Low crude prices fuel consolidation in Canada's oilpatch, dealmaking at multi-year high

Low crude prices have created a buyers market in Canada's oilpatch, fueling consolidation. The oil and gas industry recorded $15.7-billion worth of mergers and acquisitions in the first six months of 2025, the biggest start to the year since 2017. Cenovus Energy's $8.6-billion bid to buy MEG Energy Corp. has driven recent deals, while other companies are looking to expand through acquisition at a discount.