The top companies producing out of the Duvernay formation is a quickly evolving list as a result of recent M&A transactions. Whitecap’s combination with Veren, Canadian Natural Resources’ acquisition of Chevron assets, and Parallax Energy acquiring Vesta Energy have all occurred in the last 6 months. All 3 producers have become major players in the Duvernay as a result.
In total, the formation now accounts for ~260,000 boe/d of production, including ~72,000 bbl/d of condensate. The 7 producers with Duvernay production greater than 10,000 boe/d are shown below in Figure 1.
Keep in mind the data is shown on a gross licensed basis, meaning that it won’t account for any working interest sharing agreements. For example, KUFPEC had a 30% working interest in Chevron’s Duvernay production at last check, meaning that CNRL’s net production would be 70% of the gross total assuming that agreement is still in place.
Figure 1 – Duvernay Formation Gross Licensed Production – December 2024 volumes* (tilt phone sideways to view on mobile)
| Company | Production (boe/d) | Oil (bbl/d) | Gas (boe/d) | Condensate (bbl/d) | NGL (bbl/d) |
|---|---|---|---|---|---|
| Whitecap + Veren** | 70,486 | 1,968 | 39,505 | 22,168 | 6,845 |
| CNRL + Chevron*** | 69,392 | 147 | 38,005 | 23,123 | 8,117 |
| Kiwetinohk Energy Corp. | 23,408 | 48 | 12,476 | 8,404 | 2,480 |
| Parallax Energy Operating Inc. | 17,767 | 13,725 | 2,770 | 220 | 1,052 |
| Petrochina Canada Ltd. | 16,734 | 0 | 8,142 | 5,961 | 2,631 |
| Paramount Resources Ltd. | 16,580 | 260 | 6,179 | 8,600 | 1,541 |
| Artis Exploration Ltd. | 12,484 | 9,686 | 2,142 | 124 | 532 |
*Gross licensed volumes assume 100% working interest to all licensed production and do not reflect any working interest in wells licensed to another company.
**Well licences not yet transferred and deal is not yet closed. These are best estimates only for illustrative purposes of what is expected to be transferred assuming transaction close.
***Not all well licences have been transferred yet in public record. Remaining Chevron Duvernay wells have been combined with CNRL production to form combined figure.