Mergers & Acquisitions:

• Hillcore Industrial announced its subsidiary, Academy Group of Companies, an Edmonton based full service industrial and pipeline fabricator, has been sold to management team. Hillcore originally acquired Academy in March 2017.

• E&P: Cenovus Energy Inc. (TSX:CVE) is considering the sale of select conventional oil and gas assets in the Deep Basin of Alberta. The potential sale could result in $3B in net proceeds as it seeks to focus on its core oil sand business following its recent takeover of MEG Energy.

• E&P: ARC Resources (TSX:ARC) is considering acquiring assets from Harvest Operations Corp. and Deep Basin Partnership, as per a merger review initiated with the Canadian Competition Bureau in mid-January. There is no indication of what assets are involved at this point.

• E&P: The shareholders of NuVista Energy Ltd. (TSX:NVA) approved Ovintiv Inc.’s (TSX:OVV) $3.8B acquisition of the former, previously announced in November 2025. The acquisition is now subject to other closing conditions and approval.

Other:

• According to the International Energy Agency (IEA), 2026 global oil demand is forecasted to increase by 930,000 bpd, a rise from the 860,000 bpd growth forecast previously determined.

2026 E&P CapEx Updates: