Canadian Energy Services Newsletter
TerraVest Industries Inc. (TSX:TVK) announced the acquisition of Calgary based Superior Pressure Vessels Inc., a manufacturer and service provider of pressurized transport tanks and trailers to enhance manufacturing capabilities in its Compressed Gas Equipment division.
AKITA Drilling Ltd. (TSX:AKT-A) closed the acquisition of Fox Drilling Ltd. from Paramount Resources Ltd. The acquisition consists of six triple drilling rigs, five of which are high-spec AC walking rigs.
Equinor ASA (OSE:EQNR) announced the acquisition of BP’s (LON:BP) 37.2% interest in the Bay du Nord project in offshore Newfoundland and Labrador to become the sole owner of the project. The project is targeting a FID in early 2027 with first oil by 2031.
Obsidian Energy Ltd. (TSX:OBE) closed the previously announced $112MM acquisition of Highwood Asset Management Ltd.’s Belly River light oil assets in the Wilson Creek area of Willesden Green.
Stampede Drilling Inc. (TSXV:SDI) announced the receipt of upfront capital from its customer, Greenland Energy Company (NASDAQ:GLND). The capital provided will be used to fund modifications and enhancements required to prepare Stampede’s rigs for Arctic environment and drilling conditions as part of a 5-year contract between both parties.
The federal government and the Alberta government announced plans to build a new oil pipeline from Alberta to the Pacific coast. The proposed 1MM bpd pipeline will be built by Trans Mountain Corp. in coordination with Pembina Pipeline Corp. (TSX:PPL), and is expected to break ground in Sep. 2027.
The federal government and the BC government agreed to accelerate the development of four major LNG export projects: LNG Canada Phase 2, Ksi Lisims LNG, Cedar LNG, and Woodfibre LNG. However, the MOU announced maintains the tanker ban off BC’s northern coast.
Pembina Pipeline Corp. (TSX:PPL), Morgan Stanley Infrastructure Partners, and Kineticor Asset Management announced a positive final investment decision on the Greenlight Electricity Centre, a 932 MW gas-fired combined cycle power generation facility in Sturgeon County. The project is intended to serve a major data centre development. The project will be owned by the parties based on the following equity percentages: 47.5%, 47.5%, and 5%.
According to Shell plc’s LNG Outlook 2026, global LNG demand is forecasted to increase by 700MM tonnes annually by 2050, a 65% increase from 2025 levels.
| North American Drilling Rig Activity |
For the Week Ending | Change Week-Over-Week |
Previous Year |
Change Year-Over-Year |
|
|---|---|---|---|---|---|
| 3-Jul-26 | 26-Jun-26 | 3-Jul-25 | |||
| Canada | |||||
| Active Rig Count | 206 | 208 | (1.0%) | 154 | 33.8% |
| Rig Fleet Size | 335 | 334 | 1 | 373 | (38) |
| Utilization Rate | 61% | 62% | (0.8%) | 41% | 20.2% |
| USA | |||||
| Active Rig Count | 580 | 573 | 1.2% | 547 | 6.0% |
| US Crude and Natural Gas |
For the Week Ending | Change Week-Over-Week |
Previous Year |
Change Year-Over-Year |
|
|---|---|---|---|---|---|
| 26-Jun-26 | 19-Jun-26 | 26-Jun-25 | |||
| Crude | |||||
| Production (kbpd) | 13,810 | 13,819 | (0.1%) | 13,435 | 2.8% |
| Storage Level (kbbl) | 408,359 | 412,134 | (0.9%) | 415,106 | (1.6%) |
| Injection/(Withdrawal) (kbbl) | (3,775) | (6,088) | |||
| Natural Gas | |||||
| Storage Level (Bcf) | 2,922 | 2,835 | 3.1% | 2,898 | 0.8% |
| Injection/(Withdrawal) (Bcf) | 87 | 76 | 14.5% | 96 | (9.4%) |
| Commodity Prices | Current Week |
Previous Week |
Change Week-Over-Week |
Previous Year |
Change Year-Over-Year |
|---|---|---|---|---|---|
| 3-Jul-26 | 26-Jun-26 | 4-Jul-25 | |||
| Crude Oil ($US/bbl) | |||||
| WTI | 68.47 | 70.26 | (2.5%) | 67.17 | 1.9% |
| Brent | 71.94 | 73.08 | (1.6%) | 68.51 | 5.0% |
| WCS | 56.34 | 56.88 | (0.9%) | 54.15 | 4.0% |
| Discount to WTI ($) | 12.13 | 13.38 | (9.3%) | 13.02 | (6.8%) |
| Discount to WTI (%) | 17.7% | 19.0% | (1.3%) | 19.4% | (1.7%) |
| Natural Gas | |||||
| Nymex ($US/MMBtu) | 3.21 | 3.23 | (0.6%) | 3.40 | (5.6%) |
| Aeco ($C/MMBtu) | 1.04 | 1.40 | (25.7%) | 0.92 | 13.0% |
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