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

A wave of high-profile mergers and acquisitions in the Canadian oilpatch is a sign of an industry that is flush with cash and increasingly confident in the short- and medium-term outlook for fossil fuels, experts say.The logo of TotalEnergies is seen at the company's headquarters near Paris. The French energy giant recently sold its last assets in the Alberta oilsands.

Strathcona Resources Ltd. also recently merged with Pipestone Energy Corp. in an all-stock deal, with the merged company expected to be the fifth largest oil producer in the country. "A number of companies have the capital to pursue these transactions — they've been generating quite a bit of cash flow."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.

That merger has been interpreted by many industry watchers as Exxon demonstrating its confidence in fossil fuels, even as the world continues to seek to transition to lower-carbon energy sources in order to slow the pace of climate change.

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