Award Winning M&A Leadership in Canada’s Energy Sector

BD&P has been named an Excellence Awardee at the 2026 Canadian Law Awards for its work on two of Canada’s most significant energy M&A transactions. These matters reflect the firm’s ability to lead complex, high‑stakes deals that shape markets, withstand public and regulatory scrutiny, and deliver results for boards and management teams.

Together, these transactions formed part of eight of the top ten energy M&A deals completed in Canada last year in which BD&P was involved underscoring the firm’s role at the centre of the most consequential work in the sector.

MEG Energy Corp. and Cenovus Energy Inc. – $8.6 billion Acquisition

BD&P acted as legal advisor to MEG Energy Corp. and its board in one of Canada’s most contested and public M&A transactions. The firm advised on the response to Strathcona Resources’ unsolicited hostile bid and the negotiation and completion of the C$8.6 billion acquisition by Cenovus Energy Inc., completed by way of a court‑approved plan of arrangement.

What made this transaction distinctive:

• Challenging shareholder approval
  • The transaction faced opposition from major institutional shareholders, significant share turnover after the record date, and a strategic toehold by a competing bidder.
  • Approval was secured using rarely applied legal mechanisms, including a Standstill Waiver, a Demand to Vote, a related CVE–SCR transaction, and the voluntary adoption of a majority‑of‑the‑minority vote to strengthen fairness.
• Advanced and original legal structuring
  • The deal involved novel legal techniques, bespoke documentation, and direct engagement with securities regulators on largely untested issues.
  • Disclosure and transaction agreements were custom‑drafted to address unique execution and litigation risks.
• Regulatory, court, and communication strategy
  • MEG successfully addressed complaints to the Alberta Securities Commission and enhanced shareholder protections beyond statutory requirements.
  • A court order ensured equal and timely disclosure to all stakeholders, supported by close coordination with financial, proxy, and communications advisors.

Whitecap Resources Inc. and Veren Inc. – $15 billion all‑share Acquisition

BD&P also advised Whitecap Resources Inc. on its C$15 billion all‑share acquisition of Veren Inc., the largest oil and gas M&A transaction completed in Canada in 2025. The deal created one of Canada’s largest oil and natural gas producers and significantly reshaped the upstream market.

Factors defining the transaction:

• Transformational market impact
  • At C$15 billion, the transaction was the largest Canadian oil and gas deal of the year.
  • The merger combined highly complementary conventional and unconventional portfolios across key resource plays.
• Sophisticated legal and financial execution
  • The deal required extensive negotiation among in‑house and external counsel and financial advisors.
  • Key issues included the treatment of more than $1.0 billion in notes, $2.4 billion in existing credit facilities, $3.0 billion in new financing, incentive securities, and workforce integration.
• Cross‑border and regulatory complexity
  • Veren’s TSX and NYSE listings required coordinated Canadian and U.S. legal, tax, and regulatory advice.
  • Post‑closing work included consolidating licenses and securing Alberta Energy Regulator approvals.

Driving Successful Outcomes on Market Shaping Deals

Being named an Excellence Awardee for both transactions reflects BD&P’s ability to deliver innovative legal solutions on the largest, most complex energy deals in Canada and why leading energy companies turn to the firm for their most critical transactions.

Winners will be announced on May 5, 2026, at the Canadian Law Awards Gala in Toronto.