Mergers & Acquisitions:

• TerraVest Industries Inc. (TSX:TVK) announced the acquisitions of the Canadian assets of Okotoks based Colter Energy LP via a subsidiary. The assets acquired are based in AB and include flow back and production testing equipment and services for the energy industry.

• Keyera Corp. (TSX:KEY) closed its $5.3B acquisition of Plains All American Pipeline LP’s Canadian natural gas liquids business despite a Competition Bureau challenge.

• E&P: Journey Energy Inc. (TSX:JOY) announced the disposal of its Countess assets for $7MM. The assets sold include the Countess gas field and a 4 MW power generation facility currently producing 953 boe/d.

Other:

• The federal government and Shell are working together to make a final investment decision on the phase II expansion of LNG Canada by the end of 2026. The expansion would double the current 14MM metric tons per year capacity at full production.

• The federal government and the Alberta government are working towards construction approval of a new oil pipeline by Sep. 2027, with oil flowing by 2033-34. The deal also includes lowering the carbon price for AB to $130 a tonne by 2040 instead of 2030.

• OPEC reduced its 2026 global oil demand growth forecast. 2026 demand growth has been revised from 1.38MM bpd previously to 1.17MM bpd. Global oil demand is expected to average 104.56MM bpd in Q2, revised lower from the 105.07 bpd forecast from last month.

• The U.S. announced its Strategic Petroleum Reserve will loan U.S. energy companies 53.3MM bbls of crude in response to current global oil prices. This follows a loan of 80MM bbls earlier this spring.

• According to Stats Canada, Canadian inflation rose to 2.8% in April (2.4% in March). The increase was primarily driven by the surge in gasoline prices as a result of the US-Iran war. Excluding gasoline, Canadian inflation was 2.0% in April (2.2% in March).