Oil and gas facilities across the Middle East shut down over the weekend following U.S. and Israel strikes on Iran, as well as retaliation measures implemented by Iran. The shutdowns are precautionary in nature. In addition, oil and gas transportation vessels passing through the Strait of Hormuz were attacked, resulting in further shipping suspension.

We summarize key insights following the attack below from various sources:

GOLDMAN SACHS:
Prolonged blockade of the Strait of Hormuz could add a US$18 per bbl risk premium to current prices.

J.P. MORGAN:
Warns of "regime change volatility" that may drive prices toward US$100 per bbl if regional O&G infrastructure sustains damage and further shut downs.

RYSTAD ENERGY:
Potential US$20 per bbl premium in the short term if de-escalation signals do not appear by end of week.

Mergers & Acquisitions:

• Enerflex Ltd. (TSX:EFX) announced the sale of most its Asia-Pacific region operations to Australian company INNIO Group. The assets sold are predominantly based in Australia, Thailand and Indonesia. The divestiture is aimed at streamlining operations and to focus on core markets in the Americas and the Middle East.

  
  

Other:

• Pembina Pipeline Corp. (TSX:PPL) announced two pipeline expansion projects in BC and AB amounting to $425MM in combined investments. The first project consists of a new $310MM, 95-km pipeline that will ship 120,000 bpd of NGL between Birch and Taylor, BC. The second project connects Taylor to a pump station in Gordondale, AB for $115MM.

• Calgary based Green Impact Partners Inc. (TSXV:GIP), a provider of water, waste, and solids treatment and recycling services, entered CCAA protection on application by National Bank of Canada, who is owed ~$28.6MM as of Nov. 2025. National had agreed to adjourn an earlier CCAA application following a $4.4MM private placement but resumed enforcement after further defaults.

• U.S. based Bridger Pipeline Expansion LLC submitted a project overview to the Montana Department of Environmental Quality in late February, outlining plans to build a 1,038 km pipeline carrying Canadian crude oil from Phillips County, Montana into Wyoming. The proposed pipeline will have a 55,000 bpd capacity and the route would revive parts of the now cancelled Keystone XL project.

• The Alberta Budget 2026, which was released on February 26th, projects a $9.4B deficit in the upcoming year. The province lowered its WTI oil price assumption to US$60.50 per bbl, citing a more cautious fiscal environment for oilfield activity and royalties. The budget also estimates an increase in oil production and exports, including an additional 700,000 bpd in pipeline capacity by 2030.

• According to Statistics Canada, Canadian real GDP declined by 0.6 per cent on an annualized basis in Q4 2025. The contraction was driven by businesses drawing down inventories.  Real GDP per capita was unchanged. The Bank of Canada expects growth to be at 1.8 per cent annualized in Q1 2026.

• OPEC+ announced a 206,000 bpd increase in production from April 2026 onwards.

Financial Results: