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Top 25 Oil and Gas Companies with Decreased Production May vs. June 2023

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.

CompanyBOE (boe/d) June 2023BOE (boe/d) May 2023BOE Difference June vs. May 2023% Reduction BOED
SPARTAN DELTA CORP32,76052,192-19,432-37.2%
CANADIAN NATURAL RESOURCES LIMITED831,390842,676-11,286-1.3%
TOURMALINE OIL CORP445,605455,604-10,000-2.2%
OVINTIV CANADA ULC348,700357,117-8,417-2.4%
PETRONAS ENERGY CANADA LTD109,766116,939-7,173-6.1%
CONOCOPHILLIPS CANADA RESOURCES CORP77,89283,743-5,851-7.0%
TOTALENERGIES EP CANADA LTD63,84069,424-5,584-8.0%
WHITECAP RESOURCES INC150,868154,987-4,119-2.7%
SUNCOR ENERGY INC253,827257,799-3,971-1.5%
MEG ENERGY CORP82,27686,186-3,911-4.5%
CHEVRON CANADA LIMITED22,44826,055-3,608-13.8%
BONAVISTA ENERGY CORPORATION44,06747,020-2,954-6.3%
CENOVUS ENERGY INC700,347703,230-2,883-0.4%
PEYTO EXPLORATION & DEVELOPMENT CORP86,54989,269-2,720-3.0%
HARVEST OPERATIONS CORP20,20622,793-2,587-11.3%
IMPERIAL OIL LIMITED144,175146,664-2,489-1.7%
I3 ENERGY CANADA LTD14,77816,947-2,168-12.8%
BAYTEX ENERGY CORP53,56555,694-2,129-3.8%
CANLIN ENERGY CORPORATION36,64538,756-2,110-5.4%
BIRCHCLIFF ENERGY LTD70,53772,327-1,790-2.5%
PARAMOUNT RESOURCES LTD65,39666,749-1,353-2.0%
PIERIDAE ENERGY LIMITED28,36029,694-1,334-4.5%
TAQA NORTH LTD66,03167,364-1,333-2.0%
SAGUARO RESOURCES LTD6,4977,763-1,266-16.3%
SURGE ENERGY INC23,15924,369-1,210-5.0%

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.

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