In this article, we will look at the 10 Best TSX Stocks to Buy According to Billionaires.On June 13, the Royal Bank of Canada released its Economic Outlook for Canada, highlighting that 2025 has been a struggling year for the economy. This is because of a combination of trade shocks and weak growth. Moreover, the unemployment rate has been rising, consumer confidence dropped sharply in the spring, and businesses remain cautious. Housing markets are also unstable despite interest rate cuts by the Bank of Can ...

Cenovus Energy's (NYSE:CVE) CEO said the company won't increase its takeover offer for oil sands producer MEG Energy Corp. (TSX:MEG:CA) even after a higher rival bid from Strathcona Resources (TSX:SCR:CA). “We’re paying at the highest end of the range," Cenovus CEO ...

(Bloomberg) -- Cenovus Energy Inc.’s top executive said the company doesn’t plan to increase its takeover offer for oil sands producer MEG Energy Corp., despite a higher rival bid from Strathcona Resources Ltd.  “We’re paying at the highest end of the range. And you know, we are in a world where we think we’ve got the only viable bid going forward,” Chief Executive Officer Jon McKenzie said in an interview. “We are closing the door” on making a higher bid, he said.  Cenovus announced a cash-and-stock off ...

Canada's Cenovus Energy does not plan to raise its bid for oil sands producer MEG Energy , despite a higher offer from Strathcona Resources , its CEO Jon McKenzie told Bloomberg News on Wednesday. ...

Core Viewpoint - Phillips 66 has signed a definitive agreement to acquire the remaining 50% ownership interest in WRB Refining from Cenovus Energy for $1.4 billion, expected to close in Q4 2025 [1] Group 1: Acquisition Details - The transaction is valued at $1.4 billion and is subject to customary purchase price adjustments [1] - WRB Refining is a joint venture that owns the Borger refinery in Texas and the Wood River refinery in Illinois, with a combined crude throughput capacity of 495,000 barrels per day (bpd) [2] - Post-acquisition, Cenovus Energy's downstream business will consist of several refineries with a combined capacity of 472,800 bpd, with 55% dedicated to heavy crude oil processing [2] Group 2: Strategic Implications - Phillips 66 aims to strengthen its integrated business and expand its industry position in the region with full ownership of the refineries [3] - The acquisition is expected to deliver operational and commercial synergies of approximately $50 million per year, enabling full integration with Phillips 66's value chain [4] - The Wood River and Borger refineries will contribute an estimated additional 250,000 bpd to Phillips 66's refining capacity upon completion of the deal [4] Group 3: Financial Impact - Cenovus plans to use the proceeds from the sale to reduce net debt and enhance shareholder returns through accelerated share repurchases [5] - As of August, Cenovus has repurchased approximately 18.8 million common shares for $388 million at an average price of around $20.59 per share [5] Group 4: Recent Activities - This acquisition follows Phillips 66's earlier purchase of EPIC Y-Grade GP and EPIC Y-Grade for $2.2 billion in April, which includes long-haul natural gas liquids pipelines and fractionation facilities [6]

U.S. refiner Phillips 66 said on Tuesday it will acquire the remaining 50% stake in WRB Refining from Cenovus Energy for $1.4 billion, giving it full ownership of two major U.S. refineries. ...

By Vallari Srivastava (Reuters) - Phillips 66 said on Tuesday it will acquire the remaining 50% stake in WRB Refining from Cenovus Energy for $1.4 billion, giving it full ownership of two major U.S. refineries. Shares of the U.S. refiner were up 2.7% while Cenovus was up 3.3% WRB includes the Wood River refinery in Illinois and the Borger refinery in Texas, which have a combined crude throughput capacity of 495,000 barrels per day (bpd). The refineries — which add about 250,000 bpd to Phillips 66’s ref ...

CALGARY, Alberta, Sept. 09, 2025 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced it has reached an agreement for the sale, indirectly through wholly-owned subsidiaries, of its 50% interest in WRB Refining LP (WRB) to its joint venture partner Phillips 66. The consideration will consist of US$1.4 billion in cash, or approximately C$1.9 billion, subject to customary closing adjustments. “This transaction aligns with our strategy of owning and operating the assets that are core t ...

Summary of Cenovus Energy's Conference Call on MEG Energy Acquisition Company and Industry - **Company**: Cenovus Energy (CVE) - **Acquisition Target**: MEG Energy - **Industry**: Oil and Gas, specifically focused on SAGD (Steam Assisted Gravity Drainage) oil sands production Core Points and Arguments 1. **Transaction Overview**: Cenovus has entered into a definitive agreement to acquire MEG Energy for approximately CAD 7.9 billion, equating to CAD 27.25 per MEG share [6][19] 2. **Strategic Fit**: The acquisition combines two leading SAGD producers, enhancing Cenovus's portfolio of low-cost oil sands assets and capitalizing on competitive advantages in heavy oil development [6][7] 3. **Asset Quality**: MEG's Christina Lake asset, producing 100,000 to 110,000 barrels per day, is adjacent to Cenovus's existing assets, providing significant operational synergies [7] 4. **Synergy Projections**: Expected annual run-rate synergies are projected to grow from CAD 150 million in 2026-2027 to over CAD 400 million per year starting in 2028 [7][8] 5. **Financial Impact**: The transaction is expected to be immediately accretive to adjusted funds flow per share and free funds flow per share while maintaining a strong balance sheet [8] 6. **Cost Savings**: Corporate and commercial synergies are estimated to provide CAD 120 million in savings by 2026, with additional development and operating synergies expected to reach CAD 280 million by 2028 [9] 7. **Production Goals**: Cenovus plans to increase production at MEG's Christina Lake to over 150,000 barrels per day by 2028, with a focus on reducing the steam-oil ratio below 2 [11] 8. **Investment Strategy**: The acquisition will be funded with 75% cash and 25% in Cenovus shares, maintaining a strong liquidity position with over CAD 8 billion in undrawn committed credit facilities [19][20] 9. **Debt Management**: Cenovus aims to reduce net debt to CAD 4 billion over time, with a commitment to return 50% of excess free funds flow to shareholders while managing debt levels [20][21] 10. **Dividend Growth**: The acquisition is expected to enhance Cenovus's ability to increase dividends over time, with a commitment to double-digit growth in dividend per share [22] Other Important Content 1. **Technical Advancements**: Cenovus plans to implement optimized SAGD development strategies, including improved well spacing and redevelopment well programs, to enhance production efficiency [12][13] 2. **Steam Capacity Increase**: The acquisition includes plans to increase steam capacity at MEG's Christina Lake plant by over 30,000 barrels per day, contributing to future production growth [14][41] 3. **Resource Accessibility**: The acquisition allows Cenovus to access previously inaccessible resources, enhancing development opportunities and reducing costs [15] 4. **Commitment to Innovation**: Cenovus recognizes MEG's innovative approaches and aims to leverage best practices from both companies to drive value [16] 5. **Market Positioning**: The transaction positions Cenovus to accelerate technical advancements and set new benchmarks in heavy oil development [17] This summary encapsulates the key points discussed during the conference call regarding Cenovus Energy's acquisition of MEG Energy, highlighting the strategic, financial, and operational implications of the transaction.

Group 1 - Cenovus Energy has agreed to acquire MEG Energy for approximately CAD 7.9 billion (about USD 5.7 billion), outbidding Strathcona Resources [1] - The acquisition values MEG Energy at CAD 27.25 per share and is expected to close in the fourth quarter, pending regulatory and shareholder approvals [1] - This transaction is anticipated to enhance Cenovus Energy's position among Canada's top oil producers, with both companies having significant operations in the oil sands region of northeastern Alberta [1] Group 2 - MEG Energy's Christina Lake project covers approximately 200 square kilometers of leased land in a rich oil area and has regulatory approval to produce about 210,000 barrels of oil per day [1] - MEG Energy produces approximately 100,000 barrels of oil per day, making it one of the few companies that is "small enough to be acquired yet large enough to help the acquirer leap to a major national producer" [1] - Analysts have noted that Cenovus Energy is the most logical acquirer due to its existing operations in the Christina Lake project, which allows for greater operational synergies compared to other potential buyers [2]