The battle for MEG Energy in Canada
The shareholders of MEG Energy will vote on Thursday, which could end the long-running battle for the Canadian oil sands manufacturer. This is the timeline for events in this year. Strathcona Resources, a Canadian oil and natural gas producer, announces that it will launch a hostile bid to take over MEG. The deal values the company at C$5.93billion ($4.25billion).
Cenovus Reports Rise in Q3 Profit
Cenovus Energy reported a rise in third-quarter profit on Friday, driven by record oil sands production and near-full refinery utilization that helped offset weaker crude prices.The Calgary, Canada-based oil and gas producer pursues a major expansion through its planned acquisition of MEG Energy for about $6 billion.A MEG…
Canada's Imperial Oil surpasses profit expectations on record production and strong refining
Canada's Imperial Oil announced a higher-than-expected profit for the third quarter on Friday. Record production and refinery output offset lower crude oil prices. Canadian oil sands companies such as Imperial Oil, have been resilient in the face of a global oil downturn. They have done so because they have invested for years and are now among North America's low-cost producers.
Cenovus profits jump on record production and refinery strength
Cenovus Energy reported a higher third-quarter profit Friday. This was due to record oil sands output and a near-full utilization of the refinery, which helped offset lower crude prices. The U.S. listed shares of Canadian oil and Gas Producer rose 1.5% during premarket trading. The Calgary-based company's results are coming…
MEG Energy suspends the shareholder vote on Cenovus' offer, citing a regulatory inquiry
MEG Energy's board has postponed the expected shareholder vote on Thursday regarding a Cenovus Energy buyout. The board said that a regulatory investigation had prompted them to need more information. MEG Energy's board chairman James McFarland announced that the vote on the sale will be held on November 6, instead of ending…
Cygnet Energy acquires Kiwetinohk for $1 billion
The companies announced on Tuesday that Cygnet Energy, a privately held company, will purchase Kiwetinohk Energy for C$1.4 billion, including debt. This deal creates a larger Montney-Duvernay operator. Montney and Duvernay in Alberta are Canada's most prolific oil and gas shale plays. They have driven much of the recent growth in production and investment in western Canada.
Strathcona supports Cenovus' C$30 per share offer for MEG
Cenovus Energy increased its offer for MEG Energy by C$30 per share on Monday, securing the support of Strathcona, MEG's biggest shareholder. Cenovus raised its offer to C$29.80 for each share earlier this month. It said that it was "best and last" in order to compete with Strathcona for Canada's largest pure-play oil company. Strathcona abandoned its bid for Cenovus after the revised offer.
MEG Energy postpones shareholder vote on Cenovus $6 billion merger
The months-long battle for control of Canada’s last pure-play company in the oil sands sector took on a new twist on Tuesday when MEG Energy Corp. postponed an upcoming meeting where shareholders were scheduled to vote on Cenovus Energy’s proposed takeover. Cenovus has exercised its contractual rights to postpone the meeting.
Cenovus Energy purchases additional shares in MEG Energy
Cenovus Energy has increased its stake in MEG Energy to 9.8%. Cenovus purchased 21.7 million shares on Tuesday, improving its position in acquiring one of Canada's largest pure-play oil and sands companies before the shareholder vote on October 22. Cenovus, which acquired MEG earlier this month, increased their bid from C$2.35 per share to C$29.80, calling it "their best and final offer".
Cenovus Energy increases stake in MEG Energy before merger vote
Cenovus Energy announced on Tuesday that it had purchased approximately 21.7 million MEG Energy common shares ahead of a vote to merge the two companies. This will strengthen its position in preparation for acquiring one of Canada's largest pure-play oil and sands firms. Cenovus acquired approximately 8.5% of MEG’s 254.4 millions outstanding shares on October 8 and could purchase up to 9…
Strathcona withdraws from MEG Energy race after Cenovus sweetened its bid
Strathcona Resources abandoned Friday its bid to acquire MEG Energy. This ended its months-long struggle with Cenovus Energy over ownership of Canada's largest pure-play oil-sands company. Strathcona is the majority shareholder in MEG. Cenovus raised its offer to C$8.6 Billion ($6.17 Billion) including debt earlier this week.
Cenovus increases its offer for MEG Energy to $6.2 billion
Cenovus Energy sweetened Wednesday its offer to purchase MEG Energy. The deal's value, including debt, was raised to C$8.6 Billion ($6.16 Billion), in an effort to compete with a rival offer from Strathcona Resources. Cenovus increased its offer by C$2.35 per share to approximately C$29.80, and stated that this was their "best and last" offer.
Strathcona Waterous is confident in MEG Energy's response to the sweetened offer
The Strathcona Resources executive chair is confident that his sweetened bid to purchase MEG Energy, which is expected to be made by Monday, will win a heated bidding battle. Calgary-based MEG Energy said that it would respond to Strathcona's revised offer made earlier in the week for the acquisition of the company. Strathcona is Canada's only remaining pure-play producer of oil sands.
Bloomberg News CEO: Cenovus is 'closing doors' on a higher bid for MEG Energy
Cenovus Energy, Canada, does not intend to increase its bid for MEG Energy, an oil sands producer, despite Strathcona Resources' higher offer, according to its CEO Jon McKenzie, who spoke with Bloomberg News on Tuesday. MEG shares fell by 2%, to C$28.54. Cenovus shares rose more than 3 % to C$23.28. The takeover drama began in May…
Strathcona Energy, Canada, sweetens MEG Energy's bid to top Cenovus
Strathcona Resources, a Canadian oil and natural gas company, increased its bid for MEG Energy Monday in an attempt to surpass Cenovus Energy. MEG's Christina Lake project is one of Canada's most prized assets in the energy sector. Its long reserve life, its low operating costs, and the significant growth potential it offers make it one the last large-scale oil patch expansion opportunities.
Strathcona, a Canadian company, wants to increase its stake in MEG Energy and opposes Cenovus' bid
Strathcona Resources, a Canadian oil and natural gas producer, announced on Thursday that it would buy an additional 5% of rival MEG Energy. It also said that they will vote against Cenovus Energy's acquisition of MEG. Cenovus acquired MEG for C$7.9 Billion ($5.72 Billion) in cash and stock in August after Strathcona rejected MEG's C$6 Billion takeover offer in June.
Cenovus Energy Lowers 2025 Production Forecast
Canadian oil and gas producer Cenovus Energy lowered the upper end of its full-year upstream production forecast on Thursday, citing the impact from a temporary shut-in of its Rush Lake facilities.The company said it responded to a steam release from a casing failure in an injection well in early May, and as a result, the Rush Lake facilities in west-central Saskatchewan have been temporarily shut
Canadian Natural Resources restarts its oil sands operations as the wildfire threat decreases
Canadian Natural Resources restarted the Jackfish 1 oil-sands project in northern Alberta, after determining that wildfires were safe to a distance. The largest oil producer in the country said that its operations at the site would ramp up over the coming days and aim to reach full production of 36,500 barrels a day by Friday.
Cenovus Energy, a Canadian energy company, beats its quarterly profit forecasts on the back of higher production
Cenovus, a Canadian oil and natural gas company, reported a decline in its first-quarter profits on Thursday. However it managed to surpass Wall Street expectations on the strength of increased production and improved refining profit margins. Following the results, shares of the Calgary-based company listed in America rose nearly 1.4% during premarket trading.
Cenovus Energy predicts increased production by 2025 for new projects
Cenovus Energy, a Canadian energy company, forecasted higher oil and natural gas production in 2025. It expects to benefit from the new projects that will be coming online. According to LSEG, the company expects upstream production of between 805,000 and 845,000 boepd by 2025. The midpoint is higher than analyst estimates of 820140 boepd.