Mergers and Acquisitions:

• E&P: The board of directors of MEG Energy Corp. (TSX:MEG) recommended shareholders to reject Strathcona Resources Ltd.’s (TSX:SCR) revised offer and reaffirmed its recommendation of accepting Cenovus Energy Inc.’s (TSX:CVE) cash offer instead.

Other:

• Calgary based ELM Inc., a liability management services provider, announces a strategic partnership with Willow Lake Métis Group, a provider of energy services and infrastructure support including workforce solutions, pipeline integrity, logistics and environmental support. Both organizations will jointly deliver well abandonment, pipeline and facility decommissioning, remediation, site assessments across Western Canada.

• According to the International Energy Agency, global oil supply is expected to rise by 2.7MM bpd in 2025, revised higher from the 2.5MM bpd previously forecasted following OPEC+’s decision to increase output. Global supply is expected to exceed demand by 3.3MM bpd in 2026.

• The European Union commits to its previously announced deadline to phase out Russian oil and gas imports by January 1, 2028.