Cenovus Energy is deepening its Canadian oil sands footprint through its November 2025 MEG Energy acquisition and a newly announced deal to acquire Athabasca Oil Corporation. Management said the Christina Lake North assets, formerly MEG's Christina Lake, are the biggest contributor to upstream production and have already moved above their rated capacity of 110,000 barrels per day. Cenovus is investing approximately $400 million in growth capital to expand Christina Lake North through new steam generators, facility debottlenecking and redevelopment drilling, which is expected to add nearly 40,000 barrels per day of production by 2028. The Athabasca transaction, expected to close in December, is anticipated to add 45 Mboe per day of production, including thermal production near Christina Lake North, extending the company's long-term growth runway. In the second quarter, Cenovus achieved total upstream production of 970 thousand barrels of oil equivalent per day.
Cenovus Energy IncCenovus is acquiring MEG Energy and Athabasca Oil, expanding its oil sands portfolio and production.
Imperial Oil Ltd
Suncor Energy Inc