Mergers & AcquisitionsMedium•6 October 2026•
1 min read
Cenovus Acquires Athabasca for $5.7B; Suncor Divests Offshore Assets
Key Facts
1Cenovus Energy agreed to acquire Athabasca Oil Corp for $5.7 billion to expand its oilsands production.
2Suncor Energy sold its East Coast offshore assets for $1.2 billion to focus on large-scale oilsands resources.
3Suncor plans to use the sale proceeds to increase share buybacks for shareholders.
Cenovus Energy agreed to acquire Athabasca Oil Corp for $5.7 billion to expand its oilsands production. According to the Financial Post, Suncor Energy simultaneously sold its East Coast offshore assets for $1.2 billion as it shifts focus toward large-scale oilsands resources.
Suncor plans to utilize the proceeds from the sale to increase share buybacks for its shareholders, the Financial Post reported. Regarding equity performance, CVE closed at $31.47 on October 5, 2026, while SU closed at $68.77 on the same date.