Weekly Energy Newsletter

News Items Ending October 20, 2025

 
Check out our Q3 2025 Energy Services Industry Report

Mergers and Acquisitions:

  • ARC Financial Corp. reached an agreement to acquire STEP Energy Services Ltd. (TSX:STEP) for cash consideration of $5.50 per share. The going-private transaction is expected to close on or around December 16th, 2025.

  • E&P: Tamarack Valley Energy Ltd. (TSX:TVE) closed the previously announced sale of its non-core producing assets in the Veteran Consort and Eyehill areas of eastern Alberta for $112MM. With divestitures over the past three years, Tamarack has transformed into a pure Clearwater and Charlie Lake operator.

Financing:

  • Calgary based Rockpoint Gas Storage Inc., an operator of six natural gas storage facilities with ~280Bcf in storage capacity, closed a $704MM IPO of 32MM class A common shares at $22 per share. The underwriters also exercised options to fully acquire additional 4.8MM class A common shares for $105.6MM.

Other:

  • Calgary based GDM Inc., a provider of energy infrastructure data via its proprietary software application Converge, announces a strategic alliance with Calgary based Muddy Boots Inc., a provider of mobile-first field operations software. The alliance will integrate GDM’s pipeline risk scoring, water crossing prioritization, connectivity mapping, and audit-ready reporting with Muddy Boots’ offline field inspections, pigging, emissions tracking, and preventative maintenance.

  • SLB CEO does not expect a significant pickup in North American drilling activity citing high production costs. SLB’s North American Q3 revenue increased by 14% due to the inclusion of its ChampionX acquisition. Excluding ChampionX, North American Q3 revenue declined by 9% year over year.

  • The Council of the European Union approved a proposal to phase out Russian oil and gas imports by January 2028. The plan will phase out new Russian gas import contracts from January 2026, existing short-term contracts from June 2026, and long-term contracts in January 2028. Russian gas imports currently make up 12% of total EU gas imports, a significant drop from the 45% before its 2022 invasion of Ukraine.