Mergers and Acquisitions:

• MasTec Canada announced a merger with Purnell Energy Services Ltd., a Grande Prairie based oilfield services, pipeline construction, mechanical services, modular construction, 3D scan technology provider. The combined entities will operate as MasTec Purnell Canada going forward.

• Oyster Bay, NY based Elemental Clean Fuels announced the acquisition of the remaining interest in Kamloops based Cariboo Clean Fuels, a clean energy infrastructure company developing hydrogen, renewable natural gas, and clean fuel production facilities across Western Canada.

• E&P: Calgary based Cygnet Energy announced the $1.4B all-cash acquisition of Kiwetinohk Energy (TSX:KEC). The acquisition combines complementary assets in the Simonetter and Placid areas, establishing the Cygnet as a larger Montney and Duvernay operator with over 44,000 boed of liquids-weighted production.

Other:

• FortisBC Energy Inc. received approval from the British Columbia Utilities Commission (BCUC) for its proposed Tilbury LNG Storage Expansion project. The project will replace the original Tilbury facility with construction expected to begin in 2027.

• AltaGas Ltd. (TSX:ALA) announced positive final investment decisions for its Dimsdale natural gas storage facility in AB and the Ridley Island Energy Export Facility in BC. The former has a $65MM capital cost estimate and is targeted to be in service by 2026 year-end. The latter is expected to cost $110MM and is expected to go into service in H2 2027.

• According to Shell Canada’s CFO, the company will start up its second LNG processing unit at LNG Canada in Q4 2025.

• OPEC+ announced an additional 137,000 boe/d increase in production in December. The organization further announced any production adjustments planned for Q1 2026 would be paused “due to seasonality”.

Quarterly Financial Summary: