Canadian Natural Resources Limited (TSX:CNQ) is poised to purchase a $1-billion-plus portfolio of Alberta natural gas properties from Tourmaline Oil Corp. (TSX:TOU). Canadian Natural filed the paperwork for federal Competition Bureau approval of a transaction with Tourmaline on Dec.
30, according to a recent notification published by the bureau. However, the regulator and the Calgary-based companies did not disclose details of the potential deal. Canadian Natural is in talks to acquire a natural gas business in Alberta?s Peace River region that Tourmaline put up for sale in November, according to two sources familiar with the negotiations.
The Globe is not naming the sources because they are not authorized to speak publicly about the talks. Last year, analysts estimated the portfolio could fetch up to $1.4-billion. Canadian Natural also owns gas wells and energy infrastructure in the area.
Tourmaline?s Peace River operations include 2,428 horizontal wells, 34 gas plants and 15,500 kilometres of pipelines. Canadian Natural is seeking preliminary regulatory feedback on a potential acquisition of the Tourmaline assets prior to announcing a purchase, the sources said. Tourmaline said it would not comment on the sale process of its Peace River assets before its first-quarter report, which is slated for March 4. Canadian Natural also declined to comment on the regulatory filing.
The application to the federal competition watchdog suggests that the scale of Canadian Natural?s potential acquisition requires regulatory approval, a relatively common development when companies in mature sectors such as energy buy businesses from peers. Tourmaline?s sale of its Peace River assets is expected to lower its operational expenses this year by roughly 7%, ATB Financial said in its 2026 oil and gas outlook.
