Husky Energy Inc.

Husky Energy Inc. in its $23.6 billion agreement with Cenovus Energy Inc. to create a new integrated energy leader


Husky Energy Inc.


$23.6 billion


Mergers and Acquisitions

Date Closed

January 2021



Lead Office



On October 25, 2020, Cenovus Energy Inc. and Husky Energy Inc. announced they have entered into an agreement through which they will create a new integrated Canadian oil and natural gas company. The transaction will combine Cenovus and Husky in an all-stock transaction valued at $23.6 billion and the combined company will operate as Cenovus Energy Inc. The integrated energy leader will have an advantaged upstream and downstream portfolio, expecting to result in $1.2 billion in cost and capital synergies, enhance free funds flow generation and provide superior return opportunities for investors. The combination will unlock market opportunities by uniting high quality and low cost oil sands and heavy oil assets with midstream and downstream infrastructure, creating a global competitor. The combined company will be the third largest Canadian oil and natural gas producer with approximately 750,000 barrels of oil equivalent per day of low cost oil and natural gas production, and the second largest Canadian refiner and upgrader with capacity of about 660,000 barrels per day.

The transaction was unanimously approved by both Cenovus and Husky’s Board of directors and is expected to close in the first quarter of 2021.

Husky Energy Inc. is a Calgary based integrated energy company specializing in operations in Western Canada and the United States along with the Asia Pacific and Atlantic regions.

Cenovus Energy Inc. is a Canadian integrated oil and gas company focused on oil sands projects in northern Alberta and natural gas and oil production in Alberta and British Columbia.

Osler, Hoskin & Harcourt LLP advised Husky Energy Inc. with a team consisting of Dan Kolibar, Justin Sherman, Donald Gilchrist, Kelsey Armstrong, Peter Osmond, Jacob Young, Aqeel Virk, Lindsay Hofer, Storme Mckop (Corporate), Riley Whitlock, Allan Morgan (Real Estate), Shuli Rodal, Kaeleigh Kuzma, Gajan Sathananthan (Competition/Antitrust & Foreign Investment), Tristram Mallett, Lauren Harper and Kelly Twa (Litigation).