Mergers and Acquisitions:

• Keyera Corp. (TSX:KEY) announced the $5.15B all-cash acquisition of Plains All American’s (NASDAQ:PAA) Canadian natural gas liquids (NGL) business, plus select U.S. assets. The acquired assets include NGL extraction, fractionation, storage, rail and truck terminals across AB, SK, MB and ON. The acquisition is synergistic and better positions Keyera with a fully connected NGL corridor nationwide.

• E&P: The Competition Bureau announced Canadian Natural Resources Ltd. (TSX:CNQ) to sell a 75% interest in its Seiu Lake natural gas processing plant to North 40 Resources Inc. following its proposed acquisition of Schlumberger’s (NYSE:SLB) interest in the Palliser Block joint venture. The divestiture was meant to address competition concerns for gas processing services in the region.

• Entropy Inc. announced the acquisition of interests in three carbon hubs for $20MM and contingent payments of $15MM based on commercial project milestones. The all-cash transaction includes the Belle Plaine carbon hub and the North Battleford carbon hub in SK, as well as a 50% interest in the Rolling Hills carbon hub in AB.

Financing:

• Calgary based Carbon Upcycling, a cleantech startup transforming carbon waste byproducts from tailings and natural minerals into cement and concrete materials, closed a US$18MM convertible note investment from Builders Vision, a Chicago based investment platform. Net proceeds will be used to expand Carbon’s project pipeline and corporate growth.

• The Alberta government, through Emissions Reduction Alberta (ERA), announced the $50MM Tailings Technology Challenge to assist companies with the development of new and improved technologies to reduce oil sands mine water and to reclaim tailings ponds. Selected applicants can receive up to $15MM per project and the minimum funding requirement is $1MM. The application deadline is September 24.

Other:

• The federal government to adjust counter-tariffs on U.S. steel and aluminum products to levels “consistent” with trade negotiations progress made between Canada and the U.S. during the G7 summit. The adjustment will take effect on July 21. No specifics of what the adjustments have been released. Concurrently, the federal government will introduce new tariff quota rates at 100% of 2024 levels on steel imports from non-free trade agreement countries.

• Parliament voted to pass Bill C-5 or the One Canadian Economy Act, allowing the federal government to green-light a list of projects deemed to be in national interest to fast track approvals.