During November, 33 of the 47 publicly traded TSX E&P companies (with assets focused predominately in Canada) rose in value, while one was flat (Yangarra Resources Ltd.) and the remaining 12 companies fell month-over-month. Of those companies that had an increase in their share price, the rise ranged from 0.19% (International Petroleum Corporation) to Tenaz Energy Corp.’s 48.35% jump to $14.42/share. Recall that Tenaz had the top honours last month when it jumped 21.80%. On a combined basis, the TSX E&P group had an average increase of 4.31% and a median rise of 2.96%.

As for the companies listed on the TSX Venture Exchange, five companies were in the green month-over-month, six were flat and the remaining 10 companies suffered a drop. Overall, the group had an average increase of 6.11% but was flat on a median basis.  

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 23.3% to USD $3.36/MMBtu while AECO spiked 210.53% to $1.77/MMBtu and averaged $1.40/MMBtu.

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

The largest transaction was Ovintiv Inc.’s acquisition of Paramount Resources Ltd.’s Karr, Wapiti and Zama properties for $3.325 billion in cash plus certain Horn River Basin properties of Ovintiv.

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