Varcoe: 'A modest slowdown': Consolidation in Canadian oilpatch hits eight-year high, but likely to ease in 2026 |
A new report anticipates mergers and acquisitions in Canada’s upstream oil and gas sector will moderate in the next 12 months, after more than $30-billion worth of activity in 2025.
However, expectations of more U.S. buyers searching for prime properties, along with more favourable government policies toward the oil and gas sector, could still spur action in 2026, according to industry executives and analysts.
The upstream oil and gas sector in Canada saw an estimated $31.2 billion of M&A activity in 2025, a 53 per cent jump from the previous year, according to preliminary data from Calgary-based Sayer Energy Advisors.
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Several large takeovers propelled the tally to an eight-year high, with corporate deals accounting for about $24.3 billion, and asset sales making up about $7 billion.
The total includes Whitecap Resources’ merger with Veren in March, which Sayer pegged at almost $10 billion, and