Whitecap Resources’ $15-billion acquisition of Veren Inc. was not only the largest Canadian deal of 2025, but also the most impactful for reserves growth, according to the latest analysis by Geologic, using Evaluate Energy data.No other acquisition, in a year that also included major transactions by ARC Resources, Cenovus Energy and Ovintiv, generated a larger increase in the acquirer’s Canadian reserve base.The deal added around 642 million boe in new proved reserves* for Whitecap, which was 80% of the company’s total proved oil and gas reserves at the start of the year.Source: Company Filings, via Geologic (Evaluate Energy)These increases focus purely on reserves added through net acquisitions in 2025. They are not measures of overall reserves growth per company, as reserves added through drilling or lost through production are excluded.Most gains came from a single major acquisitionLike Whitecap, most producers feature on this ranking because of a single, significant acquisition:ARC Resources acquired Strathcona Resources Ltd.’s Kakwa Montney asset for $1.6 billion in July.Cenovus Energy completed its $8.6 billion acquisition of MEG Energy in November.InPlay Oil acquired operated Pembina assets from Obsidian Energy for $320 million in April.Ovintiv acquired Montney assets from Paramount Resources for $3.32 billion in January.Vermilion Energy acquired Westbrick Energy for $1.075 billion in the Deep Basin in February.Saturn continues to grow from M&ASaturn Oil & Gas, by contrast, appears on the ranking after a series of acquisitions rather than a single large deal. This approach is typical of Saturn, which has delivered consistent, acquisition-driven growth since 2021. By the end of 2025, Saturn reported over 130 million boe of proved reserves, which is over 100 million boe higher than 2021.Using Geologic’s Evaluate Energy data, explore acquisitions and reserves growth metrics and apply this same ranking for hundreds of oil and gas producers in Canada and around the world.Why reserves reconciliation mattersAnnual reserves reconciliation data is ideal for gauging the impact of acquisitions because it captures changes in a company’s resource base at a fixed point in time. Additionally, it separates net acquisitions from other reserve movements such as revisions, extensions/discoveries and production.This provides a clearer way to isolate M&A-driven change than analysing production trends, which can be blurred by integration timing and operational or price effects.Early 2026 deals already shaping next year’s rankingDeals closed in Q1 and early in Q2 will influence next year’s rankings:Ovintiv completed its $3.8 billion acquisition of NuVista Energy in February, before any 2025 reserve reports were released. To estimate this acquisition’s impact, we need to use NuVista’s 2024 reserves as a proxy and this data suggests the deal could increase Ovintiv’s Canadian reserves by around 46%. The true impact will be seen this time next year when Ovintiv next reports its reserves.At the smaller end of the spectrum, Logan Energy Corp. added an estimated 8.2 million boe of proved reserves through its $62.5 million Montney acquisition in its core Simonette area from Gran Tierra Energy in March. This represents an estimate of around 10% growth for Logan, based on latest 2025 reserves.Shell’s US$16.4 billion acquisition of ARC Resources, announced on April 27, will also feature strongly, assuming it closes as planned before the end of the year.Notes*The percentages quoted show the impact of 2025 net acquisitions in barrels of oil equivalent (purchases minus sales) on year-end 2024 reserves. This measurement excludes barrels of oil equivalent reserve changes relating to extensions, discoveries, revisions and production. It is not a measure of total year-on-year reserve growth for any producer. All data sourced from company reserve reconciliation data in year-end Annual Information Form or 10K filings is available through Geologic’s Evaluate Energy data and solutions.
