Mergers and Acquisitions:

• Ensign Energy Services (TSX:ESI) has amended its credit facility to implement a phased borrowing reduction. Instead of a single $75MM cut on June 30, 2025, the reduction will occur in $25MM increments on June 30, September 30, and December 31, bringing the facility to $700MM by year-end.

 Other:

• South Bow Corp. (TSX:SOBO) safely restarted the Keystone Pipeline after receiving regulatory approval from the Pipeline and Hazardous Materials Safety Administration (PHMSA). The restart follows the company’s response to an April 8 oil release at Milepost 171 near Fort Ransom, North Dakota.

• The U.S. Army Corps of Engineers granted Enbridge’s (TSX:ENB) Line 5 tunnel project emergency status, fast-tracking federal permitting under Trump’s energy supply order. The $750MM Great Lakes tunnel, approved by Michigan in 2023, had been awaiting Army Corps approval amid environmental and tribal reviews.

• The Bank of Canada held its key interest rate at 2.75 per cent on Wednesday, pausing after seven straight cuts since June. Governor Tiff Macklem cited ongoing U.S. trade turbulence as the main reason for keeping rates steady.

• Canada’s annual inflation rate slowed to 2.3 per cent in March, down from 2.6 per cent in February, driven by lower gasoline and travel tour prices. The monthly increase was 0.3 per cent, below analysts' expectations of 0.6 per cent. Core inflation measures, however, remained elevated, signaling ongoing price pressures.