Canadian Energy Services Weekly Update
Calgary based Noralta Technologies Inc., a provider of automation, electrical, gas fitting and related services, announced the acquisition of Lloydminster based ARG Group Inc., a provider of electrical and gas fitting services. The acquisition strengthens Noralta’s presence in the Lloydminster area and deepens its service offerings.
Avenrock Energy acquired Parallax Energy Operating Inc. from Carnelian Energy Capital. The acquisition consists of a 75% working interest in Parallax’s portfolio of producing assets and development opportunities in the East Shale Duvernay, as well as a supporting infrastructure network. Avenrock is backed by US private equity Carlyle and serves as the foundation for a broader Western Canadian light oil platform.
Calgary cleantech company Kanin Energy, an industrial waste heat into power solutions provider, secured $138MM in equity financing to support the development of its waste heat to power projects in both Canada and the US.
Ksi Lisims LNG LP announced a 20-year LNG supply agreement with Australian company Santos for the sale of 1MM tonnes per annum of LNG.
Wolf Midstream announced a Final Investment Decision to proceed with a $500MM phase 3 expansion of its NGL North System. The expansion will increase NGL production by 0.6 bcf/d and includes a natural gas-fired cogeneration facility, expanded de-ethanization capacity and expanded unit-train rail terminal.
The federal government introduced a Productivity Mega Deduction tax incentive that allows businesses to deduct 100% of the cost of eligible new investments. Eligible assets include oil & gas pipelines, fibre optic cable, mining property, software, R&D, computer equipment, aircraft and vehicles, patents, and other infrastructure.
Canada Pension Plan Investment Board and Brookfield Asset Management Ltd. (TSX:BAM) announced a $50B fund to advance large scale major project investment opportunities nationwide. The fund is intended to encourage investment in critical infrastructure, industries, and businesses to compete globally.
| North American Drilling Rig Activity |
For the Week Ending | Change Week-Over-Week |
Previous Year |
Change Year-Over-Year |
|
|---|---|---|---|---|---|
| 18-Sep-26 | 11-Sep-26 | 18-Sep-25 | |||
| Canada | |||||
| Active Rig Count | 222 | 215 | 3.3% | 192 | 15.6% |
| Rig Fleet Size | 335 | 334 | 1 | 371 | (36) |
| Utilization Rate | 66% | 64% | 1.9% | 52% | 14.5% |
| USA | |||||
| Active Rig Count | 595 | 591 | 0.7% | 539 | 10.4% |
| US Crude and Natural Gas |
For the Week Ending | Change Week-Over-Week |
Previous Year |
Change Year-Over-Year |
|
|---|---|---|---|---|---|
| 11-Sep-26 | 4-Sep-26 | 11-Sep-25 | |||
| Crude | |||||
| Production (kbpd) | 13,944 | 13,947 | (0.0%) | 13,495 | 3.3% |
| Storage Level (kbbl) | 423,429 | 424,069 | (0.2%) | 424,646 | (0.3%) |
| Injection/(Withdrawal) (kbbl) | (640) | (391) | - | - | - |
| Natural Gas | |||||
| Storage Level (Bcf) | 3,298 | 3,254 | 1.4% | 3,343 | (1.3%) |
| Injection/(Withdrawal) (Bcf) | 44 | 40 | 10.0% | 71 | (38.0%) |
| Commodity Prices | Current Week |
Previous Week |
Change Week-Over-Week |
Previous Year |
Change Year-Over-Year |
|---|---|---|---|---|---|
| 18-Sep-26 | 11-Sep-26 | 19-Sep-25 | |||
| Crude Oil ($US/bbl) | |||||
| WTI | 96.08 | 100.00 | (3.9%) | 62.75 | 53.1% |
| Brent | 103.87 | 104.32 | (0.4%) | 66.66 | 55.8% |
| WCS | 87.95 | 87.70 | 0.3% | 50.05 | 75.7% |
| Discount to WTI ($) | 8.13 | 12.30 | (33.9%) | 12.70 | (36.0%) |
| Discount to WTI (%) | 8.5% | 12.3% | (3.8%) | 20.2% | (11.8%) |
| Natural Gas | |||||
| Nymex ($US/MMBtu) | 2.91 | 2.82 | 3.3% | 2.92 | (0.3%) |
| Aeco ($C/MMBtu) | 1.10 | 1.00 | 10.0% | 0.75 | 46.7% |
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