Mergers & Acquisitions:

• Edmonton based CCI Inc., a service provider to the North American oil and gas and municipal sectors, announced the acquisition of New Iberia, LA based Frederick’s Manufacturing LLC, a machining and manufacturing company specializing in CNC and conventional machining, subsea fabrication, and wireline tooling. Frederick’s manufactures packer parts, downhole tools, hydraulic cylinders, subsea structures, pipe clamps etc.

• ACT Energy Technologies Ltd. (TSX:ACX) closed its previously announced US$47MM acquisition of Oklahoma City, OK based SB Directional Services, a directional drilling services provider.

• E&P: Lycos Energy Inc. (TSXV:LCX) closed the previously announced $49.7MM acquisition of Mahikan Oil Corp., bringing together two complementary heavy oil producers.

Other:

• Suncor Energy Inc. (TSX:SU) expects to shift its primary extraction methodology from traditional oil sands mining to SAGD focused by 2040. The shift will result in lower operating costs and higher cash flow in the long term. In the shorter term, Suncor aims to increase upstream production by 100,000 bbl/d over the next three years.

• OPEC+ to raise oil output quotas by 206,000 bpd in May. However, the increase is uncertain as key OPEC+ members continue to struggle to raise production due to the current Middle East war. The increase represents less than 2% of the current supply disrupted by the Strait of Hormuz closure.

• According to Reuters, OPEC crude output declined by 7.3MM bbls/d to 21.57MM bbls/d in March following the Middle Eastern turmoil between the U.S., Israel and Iran. March’s output was the lowest production since June 2020.