Weekly Energy Newsletter

News Items Ending June 9, 2025


 

Mergers and Acquisitions:

  • E&P: Vermilion Energy (TSX:VET) announced the sale of its U.S. assets for $120MM in cash. The disposed assets include 5,500 boe of daily production and about 10MM bbls of proved developed producing reserves.

  • Mattr Corp. (TSX:MATR) closed the sale of its remaining pipe coating subsidiary, Thermotite do Brazil to Vallourec Tubular Solutions Ltda., a subsidiary of Vallourec S.A. Mattr received US$17.5MM in proceeds, subject to normal working capital adjustments.

Other:

  • Irving Oil to invest $100MM to upgrade a key crude oil processing unit at its Saint John, NB facility. The upgrade will increase the efficiency and reliability of its fluid catalytic cracking unit, which produces refined products such as gasoline and diesel that are ultimately sold to Atlantic Canadian and the U.S. Northeastern markets.

  • Petronas denied reports from Bloomberg suggesting it is planning to exit Canada via a full or partial sale. The state-owned enterprise entered the Canadian market in 2012 through its US$5.3B acquisition of Progress Energy. Petronas also owns a 25% stake in LNG Canada currently.

  • According to Statistics Canada,

    • Canada’s trade deficit widened to an all-time high of $7.1B. Despite exports to the rest of the world increasing, the decline in exports to the U.S. declined by a third consecutive month.

    • May unemployment rate was 7% (6.9% in April), driven by flat job growth despite a rising population.

  • The Bank of Canada held its key interest rate at 2.75 per cent for the second consecutive decision while awaiting more information on how the tariffs will impact the national economy.