October 26, 2026

Canadian Energy Services Weekly Update

Mergers & Acquisitions

E&P

Ovintiv Inc. (TSX:OVV) announced the $1.26B acquisition of Logan Energy Corp. (TSXV:LGN), a Calgary based E&P company that will add ~266,000 net acres and ~20,000 boed in production. The acquisition also consists of two new oil batteries and interests in natural gas processing facilities.

Other

Global Energy Policy

Russia dispatched its first tanker of diesel to the U.S. last week under a newly authorized fuel import agreement. In exchange, the U.S. formally suspended broad energy export and investment bans, easing restrictions between both nations despite political debate over energy policy.

Macroeconomics

The B.C. Conservatives won a majority government in a snap election, marking the party’s first election victory in close to a century. Following the defeat, incumbent Premier David Eby resigned as leader of the B.C. NDP.

Macroeconomics

The Bank of Canada’s next interest rate decision is scheduled for October 28th, 2026 (Wednesday).

Market Data

North American Drilling Rig Activity	For the Week Ending		Change Week-Over-Week	Previous Year	Change Year-Over-Year
	23-Oct-26	16-Oct-26		23-Oct-25
Canada
Active Rig Count	230	230	0.0%	197	16.8%
Rig Fleet Size	335	335	-	373	(38)
Utilization Rate	69%	69%	0.0%	53%	15.8%
USA
Active Rig Count	603	603	0.0%	548	10.0%

US Crude and Natural Gas	For the Week Ending		Change Week-Over-Week	Previous Year	Change Year-Over-Year
	16-Oct-26	9-Oct-26		16-Oct-25
Crude
Production (kbpd)	13,269	13,679	(3.0%)	13,636	(2.7%)
Storage Level (kbbl)	412,517	415,577	(0.7%)	423,785	(2.7%)
Injection/(Withdrawal) (kbbl)	(3,060)	(8,557)	-	-	-
Natural Gas
Storage Level (Bcf)	3,644	3,567	2.2%	3,721	(2.1%)
Injection/(Withdrawal) (Bcf)	77	67	14.9%	80	(3.8%)

Commodity Prices	Current Week	Previous Week	Change Week-Over-Week	Previous Year	Change Year-Over-Year
	23-Oct-26	16-Oct-26		24-Oct-25
Crude Oil ($US/bbl)
WTI	103.43	101.83	1.6%	61.42	68.4%
Brent	117.38	109.95	6.8%	65.69	78.7%
WCS	90.92	89.06	2.1%	49.15	85.0%
Discount to WTI ($)	12.51	12.77	(2.0%)	12.27	2.0%
Discount to WTI (%)	12.1%	12.5%	(0.4%)	20.0%	(7.9%)
Natural Gas
Nymex ($US/MMBtu)	2.63	3.12	(15.7%)	3.34	(21.3%)
Aeco ($C/MMBtu)	1.28	1.34	(4.5%)	1.88	(31.9%)