Shares of oil and gas related-companies are lower amid reports suggesting that Saudi Arabia is attempting to restore crude oil exports quickly through pipeline repairs and ship-to-ship transfers. Also, API and EIA data indicated weekly U.S. crude and distillate inventory growth, further pressuring the oil price.

Cenovus Sees An Opportunity To Increase Production From Leismer To More Than 60K Barrels A Day

Cenovus Bets $4 Billion on Athabasca in Oil Sands Power Play

CVE stock dips as Cenovus Energy agrees to buy Athabasca Oil for C$12 per share in a C$5.7B cash-and-stock acquisition.

Cenovus Energy shares are trading lower after the company announced it will acquire Athabasca Oil.

Athabasca Oil Announces Agreement to be Acquired by Cenovus Energy

Cenovus Energy has agreed to acquire Athabasca Oil Corporation for $12.00 per share in a transaction valued at approximately $5.8 billion, comprising 65% cash and 35% Cenovus shares. The deal represents a 14% premium to Athabasca's 20-day volume-weighted average price and a 25% premium to its after-tax net asset value. The transaction is expected to close in December 2026 and will consolidate assets in the McMurray fairway, generating operational synergies and accelerating development of Athabasca's thermal and Duvernay assets.

Reported Earlier, Ecopetrol's Board Unanimously Appoints Joaquín Gutiérrez Caballero As New CEO, Effective September 28

Shares of oil and gas-related companies are trading lower amid crude price declines after reports suggesting that President Trump may meet with Iranian President Pezeshkian in New York. Also, reports suggest Trump declined to attack Yemen's Houthi rebels on behalf of Saudi Arabia, which may be seen as a de-escalation.