August 10, 2026

Canadian Energy Services Newsletter

Mergers and Acquisitions

Industrial Equipment & Distribution

DXP Enterprises Inc. (NASDAQ:DXPE) announced the acquisition of Calgary based Mequipco Ltd., a manufacturer representative and distributor for mechanical equipment used in water and wastewater systems for municipal and industrial applications across Western Canada. Mequipco has three locations and reported EBITDA of $2.4MM for the 12 months ending June 30, 2026.

E&P

InPlay Oil Corp. (TSX:IPO) announced the $54.25MM acquisition of a private O&G producer. The acquired assets are supported by InPlay’s facilities and infrastructure at Belly River and have current production of 1,400 boed.

E&P

Lycos Energy Inc. (TSXV:LCX) closed the $70MM acquisition of assets under waterflood targeting the Sparky formation in the Provost area of Alberta.

Other

Pipelines & Government Strategy

The federal government announced intentions to designate a proposed oil pipeline owned by Trans Mountain, the Alberta Petroleum Marketing Commission, and Pembina Pipeline Corp. (TSX:PPL) as a national interest project under the Building Canada Act.

Corporate Updates

Enterprise Group (TSX:E) announced a name change to Evolution PowerX Corp., which was approved by shareholders in June 2026.

Manufacturing & Trade

The federal government is set to announce a $100MM rebate plan for manufacturers to reduce their freight costs for transporting eligible steel products nationwide by rail or marine shipping. The objective of the rebate is to encourage domestic companies to use Canadian steel in their manufacturing processes.

Quarterly Financial Update

$MM	Revenue		Adjusted EBITDA
For the 3 months ended June 30,	2026	2025	2026	2025
ACT Energy Technologies Ltd.	178	112	27	15
AKITA Drilling Ltd.	46	50	17	8
Calfrac Well Services Ltd.	427	402	74	77
CES Energy Solutions Corp.	714	574	119	88
Ensign Energy Services Inc.	397	372	86	81
Keyera Corp.	2,404	1,609	267	470

Market Data

North American Drilling Rig Activity	For the Week Ending		Change Week-Over-Week	Previous Year	Change Year-Over-Year
	7-Aug-26	31-Jul-26		7-Aug-25
Canada
Active Rig Count	234	227	3.1%	187	25.1%
Rig Fleet Size	334	334	-	371	(37)
Utilization Rate	70%	68%	2.1%	50%	19.7%
USA
Active Rig Count	588	588	0.0%	540	8.9%

US Crude and Natural Gas	For the Week Ending		Change Week-Over-Week	Previous Year	Change Year-Over-Year
	31-Jul-26	24-Jul-26		31-Jul-25
Crude
Production (kbpd)	13,804	13,796	0.1%	13,314	3.7%
Storage Level (kbbl)	406,987	404,508	0.6%	426,691	(4.6%)
Injection/(Withdrawal) (kbbl)	2,479	(7,167)
Natural Gas
Storage Level (Bcf)	3,117	3,084	1.1%	3,123	(0.2%)
Injection/(Withdrawal) (Bcf)	33	28	17.9%	48	(31.3%)

Commodity Prices	Current Week	Previous Week	Change Week-Over-Week	Previous Year	Change Year-Over-Year
	7-Aug-26	31-Jul-26		8-Aug-25
Crude Oil ($US/bbl)
WTI	77.09	86.83	(11.2%)	63.35	21.7%
Brent	82.38	90.09	(8.6%)	66.32	24.2%
WCS	65.83	72.32	(9.0%)	51.53	27.8%
Discount to WTI ($)	11.26	14.51	(22.4%)	11.82	(4.7%)
Discount to WTI (%)	14.6%	16.7%	(2.1%)	18.7%	(4.1%)
Natural Gas
Nymex ($US/MMBtu)	2.67	2.79	(4.3%)	3.00	(11.0%)
Aeco ($C/MMBtu)	0.91	1.07	(15.0%)	0.49	85.7%