Strathcona Resources – Oil & Gas 360

Canada’s newest oil tycoon shakes up sector with bold expansion plan

December 9, 2025

(BOE Report) – Canadian banker-turned-oil-tycoon Adam Waterous, an industry outsider who lives in a Rocky Mountain tourist town, not energy hub Calgary, has a plan to cement his company’s status as one of North America’s fastest-growing oil companies. Waterous intends to more than double crude production by Strathcona Resources and expand more aggressively than any of its rivals after the company’s hostile

Cenovus Energy acquires additonal shares in MEG Energy

October 16, 2025

(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 market braces for contango and shale slowdown

October 14, 2025

(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

Cenovus sweetens takeover offer to C$8.6 billion for MEG Energy

October 8, 2025

(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

MEG Energy rejects Strathcona’s latest bid in favor of Cenovus cash deal

September 15, 2025

(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

Strathcona Resources Ltd. Announces Amended and Extended Offer to Acquire MEG Energy Corp.

September 8, 2025

(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

Strathcona Resources acquires additional MEG Energy shares

September 3, 2025

(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

Strathcona seeks to block $5.7 billion Cenovus deal to buy MEG Energy

August 29, 2025

(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

Cenovus to acquire oil sands producer MEG for $5.7 billion

August 25, 2025

(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

MEG Energy seeks alternatives after rejecting $4.4-billion bid from Strathcona

June 20, 2025

(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

Strathcona formally launches takeover bid for oilsands peer MEG Energy

May 30, 2025

(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

Strathcona announces sale of Montney business for $2.84 billion and acquisition of Hardisty Rail Terminal

May 15, 2025

(Oil & Gas 360) – Calgary, Alberta (May 14, 2025) – Strathcona Resources Ltd. (“Strathcona” or the “Company”) (TSX: SCR) is pleased to announce that it has entered into definitive agreements to sell substantially all of its Montney assets for approximately $2.84 billion, pursuant to three separate transactions: The sale of its Kakwa asset (the “Kakwa Sale”) to ARC Resources Ltd. for

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