May 11, 2026

Canadian Energy Services Newsletter

Mergers and Acquisitions

Power Generation & Equipment

Houston-based VoltaGrid LLC, a behind-the-meter power generation business, announced the acquisition of Calgary-based Propell Energy Technology Ltd., a provider of energy equipment solutions for the O&G and power generation sectors. The acquisition enhances VoltaGrid’s evolution into a fully integrated power generation platform.

Infrastructure & Midstream

Keyera Corp. (TSX:KEY) received a filing from the Competition Bureau relating to its intended acquisition of Plains All American Pipeline LP’s Canadian natural gas liquids business. The Competition Bureau claims the acquisition will harm competition in NGL processing and storage, particularly in Fort Saskatchewan.

Other

Regulatory & Policy

The federal government proposed a 12-month period for all federal reviews and decision-making timelines on major projects.

LNG & E&P

Vermilion Energy Inc. (TSX:VET) joined the Rockies LNG Partners consortium at the end of Q1 2026 and is currently evaluating the delivery of a portion of its Montney gas output to the Ksi Lisims LNG project.

Capital Expenditure

Spartan Delta Corp. increased its 2026 CapEx from the previous range of $410MM–$470MM to $475MM–$525MM. Separately, Kelt Exploration Ltd. (TSX:KEL) increased its 2026 CapEx from $355MM to $375MM, and Cardinal Energy Ltd. (TSX:CJ) increased its 2026 CapEx budget from $160MM to $205MM.

Oil Sands & Thermal SAGD

Baytex Energy Corp. (TSX:BTE) is advancing planning for its Gemini thermal SAGD project over the next 12 months, with a target FID in 2027 and first oil in 2029. The project has 44MM bbls of booked, probable reserves as of Dec. 2025.

Quarterly Financial Update

$MM	Revenue		Adjusted EBITDA
For the 3 months ended Mar. 31,	2026	2025	2026	2025
ACT Energy Technologies Ltd.	145	135	23	20
AKITA Drilling Ltd.	55	65	6	18
Ensign Energy Services Inc.	418	437	95	102
FLINT Corp.	121	138	2	5
Gibson Energy Inc.	2,755	2,748	139	142
Tidewater Midstream & Infrastructure Ltd.	94	58	24	2

Market Data

North American Drilling Rig Activity	For the Week Ending		Change Week-Over-Week	Previous Year	Change Year-Over-Year
	8-May-26	1-May-26		8-May-25
Canada
Active Rig Count	136	134	1.5%	129	5.4%
Rig Fleet Size	334	335	(1)	373	(39)
Utilization Rate	41%	40%	0.7%	35%	6.1%
USA
Active Rig Count	548	547	0.2%	584	(6.2%)

US Crude and Natural Gas	For the Week Ending		Change Week-Over-Week	Previous Year	Change Year-Over-Year
	1-May-26	24-Apr-26		1-May-25
Crude
Production (kbpd)	13,573	13,586	(0.1%)	13,465	0.8%
Storage Level (kbbl)	457,182	459,495	(0.5%)	440,408	3.8%
Injection/(Withdrawal) (kbbl)	(2,313)	(6,234)
Natural Gas
Storage Level (Bcf)	2,205	2,142	2.9%	2,041	8.0%
Injection/(Withdrawal) (Bcf)	63	79	(20.3%)	107	(41.1%)

Commodity Prices	Current Week	Previous Week	Change Week-Over-Week	Previous Year	Change Year-Over-Year
	8-May-26	1-May-26		9-May-25
Crude Oil ($US/bbl)
WTI	94.72	102.50	(7.6%)	61.02	55.2%
Brent	100.25	109.20	(8.2%)	63.91	56.9%
WCS	83.07	89.59	(7.3%)	48.67	70.7%
Discount to WTI ($)	11.65	12.91	(9.8%)	12.35	(5.7%)
Discount to WTI (%)	12.3%	12.6%	(0.3%)	20.2%	(7.9%)
Natural Gas
Nymex ($US/MMBtu)	2.75	2.79	(1.4%)	3.79	(27.4%)
Aeco ($C/MMBtu)	1.10	1.05	4.8%	1.65	(33.3%)