November 9, 2026

Canadian Energy Services Weekly Update

Mergers & Acquisitions

E&P

Strathcona Resources Ltd. (TSX:SCR) announced the $2.8B acquisition of Greenfire Resources Ltd. (TSX:GFR). Greenfire reported Q3 2026 production of 27,166 bpd, with the combined entities expected to have production of 153,000 bpd. Strathcona intends on running the Greenfire assets as a separate business unit called SCR Central Athabasca. The transaction is backed by Waterous Energy Fund, who owns a 57% and 72% stake in Strathcona and Greenfire respectively.

E&P

Calgary based Outwest Energy Inc. announced the acquisition of Paramount Resources Ltd.’s (TSX:POU) entire Kaybob operating area for $341MM, comprising of $198MM cash and a 49% equity stake in Outwest.

Other

Midstream Infrastructure

South Bow Corp. (TSX:SOBO) announced it is fast tracking due diligence before a final investment decision is made for the Prairie Connector pipeline project next year. The proposed pipeline project would involve a U.S. partner, Bridger Pipeline LLC to ship crude oil from Canada to the U.S.

Regulatory & Insolvency

Sunshine Oilsands Ltd., a Hong Kong listed Alberta oil producer was placed into receivership on October 23, 2026, on application by the Orphan Well Association. Sunshine owns 284 well licenses, 13 pipelines and five facilities.

Macroeconomics

According to Statistics Canada, Canadian unemployment rose from 6.5% in September to 6.7% in October.

Government Policy

As per Budget 2026, the federal government intends on merging Export Development Canada (EDC) and the Business Development Bank of Canada (BDC).

Market Data

North American Drilling Rig Activity	For the Week Ending		Change Week-Over-Week	Previous Year	Change Year-Over-Year
	6-Nov-26	30-Oct-26		6-Nov-25
Canada
Active Rig Count	231	235	(1.7%)	191	20.9%
Rig Fleet Size	335	335	-	373	(38)
Utilization Rate	69%	70%	(1.2%)	51%	17.7%
USA
Active Rig Count	604	603	0.2%	546	10.6%

US Crude and Natural Gas	For the Week Ending		Change Week-Over-Week	Previous Year	Change Year-Over-Year
	30-Oct-26	23-Oct-26		30-Oct-25
Crude
Production (kbpd)	14,003	13,992	0.1%	13,644	2.6%
Storage Level (kbbl)	409,760	410,625	(0.2%)	415,966	(1.5%)
Injection/(Withdrawal) (kbbl)	(865)	(1,892)	-	-	-
Natural Gas
Storage Level (Bcf)	3,801	3,724	2.1%	3,882	(2.1%)
Injection/(Withdrawal) (Bcf)	77	80	(3.8%)	74	4.1%

Commodity Prices	Current Week	Previous Week	Change Week-Over-Week	Previous Year	Change Year-Over-Year
	6-Nov-26	30-Oct-26		7-Nov-25
Crude Oil ($US/bbl)
WTI	90.37	102.97	(12.2%)	59.84	51.0%
Brent	97.97	117.55	(16.7%)	63.70	53.8%
WCS	78.48	91.77	(14.5%)	47.40	65.6%
Discount to WTI ($)	11.89	11.20	6.2%	12.44	(4.4%)
Discount to WTI (%)	13.2%	10.9%	2.3%	20.8%	(7.6%)
Natural Gas
Nymex ($US/MMBtu)	3.00	2.88	4.2%	4.32	(30.6%)
Aeco ($C/MMBtu)	1.38	1.30	6.2%	2.36	(41.5%)