Canadian Oilfield Services Trend Tracker and Comps

Research evidence excerpt

Canadian Oilfield Services Trend Tracker and Comps

RBC Dominion Securities Inc.

Keith Mackey, CFA (Analyst)

(403) 299-6958,

keith.mackey@rbccm.com

Kate Ross, CPA (Associate)

(403) 299-6952,

kate.ross@rbccm.com

June 30, 2026

Canadian Oilfield Services Trend Tracker and CompsRESEARCH WCSB rig count down 5 w/w to 204

Our view: This report serves as an update to the sector themes we track, including commodity prices,

Western Canadian Sedimentary Basin (WCSB) activity trends, and E&P free cash flow and prioritization,

all of which are inputs to our relative positioning and outlook for sector returns. Exhibits 15 and 16

highlight our valuation comparables, ratings, and price targets for the companies that we cover.

Canadian OFS stocks decreased 3% w/w

The top three performers were CEU (+4.8%), PSI (-0.8%), and EFX (-3.0%). The bottom three performersEQUITY were TCW (-4.1%), ESI (-4.6%), and PD (-8.2%). Our Canadian Oilfield Services coverage group is up 31.0%

YTD vs the S&P/TSX Capped Energy index up 26.3% YTD.

WCSB rig count of 204 is 25 above the 5-year average

The WCSB rig count decreased by 5 w/w to 204, 49 above 2025 levels and 25 above the 5-year average.

The 2Q average rig count of 165 has exceeded our 2Q26 estimate of 143. WCSB rig count of PrivateCo

rig counts increased 1 w/w and Large E&Ps (>75 mboe/d) rig counts decreased 1 w/w.

Montney ↑ 3 rigs week-over-week, to 39. The most active Montney operators include Ovintiv (6 rigs)

and Tourmaline (5 rigs). The most active drillers in Montney include Precision (23 rigs, 59% of total),

Ensign (7 rigs, 18% of total), and Savanna (5 rigs, 13% of total).

Duvernay ↓ 1 rig, week-over-week, to 14. The most active Duvernay operators include Whitecap (3

rigs), CNRL (2 rigs), and Artis (1 rig).