July 13, 2026

Canadian Energy Services Newsletter

Mergers & Acquisitions

E&P

Northern Oil and Gas Inc. (NYSE:NOG) announced the $350MM acquisition of a 25% interest in the light-oil Duvernay assets owned and operated by Parallax Energy Operating Inc. The acquisition marks Northern’s strategic entry into Canada. The assets are expected to produce ~4,000 boe/d in 2027.

E&P

Greenfire Resources Ltd. (TSX:GFR) announced the $1.277B cash acquisition of Calgary based Connacher Oil and Gas Ltd., a private thermal oil sands company that owns the Great Divide oilsands project. The project has proved plus probable reserves of 441MM bbls equating to a 62-year reserves life index and is expected to produce 19,500 bbl/d in 2026.

Financing

Corporate Debt

Gibson Energy Inc. (TSX:GEI) announced $400MM of 4.45% senior unsecured notes due in January 2034. Net proceeds will be used to repay outstanding debt and for general corporate purposes, including indebtedness incurred with its previously announced acquisition of certain Chauvin infrastructure assets.

Clean Tech / Federal Funding

Calgary based Prabhu Energy Alberta Ltd. received $3MM in funding from the federal government to develop an exhaust treatment device to eliminate methane and volatile organic compounds emissions from stationary combustion engines used in the upstream O&G sector.

Renewables / Carbon Capture

Medicine Hat based Renew Farms Inc. received $5.985MM in federal funding to complete FEED studies to assess the construction of waste biomass-to-renewable natural gas facilities with carbon capture capabilities in Medicine Hat and Lanigan, SK.

Other Key Developments

Infrastructure & Midstream

The Alberta and Ontario provincial governments are proposing a new 3,300 km crude oil pipeline that will run from Hardisty, AB to refineries in Sarnia, ON. The proposed pipeline has an initial capacity of 500,000 bpd with the intention to ramp up to 800,000 bpd. A feasibility study is expected by the end of 2026.

Geopolitics & Trade

The US Treasury Department revoked its license allowing Iranian oil sales following a series of Iranian attacks on tankers in the Strait of Hormuz last week. The US subsequently conducted strikes on Iran in response to the Iranian attacks.

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          North American
Drilling Rig Activity
          For the Week Ending
          Change
Week-Over-Week
          Previous
Year
          Change
Year-Over-Year
        

      
          
          10-Jul-26
          3-Jul-26
          
          10-Jul-25
          
        

          Canada
        

          Active Rig Count
          214
          206
          3.9%
          160
          33.8%
        

          Rig Fleet Size
          334
          335
          (1)
          373
          (39)
        

          Utilization Rate
          64%
          61%
          2.6%
          43%
          21.2%
        

          USA
        

          Active Rig Count
          581
          580
          0.2%
          539
          7.8%
        

    
  

    
      
          US Crude and
Natural Gas
          For the Week Ending
          Change
Week-Over-Week
          Previous
Year
          Change
Year-Over-Year
        

      
          
          3-Jul-26
          26-Jun-26
          
          3-Jul-25
          
        

          Crude
        

          Production (kbpd)
          13,860
          13,810
          0.4%
          13,433
          3.2%
        

          Storage Level (kbbl)
          411,350
          408,359
          0.7%
          418,951
          (1.8%)
        

          Injection/(Withdrawal) (kbbl)
          2,991
          (3,775)
          
          
          
        

          Natural Gas
        

          Storage Level (Bcf)
          2,983
          2,922
          2.1%
          2,953
          1.0%
        

          Injection/(Withdrawal) (Bcf)
          61
          87
          (29.9%)
          55
          10.9%
        

    
  

    
      
          Commodity Prices
          Current
Week
          Previous
Week
          Change
Week-Over-Week
          Previous
Year
          Change
Year-Over-Year
        

      
          
          10-Jul-26
          3-Jul-26
          
          11-Jul-25
          
        

          Crude Oil ($US/bbl)
        

          WTI
          71.51
          68.47
          4.4%
          68.73
          4.0%
        

          Brent
          75.22
          71.94
          4.6%
          70.63
          6.5%
        

          WCS
          59.06
          56.34
          4.8%
          56.10
          5.3%
        

          Discount to WTI ($)
          12.45
          12.13
          2.6%
          12.63
          (1.4%)
        

          Discount to WTI (%)
          17.4%
          17.7%
          (0.3%)
          18.4%
          (1.0%)
        

          Natural Gas
        

          Nymex ($US/MMBtu)
          2.95
          3.21
          (8.1%)
          3.36
          (12.2%)
        

          Aeco ($C/MMBtu)
          1.05
          1.04
          1.0%
          0.67
          56.7%
        

    
  

Canadian Energy Services Newsletter - Week of July 13, 2026

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