Cenovus-Husky Deal Creates New Canadian Oil Major, Stokes Hunger for Deals

Rows of steam generators line a road at the Cenovus Energy Christina Lake Steam-Assisted Gravity Drainage (SAGD) project 120 km south of Fort McMurray, Alberta, in a file photo. Reuters/Todd Korol/File Photo

News Analysis

WINNIPEG/TORONTO—Cenovus Energy’s acquisition of Husky Energy creates a new Canadian-owned major oil producer and lends the long-struggling oil patch greater stability during its biggest crisis in decades, with investors betting on further deals.