Cenovus to acquire Athabasca Oil for $4B to boost Alberta oil sands output

Cenovus Energy announced a $4 billion cash-and-stock deal to buy Athabasca Oil, expanding its oil sands operations in Alberta. The acquisition adds about 45,000 barrels per day of production and long-life thermal oil assets, improving efficiency and cash flow. Athabasca shareholders will receive Cenovus shares plus cash, with the deal expected to close in December. This follows Cenovus's recent MEG Energy purchase and strengthens its position in the Kaybob Duvernay area.

Cenovus Energy shares are trading at USD 31.33 with a 3.30% decline as of Oct 05, 2026 22:12 WIB on Pluang. The company’s market capitalization stands at $60.30 billion, reflecting its significant scale in the energy sector. This latest $4 billion acquisition of Athabasca Oil aligns with Cenovus’s strategy to expand its oil sands operations and enhance production capacity.