The 2024, the oil market experienced notable fluctuations influenced by global economic trends and geopolitical events. Early in the year, prices remained relatively stable, with Brent crude averaging around US$80 per barrel.
However, as the year progressed, several factors contributed to increased volatility. A significant slowdown in China’s economy led to reduced demand growth, prompting the International Energy Agency (IEA) to revise its global oil demand growth estimate for 2024 down to 910,000 barrels per day.
Simultaneously, global oil production saw modest increases. The IEA also reported a rise of 0.6 million barrels per day in global liquid fuels production for 2024, with non-OPEC+ countries contributing significantly to this uptick.
Geopolitical tensions, particularly involving major oil-producing nations, added layers of complexity to the market. Despite these challenges, the market displayed resilience, with prices fluctuating within a relatively narrow range. By mid-December, crude oil prices had risen to approximately US$74 per barrel, marking a six-week high.
Looking ahead, forecasts suggest that oil prices may average around $75 per barrel in 2025, with potential declines in subsequent years.
Against that backdrop, the five top-performing oil and gas stocks on the TSX and TSXV have seen share price growth. All year-to-date performance and share price data was obtained on December 19, 2024, using TradingView’s stock screener, and the oil and gas companies listed all had market caps above C$10 million at that time.
1. Sintana Energy (TSXV:SEI)
Year-to-date gain: 234.85 percent
Market cap: C$410.61 million
Share price: C$1.11
Sintana Energy, an oil and gas exploration and development company, operates across five highly prospective onshore and offshore petroleum exploration licenses in Namibia and Colombia.
The company saw tailwinds early in the year after releasing updates on exploration in Namibia’s Orange Basin. It made two significant light oil discoveries in January at petroleum exploration license 83.
February saw more share price growth when Sintana was listed on the TSX Venture 50 as the top energy performer.
In June, the company finalized its acquisition of a 49 percent interest in Giraffe Energy Investments as per an agreement dated April 24. Giraffe Energy holds a non-operating 33 percent stake in petroleum exploration license 79 in Namibia, and the remaining 67 percent of the license is owned by operator National Petroleum of Namibia.
Shares of Sintana marked a year-to-date high on June 11 to trade for C$1.42.
In late August, the company released its financial results for Q2 2024, which saw an overall net loss of C$2.7 million primarily driven by general and administrative expenses.
Recently Sintana announced a new exploration and appraisal campaign in Namibia’s Orange Basin, targeting blocks 2813A and 2814B under petroleum exploration license 83.
2. Arrow Exploration (TSXV:AXL)
Year-to-date gain: 26.56 percent
Market cap: C$117.2 million
Share price: C$0.40
Arrow Exploration, through its wholly owned subsidiary Carrao Energy, operates in Colombia with a focus on developing its portfolio of oil assets in the country. The company’s strategy is to target the expansion of oil production in key basins, including the Llanos Basin, Middle Magdalena Valley and Putumayo Basin.
Arrow Exploration holds high working interests in its assets, which are predominantly linked to Brent pricing.
In June, Arrow announced that it had successfully brought the first of four planned Ubaque horizontal wells into production, reporting that the Carrizales Norte B pad (CNB HZ-1) was producing 3,150 barrels of oil per day (bpd) gross, with 1,575 bpd net to Arrow, and has a water cut of less than 1 percent.
This news sent Arrow’s share price significantly upward registering a year-to-date high of C$0.60 on August 25.
The company released its Q2 results on August 29, reporting total oil and gas revenue of C$15.1 million for the period, up 47 percent year-on-year. Its current production is 5,000 barrels of oil equivalent per day.
In late September, after bringing another two wells online, Arrow announced that CNB HZ-5, its fourth horizontal well on the Carrizales Norte B pad in Colombia, is now producing over 2,700 barrels of oil per day gross. The company expects strong long-term performance.
For Q3 2024 Arrow reported its “strongest quarter” driven by record production, revenue, EBITDA, and cash flow. The company successfully drilled three horizontal development wells in the Carrizales Norte field, boosting operational momentum.
Arrow also posted C$21.3 million in oil and natural gas revenue, net of royalties, a 53 percent increase compared to Q3 2023.
3. Condor Energies (TSX:CDR)
Year-to-date gain: 23.24 percent
Market cap: C$114.68 million
Share price: C$1.75
Condor Energies concentrates on the exploration, development and production of natural gas in Turkey, Kazakhstan and Uzbekistan. The company is currently building Central Asia’s inaugural liquefied natural gas (LNG) facility.
In late January, Condor secured a natural gas allocation from the Kazakhstan government for its maiden modular LNG production facility. The gas allocation will be instrumental in liquefying feed gas to produce up to 350 metric tons per day of LNG, equivalent to about 210,000 gallons per day, the company said.
Condor’s shares reached a year-to-date high in February to trade for C$2.76.
In March, the energy company began a production-enhancement operation for eight natural gas condensate fields in Uzbekistan. Gas output will be directed to the domestic market through state entity agreements. Condor has agreed to cover project costs and receive a share of the generated revenues. The company launched a multi-well workover program at the fields in June.
In July, Condor signed its first LNG framework agreement for producing and utilizing LNG to power rail locomotives in Kazakhstan.
In mid-August, Condor released its Q2 report, highlighting that Uzbekistan production averaged 10,052 barrels of oil equivalent per day (boe/d) for the period, consisting of 59.03 million cubic feet per day and 213 barrels of oil per day of condensate. Q2 sales of gas and condensate from Uzbekistan totaled C$18.95 million.
Condor recently secured a second natural gas allocation from Kazakhstan’s state authority for its planned LNG facility near the Kuryk Port on the Caspian Sea. The allocation will fuel a low-carbon LNG production site capable of producing the energy equivalent of 565,000 liters of diesel per day, according to a September announcement.
The company’s Q3 results highlighted positive results for its gas field enhancement project in Uzbekistan, with production averaging 10,010 boe/d and sales reaching C$19 million. Results from the multi-well workover program have exceeded expectations,
Condor reported, increasing gas flow rates by 100 percent to 300 percent.
Earlier this month the company closed a brokered financing raising C$19.4 million.
4. Imperial Oil (TSX:IMO)
Year-to-date gain: 18.62 percent
Market cap: C$48.47 billion
Share price: C$90.34
Calgary-based Imperial Oil is a prominent Canadian energy company involved in the exploration, production, refining and marketing of petroleum products. With a history spanning over 140 years, Imperial operates diverse assets across Canada, including oil sands, conventional crude oil and natural gas assets.
On February 2, Imperial released its Q4 2023 results, highlighting upstream production of 452,000 barrels of oil equivalent per day, “marking its highest level in over three decades.”
Additionally, Imperial initiated steam injection at Cold Lake Grand Rapids, pioneering the industry’s first deployment of solvent-assisted SAGD technology. Downstream operations performed strongly, with refinery capacity utilization reaching 94 percent following the successful completion of the largest planned turnaround at the Sarnia site.
In this year’s Q2 results, Imperial reported quarterly net income of C$1.13 billion along with operating cashflow of C$1.63 billion, or C$1.51 billion when excluding working capital. According to the company, its upstream production reached 404,000 gross boe/d, its highest second quarter production in over 30 years. The Kearl project matched its highest-ever second quarter production at 255,000 gross boe/d, with Imperial’s share being 181,000 barrels. Cold Lake also performed strongly, with production of 147,000 bpd.
During the period, the company achieved first oil at Grand Rapids and renewed its annual share repurchase program, aiming to buy back up to 5 percent of its outstanding common shares.
On November 1, Imperial announced a quarterly dividend of C$0.60 per share, payable on January 1, 2025, to shareholders of record as of December 3, 2024. This matches its previous quarterly dividend.
Imperial saw its shares reach a year-to-date of C$108.03 on November 21, 2024.
In mid-December the company released its 2025 guidance. In it Brad Corson, chairman, president and chief executive officer laid out Imperial’s plans for the year ahead.
“Our 2025 plan builds on our momentum and positions the company to achieve even stronger operating performance with higher volumes and lower unit cash costs at Kearl and Cold Lake,” he said. “In the Downstream, a lighter turnaround schedule supports higher refinery throughput year-over-year, and start-up of the Strathcona Renewable Diesel project is expected to increase product sales.”
5. Athabasca Oil (TSX:ATH)
Year-to-date gain: 15.68 percent
Market cap: C$2.55 billion
Share price: C$4.87
Athabasca Oil is focused on developing thermal and light oil assets within Alberta’s Western Canadian Sedimentary Basin. The company has established a substantial land base with high-quality resources. Its light oil operations are managed through its private subsidiary, Duvernay Energy, in which the company holds a 70 percent equity interest.
At the end of July, Athabasca released its Q2 results, reporting average Q2 production of 37,621 boe/d, resulting in an increase in its annual production guidance to 36,000 to 37,000 boe/d. The company also achieved record adjusted funds flow of C$166 million and cashflow from operating activities of C$135 million.
Athabasca Oil’s Q3 results, released in late October, underscored a strong third quarter with average production of 38,909 boe/d, an 8 percent year-over-year increase. Adjusted funds flow reached C$164 million, marking a 25 percent increase per share.
In early December Athabasca Oil announced its 2025 budget, focusing on enhancing cash flow per share and committing 100 percent of free cash flow to shareholder returns through share buybacks.
The company also plans to invest approximately C$335 million in capital expenditures, aiming for an average production of 37,500 to 39,500 barrels of oil equivalent per day, with an exit rate of around 41,000 boe/d.
Athabasca shares rose to a year-to-date high in August when they were trading for C$5.66.
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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