Tamarack Valley Energy and Headwater Exploration announced Tuesday they are combining to form a new mid-sized producer in Alberta’s Clearwater oil region, which will pump more than 80,000 barrels of oil equivalent a day. The all-stock deal values Headwater’s shares at roughly $3.2 billion. (The Logic)

Talking point: The transaction extends a roughly two-year surge in oilpatch deal making that includes Whitecap Resources’ merger with Veren, Cenovus Energy’s takeover of MEG Energy, Ovintiv’s acquisition of NuVista Energy, Shell’s $22-billion deal for ARC Resources, and, most recently, Greenfire Resources’ acquisition of rival Connacher Oil and Gas. The new combined company will continue under Tamarack’s name and management. The Calgary-based producer also said Tuesday that it has secured new long-term pipeline capacity, including a commitment of 25,000 barrels per day in 2027 on an expansion of the Trans Mountain pipeline to the West Coast. The company has also committed 10,000 barrels per day to South Bow’s proposed Prairie Connector project, which would use assets left over from Keystone XL.

Sponsored Content

How to shift your workforce from AI experimentation to adoption

By Jessica Aftimus Rosa

The real-world economic offshoots of sovereign AI

By Deborah Aarts

Increasing healthcare access across Canada

By Deborah Aarts

Paid promotional content