CALGARY - Cenovus Energy Inc. has signed a deal to buy Athabasca Oil Corp. in a cash-and-stock deal valued at $5.7 billion. Cenovus CEO Jon McKenzie says Athabasca’s high-quality, long-life assets fit the company's portfolio and provide a clear opportunity to improve performance, grow production and create long-term shareholder value. Cenovus says the deal adds about 45,000 barrels of oil equivalent per day of production. Under the terms of the agreement, Athabasca shareholders will [Read more]
Headlines
Noralta Technologies Acquires Assets of Seven H Solutions, Expanding Its Reach into East Texas
FOR IMMEDIATE RELEASE Acquisition brings nearly a decade of East Texas automation expertise into Noralta’s growing service network, with founder Kyle Hester joining the Noralta team TYLER, TX — September 28, 2026 — Noralta Technologies USA Inc. (“Noralta”), part of the Noralta Technologies group of companies, today announced that it has acquired the assets of Seven H Solutions LLC (“Seven H Solutions”), a Kilgore, TX-based provider of automation, sales and product services. Founded in 2017 [Read more]
Control Tech Expands Expertise and Capabilities with Acquisition of Alcro Electric
Combining 54 years of experience, strong industry relationships, and complementary expertise to deliver more comprehensive solutions to clients across North America. CALGARY, Alberta — October 5, 2026 — Control Tech, a leading electrical, instrumentation and automation solutions provider, is pleased to announce the acquisition of Alcro Electric Ltd., an established Electrical Contractor with extensive expertise in modular construction and industrial electrical services. The acquisition [Read more]
Tanker ordered by Iran’s IRGC to turn back in Hormuz or risk being hit, UKMTO says
A tanker transiting the Strait of Hormuz was hailed by Iran's Islamic Revolutionary Guard Corps and instructed to turn back or risk being targeted, United Kingdom Maritime Trade Operations (UKMTO) said on Monday. The tanker complied with the instruction, UKMTO said, adding that the incident occurred 11 nautical miles north of Khasab, Oman. (Reporting by Jana Choukeir; Editing by Joe Bavier) [Read more]
ConocoPhillips sees oil price floor rising to $70 a barrel, chairman says
ConocoPhillips Chairman Ryan Lance said on Monday he expects the oil price floor to rise to around $70 per barrel and sees a mid-cycle price of $65 to $70 per barrel for the US West Texas Intermediate crude benchmark. The global oil system bent, but didn't break, due to this year's Middle East conflict, Lance told the Energy Intelligence Forum in London on Monday. US oil production could exceed 14 million to 14.5 million barrels per day if oil prices remain around current levels, he [Read more]
Athabasca Oil Announces Agreement to be Acquired by Cenovus Energy
$12.00 per share Purchase Price, represents a 14% premium to Athabasca’s 20-day volume-weighted average trading price Transaction consideration mix of 35% Cenovus shares and 65% cash; Athabasca shareholders may elect to receive all cash, all Cenovus shares or any combination of the two, allowing them to tailor elections to their individual investment preferences, subject to pro-ration under the Arrangement $5.7 billion enterprise value with compelling metrics1 of $127,000 per boe/d and [Read more]
Cenovus announces agreement to acquire Athabasca Oil Corporation
CALGARY, Alberta, Oct. 05, 2026 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced that it has entered into a definitive arrangement agreement to acquire Athabasca Oil Corporation (TSX: ATH) (“Athabasca”) in a cash and stock transaction with an implied enterprise value of $5.7 billion. Transaction Highlights Clear strategic fit with Cenovus’s core oil sands business – Adds approximately 45 thousand barrels of oil equivalent per day (MBOE/d)1, including thermal [Read more]
Oil’s new problem isn’t supply. It’s logistics: Bousso
Middle East crude exports recently climbed to their highest levels since the start of the Iran war as more Gulf producers resume transit through the Strait of Hormuz – despite the continued threat of Iranian attacks. Yet oil prices remain stubbornly elevated, suggesting logistical problems are proving as disruptive as outright supply losses. Crude flows through the embattled waterway reached 14.2 million barrels per day on a seven-day average on Sept. 26, nearly 80% of pre-war levels, [Read more]
Spain’s imports of Venezuelan oil at highest in 20 years
Spain's crude oil imports from Venezuela through August were the highest in two decades following moves by Washington and Caracas to reopen the South American country's oil sector to international investment. * Between January and August, Spain imported 2.32 million metric tons of crude from Venezuela, the highest for this period since the 2.39 million tons imported in 2006, according to data released on Monday by Cores, an arm of Spain's energy and environment ministry. * In August alone, [Read more]
Middle East oil exports top pre-war levels in September, but tanker attacks increase
Middle East oil exports exceeded pre-war levels in September, shipping data from Kpler and Vortexa showed on Monday, as Gulf producers ramped up cargoes despite attacks on vessels crossing the Strait of Hormuz. Merchant ships transiting the key chokepoint face a "heightened and increasingly unpredictable kinetic threat" given the recent sharp increase in traffic, Marisks, a shipping intelligence service, said on Saturday. The seven-day moving average for crude exports from the region was [Read more]
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