Canada’s stock market is on a tear — and the rally may just be getting started. After years of underperformance and caution from global investors, the S&P/TSX Composite Index is now beating the S&P 500 in a rising market for the first time since 2016. While the headline drivers have been gold and bank stocks, a quieter shift is unfolding in Canada’s industrial strategy, and it could set the stage for the next major catalyst: energy.
Chevron has set its 2026 capital expenditure guidance at $18B–$19B, landing at the low end of its previously communicated $18B–$21B annual range. The spending plan underscores a familiar strategy: maintain discipline, generate higher returns, and continue prioritizing top-tier barrels across U.S. shale basins and select offshore hubs.
Canadian Natural Resources Ltd. (CNRL) doesn’t make flashy headlines when it comes to Montney development — but that’s exactly why its strategy is powerful. The company is quietly building one of the most efficient, liquids-rich natural gas portfolios in Canada. With LNG export capacity increasing over the next decade, CNRL is positioning itself to win the long game.
Mach Natural Resources used its Q3 2025 earnings call to send a strong message about the importance of Oklahoma to its long-term strategy. While the company has expanded into new basins through recent acquisitions, CEO Tom Ward made it clear that the Mid-Continent—and Oklahoma in particular—remains one of Mach’s most dependable growth engines.
Coterra’s message is clear: Oklahoma remains a dependable contributor, supported by strong well results, consistent development, and a focus on maximizing full-cycle returns. T
Devon Energy emphasized that Oklahoma’s Anadarko Basin has clear structural advantages, particularly its gas positioning and freedom from Waha-style takeaway bottlenecks, making it increasingly attractive in a strengthening gas market. While interest in the basin is rising, Devon said it is regularly assessing its long-term portfolio fit, keeping the door open to future M&A without signaling any immediate plans to exit.
Circle-S Energy, LLC is a privately held exploration and production company headquartered in McKinney, Texas. Founded by Pat L. Smith, the company operates more than 60 wells and manages interests in more than 3,000 non-operated assets across multiple U.S. basins, with core activity centered in the Permian Basin and South Texas.
Comstock Resources used its Q3 2025 earnings call to deliver a clear message: the Haynesville—especially the Western Haynesville—is the company’s future, and one of the most strategically important natural gas plays in North America.
When Expand Energy (EXE) reported Q3 2025 results, one theme stood out above all others: the Haynesville is becoming their crown jewel. In a year defined by transformational efficiency gains, EXE made it clear that no asset in the company’s portfolio has improved more quickly—or is positioned more strategically—than its massive Haynesville footprint.
Targa Resources (NYSE: TRGP) has announced a major strategic step in the Permian Basin, agreeing to acquire Stakeholder Midstream for $1.25 billion in cash. The deal adds high-quality gathering, processing, and treating infrastructure in one of the most prolific natural gas growth regions in North America — and positions Targa to capture long-term, fee-based volumes with minimal capital requirements.
