Oil Industry Acquisitions Demonstrate Growing Confidence in Canadian Energy Future
Two prominent Alberta-based companies have made significant moves in the energy sector during early 2026, signaling renewed confidence in Canada's oil and gas industry despite ongoing economic uncertainties. Mullen Group Ltd. has acquired two companies with strong ties to energy operations, while Keyera Corp. has secured a stake in two natural gas plants located in northwest Alberta.
Business Leaders Demand Action Over Words on Infrastructure
Murray Mullen, chair and president of Mullen Group, expressed frustration with the pace of progress on major energy projects, stating emphatically: "Well, let's do it. Let's quit talking about it. Let's get it to the world." His comments reflect a broader industry sentiment that political messaging must translate into tangible action.
"We have not invested in the oil and gas business for 10, 12 years," Mullen revealed. "But the messaging coming out is that maybe Canada needs oil and gas development again. Once that political messaging comes, then it's only a matter of time until we get going and we start building, get the permits and get these infrastructure projects done."
Strategic Acquisitions During Economic Uncertainty
Mullen Group, one of Canada's largest diversified trucking and logistics providers with approximately 8,600 employees across North America, reported record fourth-quarter revenues of $534 million for the period ending December 2025. The company's annual revenues reached $2.1 billion, representing a 7.3 percent increase from the previous year.
The Okotoks-based company's recent acquisitions include:
- Lac La Biche Transport Ltd., acquired in January 2026, which provides specialized services including rig hauling and camp hauling in northeast Alberta
- The remaining 70 percent stake in Thrive Management Group Ltd., a mid-sized fluids management firm operating in the Grande Prairie region, acquired earlier this month
These strategic moves align with Mullen Group's broader business strategy of investing in energy sector services, which already includes water management, fluid hauling, pipeline construction, and environmental reclamation work.
Building Momentum for Nation-Building Projects
Mullen emphasized the potential he sees in Canada's energy sector, noting that "other countries would beg for what we have." His optimism stems from the belief that Canada can fulfill its promise as an energy superpower capable of executing major infrastructure projects.
The acquisitions by both Mullen Group and Keyera Corp. occur during a period of increased trade instability and economic uncertainty, making these investments particularly noteworthy. Business leaders across the industry are watching closely as Canada strives to cement its position in global energy markets.
These developments highlight a growing consensus among industry executives that confidence in the oil and gas business will strengthen significantly once Canada demonstrates its commitment to building what Mullen describes as "nation-building projects" that can unlock the country's full energy potential.
