As the first real blast of winter weather hits large swaths of North America, now is a good time to highlight the top 10 public Canadian natural gas producers (plus some bonus companies) by production volumes. With natural gas as the primary heating fuel for many Canadians, these producers and all of the oilfield services workers should be especially appreciated during times like these.
The data presented below in Figure 1 and Figure 2 show natural gas production as of the most recent quarterly reports (Q3 2023) and reported by the companies themselves. There are a few caveats worth pointing out in the data:
- Post Q3, Tourmaline acquired Bonavista. Bonavista’s natural gas volumes may have been in the vicinity of 230-250 mmcf/d at the time of the transaction, which would push Tourmaline’s industry leading natural gas production in Canada to almost 2.6 BCF/d on a combined basis.
- While Ovintiv corporately produced ~1.6 BCF/d of natural gas in Q3, the company’s Canadian production is ~1.1 BCF/d.
- Technically Crescent Point is #11 in terms of natural gas production as of Q3 2023, but we have included them here because of the acquisition of Hammerhead in Q4 2023. Combining the natural gas volumes in Q3 for Crescent Point and Hammerhead would make Crescent Point the #7 Canadian public producer in terms of natural gas volumes. The combined production in Q3 was 408 mmcf/d.
- Peyto’s current production estimate on October 17, 2023 after the closing of the Repsol acquisition would work out to ~635 mmcf/d of natural gas production.
- While this list focuses on the Canadian publicly traded producers only, there are several US, International, or private producers with substantial volumes of natural gas being produced in Canada. Petronas had gross licensed production of 728 mmcf/d in November. Shell Canada had gross licensed production of 700 mmcf/d in November. Shell’s gross volumes obviously do not account for the Groundbirch agreement with PetroChina. Murphy reported Q3 volumes of 414 mmcf/d at Tupper in northeast BC. Pacific Canbriam had gross licensed production of 362 mmcf/d in November (see today’s Private Company update on Pacific Canbriam).
- Mitsubishi has a joint venture with Ovintiv in northeast BC.
BOE Intel has lots of data and comparison charts available, reach out here if you are interested in a demo.
Figure 1 – Canadian public producers corporate natural gas production – Q3 2023
Figure 2 – Canadian public producers corporate natural gas production over time
