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Cenovus Energy is buying Husky Energy in an all-stock deal valued at $18 billion including debt, the latest step in a wave of industry consolidation amid a pandemic that has sapped oil prices and demand.

Why it matters: The agreement will create Canada's third-largest oil-and-gas producer, with 750,000 barrels of oil equivalent per day in combined production, the company said, which includes lots of oil-sands and heavy oil output.

  • The joint announcement Sunday says the deal, which both companies' boards have approved, will provide about $914 million worth of annual cost savings.
  • Cenovus CEO Alex Pourbaix, who will keep that job, said it will be a "leaner, stronger and more integrated company" that's well-equipped to weather the pandemic and do well in years ahead.

The big picture: It's the latest in a burst of big industry mergers lately as companies grapple with the pandemic that has battered the sector's finances.

The two companies reported over $410 million in combined second quarter losses.

  • The merger comes after several big deals that are bringing fresh U.S. consolidation, especially in shale. Last week brought the news that ConocoPhillips was acquiring Concho Resources and Pioneer Natural Resources was buying Parsley Energy.
  • Devon Energy and WPX Energy announced a merger in late September, and early this month Chevron completed its acquisition of Noble Energy, a deal unveiled in July.

Editor's note: This story has been updated to correct $914 billion in cost savings to $914 million.

Go deeper

Ben Geman, author of Generate
Jan 26, 2021 - Energy & Environment

The rise of corporate renewables

Data: BloombergNEF; Chart: Axios Visuals

Companies worldwide are buying more renewable power than ever, and now some of the biggest U.S. corporations say the Biden administration can help decarbonize the nation's power more quickly.

Why it matters: Corporate procurement of renewables — especially wind and solar — is becoming an important deployment driver as companies take advantage of lower prices and look to meet sustainability pledges.

Ben Geman, author of Generate
Jan 26, 2021 - Energy & Environment

New report pushes UN to rethink electricity goals in developing nations

Illustration: Eniola Odetunde/Axios

It's time for the world's biggest multilateral development agencies to radically reframe their goals around expanding electricity access, a new proposal argues.

Why it matters: The nonprofit Energy for Growth Hub says the UN's current sustainable development goals (SDGs) around power access are too modest and focus too narrowly on residential use.

Updated 2 hours ago - Sports

MLB enters first lockout since '95 as deal expires

Baseball Commissioner Rob Manfred (L) and Major League Baseball Players Association executive director Tony Clark. Photo: Matt King/MLB via Getty Images

Major League Baseball's collective bargaining agreement expired at 11:59 p.m. ET Wednesday without a new deal in place.

Why it matters: With no CBA, the MLB is in a management lockout — the first work stoppage since a 1994-95 strike led to the cancelation of the World Series for the first time in 90 years.