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Cenovus Moves Forward with $8.6 Billion MEG Acquisition

11/1/2025

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Summary

Story summary

Cenovus Energy Inc. is proceeding with its $8.6 billion acquisition of MEG Energy Corp., despite a regulatory inquiry related to a former MEG employee's complaint.
Cenovus CEO Jon McKenzie reported that 86% of MEG shareholders support the deal, which is set to close in mid-November.
The acquisition will boost Cenovus's production capacity by 110,000 barrels per day.
In the third quarter, Cenovus's profit rose to $1.29 billion, up from $820 million the previous year, due to record production levels.
The company expects significant cost savings from the merger while maintaining financial stability post-acquisition.

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Story summary

Cenovus Energy Inc. is proceeding with its $8.6 billion acquisition of MEG Energy Corp., despite a regulatory inquiry related to a former MEG employee's complaint.
Cenovus CEO Jon McKenzie reported that 86% of MEG shareholders support the deal, which is set to close in mid-November.
The acquisition will boost Cenovus's production capacity by 110,000 barrels per day.
In the third quarter, Cenovus's profit rose to $1.29 billion, up from $820 million the previous year, due to record production levels.
The company expects significant cost savings from the merger while maintaining financial stability post-acquisition.