Canadian oil and gas producer Cenovus Energy has acquired Athabasca Oil Corporation in a CAD5.7bn (USD4bn) cash-and-share transaction, expanding its oil sands production portfolio in Alberta, Canada (Cenovus press release, 05/10/2026). The deal is expected to close during the first quarter of 2027 and it values Athabasca at approximately CAD12/share (USD8.4/share).
The transaction will add around 45 kboe/d of oil sands production, including thermal production proximal to Cenovus’s Christina Lake, May River and Thornbury assets. It will consolidate ownership of the companies' jointly held oil sands assets and increase Cenovus' exposure to long-life oil production. The acquisition includes Athabasca's interests in the Leismer and Corner assets, providing growth potential to accelerate production to 115 kboe/d by 2032, as well as its resource base in the Athabasca region.
According to Cenovus, the acquisition is expected to strengthen its long-term production outlook and provide additional development opportunities across its oil sands portfolio. The transaction remains subject to shareholder, regulatory and court approvals.
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