The Canadian oil and gas industry plays a vital role in the country’s economy, generating revenue and providing employment opportunities. However, like any other industry, it is subject to various factors that can impact its performance. In this blog post, we will delve into the performance of the top 25 Canadian oil and gas companies that experienced decreased production in May compared to June 2023.
Factors Influencing Production
Before we dive into the specific companies, it’s important to recognize the range of factors that can impact oil and gas production. These factors include fluctuating oil prices, geopolitical tensions, regulatory changes, technological advancements, divestments and environmental concerns.
| Company | BOE (boe/d) June 2023 | BOE (boe/d) May 2023 | BOE Difference June vs. May 2023 | % Reduction BOED |
| SPARTAN DELTA CORP | 32,760 | 52,192 | -19,432 | -37.2% |
| CANADIAN NATURAL RESOURCES LIMITED | 831,390 | 842,676 | -11,286 | -1.3% |
| TOURMALINE OIL CORP | 445,605 | 455,604 | -10,000 | -2.2% |
| OVINTIV CANADA ULC | 348,700 | 357,117 | -8,417 | -2.4% |
| PETRONAS ENERGY CANADA LTD | 109,766 | 116,939 | -7,173 | -6.1% |
| CONOCOPHILLIPS CANADA RESOURCES CORP | 77,892 | 83,743 | -5,851 | -7.0% |
| TOTALENERGIES EP CANADA LTD | 63,840 | 69,424 | -5,584 | -8.0% |
| WHITECAP RESOURCES INC | 150,868 | 154,987 | -4,119 | -2.7% |
| SUNCOR ENERGY INC | 253,827 | 257,799 | -3,971 | -1.5% |
| MEG ENERGY CORP | 82,276 | 86,186 | -3,911 | -4.5% |
| CHEVRON CANADA LIMITED | 22,448 | 26,055 | -3,608 | -13.8% |
| BONAVISTA ENERGY CORPORATION | 44,067 | 47,020 | -2,954 | -6.3% |
| CENOVUS ENERGY INC | 700,347 | 703,230 | -2,883 | -0.4% |
| PEYTO EXPLORATION & DEVELOPMENT CORP | 86,549 | 89,269 | -2,720 | -3.0% |
| HARVEST OPERATIONS CORP | 20,206 | 22,793 | -2,587 | -11.3% |
| IMPERIAL OIL LIMITED | 144,175 | 146,664 | -2,489 | -1.7% |
| I3 ENERGY CANADA LTD | 14,778 | 16,947 | -2,168 | -12.8% |
| BAYTEX ENERGY CORP | 53,565 | 55,694 | -2,129 | -3.8% |
| CANLIN ENERGY CORPORATION | 36,645 | 38,756 | -2,110 | -5.4% |
| BIRCHCLIFF ENERGY LTD | 70,537 | 72,327 | -1,790 | -2.5% |
| PARAMOUNT RESOURCES LTD | 65,396 | 66,749 | -1,353 | -2.0% |
| PIERIDAE ENERGY LIMITED | 28,360 | 29,694 | -1,334 | -4.5% |
| TAQA NORTH LTD | 66,031 | 67,364 | -1,333 | -2.0% |
| SAGUARO RESOURCES LTD | 6,497 | 7,763 | -1,266 | -16.3% |
| SURGE ENERGY INC | 23,159 | 24,369 | -1,210 | -5.0% |
The performance of the top 25 Canadian oil and gas companies in May vs. June 2023 reflects the intricate interplay of internal and external factors that influence the industry. From regulatory hurdles and labor strikes to equipment malfunctions and geopolitical tensions, each company’s production decrease has its unique story. By understanding these challenges, stakeholders can make informed decisions and develop strategies to navigate the ever-changing landscape of the Canadian oil and gas sector. As the industry continues to adapt to evolving market dynamics and sustainability imperatives, staying attuned to these fluctuations will be crucial for both short-term survival and long-term success.
If you would like the full list of producing companies with their active and inactive well counts and their production, add your email below and you will receive an email with all producing companies in Western Canada.
Innovative Well Abandonment is a hydrojet cut and cap company operating in Western Canada. For more information, contact Chris Hamilton at 403-630-1243 or at chamilton@innovativewa.com.