Canadian Energy Services Newsletter
Vancouver based Triton Environmental Consultants announced the acquisition of Calgary based Arletta Environmental Consulting Corp., an environmental consulting firm specializing in liability management, environmental site assessment, remediation, reclamation, environmental monitoring, and regulatory strategy for the upstream oil and gas industry.
Calgary based InterPro Pipe & Steel, an oil country tubular goods producer, announced the acquisition of Camrose based K&K Prairie Recycling Services, a scrap metal recycling business via its subsidiary, InterPro Recycling. The acquisition strengthens InterPro’s domestic steel production and supports future melt capacity growth.
Blackstone Energy Transition Partners announced the acquisition of North Vancouver based DarkVision Technologies, an advanced ultrasound imaging technologies provider to inspect critical industrial and energy infrastructure with ~300 employees from Koch Engineered Solutions.
Brookfield Infrastructure Corp. (TSX:BIPC) is exploring a potential sale of NorthRiver Midstream, who operates pipeline and processing infrastructure from the Montney to customers in Canada and the US.
Topaz Energy Corp. (TSX:TPZ) announced the $38.7MM acquisition of 0.3MM acres in its northeast BC and Deep Basin core royalty areas. The acquired lands feature acquired royalty interest in over 500 gross future drilling locations, multi-zone liquids-rich natural gas and oil-focused exploration upside optionality.
Calgary based Advantage Energy Ltd.’s subsidiary, Entropy Inc. announced the commissioning of the Glacier co-generation, carbon capture and storage project.
Enbridge Inc. (TSX:ENB) announced the postponement of its 250,000 bpd second phase expansion of its Mainline crude pipeline network, citing oil producers not committing to material output increases.
Dallas based HF Sinclair Corp., the owner of the Clarkson Oil Refinery in Mississauga, announced it will end the oil refining operations at the refinery by 2027.
The US announced it may reach an agreement with Iran to reopen the Strait of Hormuz for commercial ships this week.
| $MM For the 3 months ended June 30, |
Revenue | Adjusted EBITDA | ||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| AltaGas Ltd. | 3,797 | 2,844 | 391 | 342 |
| Gibson Energy Inc. | 4,834 | 2,760 | 169 | 146 |
| Precision Drilling Corp. | 453 | 407 | 97 | 108 |
| Pulse Seismic Inc. | 4 | 18 | 2 | 15 |
| SECURE Waste Infrastructure Corp. | 422 | 355 | 129 | 110 |
| Source Energy Services Ltd. | 137 | 202 | 19 | 35 |
| Trican Well Service Ltd. | 215 | 214 | 23 | 45 |
| Western Energy Services Corp. | 39 | 40 | 6 | 6 |
| North American Drilling Rig Activity |
For the Week Ending | Change Week-Over-Week |
Previous Year |
Change Year-Over-Year |
|
|---|---|---|---|---|---|
| 31-Jul-26 | 24-Jul-26 | 31-Jul-25 | |||
| Canada | |||||
| Active Rig Count | 227 | 227 | 0.0% | 182 | 24.7% |
| Rig Fleet Size | 334 | 334 | - | 370 | (36) |
| Utilization Rate | 68% | 68% | 0.0% | 49% | 18.8% |
| USA | |||||
| Active Rig Count | 588 | 587 | 0.2% | 542 | 8.5% |
| US Crude and Natural Gas |
For the Week Ending | Change Week-Over-Week |
Previous Year |
Change Year-Over-Year |
|
|---|---|---|---|---|---|
| 24-Jul-26 | 17-Jul-26 | 24-Jul-25 | |||
| Crude | |||||
| Production (kbpd) | 13,796 | 13,798 | (0.0%) | 13,273 | 3.9% |
| Storage Level (kbbl) | 404,508 | 411,675 | (1.7%) | 418,993 | (3.5%) |
| Injection/(Withdrawal) (kbbl) | (7,167) | 2,010 | |||
| Natural Gas | |||||
| Storage Level (Bcf) | 3,084 | 3,056 | 0.9% | 3,075 | 0.3% |
| Injection/(Withdrawal) (Bcf) | 28 | 32 | (12.5%) | 23 | 21.7% |
| Commodity Prices | Current Week |
Previous Week |
Change Week-Over-Week |
Previous Year |
Change Year-Over-Year |
|---|---|---|---|---|---|
| 31-Jul-26 | 24-Jul-26 | 1-Aug-25 | |||
| Crude Oil ($US/bbl) | |||||
| WTI | 86.83 | 90.44 | (4.0%) | 67.26 | 29.1% |
| Brent | 90.09 | 98.70 | (8.7%) | 69.52 | 29.6% |
| WCS | 72.32 | 76.96 | (6.0%) | 54.98 | 31.5% |
| Discount to WTI ($) | 14.51 | 13.48 | 7.6% | 12.28 | 18.2% |
| Discount to WTI (%) | 16.7% | 14.9% | 1.8% | 18.3% | (1.5%) |
| Natural Gas | |||||
| Nymex ($US/MMBtu) | 2.79 | 2.88 | (3.1%) | 3.10 | (10.0%) |
| Aeco ($C/MMBtu) | 1.07 | 1.13 | (5.3%) | 0.61 | 75.4% |
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