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Canadian Oil M&A Soars 53% in 2025, Forecasts Slowdown

2/12/2026

50 7 Full Breakdown

Summary

Story summary

In 2025, Canadian oil and gas M&A totaled $31.2 billion, up 53% from 2024 and the strongest since 2017.
Whitecap Resources merged with Veren Inc. for $15 billion.
Cenovus Energy acquired MEG Energy for $8.6 billion.
Sayer Energy Advisors predicts a slowdown in 2026 due to fewer sellers and a lack of high-quality targets.
Despite this, US private equity interest in Canadian assets remains, as they seek value in lower-cost developments.

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Story summary

In 2025, Canadian oil and gas M&A totaled $31.2 billion, up 53% from 2024 and the strongest since 2017.
Whitecap Resources merged with Veren Inc. for $15 billion.
Cenovus Energy acquired MEG Energy for $8.6 billion.
Sayer Energy Advisors predicts a slowdown in 2026 due to fewer sellers and a lack of high-quality targets.
Despite this, US private equity interest in Canadian assets remains, as they seek value in lower-cost developments.