Mergers & Acquisitions:

• SLB (NYSE:SLB) announced a definitive agreement to sell its interests in the Palliser Block in Alberta for US$430MM. The assets include oil and gas wells, surface facilities, a pipeline network, and development rights. The transaction, pending regulatory approval and other customary conditions, is expected to close in late Q4 2024.

Financing:

• The federal government is investing $40MM through the Green Industrial Facilities and Manufacturing Program (GIFMP) to support Emissions Reduction Alberta’s (ERA) $50MM Strategic Energy Management for Industry (SEMI) program. This funding will help industrial facilities improve energy efficiency and reduce costs. Participants can access training and funding for capital retrofits of equipment. The Government of Alberta has also contributed an additional $10MM to support the program.

Other

• U.S. Energy Information Administration (EIA) reported  U.S. oil field production increased by 100,000 barrels per day (bpd), reaching a record 13.5MM bpd for the week ending October 11.

• In September, energy producers licensed 478 new wells across Canada, up 2.8 per cent from 465 permits in the same period last year. For the first three quarters of 2024, 5,024 new wells were licensed, a less than one per cent increase from 4,993 in 2023. The top five companies licensing wells were Cenovus Energy (TSX:CVE) with 362 permits, Canadian Natural Resources Limited (TSX:CNQ) with 340, Tourmaline Oil Corp. (TSX:TOU) with 287, Strathcona Resources Ltd. (TSX:SCR) with 204, and Baytex Energy Corp. (TSX:BTE) with 166.