Cenovus Energy Stock Price, News & Analysis

Cenovus (TSX: CVE, NYSE: CVE) amended its arrangement to acquire MEG Energy (TSX: MEG) to offer MEG shareholders, for each MEG share, either $30.00 cash or 1.255 Cenovus shares, subject to rounding, pro-ration and maximums of $3.8 billion cash and 159.6 million Cenovus shares. On a fully pro-rated basis the mix is ~50% cash / 50% shares, valuing MEG at ~$30.00 per share based on Cenovus’s Oct 24, 2025 close. Strathcona entered a voting support agreement in favour of the transaction. Cenovus also agreed to sell certain Saskatchewan and Alberta assets to Strathcona for up to $150 million (including $75 million contingent).

The MEG shareholder meeting remains scheduled for Oct 30, 2025 and the proxy deadline is Oct 29, 2025.

Cenovus Energy (TSX:CVE, NYSE:CVE) will release its third-quarter 2025 results on Friday, October 31, 2025. The company said the release will include consolidated third-quarter operating and financial information and that financial statements will be available at cenovus.com.

A conference call for the results is scheduled for 9:00 a.m. MT (11:00 a.m. ET) on October 31, 2025. Analysts must register in advance to receive a unique PIN to access the call by phone or use the "Call Me" option. A live audio webcast will be available and archived for approximately 30 days.

Cenovus Energy (CVE) announced the special meeting of MEG shareholders related to Cenovus’s proposed acquisition of MEG has been postponed from Oct 22, 2025 to Oct 30, 2025, with the proxy deadline extended to Oct 29, 2025 at 9:00 a.m. (Calgary Time).

At postponement, ~63% of MEG shares represented were voting FOR the transaction (or >75% excluding Strathcona). The arrangement requires approval by at least 66 2/3% of MEG shares voted. Consideration options: $29.50 cash or 1.240 Cenovus shares per MEG share, subject to rounding, pro-ration, a $3.8B cash cap and a 157.7M share cap. Cenovus states the offer is final and represents a 44% premium to MEG’s unaffected 20-day VWAP as of May 15, 2025.

Cenovus Energy (TSX/NYSE: CVE) announced on October 15, 2025 that it acquired an additional 3,276,460 common shares of MEG Energy, bringing its aggregate ownership to 25,000,000 MEG common shares, representing 9.8% of 254,378,035 outstanding shares.

The shares were bought on the Toronto Stock Exchange and other Canadian markets in furtherance of Cenovus’s previously announced transaction with MEG; Cenovus said it intends to vote acquired shares in favour of that transaction and may increase or decrease its ownership subject to market conditions and securities laws.

Cenovus Energy (TSX/NYSE: CVE) acquired 21,723,540 common shares of MEG Energy, representing 8.5% of MEG's 254,378,035 outstanding shares, all purchased since Oct. 8, 2025 and announced on Oct. 14, 2025. The shares were bought on the Toronto Stock Exchange and other Canadian markets in furtherance of Cenovus's previously announced transaction with MEG.

Cenovus said it intends, to the extent able, to vote acquired shares in favour of the transaction and may, subject to securities laws and market conditions, increase or decrease its ownership. The release includes forward‑looking information and references Cenovus risk disclosures and filing locations for additional details.

Cenovus (TSX: CVE / NYSE: CVE) amended its agreement to acquire MEG Energy (TSX: MEG), offering each MEG share either $29.50 cash or 1.240 Cenovus shares, subject to pro‑ration with maximums of $3.8B cash and 157.7M Cenovus shares (pro‑rated mix ~50% cash / 50% shares). The fully pro‑rated value equals about $29.80 per MEG share at Cenovus’s Oct 7, 2025 close. The MEG shareholder meeting is postponed to Oct 22, 2025. Cenovus said key regulatory approvals were received. Q3 operational highlights: Upstream ~832,000 BOE/d, Oil Sands ~640,000 bbls/d, Downstream throughput ~712,000 bbls/d (98.8% utilization). WRB sale proceeds ~$1.8B; pro forma net debt ~$3.5B after proceeds.

Cenovus Energy (NYSE: CVE) has released a presentation highlighting the advantages of its proposed transaction with MEG Energy. The deal, unanimously approved by MEG's board, offers shareholders both cash and Cenovus shares as consideration. The company emphasizes this offer's superiority over a competing bid from Strathcona Resources.

Cenovus touts several key advantages of their offer, including scale, industry-leading experience, tier-1 assets, near-term growth potential, and diversified revenues. The company particularly highlights the opportunity for MEG shareholders to benefit from the integrated Christina Lake region's value upside. In contrast, Cenovus criticizes Strathcona's offer as inferior and risky, noting their shares are illiquid and overvalued, with concerns about control concentration under Waterous Energy Fund.

Cenovus Energy (NYSE:CVE) has announced an agreement to sell its 50% stake in WRB Refining LP to Phillips 66 for US$1.4 billion (approximately C$1.9 billion). The WRB joint venture includes the Wood River Refinery in Illinois and Borger Refinery in Texas, with a combined crude throughput capacity of 495,000 barrels per day.

Following the divestment, Cenovus's downstream operations will focus on its wholly-owned assets, including the Lloydminster Upgrader, Lloydminster Refinery, Lima Refinery, Toledo Refinery, and Superior Refinery, with a total crude throughput capacity of 472,800 barrels per day. The transaction proceeds will be used to reduce net debt and accelerate shareholder returns through increased share repurchases. The company has already purchased 18.8 million common shares for $388 million in Q3 up to August.

Cenovus Energy (NYSE: CVE) has announced a definitive agreement to acquire MEG Energy (TSX: MEG) in a cash and stock transaction valued at $7.9 billion, including assumed debt. The deal offers MEG shareholders $27.25 per share, paid 75% in cash and 25% in Cenovus shares.

The acquisition will create the largest SAGD oil sands producer with combined production of over 720,000 barrels per day. Cenovus expects to realize $150 million in near-term annual synergies, growing to over $400 million per year by 2028. The transaction is expected to close in Q4 2025, subject to regulatory and MEG shareholder approvals.

The deal will be financed through a $2.7 billion term loan and a $2.5 billion bridge facility. Post-acquisition, Cenovus will maintain pro forma net debt of less than 1x adjusted funds flow at strip pricing.