Mergers & Acquisitions:

• TransAlta Corp. (TSX:TA) announced the $1B acquisition of two natural gas-fired peaking facilities near Denver from Blackstone to strengthen its Western U.S. power market presence. The assets acquired have a combined capacity of 318 megawatts and are fully contracted under long-term tolling agreements for over 25 years.

• Calgary based GLJ Ltd. announced the acquisition of Calgary based Petrel Robertson Consulting Ltd., a geoscience and engineering consulting firm to strengthen offerings and expand capacity to support clients.

• E&P: Obsidian Energy Ltd. announced the $112MM acquisition of the Belly River light oil assets in the Wilson Creek area from Highwood Asset Management Ltd. (TSXV:HAM). The assets acquired have 2,500 boe/d in production.

Other:

• The U.S. and Iran reached a framework agreement to extend a ceasefire and reopen the Strait of Hormuz by this Friday.

• CSV Midstream Solutions Corp. announced plans to build a fractionation facility in Fort Saskatchewan. The proposed project will fractionate 35,000 bpd of NGL. The target startup is in 2029, with a final investment decision expected in early 2027.

• According to Trans Mountain Corp., the Trans Mountain pipeline is running at full capacity of 890,000 bpd, the first time since its major expansion was completed in 2024. Q1 capacity was at 83% whereas Q2 capacity is expected to be ~90%.

• The U.S. Department of Energy to loan up to 40MM bbls of crude oil from the Strategic Petroleum Reserve (SPR) to U.S. energy companies. To date, the U.S. has loaned 133MM bbls to help curb fuel prices. The SPR inventories is now at 349.2MM bbls, the lowest since August 2023.

• OPEC lowered its global oil demand forecast in 2026 by 1.17MM bpd to 970,000 bpd, the second consecutive downward revision.