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Hazloc Heaters
Hazloc Heaters

Tourmaline Buys Two Rivals in Latest Canadian Energy M&A Deals

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These translations are done via Google Translate

By Robert Tuttle

(Bloomberg) Tourmaline Oil Corp. is buying two rivals in the Canadian oil and gas industry’s latest move to weather its worst downturn in a generation.

Just a week after Cenovus Energy Inc.’s much larger takeover of Husky Energy Inc., Calgary-based Tourmaline said it has agreed to acquire closely-held Jupiter Resources Ltd. for about C$415 million ($315 million) and Modern Resources Inc. for roughly C$100 million, excluding debt.

Canada’s energy industry, which was already struggling with depressed local prices due to a shortage of export pipelines, this year has also had to cope with the devastating impact of the Covid-19 pandemic on energy demand.

Last week, Cenovus agreed to buy Husky in an C$3.8 billion all-stock deal to create the country’s third-largest oil and gas producer.

Following its two acquisitions, Tourmaline has also agreed to sell some land rights from the two rivals to Topaz Energy Corp., in a deal valued at about C$130 million.

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