Mergers and Acquisitions:

• E&P: Ovintiv (TSX:OVV) announced the $2.7B acquisition of the remaining interests in NuVista Energy (TSX:NVA) to strengthen its presence in the Montney. The offer from Ovintiv, which already owns 9.6% of NuVista, consists of 50% cash and 50% stock and is expected to add 140,000 net acres and 100,000 boed in production.

Financing:

• AltaGas Ltd. (TSX:ALA) closed a $460MM equity financing through the issuance of 1.515MM common shares at $39.65 per share. The financing was in conjunction with AltaGas’ decision to retain ownership in the Mountain Valley Pipeline. AltaGas concurrently closed a $500MM senior unsecured medium term notes facility with a coupon rate of 3.025%, maturing in November 2027.

Other:

• Pembina Pipeline Corp. (TSX:PPL) and PETRONAS announced a 20-year agreement where Pembina will provide transportation and liquefaction capacity of 1 million tonnes per annum to PETRONAS at the Cedar LNG facility. The Cedar LNG project is expected to be in service in late 2028.

• LNG Canada announced its second processing unit, Train 2 has begun production of LNG. Both units have a capacity of 6.5MM metric tons per annum.

Quarterly Financial Summary: