During December, 22 of the 46 publicly traded TSX E&P companies (with assets focused predominately in Canada) rose in value, while 24 companies fell month-over-month. Of those companies that had an increase in their share price, the rise ranged from 0.04% (Topaz Energy Corp.) to Prairie Provident Resources Inc.’s 42.86% jump to $0.05/share, from $0.035/share on results on its recent drilling program. On a combined basis, the TSX E&P group had an average increase of 0.57% while on a median basis it was down 0.42%.

As for the companies listed on the TSX Venture Exchange, only two companies were in the green month-over-month, seven were flat and the remaining 12 companies suffered a drop. Overall, the group had an average decrease of 8.40% and a median drop of 2.66%.

Oil prices continued to be rangebound during December with WTI crude oil prices bouncing between USD $66.98/bbl and USD $72.08/bbl, much like during November. WTI ended the month up 5.82% at USD $71.96/bbl. Edmonton Par closed up 2.44% at USD $64.74/bbl while WCS edged up 2.31% to USD $57.06/bbl.

Oil prices were rangebound during November with WTI crude oil prices bouncing between USD $66.53/bbl and USD $72.88/bbl; WTI ended the month down 3.95% at USD $68.00/bbl. Edmonton Par closed down 5.62% at USD $63.20/bbl while WCS only fell 0.25% to USD $55.77/bbl.

NYMEX natural gas prices increased 4.46% to USD $3.51/MMBtu while AECO climbed another 15.37% to $2.04/MMBtu and averaged $2.08/MMBtu during the month.

In December 2024, there were a number of upstream M&A transactions announced in the Canadian oil & natural gas sector.

Vermilion Energy Inc. announced it has entered into an arrangement agreement to acquire Westbrick Energy Ltd. for total consideration of $1.075 billion. Westbrick’s assets are located in the Deep Basin with estimated 2025 production of approximately….

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