Canada’s oil and gas sector remained resilient in 2024, with several operators reporting record-breaking production volumes. From majors like Canadian Natural Resources and Ovintiv to rising mid-cap producers, this snapshot highlights average daily production across top-performing companies. The data reflects both oil and gas output, offering a high-level look at market leaders, operational growth, and emerging trends in Canadian upstream development.
Here’s a clean summary of 2024 Canadian oil and gas production by company
Top Producers (Over 500,000 BOE/d)
| Company | 2024 Average Production | Notes |
|---|---|---|
| Canadian Natural Resources (CNRL) | 1,363,496 BOE/d | Record production |
| Ovintiv Inc. | ~580,000 BOE/d | Includes 210,000 b/d oil and condensate |
| Tourmaline Oil Corp. | 579,173 BOE/d | +11% from 2023 |
| Suncor Energy | ~600,000 BOE/d capacity | Oil sands operations |
🛢️ Mid-Size Producers (100,000 – 499,999 BOE/d)
| Company | 2024 Average Production | Notes |
|---|---|---|
| ARC Resources Ltd. | 382,341 BOE/d (Q4 only) | Highest in company history |
| Strathcona Resources | 183,000 BOE/d | – |
| Murphy Oil Corporation | 177,000 BOE/d | 88,000 b/d oil |
| Whitecap Resources Inc. | 174,255 BOE/d | +11% from 2023 |
| Peyto Exploration | 125,202 BOE/d | +19% from 2023 |
| Paramount Resources Ltd. | 100,000–106,000 BOE/d | Impacted by outages |
⚙️ Small to Mid Producers (30,000 – 99,999 BOE/d)
| Company | 2024 Average Production | Notes |
|---|---|---|
| MEG Energy Corp. | 102,012 bbl/d (bitumen) | SOR of 2.39 |
| Vermilion Energy Inc. | 84,543 BOE/d | 54% gas, 46% liquids |
| Birchcliff Energy Ltd. | 76,695 BOE/d | +1% from 2023 |
| Advantage Energy Ltd. | 70,918 BOE/d | Mostly gas |
| Tamarack Valley Energy | 64,331 BOE/d | 85% oil and liquids |
| Vital Energy Inc. | 147,819 BOE/d | 69,827 bbl/d oil |
🔹 Smaller Producers (10,000 – 30,000 BOE/d)
| Company | 2024 Average Production | Notes |
|---|---|---|
| Headwater Exploration | 20,310 BOE/d | +13% from 2023 |
| Kiwetinohk Energy Corp. | 26,875 BOE/d | +19% YoY |
| Spartan Delta Corp. | 38,166 BOE/d | +3% |
| Obsidian Energy Ltd. | 37,450 BOE/d | +16% YoY |
| Athabasca Oil Corp. | 36,815 BOE/d | 98% liquids |
| Gran Tierra Energy | 34,710 BOE/d | +6% YoY |
| Kelt Exploration | 33,115 BOE/d | 37% liquids |
Final Takeaway
The 2024 production figures reveal a clear trend: Canadian operators continue to deliver strong results despite global market volatility and evolving regulatory landscapes. Companies like CNRL, Ovintiv, and Tourmaline are setting the pace, while a wave of mid-sized and emerging producers are gaining momentum with year-over-year growth.
As we look ahead to 2025, capital discipline, asset optimization, and strategic M&A activity will shape the competitive landscape. For suppliers, investors, and analysts alike, keeping a close eye on production trends offers a valuable lens into the industry’s evolving priorities and performance benchmarks.
