Husky deal not the trigger for Canadian consolidation wave
M&A activity may have started to rally, but further big-ticket transactions look unlikely
Dealmaking has been picking up in the Canadian oil patch after stumbling to a record low level in the first half of the year. And late October saw a significant fillip to the trend when Canadian oil firm Cenovus Energy bid C$3.8bn (US$2.89bn)—C$10.2bn including debt—to acquire Albertan peer Husky Energy. But the blockbuster deal, the sixth-largest in Canadian history, may be a one-off. The move was based on a decision by Husky’s majority owner, not a result of financial necessity like other recent deals in the low oil price environment. Funding options, whether debt or equity, have largely dried up for all but the largest E&P companies, making another major consolidation between Canada’s
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
