In May 2026, ~70% of Canadian C5+ condensate production was licensed to only 5 producers.
Ovintiv, ARC Resources (soon to be part of Shell), Canadian Natural Resources, Tourmaline Oil and Whitecap Resources rounded out the top 5 (Figure 1).
For the first time since ARC Resources’ merger with Seven Generations in 2021, ARC was not the top condensate producer in the country on a gross licensed basis (Figure 2). That honour fell to Ovintiv in May, whose condensate production slightly eclipsed that of ARC. It should be noted however, that ARC’s run rate condensate production is normally higher but was affected by seasonal turnaround activity at Kakwa and Greater Dawson.
With Shell’s acquisition of ARC recently being approved by ARC shareholders, it’s notable that the combined Shell Canada + ARC Resources entity would have been at the top of the list when incorporating Shell Canada’s 3,427 bbl/d of C5+ condensate production. The combined companies produced 91,847 bbl/d in May.
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Figure 1 – Top C5+ condensate producers in Canada – Gross licensed basis – May 2026 data
*Gross licensed production only accounts for production volumes licensed to a company at an assumed 100% working interest. These figures do not include oil sands mining volumes or international volumes, or any JVs or working interest sharing agreements.
Figure 2 – Historical C5+ condensate production from Top 5 – Gross licensed basis
*Gross licensed production only accounts for production volumes licensed to a company at an assumed 100% working interest. These figures do not include oil sands mining volumes or international volumes, or any JVs or working interest sharing agreements.