Over the past several years, Alberta’s energy sector has demonstrated remarkable resilience. Companies have strengthened balance sheets, improved operational efficiencies, returned capital to shareholders, and focused on disciplined growth. Now, according to Deloitte, another trend may be emerging: a renewed wave of mergers and acquisitions (M&A) across Canada’s energy sector.
For Calgary’s finance leaders, Controllers, CFOs, Directors of Finance, FP&A professionals, and CPA-designated accountants, this development presents both opportunity and responsibility.
The organizations that prepare today will be significantly better positioned to navigate transactions, support integration efforts, and create long-term value tomorrow.
Why Deloitte Believes M&A Activity Is Increasing
According to Deloitte’s latest energy outlook, Canada is becoming increasingly attractive for capital deployment. Deloitte forecasts West Texas Intermediate (WTI) crude oil prices to average approximately US$85 per barrel in 2026 before gradually moderating to US$76.50 in 2027 and US$67.65 by 2028.
Higher commodity prices, improved capital discipline, stronger free cash flow generation, and increased clarity surrounding Canada’s carbon and energy transition frameworks are helping create conditions where both buyers and sellers can find common ground. Deloitte also highlights growing investor confidence in Canadian energy assets and the long-term attractiveness of Alberta’s resource base.
Meanwhile, recent transactions, including major consolidation activity among large oil sands producers, suggest that strategic acquisitions remain an important lever for growth. Industry analysts note that over $37 billion in Canadian energy transactions occurred in 2025, the highest level seen in years.
For many organizations, growth through acquisition may now appear more attractive than large-scale greenfield expansion projects.
Why This Matters for Finance Teams
M&A activity is often viewed through the lens of executive leadership and corporate strategy. However, successful transactions are frequently won or lost based on the strength of the finance function.
During acquisitions, finance teams become central to nearly every stage of the process:
- Financial due diligence
- Quality of earnings reviews
- Working capital analysis
- Tax structure assessments
- Internal controls evaluation
- ERP and systems integration
- Synergy tracking
- Financial reporting harmonization
- Post-merger budgeting and forecasting
In Calgary’s energy sector, many finance departments have spent the last decade becoming leaner and more efficient. While this has improved productivity, it can also create capacity constraints when significant transaction activity emerges.
Organizations that proactively assess their finance team’s readiness today may avoid substantial challenges later.
Due Diligence Readiness: The Foundation of Every Deal
One of the first areas finance leaders should evaluate is due diligence readiness.
Potential buyers will scrutinize:
- Historical financial statements
- Revenue recognition practices
- Contract obligations
- Asset retirement obligations
- Tax exposures
- Internal controls
- Forecast assumptions
- Operational KPIs
If information is difficult to access or lacks consistency, transaction timelines can slow considerably.
Finance leaders should consider conducting internal readiness assessments before any transaction discussions occur. Clean documentation, reconciled accounts, organized reporting packages, and robust forecasting processes often translate into stronger valuations and smoother negotiations.
Integration Planning Should Start Before the Deal Closes
A common mistake during acquisitions is treating integration planning as a post-closing activity.
In reality, integration should begin during due diligence.
Questions finance leaders should already be asking include:
- Which ERP systems will remain?
- How will reporting structures change?
- What accounting policies require alignment?
- How will budgets and forecasts be consolidated?
- Which key personnel are critical to retention?
- How will financial controls be standardized?
According to Deloitte’s broader M&A research, value creation increasingly depends on execution and integration rather than simply completing the transaction itself.
For finance teams, this means planning resources, technology, and leadership structures well in advance.
Tax Structure Reviews Are Becoming Increasingly Important
Tax considerations can significantly influence transaction outcomes.
Whether structured as an asset purchase, share acquisition, or strategic merger, finance leaders must carefully evaluate:
- Corporate tax implications
- Loss utilization opportunities
- Transfer pricing considerations
- Cross-border exposures
- GST impacts
- Carbon compliance obligations
- Future tax planning opportunities
Alberta remains one of Canada’s most competitive jurisdictions for business investment due to its relatively low corporate tax environment and business-friendly policies. This continues to enhance its attractiveness for both domestic and international investors.
Organizations that review tax structures early often gain greater flexibility and avoid costly surprises later in the transaction process.
Talent Will Become a Competitive Advantage
One area often overlooked during M&A activity is talent.
Transactions create significant workload increases for accounting and finance teams. Organizations frequently require additional support in:
- Financial reporting
- Technical accounting
- Consolidations
- FP&A
- Treasury
- Tax
- Internal controls
- Integration management
For Calgary employers, this may create increased demand for experienced CPA-designated professionals who have prior transaction, integration, or transformation experience.
For accounting and finance professionals, this presents exciting opportunities to accelerate career growth by participating in high-impact projects that shape organizational strategy.
The professionals who gain M&A exposure today often become tomorrow’s Controllers, Finance Directors, VPs of Finance, and CFOs.
Calgary’s Position Remains Strong
As Calgary continues strengthening its position as Canada’s energy capital while simultaneously diversifying into technology, infrastructure, logistics, and renewable energy, finance professionals remain at the center of business decision-making.
Statistics Canada continues to report population growth and economic expansion across Alberta, while Calgary Economic Development has highlighted continued investment and business formation throughout the region. These factors create a favourable backdrop for both corporate growth and strategic transactions.
For finance leaders, the message is clear: preparation today creates optionality tomorrow.
Whether a company ultimately becomes a buyer, a seller, or simply operates within an increasingly active market, the organizations that prepare their finance functions now will be best positioned to capitalize on future opportunities.
Deloitte’s outlook suggests that Canada’s next energy M&A cycle may already be taking shape. For Calgary’s accounting and finance professionals, this is more than a market trend—it is a call to strengthen processes, evaluate talent needs, enhance reporting capabilities, and prepare for the opportunities that often emerge during periods of transformation.
At BullsEye Recruitment, we continue to work closely with Calgary’s accounting and finance leaders, helping organizations identify exceptional CPA talent while supporting professionals as they navigate meaningful career opportunities.
If your organization is preparing for growth, transformation, or potential transaction activity, we’d welcome the opportunity to connect.
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