Top 10 Oil & Gas Operators in Canada: Largest Wells Drilled Increase (2024 vs. 2023)

Author: phinds Category: Oil & Gas News

As the oil and gas industry in Canada continues to evolve, monitoring drilling activity trends provides valuable insights into the sector’s health and growth opportunities. In this report, we highlight the top 10 oil and gas operators in Canada that have shown the largest year-over-year increase in wells drilled between 2024 and 2023. These companies represent the driving forces behind Canada’s energy production growth.

1. Canadian Natural Resources Limited (CNRL)

  • Wells Drilled 2024: 421
  • Wells Drilled 2023: 342
  • Spread: +79
  • Website: www.cnrl.com

CNRL leads the pack with a significant increase of 79 wells drilled in 2024 compared to 2023. This increase reflects the company’s ongoing commitment to expanding its production capabilities across Canada.

2. Spur Petroleum Ltd.

Spur Petroleum has shown a strong upward trend in drilling activity, with 76 more wells drilled in 2024. This growth highlights Spur’s active development strategy in Canadian oilfields.

3. International Petroleum Corp.

International Petroleum Corp. saw one of the highest percentage increases in well drilling, with a spread of +58. This rapid growth demonstrates the company’s aggressive push to boost production.

4. Whitecap Resources Inc.

  • Wells Drilled 2024: 260
  • Wells Drilled 2023: 204
  • Spread: +56
  • Website: www.wcap.ca

Whitecap Resources Inc. continues to be a major player in Canada’s oil and gas landscape. The company’s increase of 56 wells drilled between 2024 and 2023 reflects its steady development approach.

5. MEG Energy Corp.

  • Wells Drilled 2024: 130
  • Wells Drilled 2023: 78
  • Spread: +52
  • Website: www.megenergy.com

MEG Energy Corp. posted a significant increase of 52 wells drilled year-over-year. The company’s focus on oil sands production is driving this growth.

6. ConocoPhillips Canada Resources Corp

ConocoPhillips Canada showed a significant increase in drilling activity, adding 44 wells in 2024. This growth highlights the company’s focus on expanding its production capacity in Canada.

7. Cenovus Energy Inc.

  • Wells Drilled 2024: 671
  • Wells Drilled 2023: 634
  • Spread: +37
  • Website: www.cenovus.com

Cenovus Energy saw an increase of 37 wells drilled, reflecting its commitment to sustaining its production in major Canadian plays.

8. FORT HILLS ENERGY CORPORATION

Fort Hills Energy Corporation experienced substantial growth, with a spread of +36 wells drilled, highlighting its significant development efforts in 2024.

9. CALTEX TRILOGY INC.

Caltex Trilogy Inc. increased its drilling by 33 wells, underscoring its steady expansion within the Canadian energy sector.

10. Saturn Oil + Gas Inc.

Saturn Oil + Gas Inc. saw a rise of 29 wells drilled, continuing its efforts to enhance its production capacity in Canada.

Key Insights

The companies on this list collectively represent a major portion of Canada’s oil and gas drilling activity. Their increased well counts reflect a positive outlook for the industry as they respond to growing demand and strive to enhance production efficiency.

As Canada positions itself as a critical player in global energy markets, tracking these trends is essential for service companies, investors, and industry stakeholders looking to capitalize on future opportunities.

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