Mergers and Acquisitions:

• E&P: Strathcona Resources Ltd. (TSX:SCR) announced an amended offer to acquire MEG Energy Corp. (TSX:MEG). The offer equates to $30.86 per MEG share and represents an 11% premium to the transaction entered by MEG and Cenovus Energy Inc. (TSX:CVE) announced in August. The amended offer also represents a 10% increase to Strathcona’s original offer valued at $28.02 per MEG share previously.

Financing:

• AltaGas Ltd. (TSX:ALA) announced a $200MM hybrid note offering at 5.375 per cent. The fixed-to-fixed rate junior subordinated notes are due in December 2055 and are callable after five years.

• The federal government announced a $370MM investment over two years into supporting domestic biofuel and renewable diesel production via the Biofuels Production Incentive. The incentive will be provided on a per litre basis to Canadian producers between January 2026 and December 2027, with qualification for the incentive capped at 300MM litres per facility.

Other:

• Pembina Pipeline Corp. (TSX:PPL) announced a long-term tolling agreement with AltaGas Ltd. (TSX:ALA), securing export capacity of 20,000 bpd beginning in April 2026 and an additional 10,000 bpd commencing in April 2027.

• Irving Oil’s refinery in Saint John, NB to undergo a 30-day turnaround in September. The annual turnaround project includes infrastructure replacements, equipment upgrades, piping and key units’ inspection for the 320,000 bbl/d refinery.

• OPEC+ announced a production hike by 137,000 bbl/d commencing in October, following production hikes amounting to 2.5MM bbl/d or 2.4% of global demand between April and September. The next OPEC+ meeting is scheduled for October 5.