Since the launch of the company, Earth Horse has released monthly market overviews detailing the movements in share prices of E&P companies on both the TSX and TSX-Venture exchanges, along with the relevant commodity prices. In addition, Earth Horse outlines the M&A activity, executive and board changes, financings and any noteworthy news that was released in the month. These reports are sent directly to our subscribers and are posted on LinkedIn.
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In addition, Earth Horse has provided additional special reports with an array of detailed comparable analysis of various segments.
Monthly Market Overviews
2023
July 2023
During July, the vast majority, or 44, of the 48 publicly traded TSX E&P companies (with assets focused predominately in Canada) rose in value, while one company (i3 Energy plc) was flat and three companies fell month-over-month. Of those companies that had an increase in their share price, the rise ranged from 2.39% (Crew Energy Inc.) to Prairie Provident Resources Inc.’s 53.33 % rise. On a combined basis, the TSX E&P group had an average increase of 12.41% and an 11.81% median rise in July.
As for the companies listed on the TSX Venture Exchange, nine companies had an increase in their share price, five were flat and the remaining seven companies experienced a drop. The average movement for the group was 2.01% to the downside and while the median was flat at 0.0%.
Oil prices steadily increased in July. WTI oil was up 15.73% during the month, closing at USD $81.75/bbl while Edmonton Par rose 16.29% to USD $79.30/bbl and WCS increased 13.91% to USD $66.42/bbl.
NYMEX natural gas was rangebound in July, bouncing between USD $2.50/MMbtu and $2.70/MMbtu but eventually ending the month down 3.95% closing at USD $2.61/MMBtu.
AECO spiked 44.89% to USD $2.55/MMBtu. In the past, AECO has slumped in the summer, but it was able to reverse that trend.
In July 2023, there were a number of M&A transactions announced in the Canadian oil & natural gas sector. Athabasca Oil Corp. announced the sale of non-core assets for $160.0 million, while Highwood Asset Management Ltd. entered into transformational transactions for an aggregate price of $139.0 million.
June 2023
During June, 31 of the 48 publicly traded TSX E&P companies (with assets focused predominately in Canada) rose in value, while one company (Gear Energy Ltd.) was flat and 16 companies fell month-over-month.Of those companies that had an increase in their share price, the rise ranged from 0.05% (Topaz Energy Corp.) to Tenaz Energy Corp’s 25.42 % rise; Tenaz rose 8.76% last month and was the biggest gainer during the first half of 2023 at 37.67%.
As for the companies listed on the TSX Venture exchange, only three companies had an increase in their share price, two were flat and the remaining 15 companies experienced a drop.
Oil and natural gas increased month-over-month. WTI oil was up 4.57% during the month, closing at USD $70.64/bbl while Edmonton Par rose 7.56% to USD $68.19/bbl.NYMEX natural gas spiked 21.07% closing at USD $2.71/MMBtu while AECO had a more significant jump, increasing nearly 24% ending the month at USD $1.76/MMBtu.
In June 2023, there was only one publicly announced M&A transaction in the Canadian oil & natural gas sector.
Source Rock Royalties Ltd. announced that it has closed the acquisition of fee title mineral interests in two quarter sections of land and a 2% gross overriding royalty in approximately 5,800 gross acres (9 sections) of land in S.E. Saskatchewan for a combined purchase price of $3.3 million.
May 2023
During May 2023, 38 of the 47 publicly traded TSX E&P companies (with assets focused predominately in Canada) declined in value, while one company (Pieridae Energy Limited) was flat and eight companies had an increase in their share price. Of those companies that had an increase in their share price, the rise ranged from 0.24% (Kiwetinohk Energy Corp.) to Tenaz Energy Corp’s 8.76% rise. On a combined basis, the TSX E&P group had an average fall of 7.59% and a 9.07% median drop.
As for the companies listed on the TSX Venture exchange, only three companies had an increase in their share price, three were flat and the remaining 15 companies experienced a drop. The average movement for the group was 9.08% to the downside and a median fall of 8.82%.
Oil and natural gas across the board fell month-over-month.
During May, Wildfires raged in Alberta which forced oil and gas companies to cut at least 319,000 boe/d of production, or 3.7% of Canada’s total output.
Further to Suncor Energy Inc.’s announcement in April that it entered into an agreement to purchase of TotalEnergies’ Canadian operations through the acquisition of TotalEnergies EP Canada Ltd. for $5.5 billion and contingent payments of up to $600 million, it has been notified that ConocoPhillips Canada has elected to exercise its right of first refusal with respect to TotalEnergies’ 50% working interest in the Surmont asset for $4.0 billion as well as contingent payments of up to approximately $440 million.
April 2023
During April 2023, 32 of the 47 publicly traded TSX E&P companies (with assets focused predominately in Canada) rose in value, while the remaining 15 companies’ share price fell.
As for the companies listed on the TSX Venture exchange, six companies had an increase in their share price, three were flat and 12 companies experienced a drop.
Oil jumped early on from a surprise production cut by OPEC+. The rally continued until April 12th when concerns of inflation, interest rate hikes, a strengthening US dollar, a global recession and threats to oil demand increased, weighing on sentiment.
The price of natural gas in the United States rose 13.81% to end the month at USD $2.39/MMbtu while AECO declined 16.84% ending at USD $2.01/MMbu (AECO averaged USD $1.59/MMbtu in April).
In April 2023, there were a few transactions announced in the Canadian oil & natural gas sector.
The largest transaction announced in April was Suncor Energy Inc.’s purchase of TotalEnergies’ Canadian operations through the acquisition of TotalEnergies EP Canada Ltd., which holds a 31.23% working interest in the Fort Hills oil sands mining project (Fort Hills) and a 50% working interest in the Surmont in situ asse for cash consideration of $5.5 billion, with the potential for additional payments of up to an aggregate of $600.0 million
March 2023
During March 2023, only 11 of the 47 publicly traded TSX E&P companies (with assets focused predominately in Canada) rose in value, while three were flat and the remaining 33 companies’ share price fell. The top performer in March was Spartan Delta Corp. which increased 13.80% to $14.10/share. This is the fifth consecutive month where the group has dropped.
As for the companies listed on the TSX Venture exchange, four companies had an increase in their share price, three were flat and 12 companies experienced a drop.
WTI oil closed down 1.57%, Edmonton Par was close behind at a 1.56% decrease, while WCS was lower by 0.24%.
The price of natural gas in the United States fell 25.27% to end the month at USD $2.10/MMbtu while AECO declined 16.94% ending at USD $2.42/MMbu. NYMEX fell below USD $2.00/MMbtu during March.
In March 2023, there were a number of transactions M&A announced in the Canadian oil & natural gas sector.
The largest transaction announced in March was by Spartan Delta Corp. which announced that it entered into a definitive purchase and sale agreement with Crescent Point Energy Corp. for the sale of its Gold Creek and Karr Montney assets for cash consideration of $1.7 billion.
February 2023
During February 2023, the vast majority of the publicly traded TSX E&P companies (with assets focused predominately in Canada) experienced a fall in their share while only 10 companies were in positive territory. The top performer in February was Questerre Energy Corporation which increased 22.73% to $0.27/share.
As for the companies listed on the TSX Venture exchange, five companies had an increase in their share price, three were flat and 10 companies had a drop. One company, Altima Resources Ltd., had a substantial gain in the month, increasing 85.71% and took the title for the second consecutive month.
During February 2023, much like in January, WTI and Edmonton Par decreased while WCS increased (differentials tightened closer to $18.50/bbl); NYMEX natural gas declined while AECO climbed. The price of oil was range bound in the month.
In February 2023, there was one deal announced in the Canadian oil & natural gas sector. In addition, two companies announced the completion of some small deals during 2022.
International Petroleum Corporation announced that it entered into a proposed acquisition to acquire Cor4 Oil Corp. for $84.0 million. Cor4 has assets that are located in the Brooks area of southern Alberta.
January 2023
During January 2023, it was fairly evenly split between those companies that appreciated in value and those that fell month-over-month. There were 22 publicly traded TSX E&P companies had their share price increase in January while the remaining 24 companies fell.
As for the companies listed on the TSX Venture exchange, eight companies had an increase in their share price and 11 companies had a drop.
The price of WTI was down 1.57%, Edmonton Par fell 1.86% while WCS rebounded 7.82% as the differential tightened after the Keystone pipeline restarted after a leak. The prices of natural gas in the United States and Canada plummeted month-over-month.
In January 2023, there were five transactions announced in the Canadian oil & natural gas sector.
The largest transaction in January was Saturn Oil & Gas Inc.’s acquisition of privately held Ridgeback Resources Inc. for $525.0 million.
2022
December 2022
During December 2022, 41 of the 47 publicly traded TSX E&P companies had their share price fall month-over-month while only six companies were able to enjoy gains.
As for the companies listed on the TSX Venture exchange, six companies had an increase in their share price, five were flat and nine declined; the increases ranged from 5.56% (Cobra Venture Corporation) to Highwood Oil Company Ltd.’s 125% spike.
During December, liquids continued to be volatile, falling early in the month and rebounding as the end of the month neared and being mainly flat month-over-month. The price of WTI was down 0.36%, Edmonton Par was down 0.08% while WCS was down the most at 0.45%.
The prices of natural gas in the United States and Canada plummeted month-over-month. NYMEX fell 31.91% while AECO was down 41.90%.
In December 2022, there were five transactions announced in the Canadian oil & natural gas sector with total transaction value of approximately $2.1 billion.
November 2022
During November 2022, 29 of the 47 publicly traded TSX E&P companies had their share price fall month-over-month while the remaining 18 companies were able to enjoy gains. Of those companies that had an increase in their share price, the rise ranged from 0.73% to 22.89%. On a combined basis, TSX E&P group had an average fall of 2.69% and a 2.64% median drop.
As for the companies listed on the TSX Venture exchange, five companies had an increase in their share price (10% to 120%), six were flat and nine declined.
During November, liquids continued to be volatile. The price of WTI was down 6.73%and ended the month at USD$80.55/bbl, while Edmonton Par was down 7.15%, WCS fell 11.79% and C5+ slipped 4.31%.
The prices of natural gas in the United States and Canada climbed. NYMEX rose 4.41% while AECO jumped 57.47% climbing closer to the price of natural gas south of the border.
In November 2022, there were nine transactions announced in the Canadian oil & natural gas sector while one small deal was amended.
October 2022
During October 2022, all but two of the 48 publicly traded TSX E&P companies had their share price rise month-over-month which is a complete 180 from September; the increases ranged from a modest 2.67% (i3 Energy plc) to Prairie Provident Resources Inc.’s 53.85% jump. Overall, the average movement for the TSX E&P group was a 21.66% increase while the median was similar with a 21.52% rise.
As for the companies listed on the TSX Venture exchange, 14 companies had an increase in their share price; the increases ranged from Source Rock Royalties Ltd.’s 7.46% rise to ROK Resources Inc.’s 38.71% spike.
During October, oil continued to be volatile. The price of WTI was up 8.40%, Canadian light oil was up 8.86%, and differentials for heavy oil continued to widen in October climbing to over $30.00/bbl.The prices of natural gas in the United States and Canada declined month over month.
In October 2022, there was only one transaction announced in the Canadian oil & natural gas sector. There were additional deals announced that occurred in Q3 2022 and prior and were announced with the release of Q3 2022 financial results.
September 2022
During September 2022, all but two of the 48 publicly traded TSX E&P companies had their share price fall month-over-month; the increases were modest with Topaz Energy Corp. rising 0.68% and Freehold Royalties Ltd. notching a 0.28% gain. Rounding out the best performers was PrairieSky Royalty Ltd., which slipped 0.50%; the top three performers were all royalty focused entities. Overall, the average movement for the TSX E&P group was a 13.76% fall and the median change was 14.46% to the downside.
As for the companies listed on the TSX Venture exchange, there were only three companies that had an increase in their share price; the increases ranged from 4.35% to 60%. The top performers were Petrolympic Ltd., Wescan Energy Corp. and Tenth Avenue Petroleum Corp.
The price of WTI and Edmonton Par were down 10.28% and 10.79% respectively while WCS was down 17.40% as differentials started to widen further; C5+ dropped 8.33%.
The prices of natural gas in the United States, Europe and Asia took a breather in September and fell while the price of AECO natural gas rebounded.
There were eight transactions announced for total enterprise value of approximately
$3.5 billion.
August 2022
During August 2022, 20 of the 48 publicly traded TSX E&P companies had their share price climb while the remaining 28 companies declined month-over-month. Most the movements both up and down were fairly modest aside from one company that had a noteworthy increase. Overall, the average movement was a 0.15% decrease in August 2022 while the median change was a 1.36% fall.
During August, there continued to be volatility in the prices of oil, liquids and natural gas. The price of WTI and Edmonton Par were down 9.65% and 10.07% respectively while WCS was down 10.33% and C5+ dropped 8.63%. As was the case in July, there continued to be concerns that rising inflation and aggressive interest rate hikes could slow the global economy.
The prices of natural gas in the United States, Europe and Asia continued to spike higher while the price of AECO natural gas here at home was volatile and even plunged into negative territory as producers were finding it tough to export natural gas due to a lack of pipeline capacity; some Canadian producers shut in production.
There were seven transactions (2 Corporate, 5 Asset Deals) announced in the Canadian oil & natural gas sector for total enterprise value of $2.57 billion.
July 2022
During July 2022 the majority of the 48 publicly traded TSX E&P companies rebounded from their June declines. There were a total of 41 companies that rose quarter over quarter, while seven companies fell during the month. Overall, the average increase in July 2022 was 9.27% while the median rise was 10.38%.
During July, the prices of liquids continued to be volatile, eventually ending the month down. The price of WTI and Edmonton Par were down 7.07% and 7.57% respectively while WCS was down 15.94% and C5+ dropped 5.06%. There continued to be concerns that rising inflation and aggressive interest rate hikes could slow the global economy and reduce fuel demand.
The prices of natural gas in North America spiked with NYMEX increasing 44.50% and AECO jumped 24.93% as hot weather spread across the continent spiking demand domestically.
In July 2022, there were six transactions announced in the Canadian oil & natural gas sector for total enterprise value of $474.0 million.
The largest transaction in July involved Tourmaline Oil Corp. which announced that it entered into a binding agreement to acquire Rising Star Resources Ltd. for $194.3 million.
June 2022
June 2022 was a trying month for the vast majority of the 48 publicly traded TSX E&P companies. Only two companies (Questerre Energy Corporation and Kiwetinohk Energy Corp.) had an increase in their share price while the remaining 46 companies were down month-over-month. Overall, the average decline in June 2022 was 17.53% while the median fall was 18.47%.
During June, the prices of liquids fell after nearly two months of steady increases. The price of WTI and Edmonton Par were down 7.77% and 10.13% respectively; WCS was down 4.87%.
The prices of natural gas in North America had a significant pullback in June which was a result of Freeport LNG announcing that its export plant in Texas experienced an explosion. The price of NYMEX natural gas dropped 37.87% in June, falling to USD $5.42/Mmbtu by the end of the month. AECO fell 40.88% month-over-month, closing at USD $3.37/Mmbtu.
In June 2022, there were three significant M&A transactions announced in the Canadian oil & natural gas sector. The total aggregate transaction value of the deals was $2.56 billion with a total of 61,000 boe/d changing hands. There were three additional deals that occurred but were not announced; the deals had an estimated transaction value of nearly $200.0 million.
May 2022
During May 2022, 45 of the 48 publicly traded TSX E&P companies (Tenaz Energy Corp. graduated to the TSX on May 17, 2022) had an increase in their share price, one was flat (Prairie Provident Resources Inc.) and two (Questerre Energy Corporation and Rubellite Energy Inc.) fell month-over-month. Overall, the average rise in May 2022 was 15.27% while the median increase was 9.98%.
During May, the prices of liquids continued to move higher with the price of WTI and Edmonton Par up 9.53% and 9.27% respectively. WCS was up 5.58% and averaged USD$94.83/bbl. The price of C5+ increased 3.54%, ending the month at USD$106.07/bbl.
The prices of natural gas continued to soar in May, hitting levels not seen since 2008.The price of NYMEX natural gas spiked a further 20.58%, averaging USD $8.16/Mmbtu in May while closing at USD $8.36/Mmbtu after reaching over USD $9.00/Mmbtu. AECO climbed 9.40% month-over-month and averaged USD $5.88/Mmbtu. At the end of May, the natural gas futures for June traded at a premium over July for the first time since the future began trading in 2009.
In May 2022, there were five M&A transactions announced in the Canadian oil & natural gas sector.
April 2022
During April 2022, 29 of the 47 publicly traded TSX E&P companies had an increase in their share price, two were flat and the remaining 16 companies fell month-over-month. Overall, the average rise in April 2022 was 4.57% while the median increase was 3.23%.
During April, the prices of liquids continued to move higher with the price of WTI and Edmonton Par up 4.40% and 5.18% respectively. During the month, the price of oil continued to be impacted by the Russia-Ukraine war, lock downs in China and the release of strategic oil reserves.; US President Biden announced the release of 1.0 million barrel per day for the next six months.
The prices of natural gas soared in April, climbing to its highest level in more than a decade. The price of NYMEX natural gas spiked a further 26.57% ending the month at $7.24/Mmbtu while AECO was up 21.16%, settling at $5.21/Mmbtu.
In April 2022, there were two M&A transactions announced in the Canadian oil & natural gas sector. The transactions involved the acquisitive Tamarack Valley Energy Ltd. which announced that it entered into a definitive agreement to acquire Rolling Hills Energy Ltd., a privately held pure play Clearwater oil producer, for total consideration of $93.8 million and another included a second strategic partnership with the Peavine Metis Settlement.
March 2022
During March 2022, the vast majority of publicly traded TSX E&P companies had an increase in their share price with 38 companies seeing a gain while two were flat and seven fell month-over-month.
During the month, oil prices were volatile. WTI reached a high of USD$130.50/bbl and a low of USD$93.53/bbl and averaged USD$108.26/bbl; Edmonton Par’s March 2022 average was slightly higher than WTI at USD$108.39/bbl.
The prices of natural gas roared ahead. The price of NYMEX natural gas spiked 27.96% while AECO was up 11.11%.
In March 2022, there were a number of M&A transactions announced which included five corporate transactions and various asset deals with a total transaction value of approximately $726.9 million.
February 2022
During February 2022, the vast majority of publicly traded TSX E&P companies had an increase in their share price with 42 companies in the green and only four companies had their share price decline.
During February, the prices of liquids continued to move higher. The most significant recent event was the invasion of the Ukraine by Russia on February 24th; Russia’s invasion caused widespread sanctions from countries around the world which include a ban on Russian oil imports.
The prices of natural gas, on the other hand, slipped slightly in February. Weather was a permitting factor in February.
In February 2022, three M&A transactions were announced in the Canadian oil & natural gas sector with total transaction value of approximately $80.5 million.
January 2022
The beginning of 2022 started off well with shares of publicly traded TSX E&P companies charging forward. During January 2022, there was continued strength in the share price of most of the TSX-listed Canadian oil & natural gas focused companies. Of the 46 companies listed on the TSX exchange, 43 companies had their share price increase.
During January, commodities were on a tear. The price of WTI crude increased 17.27%, Edmonton Par was up 17.23% and WCS increased the most, increasing a further 20.22% to end at $74.07/bbl.
The rise in natural gas prices have been more impressive than crude oil. NYMEX natural gas increased 24.40%, and AECO was up 18.34%.
In January, there was only one small transaction announced.
Monthly Market Overviews
2021
December 2021
During December 2021, there was broad strength in the share price of most of the TSX-listed Canadian oil & natural gas focused companies.
WTI Oil bounced 13.64% while Edmonton Par was up 17.67% and WCS jumped 26.12%. Natural gas prices fell, with NYMEX and AECO down 31.56% and 15.92% respectively.
Questerre Energy Corporation increased from $0.14/share to $0.24/share, or 71.43%.
In December 2021, there were six transactions announced in the Canadian oil & natural gas sector with total transaction value of approximately $1.35 billion.
November 2021
During November 2021, there was weakness in the share price of many of the TSX-listed Canadian oil & natural gas focused companies.
During November, crude oil fell on news of a new variant of COVID-19 being detected in Africa (named Omicron) near the end of the month and concerns of swelling supplies.
NYMEX natural gas was flat month-over-month while AECO fell 14.29%.
In November 2021, there were seven transactions (6 asset deals and 1 corporate transaction) with total transaction value of approximately $2.0 billion.
October 2021
During October 2021, strength continued to buoy many of the TSX-listed Canadian oil & natural gas focused companies.
AECO spiked 21.19% in the month while NYMEX was down 3.38%. WTI oil was up 11.58%, Edmonton Par was up 9.41% and WCS edged up 6.90%.
The top performer was Perpetual Energy Inc. which was up 112.5% increasing from $0.32/share to $0.68/share.
The TSX-V E&P companies had an average increase of 3.00%.
There were $398.9 million in M&A transactions announced in the month from four different companies.
September 2021
During September 2021, strength returned to the Canadian oil & natural gas sector as most of the TSX-listed E&P companies with operations focused mainly in Canada rallied. Of the 46 companies listed on the TSX exchange (effective September 1, 2021 Spartan Delta Corp. commenced trading on the TSX under the symbol ”SDE” and delisted from the TSX Venture Exchange), 44 companies had their share price improve.
Commodities were up across the board with oil up 9.81% to 17.59% and natural gas up 26.47% (AECO) and 28.60% (NYMEX).
In September 2021, there were a total of six E&P deals announced in the Canadian oil & natural gas sector.
July/August 2021
During the summer of 2021, there was weakness in the share prices of most TSX-listed E&P companies. Of the 45 companies listed on the TSX exchange, only four had their share price improve over the two-month period, one company, Questerre Energy Corporation was flat and the remaining 40 companies declined.
The top performer was Perpetual Energy Inc. which was up 41.67% increasing from $0.24/share to $0.34/share over the two-month period. Perpetual spun out its Clearwater assets to a newly created company named Rubellite Energy Inc.
In July 2021, there were a total of 11 E&P deals announced; there was only one deal announced in August.
June 2021
During the month of June 2021, 43 of the 45 TSX-listed E&P companies experienced an increase in their share price. The increase of those that rose ranged from 0.23% to 96.30%, with an average of increase of 24.22%.
AECO and NYMEX continued to increase month-over-month, rising 11.72% and 17.60% respectively. WTI crude oil increased 10.04%, while Edmonton Par and Western Canadian Select had more substantial increases, rising 13.70% and 15.58% respectively.
The three biggest movers to the upside during June were Obsidian Energy Ltd., Crew Energy Inc. and Journey Energy Inc. increasing 96.30%, 88.89% and 72.22% respectively.
May 2021
During the month of May 2021, 40 of the 45 TSX-listed E&P companies experienced an increase in their share price. The increase of those that rose ranged from 0.55% to 55.77%, with an average of increase of 17.18%.
The three biggest movers to the upside during on the TSX in May were Gear Energy Ltd., Prairie Provident Resources Inc. and InPlay Oil Corp., increasing 55.77%, 44.44% and 41.51% respectively.
As for the TSX-Venture, increases ranged from 2.21% to 153.85% Razor Energy Corp. had the largest increase, followed by Saturn Oil & Gas Inc. at a 66.67% increase and Pulse Oil Corp. rounded out the top three with a 60% increase in its share price.
There were a total of 11 E&P deals announced in the Canadian oil & natural gas sector with total enterprise value of $809 million.
April 2021
During the month of April 2021, 27 of the 45 TSX-listed E&P companies experienced an increase in their share price. The increase of those that rose ranged from 0.08% to 37.55%, with an average of increase of 9.69%. The remaining 18 companies experienced a decline in their share price; the declines ranged from 0.11% to 18.18% with an average decline of 5.13%. As a group, the average gain in the month was 3.76% while the median gain was 1.96%.
The three biggest movers to the upside on the TSX during April were Advantage Oil & Gas Ltd., Petrus Resources Ltd. and Birchcliff Energy Ltd., increasing 37.55%, 29.27% and 19.54% respectively.
In April 2021, there were six E&P deals announced in the Canadian oil & natural gas sector with total enterprise value of approximately $850.9 million.
March 2021
During the month of March 2021, 33 of the 46 TSX-listed E&P companies experienced an increase in their share price. The increase of those that rose ranged from 0.21% to 120%, with an average of 16.13%.
Most of the companies that declined in March 2021 were natural gas-weighted entities.
The three biggest movers to the upside during March were Journey Energy Inc., Cardinal Energy Ltd. and Petrus Resources Ltd., increasing 120%, 72.37% and 36.67% respectively.
Journey skyrocketed from $0.37/share the day before the announcement of its 2020 and Q4 2020 Financial Statements, reaching a high of $1.40/share three days later.
In March 2021, there were eight E&P deals (by five companies) announced with total enterprise value of ~ $182.7 million.
February 2021 (Commencement of the Reports & Launch of Earth Horse)
During the month of February 2021, all 46 TSX-listed E&P companies with operations focused mainly in Canada experienced an increase in their share price. The average increase was 42.4% while the median was 36.2%; the increase ranged from 2.05% to 120%. The increase in share prices was on the backdrop of improved investor confidence in the sector as commodity prices rose in the month.
In February 2021, there were 15 E&P deals announced in the Canadian oil & natural gas sector with total enterprise value of approximately $6.9 billion. The combined production changing hands during the month was nearly 250,000 boe/d (57% liquids).
There were eleven property transactions valued at $1.5 billion, while the four corporate deals totaled approximately $5.4 billion, or 78% of the months total.
There were two Montney and two Duvernay deals announced.