Oil Sands
News
November 17, 2025
Canada’s oil sands are seeing renewed growth as U.S. shale output plateaus, with production hitting record highs following the Trans Mountain pipeline expansion. Improved heavy-oil pricing and rising U.S. investor interest are driving a resurgence among major oil sands producers through 2030.
News
November 13, 2025
Cenovus has officially closed its acquisition of MEG Energy, adding 110,000 bpd of low-cost oil sands production and consolidating a key thermal hub in Alberta. The deal strengthens Cenovus’s long-life asset base and positions the company for new synergies ahead of its 2026 budget update.
News
October 28, 2025
Canadian oil sands emissions increased by less than 1% in 2024 even as production rose 150,000 bpd, S&P Global Commodity Insights reports. Efficiency gains cut greenhouse gas intensity by 3% to 57 kgCO₂e per barrel.
News
October 10, 2025
Strathcona Resources Ltd. has formally withdrawn its takeover bid for MEG Energy Corp., citing new terms in MEG’s revised agreement with Cenovus Energy Inc. that render the proposed acquisition no longer feasible.
News
October 08, 2025
Cenovus Energy has raised its takeover offer for MEG Energy to C$7.6 billion, sweetening terms ahead of a delayed shareholder vote. The deal would expand Cenovus’s footprint across Alberta’s Christina Lake oil sands, where MEG produces about 100,000 bpd.
News
September 15, 2025
MEG Energy has rejected Strathcona Resources’ sweetened C$7.6 billion bid, backing Cenovus Energy’s cash-heavy offer instead. The oil sands producer’s board cited risks tied to Strathcona’s shares and reaffirmed support for Cenovus ahead of an October shareholder vote.
News
September 10, 2025
Cenovus CEO Jon McKenzie says the company will not raise its takeover bid for MEG Energy, rejecting rival Strathcona’s higher all-stock offer as shareholder approval looms.
News
September 08, 2025
Strathcona Resources Ltd. increased its bid for oil sands producer MEG Energy Corp., seeking to break up the oil sands producer’s sale to larger Canadian rival Cenovus Energy Inc.
News
September 03, 2025
Alberta’s oil production rose to a record 4.32 million bpd in July as oil sands companies boosted output from well sites to fill the expanded Trans Mountain pipeline. Output from the oil sands also climbed to a record of 3.67 million bpd, according to Alberta Energy Regulator data.
News
August 28, 2025
Alberta is projecting a wider deficit for the current fiscal year as oil prices fall, denting a key source of revenue for Canada’s top energy-producing province.
News
August 22, 2025
Cenovus Energy will acquire MEG Energy in a deal valued at $7.9 billion CAD ($5.7 billion USD), forming a combined oil sands player with over 720,000 bpd production. The acquisition follows MEG's recent rejection of a lesser takeover bid from Strathcona Resources.
News
August 14, 2025
Canadian Natural Resources Ltd., Imperial Oil Ltd. and others are extending maintenance cycles to two-years from one, which saves on capital expenditure, increases output and effectively offsets declining profits resulting from lower oil prices.
News
August 12, 2025
Cenovus Energy Inc. is in talks with Indigenous groups in Canada to jointly buy MEG Energy Corp., an oil sands producer that faces an unsolicited $4 billion takeover bid from Canadian oil giant Strathcona Resources.
News
June 30, 2025
According to Alberta Energy Regulator data, Cenovus Energy Inc.’s Christina Lake oil sands site vented the most natural gas in more than four years into the atmosphere when a wildfire forced an emergency shutdown of the facility in May.
News
June 20, 2025
Canadian oil producer Strathcona Resources stood by its offer for MEG Energy after having the $4.1-billion takeover bid rejected by MEG’s board. While MEG called the offer “inadequate and opportunistic,” Strathcona continues to try to win over MEG shareholders.
News
May 30, 2025
Canadian wildfires have prompted evacuations from oil sands projects in northern Alberta and forced thousands of people from their homes. A fire near Cold Lake, Alberta is bearing down on oil sands operations and curtailing production in the region as employees are told to leave.
News
May 29, 2025
A total of 26 out-of-control fires are burning in the province amid hot, dry weather, bringing flames within 12 mi (20 km) of about 245,000 bopd production, according to data from Alberta’s energy regulator and wildfire department.
News
May 23, 2025
Tim Hodgson, Canada’s new energy minister, has emphasized the need to build carbon-capture systems for the oil sands and identified crude and natural gas exports as a major priority for Prime Minister Mark Carney’s government.
News
April 08, 2025
Enverus Intelligence® Research (EIR) has released a new report finding that recent oil price weakness and U.S. trade tensions will only marginally slow down growth for the Canadian oil sands region; significant brownfield expansions and economic viability remain.
News
November 27, 2024
(Bloomberg) – Alberta intends to invoke legislation allowing it to defy a federally proposed cap on emissions from the oil and gas industry in opposition to Prime Minister Justin Trudeau. The Canadian province holds the world’s third-largest crude reserves in its oil sands.
News
November 28, 2024
(Bloomberg) – Suncor Energy Inc.’s crude output from wells in Alberta rose to a record in October on gains at the Firebag oil sands site, which the producer’s chief executive has called a “rock star” operation.
