Wave of major 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.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.

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.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.

“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.“Immediately post-COVID it was a sign of weakness.

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.Feeling ‘gouged’ by retailers, consumers shrink holiday spending plans: surveyThat 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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