September 14, 2026

Canadian Energy Services Weekly Update

Mergers & Acquisitions

Midstream & Infrastructure

Enbridge Inc. (TSX:ENB) announced the US$2.55B acquisition of the crude oil business of Tallgrass Energy LP. The acquisition includes a 75% interest in the Pony Express Pipeline, a 460,000 bpd line connecting the Rockies to Cushing, OK. In addition, the transaction includes a 51% interest in the Powder River Gateway system with 8.4MM bbls of storage capacity across nine terminals and a crude marketing business.

E&P

Advantage Energy Ltd. (TSX:AAV) closed the $316MM disposition of its Wembley assets to an undisclosed acquirer. The disposed assets include 32 net sections of Montney lands and 46.1MM boe of Total Proved Plus Probable reserves.

Industry News & Macroeconomics

Regulatory Policy

The federal government made changes to its impact assessment rules to remove interprovincial and international pipelines and other energy projects from the Impact Assessment Act to speed up major project approvals and reduce regulatory duplication.

LNG & Global Markets

Kino Aski LNG and Naftogaz Group announced a Memorandum of Understanding to explore a partnership to supply Canadian LNG from the proposed Kino Aski LNG Terminal in the Port of Baie-Comeau, QC to European markets.

Macroeconomics

According to Statistics Canada, August inflation was 3.0% (unchanged from July 2026). Excluding gasoline prices, inflation stood at 2.4%.

Market Data

North American Drilling Rig Activity	For the Week Ending		Change Week-Over-Week	Previous Year	Change Year-Over-Year
	11-Sep-26	4-Sep-26		11-Sep-25
Canada
Active Rig Count	215	219	(1.8%)	196	9.7%
Rig Fleet Size	334	334	-	371	(37)
Utilization Rate	64%	66%	(1.2%)	53%	11.5%
USA
Active Rig Count	591	588	0.5%	537	10.1%

US Crude and Natural Gas	For the Week Ending		Change Week-Over-Week	Previous Year	Change Year-Over-Year
	4-Sep-26	28-Aug-26		4-Sep-25
Crude
Production (kbpd)	13,947	13,862	0.6%	13,423	3.9%
Storage Level (kbbl)	424,069	424,460	(0.1%)	420,707	0.8%
Injection/(Withdrawal) (kbbl)	(391)	(4,450)	-	-	-
Natural Gas
Storage Level (Bcf)	3,254	3,214	1.2%	3,272	(0.6%)
Injection/(Withdrawal) (Bcf)	40	30	33.3%	55	(27.3%)

Commodity Prices	Current Week	Previous Week	Change Week-Over-Week	Previous Year	Change Year-Over-Year
	11-Sep-26	4-Sep-26		12-Sep-25
Crude Oil ($US/bbl)
WTI	100.00	91.24	9.6%	62.59	59.8%
Brent	104.32	95.85	8.8%	66.88	56.0%
WCS	87.70	79.13	10.8%	50.34	74.2%
Discount to WTI ($)	12.30	12.11	1.6%	12.25	0.4%
Discount to WTI (%)	12.3%	13.3%	(1.0%)	19.6%	(7.3%)
Natural Gas
Nymex ($US/MMBtu)	2.82	2.94	(4.1%)	2.96	(4.7%)
Aeco ($C/MMBtu)	1.00	0.95	5.3%	1.18	(15.3%)