Desk notes
What happened, dated and sourced.
Short records of the things that move the research: a quarterly result, a deal, a policy decision, a data release, a market close. Each one cites the document it came from and says in a sentence why a U.S. reader should care. The briefs do the interpreting; the notes keep the record.
6 notes in Oil & Gas
September 2026
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Deal / Oil & Gas
LNG Canada sanctions Phase 2, doubling Kitimat to 28 million tonnes a year
The five-company joint venture led by Shell took the final investment decision on September 28; Ottawa calls it a C$33 billion private investment, the second-largest in Canadian history, and Coastal GasLink will expand to feed it from early 2027.
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Deal / Oil & Gas
Tourmaline sells C$287.5 million of Topaz shares to fund buybacks, lifts dividend 5%
A bought-deal secondary of 10,000,000 Topaz Energy shares at C$28.75 cuts Tourmaline's stake from 12.9% to 6.4%, funds repurchases under the 15.5-million-share issuer bid, and the quarterly dividend goes to C$0.525 from the fourth quarter.
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Policy / Oil & Gas
Bank of Canada holds at 2.25%, citing energy prices and new U.S. tariffs
The policy rate stayed at 2.25% for a second meeting running on September 2; the Bank cited second-quarter GDP growth of 3.3%, inflation near 3% on energy prices and newly announced U.S. tariffs with Canadian counter-measures.
August 2026
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Results / Oil & Gas
Canadian Natural raises 2026 guidance again on record synthetic crude output
Net earnings of C$4,503 million and adjusted funds flow of C$6,866 million on WTI of US$92.85 let the company cut net debt to C$14,526 million and return about C$4.0 billion; four growth projects stay on hold until the trilateral MOU becomes binding agreements.
July 2026
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Data / Oil & Gas
U.S. crude imports from Canada fell 4% to 3.9 million b/d in 2025
The value of U.S.-Canada energy trade dropped to an estimated US$137 billion in 2025 on lower oil prices, with crude still 69% of the total; volumes from Canada fell 4%.
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Results / Oil & Gas
Tourmaline realizes C$3.12 a mcf against a C$1.66 AECO in Q2 and defers growth
Second-quarter cash flow of C$786.1 million and free cash flow of C$192.1 million came on production of 594,198 boe/d, held back by storage injections and deferred activity at low Alberta prices; the 2026 budget stays at C$2.55 billion and Phase 2 of the Montney build-out waits a year.