Strathcona Resources to Buy Greenfire Resources in Deal Valued at Up to C$2.9 Billion

Strathcona Resources Ltd. announced Sunday it has agreed to acquire Greenfire Resources Ltd. in a deal valued at approximately C$2.7 billion to C$2.9 billion, including debt. The agreement gives Greenfire shareholders the choice of receiving either 0.25 Strathcona shares or C$11 in cash for each Greenfire share they hold.

The acquisition brings together two Calgary-based oil sands operators. Greenfire, listed on both the NYSE and TSX under the ticker GFR, focuses on thermal oil sands production using steam-assisted gravity drainage, known as SAGD. The deal was announced on a Sunday, with Strathcona trading on the TSX under the ticker SCR.

The transaction adds scale for Strathcona in Canada's oil sands sector. Greenfire had been an active acquirer itself in 2026, having announced earlier in the year the C$1.277 billion purchase of Connacher Oil and Gas Limited, a deal that was expected to bring Greenfire's combined production to roughly 34,000 barrels per day.