Cenovus Energy
Cenovus Energy Inc is an integrated oil company, focused on creating value through the development of its oil sands assets. The company also engages in production of conventional crude oil, natural gas liquids, and natural gas in Alberta, Canada, with refining operations in the U.S. Net upstream production averaged 786 thousand barrels of oil equivalent per day in 2022. The company had upstream projects across Western Canada; crude oil production and natural gas and NGLs production offshore China and Indonesia. The downstream operations include upgrading and refining operations in Canada and the U.S., and commercial fuel operations across Canada.www.cenovus.com
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Search complete. 49 mentions across 10 episodes found for "Cenovus Energy".
Oct 14, 2026
Gord KightleyGUEST
He's, he, uh, he was affected by...
Gord KightleyGUEST
He was at Cenovus for years and then he moved over to Athabasca Oil and then two hitches in Athabasca got bought by Cenovus, so he's right back where he started.
Dick FrostHOST
Well, we have guys here, uh, that we, we have, uh, the lease, you know, the Lease Mere project?
Gord KightleyGUEST
Yeah.
DanielAUDIENCE
Hi, Jerome.
DanielAUDIENCE
My question is on Cenovus.
DanielAUDIENCE
Are you a buyer of Cenovus at today's price, or would you wait for a pullback for a better entry price? Uh, thank you for taking my call.
Marella FernandezHOST
Okay, thank you for the question.
Marella FernandezHOST
Uh, we've had a few, uh, questions lately about Cenovus now that it's, uh, taking some action as well, uh, for acquisitions.
Marella FernandezHOST
What do you think of Cenovus?
Jerome HassGUEST
Well, we really love the company, and you definitely should be buying it at these levels here.
Jerome HassGUEST
Um, you know, we consider Cenovus and Suncor to be the two blue chips really of the Canadian oil and gas space, and they both have leverage to refining.
Housley CarrNARRATOR
Over the past 10-plus years, there's been an extraordinary consolidation among producers in Alberta's booming oil sands region, most of it tied to building inventory, increasing efficiency and maximizing free cash flow.
Housley CarrNARRATOR
Now, with Cenovus Energy's planned multi-billion-dollar acquisition of Athabasca Oil Corporation, more than 90% of oil sands production, 93% to be exact, will be owned by only five companies, Canadian Natural Resources Limited, or CNRL, Suncor Energy, Cenovus, Imperial Oil, and ConocoPhillips.
Housley CarrNARRATOR
In today's RBN blog, we'll discuss the recently announced deal and ask whether the golden era of M&A up north is finally petering out.
Housley CarrNARRATOR
Over the past few years, we've blogged frequently about the pack-man-like phenomenon of extra-large North American oil and gas producers gobbling up large competitors and becoming ever bigger in the process.
Housley CarrNARRATOR
Devon Energy, with 87,000 barrels per day of oil sands output 11 years ago, sold its assets there to CNRL in 2019.
Housley CarrNARRATOR
Number 4.
Housley CarrNARRATOR
Meg Energy, with 80,000 barrels per day of oil sands production in 2015, was acquired by Cenovus in 2025.
Housley CarrNARRATOR
More on that in a moment.
Alex BlumensteinHOST
Jay, what's the Deal of the Week?
Jay RosenthalHOST
Well, the Deal of the Week is Cenovus is buying Athabasca Oil for $5.7 billion.
Jay RosenthalHOST
That's pretty good.
Jay RosenthalHOST
The acquisition adds 40,000 barrels of oil per day to Cenovus' oil sands production, a figure the company sees growing to 115,000 by 2052.
Alex BlumensteinHOST
And here's why it matters.
Alex BlumensteinHOST
The deal is a sign that at least one oil producer is confident enough in the federal government's plan to build infrastructure to grow oil sands exports.
Alex BlumensteinHOST
Cenovus CEO, John MacKenzie, referenced Ottawa's recent moves to build pipelines and loosen restrictions on oil production, saying the policies were having a, quote, "meaningful impact on our ability to advance growth projects."
speaker_2UNKNOWN
[upbeat music] Hey.
Simon BelangerHOST
So continuing on the Canadian merger section here.
Simon BelangerHOST
Cenovus buying Athabasca.
Simon BelangerHOST
Do you wanna go over that?
Dan KentHOST
Yeah, so Cenovus is making more deals.
Dan KentHOST
They're- they've probably been one of the more aggressive companies in terms of acquiring smaller oil companies over the last few years, but they're buying Athabasca oil.
Dan KentHOST
And this is kinda one I've paid particular attention to because I remember back in, it would've been in, like, 2019, I threw this one on a penny stock list I had over on our website when it was, like, 40 cents a share.
Dan KentHOST
They were not a very, I don't wanna say a bad operating company, but just had some issues.
Dan KentHOST
But anyways, now they've recovered in a big way.
speaker_0HOST
Yeah
John WilsonGUEST
... or even large Canadian producers like Suncor and Cenovus and CNQ, but also the midstream infrastructure that delivers that oil and gas to where it's either refined or processed or shipped.
John WilsonGUEST
Uh, we also invest in the critical m- minerals that are used for electrification.
John WilsonGUEST
Think nickel, copper, silver, zinc, those types of things, all again, abundantly in North America.
Jessica AmundrudGUEST
Uh, so lots of fun activities as well.
Jessica AmundrudGUEST
But also just a good chance to see the facility, like see the Cenovus Energy Lab.
Jessica AmundrudGUEST
Go up, look at the spa, the salon, all the classrooms.
Jessica AmundrudGUEST
Um, it's a beautiful campus, both of them.
Marella FernandezHOST
All right.
Marella FernandezHOST
Let's get to your next pick, uh, which is Cenovus Energy, CVE, on the TSX.
Marella FernandezHOST
Well-known company.
Marella FernandezHOST
Made a recent announcement.
Mike BradleyHOST
And sort of the EU integrated, integrated, uh, major oil companies are up around two or three percent, so they are lagging as you would expect.
Mike BradleyHOST
As far as the biggest story in energy this week, I think it's that Cenovus Energy is buying basically Athabasca Oil for five point seven billion dollars.
Mike BradleyHOST
Those...
Mike BradleyHOST
That...
Jordan BatemanHOST
David Eby wants more of your paycheck.
Jordan BatemanHOST
Cenovus wants more of the oil sands, but only one of them is spending their own money.
Jordan BatemanHOST
I'm Jordan Bateman, and this is episode thirty-eight of ICBA, Coffee and Construction, the news that matters to the people who build British Columbia and Alberta.
Jordan BatemanHOST
We've got lots of news today, October fifth.
Jordan BatemanHOST
I'm gonna get to the BC election in a second, but let's start in Alberta.
Jordan BatemanHOST
Breaking news this morning, Cenovus Energy has agreed to buy Athabasca Oil Corporation for five point seven billion dollars, cash and shares.
Jordan BatemanHOST
Athabasca shareholders can take twelve dollars cash a share or zero point two six four of a Cenovus share, and the closing is set for December.
Jordan BatemanHOST
So what is that five point seven billion dollars buying? About forty-five thousand barrels a day, mostly thermal oil sands at Leasmer and Corner, right next to Cenovus's own Christina Lake, May River, and Thornbury sites.