Cenovus is buying Husky in an all share merger. The deal values Husky's equity at Cad$3.2 billion, and will create a company with a combined enterprise value of Cad$23.6 billion. The combined company will have a production capacity of about 750 kb/d, upgrading and refining capacity of 620 kb/d, and will maintain intentions to reach net zero emissions by 2050. Though both companies are key players in Canada's oil sands and heavy oil space, this is not a story of overlapping lease interests. Husky provides an international portfolio in China and Indonesia as well as adding diversity in the resource themes contributing to production. And it would be wrong only to focus on Husky's upstream position - it is a truly integrated oil and gas company, with 375 kb/d of refining capacity.