Cenovus Energy acquires additional MEG Energy common shares

Rhea-AI Summary

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.

Positive

• Aggregate stake of 25,000,000 MEG shares (9.8% of outstanding)
• Acquisitions executed via Toronto Stock Exchange and Canadian markets
• Cenovus intends to vote acquired shares in favour of the transaction

Negative

• Transaction outcome is uncertain; forward-looking statements carry no assurance
• Cenovus may increase or decrease ownership depending on market and legal conditions

Insights

Corporate Transactions Analyst

Cenovus increased its stake in MEG to support a pending transaction, now holding 25,000,000 shares (9.8%).

Cenovus acquired an additional 3,276,460 MEG common shares on Oct. 15, 2025, bringing its total to 25,000,000 of 254,378,035 issued and outstanding MEG shares, or 9.8%. The company states these purchases were made in furtherance of its previously announced transaction with MEG, and it intends, "to the extent Cenovus is able," to vote acquired shares in favour of that transaction.

The immediate business mechanism is straightforward: Cenovus is building voting weight to help secure approval for its announced deal. Key dependencies and risks include remaining share accumulation needs, applicable securities-law limits, and the possibility that market conditions or legal constraints could change Cenovus’s ability or intention to vote or to alter its ownership; the release itself flags these uncertainties in forward-looking language. Watch for any formal transaction circular, definitive agreement terms, regulatory filings that disclose bidder intentions or required approvals, and further ownership disclosures over the coming days to weeks for milestones tied to the deal closing.

CALGARY, Alberta, Oct. 15, 2025 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced that it has acquired an additional 3,276,460 common shares of MEG Energy Corp. (“MEG”) through the facilities of the Toronto Stock Exchange or other Canadian alternative exchanges or markets. Immediately following the acquisition of the common shares, Cenovus beneficially owned, directly or indirectly, and exercised control or direction over, an aggregate of 25,000,000 MEG common shares representing 9.8% of the 254,378,035 MEG common shares issued and outstanding, all of which have been acquired by Cenovus since Oct. 8, 2025.

The MEG common shares were acquired by Cenovus in furtherance of its previously announced transaction with MEG. To the extent Cenovus is able, the company intends to vote any acquired shares in favour of the transaction. Cenovus may, from time to time, dependent on market or other conditions, and subject to applicable securities laws, either increase or decrease its beneficial ownership in the MEG common shares.

Advisory

Forward‐looking Information
This news release contains certain forward‐looking statements and forward‐looking information (collectively referred to as “forward‐looking information”) within the meaning of applicable securities legislation. Although Cenovus believes that the expectations represented by such forward‐looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward‐looking information in this document is identified by words such as “intends” and “may” and includes, but is not limited to, statements regarding: Cenovus’s intention to vote acquired shares in favour of its previously announced transaction with MEG; and regarding Cenovus’s future ownership in MEG common shares and its intentions related thereto. Developing forward‐looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, including those risks identified under “Risk Management and Risk Factors” and “Advisory” in Cenovus’s Management’s Discussion and Analysis for the periods ended December 31, 2024 and June 30, 2025 and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com). Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise.

Cenovus Energy Inc.

Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

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FAQ

How many MEG Energy shares did Cenovus buy on October 15, 2025 (CVE)?

Cenovus acquired an additional 3,276,460 MEG common shares on October 15, 2025.

What is Cenovus’s total ownership of MEG after the October 15, 2025 purchase (CVE)?

Immediately after the purchase, Cenovus beneficially owned 25,000,000 MEG shares, representing 9.8% of 254,378,035 outstanding shares.

Will Cenovus vote its MEG shares in favour of the proposed transaction (CVE)?

Cenovus said it intends to vote any acquired MEG shares in favour of its previously announced transaction with MEG.

Where were the MEG shares acquired by Cenovus on October 15, 2025 (CVE)?

The MEG common shares were acquired through the Toronto Stock Exchange or other Canadian alternative exchanges or markets.

Can Cenovus change its ownership level in MEG after October 15, 2025 (CVE)?

Yes; Cenovus said it may increase or decrease its beneficial ownership depending on market or other conditions and applicable securities laws.