Mergers and Acquisitions:

• E&P: The shareholders of Parkland Corp. (TSX:PKI) voted in favour of its US$9.1B cash-and-stock takeover offer from Sunoco LP (NYSE:SUN). Parkland owns the Ultramar, Chevron and Pioneer gas station chains as well as other brands in 26 countries, and a refinery in Burnaby, BC. The transaction is awaiting approval under the Investment Canada Act.

• Calgary based Acceleware Ltd. (TSXV:AXE) announced an agreement to transfer certain wells and assets located in Marwayne, AB to O’Neill Industries International-Canada Inc., the Canadian entity of US upstream production and oilfield services provider. Acceleware will retain ownership of all its RF XL heating and related equipment at Marwayne and to enter into a new farmout agreement with O’Neill to redeploy new wells.

Other:

• According to Canada’s department of natural resources, the Woodfibre LNG project will be operational by 2028. The project is expected to be the world’s first net-zero LNG facility upon completion.

• According to the Alberta Energy Regulator (AER), CapEx in crude oil, natural gas, oilsands, and emerging resources increased by 2.2 per cent in 2024 to $30.9B. The increase was attributed to higher commodity prices and improved market access from the TMX pipeline. Crude oil production increased by 5 per cent in 2024 to 4.3MM bbls/d.

• The federal government to spend up to 5% of GDP on defence spending by 2035. The decision was announced in conjunction with other NATO allies. The 5% will be broken into: 3.5% on core defence needs and 1.5% on defence-related investments including infrastructure.