long-term agreements in September with Canadian National Railway Co and Canadian Pacific Railway, when Canadian heavy crude was selling
From Bloomberg Premier makes no mention of curtailment in Toronto speech CTV Interview Wednesday had raised expectation that she would Alberta Premier Rachel Notley reiterated her call for Canadians to support new oil pipelines and improve two energy bills at a speech in Toronto, but made no mention of whether she’ll mandate crude-production cuts. Suffering from record-low prices because of
From Reuters CALGARY, Alberta (Reuters) – Canadian oil producer Cenovus Energy Inc (CVE.TO) is considering further expansion of its agreements to move crude by rail on Canada’s two major railways, its chief executive said on Wednesday. Last month, Cenovus signed three-year deals with Canadian National Railway Co (CNR.TO) and Canadian Pacific Railway Ltd (CP.TO) to transport roughly 100,000 barrels
From Reuters ConocoPhillips (COP.N) is preparing to offload its stake in Cenovus Energy Inc (CVE.TO), which it acquired as part of an asset sale to the Canadian oil and gas producer last year, people familiar with the matter told Reuters. The U.S. energy company has held discussions with investment banks about appointing advisers to the sale and could offer the
From Reuters/Globe and Mail Canadian Natural Resources Ltd (CNRL) , one of Canada’s biggest oil and gas producers, will produce less than expected this spring, it said on Thursday, as transport bottlenecks pressure prices of Canadian heavy crude. Tight capacity on pipelines and rail lines from the province of Alberta early this year led to the biggest discount in four
From The Star CALGARY—Alberta’s beleaguered oil industry may, in the second half of the year, get some relief from its persistent shipping bottlenecks as producers strike deals with rail companies to move more crude. Oil producers and railroads have room to strike deals that will make economic sense for both parties, Cenovus Energy Inc. chief executive officer Alex Pourbaix said.
