Cenovus announces closing of MEG Energy acquisition

Core Viewpoint - Cenovus Energy Inc. has successfully completed the acquisition of MEG Energy Corp, enhancing its portfolio of long-life, low-cost oil sands assets and adding significant production capacity [1][2] Group 1: Acquisition Details - The acquisition adds approximately 110,000 barrels per day of low-cost, long-life oil sands production to Cenovus [1] - Total consideration for the acquisition includes $752 million in cash for 25 million MEG shares, $3.44 billion in cash to MEG shareholders, and 143.9 million Cenovus common shares issued to MEG shareholders [5] - Estimated net debt assumed upon closing is approximately $800 million [5] Group 2: Strategic Impact - The acquisition is expected to have an immediate positive impact on Cenovus, with identified synergies creating significant value in both the short and long term [1] - Cenovus plans to provide updated guidance reflecting the MEG acquisition with its 2026 budget on December 11, 2025 [1] Group 3: Market Response - MEG common shares are anticipated to be delisted from the Toronto Stock Exchange at the close of market on November 14, 2025 [2]