During August, 31 of the 48 publicly traded TSX E&P companies (with assets focused predominately in Canada) rose in value, while two companies were flat and the remaining 15 companies fell month-over-month. Of those companies that had an increase in their share price, the rise ranged from 0.24% (Surge Energy Inc.) to Hammerhead Energy Inc.’s 24.24% climb. On a combined basis, the TSX E&P group had an average increase of 1.12% and a 2.03% median rise in August.

As for the companies listed on the TSX Venture Exchange, nine companies had an increase in their share price, four were flat and the remaining nine companies experienced a drop. Overall, the group was flat month over month. Resolute Resources Ltd. commenced trading on the TSX-V under the ticker RRL.      

By the end of August, WTI oil was up 2.42% during the month, closing at USD $83.73/bbl while Edmonton Par rose 1.49% to USD $80.48/bbl and WCS slipped 0.60% to USD $66.02/bbl.

NYMEX natural gas climbed 8.43% to USD $2.83/MMbtu in August. AECO, on the other hand, fell 1.18% to USD $2.52/MMbtu.

In August 2023, there were a number of M&A transactions announced in the Canadian oil & natural gas sector.

The largest deal in August involved Strathcona Resources Ltd. and Pipestone Energy Corp. which announced that they have entered into a definitive agreement pursuant to which Strathcona will acquire all of the issued and outstanding common shares of Pipestone for 100% share consideration and that Strathcona will become a public reporting issuer in Canada.