Mergers and Acquisitions:

• Trican Well Service Ltd. (TSX:TCW) received clearance from the Competition Bureau to proceed with its previously announced acquisition of Redcliff based Iron Horse Energy Services, a provider of fracturing and coiled tubing services in the Cardium, Charlie Lake, Mannville Stack, Viking, Montney and Shaunavon plays.

• E&P: Cenovus Energy Inc. (TSX:CVE) announced the $7.9B acquisition of MEG Energy Corp. (TSX:MEG). The acquisition includes ~110,000 bbls/d of production from oil sands assets with various synergies identified between both companies. The consideration consists of 75% cash and 25% of Cenovus shares. This concludes a strategic review initiated by MEG on June 16, 2025. The transaction is expected to close in Q4 2025.

Financing:

• Gibson Energy Inc. (TSX:GEI) announced the issuance of $375MM of 4.45% senior unsecured notes due in August 2032. Net proceeds will be used to repay outstanding debt and for general corporate purposes.

Other:

• According to Stats Canada, Canadian annual inflation in July was 1.7%, lower than the 1.9% reported in June 2025. The decline was driven by a 16.1 per cent decline in gas prices year over year, which occurred following the removal of the consumer carbon price earlier this year.

• The Alberta government aims to discuss a new bitumen pipeline project proposal to the west coast with the federal government by late fall 2025, with comprehensive project details ready by spring 2026. The 1MM bbls/d proposal is in response to expected growing Asian demand.

• The federal government to drop some retaliatory tariffs introduced on ~$30B of US goods on September 1. The tariffs were introduced following the US decision to implement a 35% tariff on all goods not compliant with USMCA.