Top 5 Canadian Oil Companies Powering Through 2024's Market Volatility

Market Backdrop: A Year of Oil Price Swings

2024 proved to be a defining year for the energy sector, with oil markets navigating geopolitical tensions and demand shifts. Brent crude started the year hovering near US$80 per barrel before settling into a tighter trading band. China’s economic slowdown dampened global demand expectations, prompting the IEA to revise its 2024 demand forecast to 910,000 barrels per day growth. Conversely, non-OPEC+ producers ramped up supply, with global liquid fuels production climbing 0.6 million barrels daily. By December, crude prices rebounded to approximately US$74, signaling market resilience despite headwinds.

Against this backdrop, Canadian oil companies—both on the TSX and TSXV—demonstrated impressive share price appreciation. Here’s which firms captured investor attention.

1. Sintana Energy (TSXV:SEI): The Exploration Darling

Performance: +234.85% year-to-date | Market Cap: C$410.61M | Share Price: C$1.11

Sintana Energy emerged as the standout performer, capitalizing on exploration breakthroughs in Namibia’s Orange Basin. The company’s strategic portfolio spans onshore and offshore licenses across Namibia and Colombia, positioning it as a pure-play exploration opportunity.

Early momentum came after dual light oil discoveries at petroleum exploration license 83 in January. By February, Sintana clinched recognition as the top energy stock on TSX Venture 50, fueling investor enthusiasm. June brought the acquisition of a 49% stake in Giraffe Energy Investments, expanding exposure to petroleum exploration license 79. Shares peaked at C$1.42 on June 11.

Recent catalysts include expanded exploration campaigns targeting blocks 2813A and 2814B. Q2 financials showed a net loss of C$2.7 million, primarily driven by administrative costs—typical for exploration-stage companies. For speculatively-minded investors in Canadian oil companies seeking high-beta upside, Sintana offers exploration leverage.

2. Arrow Exploration (TSXV:AXL): Production Ramp Delivers Results

Performance: +26.56% year-to-date | Market Cap: C$117.2M | Share Price: C$0.40

Arrow Exploration, operating through its Colombian subsidiary Carrao Energy, shifted from prospect-play status to active production contributor in 2024. The company strategically developed its Carrizales Norte B pad with horizontal drilling.

June’s first well startup—producing 3,150 barrels daily gross (1,575 net to Arrow)—reignited the stock, which climbed to C$0.60 by late August. Q2 revenue hit C$15.1 million (up 47% year-on-year), with production at 5,000 boe/d. By Q3, three horizontal wells were operational, with the final CNB HZ-5 exceeding 2,700 barrels per day gross production. The company reported record adjusted metrics: C$21.3 million in net revenue (up 53% annually), alongside surging EBITDA and cash generation.

Arrow exemplifies how Canadian oil companies with strong operational execution can reward shareholders through disciplined development and scaling production.

3. Condor Energies (TSX:CDR): LNG Strategy Takes Shape

Performance: +23.24% year-to-date | Market Cap: C$114.68M | Share Price: C$1.75

Condor Energies pivoted toward infrastructure-led growth, securing government backing for Central Asia’s first modular LNG facility. The company’s gas allocations from Kazakhstan—approved twice in 2024—underpin production capacity of 210,000 gallons per day initially, scaling toward 565,000 liters of diesel-equivalent daily output.

Uzbekistan operations drove near-term cash generation: Q2 production averaged 10,052 boe/d (59.03 million cubic feet of gas plus 213 barrels of condensate daily), with sales reaching C$18.95 million. The multi-well workover program deployed across eight fields exceeded expectations, boosting gas flow rates by 100-300%. Q3 results showed production holding steady at 10,010 boe/d with C$19 million in sales. In August, Condor inked its inaugural LNG framework agreement for rail locomotive fuel in Kazakhstan. A recent C$19.4 million financing round supports capital deployment.

Condor’s transition from traditional production to LNG infrastructure represents a differentiated bet within Canadian oil companies’ strategic universe.

4. Imperial Oil (TSX:IMO): Upstream Momentum and Scale

Performance: +18.62% year-to-date | Market Cap: C$48.47B | Share Price: C$90.34

Imperial Oil, Canada’s largest integrated energy firm by market capitalization, delivered steady returns through operational execution. The Calgary-based producer commands diverse assets: oil sands, conventional crude, and natural gas across multiple provinces.

Q4 2023 results highlighted upstream production hitting 452,000 boe/d—the highest in 30+ years—while Cold Lake pioneered solvent-assisted SAGD deployment. Q2 2024 saw net income of C$1.13 billion and operating cashflow of C$1.63 billion. Upstream production climbed to 404,000 gross boe/d (highest second-quarter output in decades), with Kearl matching record 255,000 gross boe/d performance. The Strathcona Renewable Diesel project achieved first oil, diversifying Imperial’s downstream footprint.

Shares climbed to C$108.03 in November before settling near C$90. Management committed to a C$0.60 quarterly dividend (payable January 2025) and flagged 2025 guidance emphasizing volume growth and cost reductions at core assets. For conservative Canadian oil investors, Imperial provides blue-chip exposure with capital return optionality.

5. Athabasca Oil (TSX:ATH): Free Cashflow Discipline Shines

Performance: +15.68% year-to-date | Market Cap: C$2.55B | Share Price: C$4.87

Athabasca Oil rounded out top performers by disciplining capital allocation around thermal and light oil assets in Alberta. The company’s 70% stake in Duvernay Energy (light oil operations) fuels low-cost barrels.

Q2 results delivered 37,621 boe/d production, triggering upward guidance revision to 36,000-37,000 boe/d annually. Record adjusted funds flow hit C$166 million with operating cashflow at C$135 million. Q3 momentum accelerated: production rose 8% year-on-year to 38,909 boe/d, adjusted funds flow reached C$164 million (25% per-share increase). December guidance revealed a shift toward shareholder returns: 100% of free cashflow will fund buybacks against a C$335 million capex budget, supporting production guidance of 37,500-39,500 boe/d with exit rates near 41,000 boe/d.

Athabasca shares peaked at C$5.66 in August, reflecting investor confidence in disciplined cash deployment. As a mid-cap Canadian oil company, Athabasca balances growth and shareholder returns effectively.

Key Takeaway

2024’s top-performing Canadian oil companies spanned the risk spectrum—from exploration upside (Sintana) to production scaling (Arrow), infrastructure transition (Condor), integrated giant operations (Imperial), and disciplined cash returns (Athabasca). Each capitalized on favorable commodity dynamics and execution, delivering notable shareholder value.