September 28, 2026

Canadian Energy Services Weekly Update

Mergers & Acquisitions

Midstream Infrastructure

New York based FTAI Energy Partners LLC, dba Jefferson Energy Companies, a provider of midstream energy transport, storage and logistics infrastructure, acquired a 50% interest in the Diluent Recovery Unit in Hardisty from a subsidiary of USD Group LLC.

E&P

Calgary based Atlas Energy Corp. (TSXV:ATLE) acquired a gross overriding royalty investment on the working interest of Calgary based Caledonian Midstream Corp., a producer with O&G assets in the Southwest Alberta Foothills, for $15MM. The assets currently produce 2,900 boed of hydrocarbons over 45,230 gross acres.

Other

LNG

The federal government approved the expansion of the Tilbury LNG facility in Delta, BC. The expansion project includes the addition of a large new storage tank and equipment to produce up to 7,700 tonnes of LNG per day.

Fiscal Policy

The federal government aims to extend the federal gas tax pause from September 7, 2026 until January 2027.

Rig Activity

US total oil and gas rig count increased to 599 during the week of September 25, the highest since May 2024. Total rig count was 9% higher year over year.

Market Data

North American Drilling Rig Activity	For the Week Ending		Change Week-Over-Week	Previous Year	Change Year-Over-Year
	25-Sep-26	18-Sep-26		25-Sep-25
Canada
Active Rig Count	229	222	3.2%	191	19.9%
Rig Fleet Size	335	335	-	371	(36)
Utilization Rate	68%	66%	2.1%	51%	16.9%
USA
Active Rig Count	599	595	0.7%	542	10.5%

US Crude and Natural Gas	For the Week Ending		Change Week-Over-Week	Previous Year	Change Year-Over-Year
	18-Sep-26	11-Sep-26		18-Sep-25
Crude
Production (kbpd)	13,939	13,944	(0.0%)	13,482	3.4%
Storage Level (kbbl)	426,398	423,429	0.7%	415,361	2.7%
Injection/(Withdrawal) (kbbl)	2,969	(640)	-	-	-
Natural Gas
Storage Level (Bcf)	3,351	3,298	1.6%	3,433	(2.4%)
Injection/(Withdrawal) (Bcf)	53	44	20.5%	90	(41.1%)

Commodity Prices	Current Week	Previous Week	Change Week-Over-Week	Previous Year	Change Year-Over-Year
	25-Sep-26	18-Sep-26		26-Sep-25
Crude Oil ($US/bbl)
WTI	92.46	96.08	(3.8%)	65.18	41.9%
Brent	104.38	103.87	0.5%	69.75	49.6%
WCS	80.06	87.95	(9.0%)	53.37	50.0%
Discount to WTI ($)	12.40	8.13	52.5%	11.81	5.0%
Discount to WTI (%)	13.4%	8.5%	4.9%	18.1%	(4.7%)
Natural Gas
Nymex ($US/MMBtu)	3.21	2.91	10.3%	2.86	12.2%
Aeco ($C/MMBtu)	1.29	1.10	17.3%	0.56	130.4%