Canadian Energy Services Weekly
Vancouver based ZenaTech, Inc. (NASDAQ:ZENA) announced the acquisition of an Alberta based land surveying and geomatics company. The provider of geospatial land surveying, geomatics, mapping, and related environmental support services serves oil and gas producers across three Western Canadian provinces.
Edmonton based Blue Chip MRC & Field Services and Valleyview, AB based Knight Management announced the formation of Blue Chip Controls, a 50-50 partnership focused on providing electrical, instrumentation, controls, maintenance, environmental, measurement, and regulatory support services. As part of the partnership, Knight Management transitioned operations under the Blue Chip Controls brand.
New West Data Corp. announced the acquisition of Entrada Resources Inc. from Azimuth Capital Management. Entrada operates an O&G production asset base near Rocky Mountain House with current production of 3,500 boe/d.
Keyera Corp. (TSX:KEY), AltaGas Ltd. (TSX:ALA), and Canadian National Railway Co. (TSX:CNR) announced a new $240MM rail terminal project where Keyera will build and own the Alberta Corridor Export Rail Terminal supported by long-term commercial agreements with AltaGas and CN. The terminal is expected to transport 45,000 bpd of propane and butane from the Fort Saskatchewan region to West Coast export facilities.
Pembina Pipeline Corp. (TSX:PPL) will proceed with the $570MM Heartland extraction plant project. The 750MM cbpd straddle plant will extract NGLs and is expected to enter service in late 2029.
| North American Drilling Rig Activity |
For the Week Ending | Change Week-Over-Week |
Previous Year |
Change Year-Over-Year |
|
|---|---|---|---|---|---|
| 22-May-26 | 15-May-26 | 22-May-25 | |||
| Canada | |||||
| Active Rig Count | 152 | 141 | 7.8% | 125 | 21.6% |
| Rig Fleet Size | 334 | 335 | (1) | 373 | (39) |
| Utilization Rate | 46% | 42% | 3.4% | 34% | 12.0% |
| USA | |||||
| Active Rig Count | 558 | 551 | 1.3% | 576 | (3.1%) |
| US Crude and Natural Gas |
For the Week Ending | Change Week-Over-Week |
Previous Year |
Change Year-Over-Year |
|
|---|---|---|---|---|---|
| 15-May-26 | 8-May-26 | 15-May-25 | |||
| Crude | |||||
| Production (kbpd) | 13,702 | 13,710 | (0.1%) | 13,387 | 2.4% |
| Storage Level (kbbl) | 445,013 | 452,876 | (1.7%) | 441,830 | 0.7% |
| Injection / (Withdrawal) (kbbl) | (7,863) | (4,306) | — | — | — |
| Natural Gas | |||||
| Storage Level (Bcf) | 2,391 | 2,290 | 4.4% | 2,255 | 6.0% |
| Injection / (Withdrawal) (Bcf) | 101 | 85 | 18.8% | 110 | (8.2%) |
| Commodity Prices | Current Week |
Previous Week |
Change Week-Over-Week |
Previous Year |
Change Year-Over-Year |
|---|---|---|---|---|---|
| 22-May-26 | 15-May-26 | 23-May-25 | |||
| Crude Oil ($US/bbl) | |||||
| WTI | 97.00 | 105.65 | (8.2%) | 61.53 | 57.6% |
| Brent | 104.25 | 109.47 | (4.8%) | 64.78 | 60.9% |
| WCS | 84.25 | 93.07 | (9.5%) | 48.85 | 72.5% |
| Discount to WTI ($) | 12.75 | 12.58 | 1.4% | 12.68 | 0.6% |
| Discount to WTI (%) | 13.1% | 11.9% | 1.2% | 20.6% | (7.5%) |
| Natural Gas | |||||
| Nymex ($US/MMBtu) | 2.92 | 2.96 | (1.4%) | 3.33 | (12.3%) |
| Aeco ($C/MMBtu) | 1.22 | 1.18 | 3.4% | 1.38 | (11.6%) |
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