Wave of billion-dollar oilpatch deals a sign of bullish Canadian energy sector

Since the start of the year, there have been a number of billion-dollar-plus deals struck in the Canadian energy sector, includingCrescent Point Energy Corp.'s $1.7-billion purchase of Spartan Delta Corp.'s Montney oilfield assets, ConocoPhillips' approximately $4-billion purchase of TotalEnergies' Surmont oilsands project,and Suncor Energy Inc.'s $1.47-billion acquisition of Total's stake in the Fort Hills oilsands mine.

According to figures from Calgary-based Sayer Energy Advisors, M&A activity in the Canadian energy sector has totalled $12.7 billion since the start of 2023. While that's less than the $15.2 billion and $17.9 billion the sector saw in 2022 and 2021, respectively, it is occurring at a time when the Canadian oilpatch has now benefited from two years of strong commodity prices.

Heather Exner-Pirot, director of energy, natural resources and environment for the Macdonald-Laurier Institute, said the Canadian oilpatch saw a significant amount of consolidation in 2021 as the country began to emerge from the COVID-19 pandemic. But she said the deals that are happening now are very different.

South of the border, U.S. multinational oil giant Exxon Mobil Corp. announced last week it will acquire Pioneer Natural Resources in a US$59.5 billion mega-deal.

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