November 2, 2026

Canadian Energy Services Weekly Update

Mergers & Acquisitions

Midstream & Energy Transition

Tidewater Midstream and Infrastructure Ltd. (TSX:TWM) and Tidewater Renewables Ltd. (TSX:LCFS) announced a merger to create a single integrated energy infrastructure and low carbon fuels company.

LNG

Mitsubishi Corp. announced the sale of a 49.9% interest in a holding company that owns its 15% stake in the LNG Canada project to Blackstone Credit & Insurance for $1.6B.

Other

Government Policy

MPs voted to keep the B.C. coastal oil tanker ban in place during the second reading in the House of Commons last week.

Midstream Infrastructure

AltaGas Ltd. (TSX:ALA) is facing export slowdowns at its Prince Rupert terminal after a Canada Industrial Relations Board ruling banned the use of replacement workers during an ongoing union strike at a neighbouring facility.

Macroeconomics

The Bank of Canada raised its key interest rate by 25 basis points to 2.5% on October 28th, 2026, the first hike since July 2023. The central bank cited the rise in energy prices and the uncertainty around Canada-US trade relationships as the largest risks to the cost of living increasing.

Q3 Public Company Earnings

$MM For the 3 months ended Sep. 30,	Revenue		Adjusted EBITDA
	2026	2025	2026	2025
AltaGas Ltd.	3,431	2,598	389	268
Enerflex Ltd. (USD)	623	777	117	122
Mullen Group Ltd.	653	562	119	96
Precision Drilling Corp.	532	462	125	118
Pulse Seismic Inc.	17.3	3.4	14.7	0.7
Trican Well Service Ltd.	338	301	88	60
Western Energy Services Corp.	57	50	13	13

Market Data

North American Drilling Rig Activity	For the Week Ending		Change Week-Over-Week	Previous Year	Change Year-Over-Year
	30-Oct-26	23-Oct-26		30-Oct-25
Canada
Active Rig Count	235	230	2.2%	193	21.8%
Rig Fleet Size	335	335	-	373	(38)
Utilization Rate	70%	69%	1.5%	52%	18.4%
USA
Active Rig Count	603	603	0.0%	550	9.6%

US Crude and Natural Gas	For the Week Ending		Change Week-Over-Week	Previous Year	Change Year-Over-Year
	23-Oct-26	16-Oct-26		23-Oct-25
Crude
Production (kbpd)	13,992	13,269	5.4%	13,629	2.7%
Storage Level (kbbl)	410,625	412,517	(0.5%)	422,824	(2.9%)
Injection/(Withdrawal) (kbbl)	(1,892)	(3,060)	-	-	-
Natural Gas
Storage Level (Bcf)	3,724	3,644	2.2%	3,808	(2.2%)
Injection/(Withdrawal) (Bcf)	80	77	3.9%	87	(8.0%)

Commodity Prices	Current Week	Previous Week	Change Week-Over-Week	Previous Year	Change Year-Over-Year
	30-Oct-26	23-Oct-26		31-Oct-25
Crude Oil ($US/bbl)
WTI	102.97	103.43	(0.4%)	60.89	69.1%
Brent	117.55	117.38	0.1%	65.07	80.7%
WCS	91.77	90.92	0.9%	48.63	88.7%
Discount to WTI ($)	11.20	12.51	(10.5%)	12.26	(8.6%)
Discount to WTI (%)	10.9%	12.1%	(1.2%)	20.1%	(9.3%)
Natural Gas
Nymex ($US/MMBtu)	2.88	2.63	9.5%	4.12	(30.1%)
Aeco ($C/MMBtu)	1.30	1.28	1.6%	1.94	(33.0%)