(BOE Report)– Cenovus Energy bought more shares in MEG Energy, raising its stakes to 9.8% in the Canadian oil sand company. This follows Cenovus’s Tuesday purchase of 21.7 million shares, strengthening its position to acquire one of Canada’s last large pure-play oil sands companies ahead of the October 22 shareholder vote. Earlier this month, Cenovus increased its bid by C$2.35
(Oil Price)– The prospect of a contango is casting a shadow over oil markets, with the entire 2026 WTI futures curve now trading below $60 per barrel—beneath breakeven levels for most new shale wells. TotalEnergies CEO Patrick Pouyanné and Vitol’s Russel Hardy warn that prices this low could cut U.S. shale output by 200,000 to 300,000 barrels per day next
(BOE Report)– Cenovus Energy on Wednesday sweetened its offer to acquire MEG Energy, raising the value of the proposed deal to C$29.80 per share, in an attempt to match a rival bid from Strathcona Resources. The revised terms valued MEG at about C$8.6 billion ($6.16 billion), including debt, the company said, adding that it is Cenovus’ “best and final” offer. Last month, MEG
(BOE Report)– The contest for MEG Energy is entering its final stages, with two competing bids on the table and shareholders set to vote in October. The upcoming votes will determine whether MEG is acquired by Cenovus, taken over by Strathcona, or remains independent. Key Dates Ahead Several important dates now define the timeline: October 7: Proxy voting deadline for MEG shareholders
(World Oil) – MEG Energy Corp.’s board turned down Strathcona Resources Ltd.’s sweetened offer to buy the oil sands producer, recommending that shareholders stick with a rival offer from Cenovus Energy Inc. Strathcona, controlled by former investment banker Adam Waterous, last week offered 0.8 of a share for each share of MEG, valuing the Calgary-based target at around C$7.6 billion
(Oil & Gas 360) – Calgary, Alberta (September 8, 2025) – Strathcona Resources Ltd. (“Strathcona“) today announced a variation and extension of its previously announced take-over bid (as varied, the “Amended Offer“) for MEG Energy Corp. (TSX: MEG) (“MEG“). Under the terms of the Amended Offer, Strathcona is offering to acquire all of the issued and outstanding common shares of MEG (“MEG
(BOE Report) – Canadian oil and gas producer Strathcona Resources said on Tuesday it has purchased additional 6.66 million common shares of rival MEG Energy for about C$190.8 million ($138.09 million). With this acquisition, Strathcona now owns or controls about 11.8% of MEG’s outstanding shares. Prior to this transaction, it held about 9.2% of the total MEG shares. The highest price paid for the
(Oil Price)– Previously rejected MEG Energy bidder Strathcona Resources intends to buy an additional 5% stake in MEG and vote these shares and the existing 9.2% stake against the Cenovus acquisition offer for MEG, as the latest major Canadian deal faces hurdles towards completion. Last week, Cenovus Energy announced it has entered into a definitive arrangement agreement to acquire MEG Energy Corp
(BOE Report)– Oilsands giant Cenovus Energy Corp. has been cited by industry watchers as one of the potential competing bidders for MEG Energy Corp., which has spurned an unsolicited offer from Strathcona Resources Ltd. and launched a formal review of alternative options. MEG and Cenovus have neighbouring flagship oilsands projects south of Fort McMurray, Alta., at Christina Lake that use steam wells to
(Oil Price) – Canada’s Strathcona Resources supports MEG Energy in its process to explore potential mergers after MEG recommended that shareholders reject a $4.4 billion (C$6 billion) takeover offer from Strathcona. Last month, Strathcona, MEG’s second-largest shareholder with about 9%, made an offer to acquire MEG Energy for the equivalent of some $4.4 billion in cash and stock. A deal would have turned
(BOE Report) – CALGARY – Strathcona Resources Ltd. has begun its formal takeover bid for fellow oilsands producer MEG Energy. Its offer comprises 0.62 of a common share of Strathcona and $4.10 in cash for each MEG share it doesn’t already own. The offer is open until Sept. MEG says its board and legal and financial advisers will consider the offer, and that a
Q4 earnings caps a wild quarter By Richard Rostad, analyst, Oil & Gas 360 Two major Canadian oil sands producers, Canadian Natural Resources (ticker: CNQ) and Meg Energy (ticker: MEG) held conference calls late this week, providing a glimpse of the thoughts of two of the largest producers in the country. As might be expected, both companies experienced wild quarters
