13:07:10 EDT Wed 16 Jul 2025
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Cenovus Energy Inc
Symbol CVE
Shares Issued 1,822,568,667
Close 2025-05-16 C$ 19.18
Market Cap C$ 34,956,867,033
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Globe/wire say MEG, rivals hear China TMX's top buyer

2025-05-20 07:19 ET - In the News

See In the News (C-MEG) MEG Energy Corp

The Globe and Mail reports in its Saturday, May 17, edition that China has become the largest customer for Canadian oil transported on the expanded Trans Mountain pipeline. A Reuters dispatch to The Globe reports that as relations between the U.S. and Canada strain under sanctions on countries like Russia and Venezuela, Canada's main oil-producing province, Alberta, remains landlocked, with 90 per cent of its oil -- about four million barrels a day -- exported to the U.S. The TMX pipeline is Canada's only East-West oil route, transporting oil to the Pacific for export. After its expansion, which began operations on May 1, the pipeline's capacity tripled to 890,000 barrels per day, enhancing opportunities in the U.S. West Coast and Asian markets. Despite being exempt from U.S. tariffs, Canada aims to diversify its oil exports due to past U.S. duties. Since the expansion, Canada has averaged about 207,000 barrels a day to China, a significant rise from about 7,000 barrels a day prior to 2023. The U.S. took about 173,000 b/d from the pipeline in the same period. China's position as the leading TMX buyer defies initial expectations that the U.S. would dominate crude purchases via the government-owned pipeline.

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