During October, 24 of the 47 publicly traded TSX E&P companies (with assets focused predominately in Canada) rose in value, while the remaining 23 companies fell month-over-month. Of those companies that had an increase in their share price, the rise ranged from 0.16% (Cardinal Energy Ltd.) to Tenaz Energy Corp.’s 21.80% jump to $9.72/share. On a combined basis, the TSX E&P group had an average decrease of 1.04% and median rise of 0.16%.

As for the companies listed on the TSX Venture Exchange, only three companies were in the green month-over-month, three were flat and the remaining 15 companies suffered a drop. Overall, the group had an average decrease of 6.37% and median fall of 5.19%.

Commodity prices were volatile in October but after falling for two consecutive months, oil prices found some support. By the end of the month WTI crude oil edged up 2.74% to USD $70.80/bbl, while Edmonton Par was up 1.19% to USD $66.96/bbl and WCS rose 3.63% to USD $55.91/bbl.

NYMEX natural gas prices declined 7.41% to USD $2.73/MMBtu while AECO continued to be volatile; AECO averaged $1.70/MMBtu but ended the month at $0.57/MMBtu which was still a spike of 216.67%.

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

There was one mega deal announced in October which included Canadian Natural Resources Limited and Chevron Canada Limited in a transaction valued at US $6.5 billion (approximately CAD $8.82 billion). Through the transaction, Canadian Natural will acquire Chevron’s 20% interest in the Athabasca Oil Sands Project and Chevron’s 70% operated working interest of light crude oil and liquids rich assets in the Duvernay play in Alberta.

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