During July, 29 of the 48 publicly traded TSX E&P companies (with assets focused predominately in Canada) rose in value, one was flat while the remaining 19 companies fell month-over-month. Of those companies that had an increase in their share price, the rise ranged from 0.06% (Ovintiv Inc.) to Tenaz Energy Corp.’s massive spike of 96.70% on the announcement of an acquisition. On a combined basis, the TSX E&P group had an average increase of 2.68% and median rise of 0.85%.

As for the companies listed on the TSX Venture Exchange, seven companies had an increase in their share price, three were flat and the remaining 11 companies experienced a drop. Overall, the group had an average increase of 0.28% while the group fell 0.59% on a median basis.  

Oil prices fell month-over-month with WTI slipping 1.00% to USD $77.91/bbl, Edmonton Par dropped 3.03% to USD $74.61/bbl and WCS ended the month down 10.24% at USD $58.80/bbl as the discount on WCS widened further in July. Oil fell on concerns of swelling supply and lower demand from China as manufacturing looks to shrink for the third month.

NYMEX natural gas prices fell 22.65% to USD $2.01/MMBtu while AECO edged up 10.85% to $0.76/MMBtu.

In July 2024, there were few upstream M&A transactions announced in the Canadian oil & natural gas sector. The most significant deals announced were a facility transaction deal, an infrastructure partnership and one upstream deal across the pond.

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