Cenovus Energy Agrees to Acquire Athabasca Oil in CA$5.7 Billion Deal

MT newswire2026/10/05 10:46

06:46 AM EDT, 10/05/2026 (MT Newswires) -- Cenovus Energy (CVE.TO) has agreed to acquire Athabasca Oil (ATH.TO) in a cash-and-stock deal worth CA$5.7 billion, the company said Monday. The deal would add about 45,000 barrels of oil equivalent per day of production, including thermal production near Cenovus's Christina Lake, May River and Thornbury assets, as well as more than 75 years of proved plus probable reserve life. Under the agreement, Cenovus will acquire all of Athabasca's issued and outstanding common shares for CA$12 per share, payable in cash and Cenovus common shares. Each Athabasca shareholder may elect to receive, for each Athabasca share held, CA$12 in cash, 0.264 of a Cenovus common share, or a proportion of cash and shares as specified by the shareholder. The deal has been unanimously approved by the board of directors of both companies. The acquisition is expected to close in December, subject to customary closing conditions.

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