Cenovus announces agreement to acquire Athabasca Oil Corporation

Cenovus Energy announced a definitive agreement to acquire Athabasca Oil Corporation in a cash and stock transaction valued at $5.7 billion. The acquisition adds approximately 45,000 barrels of oil equivalent per day and includes high-quality oil sands assets with over 75 years of proved plus probable reserves life. Cenovus expects to realize $85 million in annual synergies and plans to close the transaction in December 2026, subject to regulatory approvals and shareholder approval.