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Recap of Industry Activity

Our monthly review of market activity and trends, M&A transactions and oil and gas related news with a summary of key themes and observations. Upon request, Trimble Energy Group can provide clients with custom research and special reports with an array of detailed comparable analysis of various segments.

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Most Recent Market Commentary

May 2024

During May, 27 of the 48 publicly traded TSX E&P companies (with assets focused predominately in Canada) rose in value; one company (i3 Energy plc) was flat and the remaining 20 companies fell month-over-month. Of those companies that had an increase in their share price, the rise ranged from 0.36% (Canadian Natural Resources Limited) to Strathcona Resources Ltd.’s 15.30% climb. Strathcona has been in the top three best performers for three consecutive months. On a combined basis, the TSX E&P group had an average increase of 0.91% and median rise of 0.53%.

As for the companies listed on the TSX Venture Exchange, eight companies had an increase in their share price, one was flat and the remaining 11 companies experienced a drop. Overall, the group had an average increase of 15.79% and a median fall of 1.82%. The average increase was bolstered by the impressive gains of the top three companies which ranged from 75% to 250%.

Oil prices were down month-over-month. WTI fell 5.27% to USD $77.44/bbl while Edmonton Par dropped 6.30% to USD $73.49/bbl and WCS ended the month down 4.36% at USD $64.71/bbl; the discount on WCS tightened as a wildfire continued to threaten the Fort McMurray oil sands hub.

NYMEX natural gas prices jumped 27.72% month-over-month after spiking as high as 65%. NYMEX ended May at USD $2.52/MMBtu on increased demand from the Freeport LNG’s export plant in Texas. AECO pricing fell 10.87% to $1.19/MMBtu by the end of May and averaged $1.27/MMBtu during the month.

In May 2024, there were a number of M&A, JV and farm-in transactions announced in the Canadian oil & natural gas sector.

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