CVE Stock Recent News

Canadian oil and gas producer Strathcona Resources said on Thursday it intends to buy an additional 5% stake in rival MEG Energy and vote against the acquisition of MEG by another rival, Cenovus Energy.

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Cenovus Energy Inc (TSX:CVE) has announced a definitive agreement to acquire MEG Energy (TSE:MEG) in a cash-and-stock transaction valued at approximately $7.9 billion, including assumed debt. Cenovus said the acquisition strengthens its position as a leading steam-assisted gravity drainage (SAGD) oil sands producer.

Canadian oil producer MEG Energy said on Friday it has agreed to be acquired by larger peer Cenovus Energy in a C$7.9 billion cash-and-stock deal, including debt.

CALGARY, Alberta, Aug. 22, 2025 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced that it has entered into a definitive arrangement agreement to acquire MEG Energy Corp. (TSX: MEG) (“MEG”) in a cash and stock transaction valued at $7.9 billion, inclusive of assumed debt.

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CVE and Indigenous partners are in talks for a joint bid on MEG Energy, challenging Strathcona's hostile takeover attempt.

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Cenovus Energy is in talks with Indigenous groups in Canada to jointly buy MEG Energy , Bloomberg News reported on Tuesday, citing people familiar with the discussions.

Cenovus expects to increase its production by 19.17% from 2024 to 2034. Since 2021, the company has implemented a repurchase program and has reduced its common shares by 9.52% in that period. CVE has refineries in the US. As such, it can sell its oil and gas production at a higher price in the US.