Calgary, Alberta-based Trican Well Service Ltd. said it has entered into an agreement to acquire privately owned fracturing and coiled tubing services provider Iron Horse Energy Services, which operates primarily in the Cardium, Charlie Lake, Mannville Stack, Viking, Montney and Shaunavon plays in the Western Canadian Sedimentary Basin (WCSB). Trican aims to acquire all of the issued and outstanding shares of Iron Horse for approximately $56.6 million (CAD 77.35 million) in cash and approximately 33.76 million common shares of Trican, the company said in a news release. Iron Horse “extends Trican’s fracturing footprint and adds industry-leading coiled tubing integrated fracturing expertise,” according to the release. The acquisition will add over four fracturing spreads and 10 coiled tubing units, which will augment Trican’s services offering throughout the WCSB across the drilling, completion, and production lifecycles, the company said. Following the acquisition, Iron Horse will operate as a wholly owned division of Trican, continuing to serve its existing customers while increasing its footprint with the support of Trican’s resources. Trican said it expects to retain all of the existing management and employees of Iron Horse. The acquisition is expected to close in the second half. Iron Horse Chairman and CEO Tom Coolen will be appointed to the board of directors of Trican after closing, according to the release. Other than Competition Act Approval, and TSX listing approval of the common shares of Trican to be issued pursuant to the Acquisition, no approval, order, consent of or filing with any government agency is required on the part of Iron Horse or Trican, in connection with the completion of the acquisition, Trican said. “Iron Horse is one of [the] few North American fracturing companies that has consistently demonstrated operational and financial performance that aligns with Trican. The acquisition will provide significant EBITDA, free cash

In an oil and gas report sent to Rigzone by the Macquarie team on Tuesday, Macquarie strategists revealed that they are forecasting that U.S. crude inventories will be up by 2.7 million barrels for the week ending July 4. “This follows a 3.8 million barrel build in the prior week, with the crude balance realizing significantly looser than our expectations,” the strategists stated in the report. “For this week’s crude balance, from refineries, we model a minimal reduction in crude runs. Among net imports, we model a sharp reduction, with exports up (+0.7 million barrels per day) and imports down (-0.6 million barrels per day) on a nominal basis,” they added. In the report, the strategists warned that the timing of cargoes remains a source of potential volatility in this week’s crude balance. “From implied domestic supply (prod.+adj.+transfers), we look for a bounce (+1.2 million barrels) on a nominal basis this week,” the strategists went on to state in the report. “Rounding out the picture, we anticipate another small increase in SPR [Strategic Petroleum Reserve] stocks (+0.2 million barrels) this week,” they added. The Macquarie strategists also noted in the report that, “among products”, they “look for across the board builds (gasoline/distillate/ jet +1.0/+2.4/+1.1 million barrels)”. “We model implied demand for these three products at ~14.3 million barrels per day for the week ending July 4 amidst holiday effects,” they added. “On this front, while the week of July 4th typically sees a large reduction to distillate demand, the timing/magnitude of this impact could potentially be affected/reduced by the holiday falling on a Friday this year,” the strategists went on to note. In its latest weekly petroleum status report at the time of writing, which was released on July 2 and included data for the week ending June 27, the

Hess Corp. decided to discontinue Block 59 exploration after failing to bring in new partners following Equinor ASA and Exxon Mobil Corp.’s withdrawal, Suriname’s national oil company said Tuesday. In July 2024 Norway’s majority state-owned Equinor and Texas-based ExxonMobil withdrew from the production sharing contract they signed July 2017 with New York City-based Hess. After 2D and 3D research that involved 6,000 kilometers (3,728.23 miles) and 9,000 square kilometers (3,474.92 square miles) respectively, ExxonMobil and Equinor deemed the risk for drilling an exploration well too high and transferred their stakes to Hess, according to Staatsolie Maatschappij Suriname NV. “Hess fulfilled its minimum work obligations and has decided not to move forward to the next phase of the exploration period, which concludes on 8 July 2025”, Staatsolie said in an online statement. Hess had failed to woo new partners to continue exploration, Staatsolie explained. PSC holders fully bear the costs and risks of exploration in the South American country, Staatsolie noted. Block 59 spanned about 11,480 square kilometers in waters 2,700-3,500 meters (8,858.27-11,482.94 feet) deep, according to Staatsolie. “Significant volumes are required for potential economically viable oilfield development in this block”, the statement said. “The area formerly designated as Block 59 will be incorporated into Staatsolie’s strategy to have as much of the offshore acreage under contract with international parties”, the statement said. “Currently, production sharing contracts are in place with a number of international oil and gas companies for the various blocks, covering approximately fifty percent of Suriname’s offshore”. In late 2024 ExxonMobil also exited Suriname’s Block 52 by transferring its 50 percent stake to partner Petroliam Nasional Bhd. (Petronas). “This withdrawal is part of ExxonMobil’s ongoing evaluation of assets in its global portfolio”, Staatsolie said in a press release November 20, 2024. “Staatsolie expects PETRONAS to continue the activities

BP PLC has appointed Simon Henry as a non-executive director to its board effective September 1, 2025. During his over 35 years with Shell, Henry held senior finance and management positions worldwide, serving as chief financial officer and board member from 2009 to 2017, BP noted. “The board will benefit from his deep and broad experience of the global upstream and downstream energy industry and his financial and commercial understanding of global markets, together with his extensive and varied board experience”, Helge Lund, chair of BP, said. BP said Henry possesses extensive expertise and experience in global finance, strategy, governance, and management. Henry currently serves as a non-executive director at Rio Tinto plc and Rio Tinto Ltd. In February, Rio Tinto said that he would step down from these positions in the second half of 2025. Just before BP’s announcement, Harbour Energy plc also said that Henry would resign from its board with immediate effect. BP also noted he had served as a director at Lloyds Banking Group plc and PetroChina Ltd. BP said non-executive director Pamela Daley had decided to step down from the BP board for personal reasons effective July 7, 2025. “On behalf of the board, I would like to thank Pam for her outstanding service over the past seven years”, Lund said. To contact the author, email [email protected] What do you think? We’d love to hear from you, join the conversation on the Rigzone Energy Network. The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy. MORE FROM THIS AUTHOR

Malaysia’s national oil and gas company, which owns a 25 percent stake in LNG Canada, has sent its first cargo from the Kitimat, British Columbia project to Japan. The shipment embarked Monday through the 174,000-cubic-meter (6.14 million cubic feet) Puteri Sejinjang LNG vessel, Petroliam Nasional Bhd. (Petronas) said in a press release. It did not disclose the volume. The LNG Canada consortium earlier announced the start-up of the 14 million metric tons per annum (MMtpa) project on June 30. The facility targets Asia. “Each LNG Canada joint venture participant will provide its own natural gas supply and individually offtake and market their respective share of liquified natural gas from LNG Canada, starting today”, LNG Canada Development Inc., the joint venture, said in last month’s start-up announcement. Announcing its maiden dispatch from the project, Petronas said, “LNG Canada is a critical component of PETRONAS’ global LNG strategy to diversify its supply portfolio and increase market flexibility. Strategically located on Canada’s west coast and connected to PETRONAS’ upstream gas assets in Northeast B.C., LNG Canada offers a direct and efficient shipping corridor to key North Asian markets including Japan, South Korea and China”. Petronas noted, “Designed to be one of the lowest-emissions LNG export facilities globally, LNG Canada features energy-efficient gas turbines, advanced methane-leak detection and mitigation systems, and power sourced from the BC Hydro grid, predominantly powered by hydroelectric and renewable energy. These innovations enable the facility to operate with a GHG intensity that is approximately 35 percent lower than the existing best-performing LNG plants around the world, and about 60 percent below the global average”. Adif Zulkifli, Petronas executive vice president and chief executive for gas and maritime business, commented, “PETRONAS’ first cargo sail-away is the culmination of years of perseverance to realize our vision for Canadian LNG exports to

Hynamics UK, part of France’s EDF Group, is bringing Hy24 onboard a renewable hydrogen project meant to help decarbonize Exxon Mobil Corp.’s Fawley refining and petrochemical complex. Hynamics UK and Hy24 signed Tuesday during the UK-France Summit a memorandum of understanding that would secure funding for the Fawley Green Hydrogen Project. Paris-based Hy24 is a private equity asset manager focused on the production of low-carbon hydrogen and its derivatives. The project is planned to have a 120-megawatt electrolyzer. Hynamics UK expects to cut the Fawley complex’s carbon dioxide emissions by 100,000 metric tons a year “by replacing heavy fuel oil and gray hydrogen with low-carbon hydrogen”, a joint statement with Hy24 said. “This Memorandum of Understanding marks the beginning of exclusive negotiations with Hy24, through its Clean Hydrogen Infrastructure Fund, to develop and finance a GBP 300 million hydrogen electrolytic production facility in Fawley, located in Hampshire, England”, the companies said. “The project aims to supply green hydrogen to the ExxonMobil petrochemical complex as part of its decarbonization strategy”. The UK’s biggest integrated petrochemical complex, Fawley refines 270,000 barrels of oil a day and fuels 1 in every 5 cars on United Kingdom roads, according to ExxonMobil. Meanwhile the site’s petrochemical production amounts to about 650,000 metric tons per year, according to the United States energy giant. Additionally Hy24 and Hynamics UK “expressed their intention to collaborate on a broader range of projects developed by Hynamics UK, aligning with the UK government’s ambitions for clean energy development”, the companies said. Hynamics UK chief executive Pierre de Raphelis-Soissan, said, “Our MoU is in line with the Clean Industrial Strategy presented by the British Government in June and is a testimony to the potential for cooperation between industrial and financial players across the Channel”. Amir Sharifi, Hy24 head for the UK, Southern