During April, 34 of the 48 publicly traded TSX E&P companies (with assets focused predominately in Canada) rose in value; one company (Greenfire Resources Ltd.) was flat and the remaining 13 companies fell month-over-month. Of those companies that had an increase in their share price, the rise ranged from 0.48% (Ovintiv Inc.) to Tenaz Energy Corp.’s 14.44% climb. On a combined basis, the TSX E&P group had an average increase of 2.69% and median rise of 3.16%.

As for the companies listed on the TSX Venture Exchange, seven companies had an increase in their share price, five were flat and the remaining eight companies experienced a drop. Overall, the group had an average decline of 1.90% and were flat on a median basis.  

Oil prices were mainly down month-over-month. WTI fell 1.99% to USD $81.75/bbl while Edmonton Par rose slightly, increasing 0.33% to USD $78.43/bbl. WCS fell 4.50% to USD $67.66/bbl as differentials widened over the month.

US natural gas prices jumped 12.10% by the end of April, increasing to $1.97/MMBtu on the higher priced June contract and forecasts for more demand than previously expected with an increase in feedgas to Freeport LNG’s export plant in Texas. While prices notched gains month-over-month, the average price in April was its lowest in 29 years at only USD $1.60/MMBtu.AECO pricing fell 17.39%, ending at $1.33/MMbtu and averaging at $1.30/MMbtu during the month. 

In April 2024, there were two notable M&A transactions and one farm-in deal announced in the Canadian oil & natural gas sector.

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