Cenovus acquisition of Athabasca Oil Corporation deepens large-cap concentration in Canadian oil sands

AI Summary

Cenovus Energy is acquiring Athabasca Oil Corporation in a Cdn$5.7 billion transaction, further consolidating ownership in Canada’s oil sands. Wood Mackenzie describes the deal as another step in a decade-long shift toward control by a smaller group of large-cap companies.

Addressing Cenovus Energy’s acquisition of Athabasca Oil Corporation for Cdn$5.7 billion (~US$4 billion), Mark Oberstoetter, head of Americas upstream research for Wood Mackenzie said, “This most recent acquisition marks the latest step in a decade-long consolidation of Canadian oil sands ownership into the hands of a small number of large-cap Canadian companies. With this deal, ...