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.
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Cenovus Energy To Acquire Athabasca Oil Corporation For $12/Share In Cash And Stock At An Implied EV Of $5.7B
Transaction HighlightsClear strategic fit with Cenovus’s core oil sands business – Adds approximately 45 thousand barrels of oil equivalent per day (MBOE/d)1, including thermal production proximal to Cenovus’s Christina
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Cenovus Sees An Opportunity To Increase Production From Leismer To More Than 60K Barrels A Day
Cenovus Energy shares are trading lower after the company announced it will acquire Athabasca Oil.
Cenovus announces agreement to acquire Athabasca Oil Corporation
Cenovus Energy announced a definitive agreement to acquire Athabasca Oil Corporation in a cash and stock transaction valued at $5.7 billion. The acquisition adds approximately 45,000 barrels of oil equivalent per day and includes high-quality oil sands assets with over 75 years of proved plus probable reserves life. Cenovus expects to realize $85 million in annual synergies and plans to close the transaction in December 2026, subject to regulatory approvals and shareholder approval.