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Canada’s Oil Patch On Track For Biggest M&A Wave In A Decade
Nearly a decade ago, the Canadian Oil Patch recorded a major asset sale and consolidation wave as oil majors exited the oil sands in favor of higher margins in U.S. shale oil as well as environmental concerns amid the ESG investing craze.
AI Summary
Canada’s oil sector has logged more than $30 billion in mergers and acquisitions this year, and Wall Street analysts expect the total to outpace the $53 billion recorded in 2017. The previous wave of consolidation a decade ago saw Shell sell most of its oil‑sands holdings to Canadian Natural Resources for roughly $11.1 billion CAD, while Cenovus bought ConocoPhillips’ Canadian assets for about $17.7 billion CAD. Those deals reflected majors shifting away from oil sands toward higher‑margin U.S. shale and responding to ESG‑driven investor pressure. The current activity suggests a comparable surge in deal‑making across Canada’s energy landscape.
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