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5 Best-performing Canadian Oil and Gas Stocks in 2024
Explore what's driving the five best-performing Canadian oil and gas stocks on the TSX and TSXV, including Sintana Energy, Arrow Exploration and Imperial Oil.
Geopolitical uncertainty pushed Brent and West Texas Intermediate crude to year-to-date highs in early April. Values have since retreated, declining by 2.68 percent and 2.45 percent, respectively, from April to June.
Experts have attributed this performance to China's recent interest rate cut and reduced crude oil imports, suggesting a potential dip in demand. Additionally, global refining margins have weakened, and concerns over lower second quarter earnings forecasts from major oil companies have put further downward pressure on prices for the fuel.
Against that backdrop, the five top-performing oil and gas stocks on the TSX and TSXV have seen share price growth. All year-to-date performance and share price data was obtained on August 28, 2024, using TradingView’s stock screener, and the oil and gas companies listed all had market caps above C$10 million at that time.
1. Sintana Energy (TSXV:SEI)
Year-to-date gain: 236.36 percent; market cap: C$413.8 million; share price: C$1.11
Sintana Energy, an oil and gas exploration and development company, operates across five highly prospective onshore and offshore petroleum exploration licenses in Namibia and Colombia.
The company saw tailwinds early in the year after releasing updates on exploration in Namibia’s Orange Basin. It made two significant light oil discoveries in January at petroleum exploration license 83.
February saw more share price growth when Sintana was listed on the TSX Venture 50 as the top energy performer.
In June, the company finalized its acquisition of a 49 percent interest in Giraffe Energy Investments as per an agreement dated April 24. Giraffe Energy holds a 33 percent stake in petroleum exploration license 79 in Namibia.
The remaining 67 percent of the license is owned by National Petroleum Corp. of Namibia, which is the operator.
2. Arrow Exploration (TSXV:AXL)
Year-to-date gain: 87.5 percent; market cap: C$171.51 million; share price: C$0.60
Arrow Exploration, through its wholly owned subsidiary Carrao Energy, operates in Colombia with a focus on developing its portfolio of oil assets in the country. The company's strategy is to target the expansion of oil production in key basins, including the Llanos Basin, Middle Magdalena Valley and Putumayo Basin.
Arrow Exploration holds high working interests in its assets, which are predominantly linked to Brent pricing.
In June, Arrow announced that it had successfully brought the first of four planned Ubaque horizontal wells into production. The Carrizales Norte B pad (CNB HZ-1) well is currently producing 3,150 barrels of oil per day (bpd) gross, with 1,575 bpd net to Arrow, and has a water cut of less than 1 percent.
This news sent Arrow's share price significantly upward, and it has maintained that momentum since. The company released its Q2 results on August 29, reporting total oil and gas revenue of C$15.1 million for the period, up 47 percent year-on-year. Its current production is 5,000 barrels of oil equivalent per day (boe/d).
3. Imperial Oil (TSX:IMO)
Year-to-date gain: 34.18 percent; market cap: C$54.75 billion; current share price: C$102.19
Calgary-based Imperial Oil is a prominent Canadian energy company involved in the exploration, production, refining and marketing of petroleum products. With a history spanning over 140 years, Imperial operates diverse assets across Canada, including oil sands, conventional crude oil and natural gas assets.
On February 2, Imperial released its Q4 2023 results, highlighting upstream production of 452,000 barrels of oil equivalent per day, “marking its highest level in over three decades.”
Additionally, Imperial initiated steam injection at Cold Lake Grand Rapids, pioneering the industry's first deployment of solvent-assisted SAGD technology. Downstream operations performed strongly, with refinery capacity utilization reaching 94 percent following the successful completion of the largest planned turnaround at the Sarnia site.
In this year's Q2 results, Imperial reported quarterly net income of C$1.13 billion along with operating cashflow of C$1.63 billion, or C$1.51 billion when excluding working capital. According to the company, its upstream production reached 404,000 gross boe/d, its highest second quarter production in over 30 years.
The company also said that the Kearl project matched its highest-ever second quarter production at 255,000 gross boe/d, with Imperial's share being 181,000 barrels. Cold Lake also performed strongly, with production of 147,000 barrels per day, and the company said it achieved first oil at Grand Rapids. Additionally, Imperial renewed its annual share repurchase program, aiming to buy back up to 5 percent of its outstanding common shares.
4. Athabasca Oil (TSX:ATH)
Year-to-date gain: 30.4 percent; market cap: C$2.98 billion; current share price: C$5.49
Athabasca Oil is focused on developing thermal and light oil assets within Alberta's Western Canadian Sedimentary Basin. The company has established a substantial land base with high-quality resources. Its light oil operations are managed through its private subsidiary, Duvernay Energy, in which the company holds a 70 percent equity interest.
At the end of July, Athabasca released its Q2 results, reporting average Q2 production of 37,621 boe/d, resulting in an increase in its annual production guidance to 36,000 to 37,000 boe/d. The company also achieved record adjusted funds flow of C$166 million, and cashflow from operating activities of C$135 million.
5. Condor Energies (TSX:CDR)
Year-to-date gain: 23.94 percent; market cap: C$99.4 million; current share price: C$1.76
Condor Energies concentrates on the exploration, development and production of natural gas in Turkey, Kazakhstan and Uzbekistan. The company is currently building Central Asia's inaugural liquefied natural gas (LNG) facility.
In late January, Condor secured a natural gas allocation from the Kazakhstan government for its maiden modular LNG production facility. The gas allocation will be instrumental in liquefying feed gas to produce up to 350 metric tons per day of LNG, equivalent to about 210,000 gallons per day, the company said.
In March, the energy company began a production-enhancement operation for eight natural gas condensate fields in Uzbekistan. Gas output will be directed to the domestic market through state entity agreements. Condor has agreed to cover project costs and receive a share of the generated revenues. In July, Condor signed its first LNG framework agreement for producing and utilizing LNG to power rail locomotives in Kazakhstan.
In mid-August, Condor released its Q2 report, highlighting that Uzbekistan production averaged 10,052 boe/d for the period, consisting of 59.03 million cubic feet per day and 213 barrels of oil per day of condensate.
Q2 sales of gas and condensate from Uzbekistan totaled C$18.95 million. The company also notes that it launched a multi-well workover campaign across eight natural gas condensate fields in Uzbekistan in June.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Originally from Calgary, Georgia has been right at home in Toronto for more than two decades. Graduating from the University of Toronto with an honors BA in journalism, she is passionate about writing on diverse topics, including resources, arts, politics and social issues.
At INN Georgia covers a wide range of topics, including energy, battery and critical metals and diamonds. In her spare time, Georgia enjoys watching documentaries and experiencing Toronto's vibrant food, arts and cultural scene.
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Originally from Calgary, Georgia has been right at home in Toronto for more than two decades. Graduating from the University of Toronto with an honors BA in journalism, she is passionate about writing on diverse topics, including resources, arts, politics and social issues.
At INN Georgia covers a wide range of topics, including energy, battery and critical metals and diamonds. In her spare time, Georgia enjoys watching documentaries and experiencing Toronto's vibrant food, arts and cultural scene.
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