Canadian Oilfield Services Trend Tracker and Comps

研报英文原文证据摘录

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 16, 2026

Canadian Oilfield Services Trend Tracker and CompsRESEARCH WCSB rig count up 11 w/w to 200

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 5% w/w

The top three performers were CFW (+5.0%), EFX (-3.7%), and PSI (-4.4%). The bottom three performersEQUITY were PD (-6.6%), CEU (-8.5%), and ESI (-11.0%). Our Canadian Oilfield Services coverage group is up

34.0% YTD vs the S&P/TSX Capped Energy index is up 35.4% YTD.

WCSB rig count of 200 is 31 above the 5-year average

The WCSB rig count increased by 11 w/w to 200, 50 above 2025 levels and 31 above the 5-year average.

The QTD average rig count of 157 has exceeded our 2Q26 estimate of 143. WCSB rig count of PrivateCo

rig counts increased 4 w/w and Large E&Ps (>75 mboe/d) rig counts increased 6 w/w.

Montney ↓ 1 rig, week-over-week, to 35. The most active Montney operators include ARC (8 rigs),

Ovintiv (6 rigs), and Tourmaline (4 rigs). The most active drillers in Montney include Precision (22 rigs,

63% of total), Ensign (7 rigs, 20% of total), and Savanna (4 rigs, 11% of total).

Duvernay ↓ 1 rig, week-over-week, to 16. The most active Duvernay operators include CNRL (2 rigs),

Paramount (2 rigs), and Whitecap (2 rigs).