Natural Gas

• 2026 organic growth: +3.9% after removing -0.478 Bcf/d of M&A volumes.

• 2026 Guidance revised 0.1% vs Q1 cycle — largely unchanged.

• Key drivers: TOU plateau at 3.0+ Bcf/d, OVV NuVista +0.55 Bcf/d, CNQ Montney ramp.

• Risks: AECO weakness ($1.50–2.00/GJ), storage overhang, potential shut-ins.

Crude Oil

• 2026 organic growth: +4.9% after removing -317 KBbl/d of M&A volumes.

• Guidance revised +4.2% vs Q1 cycle — broad upward revisions.

• Key drivers: CNQ oil sands debottleneck, CVE-MEG integration, WCP-Veren scale synergies.

• Risks: TMX ramp lagging, WCS differentials widening on heavy oil surplus.

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