September 8, 2026

Canadian Energy Services Weekly Update

Mergers & Acquisitions

Waste Infrastructure

GFL Environmental Inc. (TSX:GFL) closed the acquisition of SECURE Waste Infrastructure Corp. (TSX:SES) for $6.4B.

E&P

Tamarack Valley Energy Inc. (TSX:TVE) and Headwater Exploration Inc. (TSX:HWX) announced a $10B merger to create a pure-play Clearwater producer with over 80,000 boed in production. Tamarack shareholders will own 66.5% and Headwater shareholders will own 33.5% of the combined entity.

E&P

Shell plc closed the acquisition of ARC Resources Ltd. (TSX:ARX) for $22B.

E&P

Calgary-based Journey Energy Inc. (TSX:JOY) closed the $28MM disposition of its Ante Creek and Pine Creek assets, alongside other minor assets in northwest Alberta representing 1,170 boed in production.

Industry News & Macroeconomics

Restructuring

Grande Prairie-based Alberta West Transport Ltd., Bison Oilfield Services Ltd., and Ridgeline Forest Contracting Ltd. were placed into receivership on August 20, 2026, on application by the Royal Bank of Canada. The entities provide heavy hauling services for oil and gas, forestry, and major manufacturing sectors.

Infrastructure

Phase 1 of the North Coast Transmission Line broke ground last week, extending electricity transmission capacity from Prince George to Terrace, BC.

Policy

The federal government has extended the temporary freeze on its federal fuel excise tax on gas and diesel through January 31, 2027.

Central Banking

The Bank of Canada held its benchmark interest rate unchanged at 2.25%, marking its seventh consecutive rate hold.

Labour Market

According to Statistics Canada, August unemployment held steady at 6.4% (unchanged from July 2026). The public sector shed 20,000 positions—the third consecutive month of job declines—while manufacturing added 22,000 positions.

Market Data

North American Drilling Rig Activity	For the Week Ending		Change Week-Over-Week	Previous Year	Change Year-Over-Year
	4-Sep-26	28-Aug-26		4-Sep-25
Canada
Active Rig Count	219	220	(0.5%)	185	18.4%
Rig Fleet Size	334	334	-	371	(10.0%)
Utilization Rate	66%	66%	(0.3%)	50%	15.7%
USA
Active Rig Count	588	588	0.0%	536	9.7%

US Crude and Natural Gas	For the Week Ending		Change Week-Over-Week	Previous Year	Change Year-Over-Year
	28-Aug-26	21-Aug-26		28-Aug-25
Crude
Production (kbpd)	13,862	13,843	0.1%	13,439	3.1%
Storage Level (kbbl)	424,460	428,910	(1.0%)	418,292	1.5%
Injection/(Withdrawal) (kbbl)	(4,450)	95	-	-	-
Natural Gas
Storage Level (Bcf)	3,214	3,184	0.9%	3,217	(0.1%)
Injection/(Withdrawal) (Bcf)	30	15	100.0%	18	66.7%

Commodity Prices	Current Week	Previous Week	Change Week-Over-Week	Previous Year	Change Year-Over-Year
	4-Sep-26	28-Aug-26		5-Sep-25
Crude Oil ($US/bbl)
WTI	91.24	83.43	9.4%	61.97	47.2%
Brent	95.85	89.37	7.3%	65.67	46.0%
WCS	79.13	71.05	11.4%	49.52	59.8%
Discount to WTI ($)	12.11	12.38	(2.2%)	12.45	(2.7%)
Discount to WTI (%)	13.3%	14.8%	(1.6%)	20.1%	(6.8%)
Natural Gas
Nymex ($US/MMBtu)	2.94	2.88	2.1%	3.03	(3.0%)
Aeco ($C/MMBtu)	0.95	0.75	26.7%	1.10	(13.6%)