Cenovus Energy Inc. acquires MEG Energy Corp. in a C$8.6B deal

On November 13, 2025, Cenovus Energy Inc. ("Cenovus") completed its C$8.6 billion acquisition of MEG Energy Corp. ("MEG") through a cash-and-stock deal, combining two major oil sands producers under a plan of arrangement.

The acquisition allows Cenovus to expand its oil sands footprint by integrating MEG’s Christina Lake assets, creating a stronger, more efficient operation with significant cost and development synergies. This combination enhances Cenovus’s position as the pre-eminent SAGD oil sands producer, increasing scale and competitiveness while supporting long-term sustainability and operational efficiency goals. As part of the transaction, Cenovus gains roughly 110,000 barrels per day of additional oil sands production, further strengthening its low-cost, long-life asset base.

Cenovus, headquartered in Calgary, Alberta, is an integrated energy company with operations in oil sands, conventional oil and natural gas production, and refining across North America.

McCarthy Tétrault LLP advised Cenovus with a team led by John Piasta that included Mike Bennett, Toby Allan, Farhiyah Shariff, Jack Schroder, Ashley Wilson, Rebecca Wieschkowski, Bryce Safton, Jonathan Brisebois, Rahul Bhutani, and Conrad Parken (M&A and Capital Markets); Joe Palin, Trevor Morawski, Evan Halbert, and Audrey Bouffard-Nesbitt (Financial Services); Sean Smyth, Shane D’Souza, and Chris Puskas (Litigation); Thomas McInerney, Brian Bidyk, Ashley Urch, and Riley Thackray (Energy); Brett Anderson, Matt Kraemer, Erica Hennessey, and Daniel Downie (Tax); Jason Gudofsky and Debbie Salzberger (Competition); John Gilmore (Labour & Employment); and Susan Nickerson (Pensions & Benefits).