Cenovus Energy announced the acquisition of 21.7 million shares of MEG Energy, representing 8.5% of MEG’s outstanding common shares, through trades on the Toronto Stock Exchange and other Canadian markets. The purchase, made since October 8, 2025, supports Cenovus’s previously announced transaction with MEG Energy.

Cenovus said it intends to vote the acquired shares in favor of the transaction and may adjust its holdings depending on market conditions and regulatory requirements. The move strengthens Cenovus’s position in the Canadian energy sector as it continues expanding its integrated oil and gas operations across Canada, the U.S., and Asia Pacific.