Mullen Group Ltd. bought two companies in the province this year tied to the energy sector, while Keyera Corp. has acquired a stake in two natural gas plants in northwest Alberta.

During a period of increased trade instability and an uncertain economy, these two Alberta-based companies are making investments in Canadian energy, a welcome sign for the industry.

Varcoe: 'Let's quit talking about it' — Acquisitions show confidence in oil industry, but firms want action on major projects Back to video

But business leaders also want continued action on getting major infrastructure built in the country, as Canada strives to cement its position as an energy superpower that can get projects built.

“We have not invested in the oil and gas business for 10, 12 years. But the messaging coming out . . . is that maybe Canada needs oil and gas development again,” said Murray Mullen, chair and president of Mullen Group.

“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, so we can then drill more and invest more. I’m buying into it . . . Other countries would beg for what we have.

“Well, let’s do it. Let’s quit talking about it. Let’s get it to the world.”

The Okotoks-based group is one of the country’s largest diversified trucking and logistics providers. It also owns businesses that provide services to Canada’s energy and resources sectors, providing water management, fluid hauling, pipeline construction and environmental reclamation work.

On Thursday, Mullen Group reported record fourth-quarter revenues of $534 million for the three months ending in December, and annual revenues of $2.1 billion, up 7.3 per cent from a year earlier.

The company, which has about 8,600 employees in North America, also said it’s made two acquisitions since the start of 2026, both with ties to the energy sector.

Varcoe: As new CEO takes helm at Calfrac, investor sentiment improves for oilfield services sector

Varcoe: On eve of new era for Canadian energy exports, Keyera CEO welcomes Ottawa's push to fast-track major projects

In January, Mullen Group acquired Lac La Biche Transport Ltd., which offers services such as rig hauling and camp hauling services in northeast Alberta.

Earlier this month, Mullen Group bought the remaining 70 per cent of Thrive Management Group Ltd. — a mid-sized fluids management firm operating in the Grande Prairie region — that it didn’t already own. The move is part of Mullen’s strategy to invest in the energy sector.

The company’s longtime chair said he hopes the energy MOU signed by the province and federal government last November shows Ottawa is committed to getting necessary infrastructure built, including LNG facilities and pipelines.

And with slow growth expected in other parts of the economy, the company may be on the lookout for more acquisitions.

“We think the oil and gas business will really do well, once Canada fulfils its promise that we’re going to build these nation-building projects,” he added.

“I’m telegraphing that I think things are going to be OK in the oil and gas business in the future.”

The energy MOU signed by Alberta and Ottawa will see the province submit a new oil pipeline proposal to the federal Major Projects Office this summer.

As initially proposed, the pipeline would be capable of moving one million barrels per day of crude from Alberta to the British Columbia coast for export.

The agreement also voices support for a massive carbon capture network in the oilsands, and for unlocking the potential for more liquefied natural gas exports from Canada.

The accord has sparked hope the federal government will encourage the Canadian oil and gas sector to keep expanding, particularly at a time when the country wants to find new markets for its exports.

“Now is the time for us to unite as one Canada. We’ve got to work together and get out of our own way,” Dean Setoguchi, CEO of Calgary-based midstream company Keyera, said Thursday in an interview after the company released its fourth-quarter results.

“I applaud the tone, the vision, of our prime minister, but (the) rubber has got to hit the road. We know what we have to do from a policy or regulatory perspective.

“And I’m certainly very hopeful that our elected officials will do their part. And if they do that, businesses will do their part, too, and make lots of investments.”

Last June, Keyera announced an ambitious move, agreeing to acquire almost all of Plains’ Canadian natural gas liquids (NGL) business for $5.15 billion. Regulatory reviews on the deal are advancing and the transaction is expected to close this quarter.

In its earnings report, Keyera said it‘s increased the company’s presence in the Simonette area of northern Alberta by acquiring a working interest in two natural gas plants from a private firm for about $200 million.

“We see the industrial logic of vertically integrating more gas plant infrastructure in its Canadian NGL value chain,” analyst Aaron MacNeil of TD Cowen wrote in a note on Thursday.

Keyera, which announced net earnings of $90.3 million for the quarter and $432 million for the full year, saw its shares close at an all-time high Thursday at $51.03, up four per cent on the Toronto Stock Exchange.

Analyst John Gibson of BMO Capital Markets said many industry leaders remain optimistic that new energy projects will proceed as the federal government backs the industry’s growth, but want to see tangible action soon.

“There are still hurdles to jump through but, generally, the federal government seems to be more supportive of energy projects,” he said.

“They’re not making (major) capital decisions yet. But the closer we move forward to these projects going ahead, and the more clarity we get, that’s when those decisions will happen.”

Chris Varcoe is a Calgary Herald columnist.

cvarcoe@postmedia.com

© Edmonton Sun