Canadian Oil Stocks in 2024: Which Companies Delivered the Best Returns

The 2024 energy sector witnessed significant movement across global markets, with canadian oil stocks notably benefiting from both price stability and strategic corporate execution. Energy prices opened the year relatively steady, as Brent crude averaged approximately US$80 per barrel in the opening months, providing a stable foundation for producer planning.

However, the market environment shifted as 2024 progressed. China’s economic slowdown created headwinds for energy demand forecasts, leading the International Energy Agency to lower its global oil demand growth projection for 2024 to 910,000 barrels per day. Simultaneously, global oil production increased modestly, with non-OPEC+ nations driving a 0.6 million barrels per day rise in liquid fuels production. Geopolitical tensions involving major oil-producing regions added complexity to market dynamics, yet despite these crosscurrents, the sector maintained relative stability. By mid-December, crude prices had climbed to approximately US$74 per barrel, marking six-week highs and demonstrating the market’s underlying resilience.

Against this backdrop, canadian oil stocks listed on the TSX and TSXV demonstrated remarkable strength. Five standout performers emerged, each showing distinctive operational achievements and financial gains throughout the year.

Sintana Energy: Exploration Breakthroughs Drive Explosive Growth

Sintana Energy (TSXV:SEI) led the charge among canadian oil stocks with a staggering 234.85 percent year-to-date gain, commanding a market capitalization of C$410.61 million and trading at C$1.11 per share by late 2024. The exploration and development company operates five prospective onshore and offshore petroleum licenses spanning Namibia and Colombia.

The company’s momentum began early when it announced two significant light oil discoveries in Namibia’s Orange Basin during January. This news propelled it to recognition as the top energy stock on the TSX Venture 50 in February. June brought further catalysts when Sintana completed its acquisition of a 49 percent stake in Giraffe Energy Investments, which holds a non-operating 33 percent interest in a Namibia petroleum license, with the remainder operated by National Petroleum of Namibia. Share prices climbed to a year-high of C$1.42 on June 11.

Despite reporting a net loss of C$2.7 million in Q2 driven by administrative expenses, investor confidence remained intact. The company’s year concluded with announcement of new exploration and appraisal campaigns targeting blocks 2813A and 2814B in Namibia’s Orange Basin, sustaining market enthusiasm.

Arrow Exploration: Production Ramp Powers Portfolio Expansion

Arrow Exploration (TSXV:AXL) posted a 26.56 percent year-to-date advance, with a market cap of C$117.2 million and share price of C$0.40. Operating through its Colombian subsidiary Carrao Energy, the company focuses on oil asset development across the Llanos Basin, Middle Magdalena Valley, and Putumayo Basin, maintaining high working interests in operations predominantly linked to Brent pricing.

The turning point arrived in June when Arrow successfully brought its first planned horizontal well into production at Carrizales Norte B. The CNB HZ-1 wellpad achieved 3,150 barrels of oil per day gross production, or 1,575 bpd net to Arrow, with less than 1 percent water cut. This achievement sent shares climbing to a year-high of C$0.60 on August 25.

Q2 results released in late August revealed total oil and gas revenue of C$15.1 million, representing a 47 percent year-on-year increase, alongside production of 5,000 barrels of oil equivalent per day. Momentum accelerated into Q3, when two additional wells came online. The CNB HZ-5 wellpad produced over 2,700 barrels of oil per day gross, enabling the company to declare Q3 as its strongest quarter on record. The period delivered C$21.3 million in net oil and natural gas revenue—a 53 percent jump year-on-year—supported by record production, EBITDA, and cash generation.

Condor Energies: LNG Ambitions Reshape Central Asia Strategy

Condor Energies (TSX:CDR) gained 23.24 percent year-to-date, with a market cap of C$114.68 million and a share price of C$1.75. The company’s focus encompasses exploration, development, and production of natural gas across Turkey, Kazakhstan, and Uzbekistan, underpinned by a transformative liquefied natural gas facility project.

In January, Condor secured a crucial natural gas allocation from Kazakhstan’s government for its inaugural modular LNG production facility, capable of producing up to 350 metric tons per day—equivalent to approximately 210,000 gallons daily. Shares peaked at C$2.76 in February amid optimism around this milestone. March initiated a production-enhancement operation across eight natural gas condensate fields in Uzbekistan, with output directed to domestic markets through state agreements where Condor covers project costs and receives revenue sharing.

July brought the company’s first LNG framework agreement for producing and supplying liquefied natural gas to power rail locomotives in Kazakhstan. Mid-August’s Q2 report highlighted Uzbekistan production averaging 10,052 barrels of oil equivalent per day, comprising 59.03 million cubic feet per day of natural gas and 213 barrels per day of condensate, generating C$18.95 million in gas and condensate sales.

Further success came with a second natural gas allocation from Kazakhstan’s state authority, fueling development of a low-carbon LNG production site near Kuryk Port on the Caspian Sea, capable of producing the energy equivalent of 565,000 liters of diesel daily. Q3 results confirmed positive trajectory, with Uzbekistan production averaging 10,010 barrels of oil equivalent per day and sales reaching C$19 million. The multi-well workover program exceeded expectations, boosting gas flow rates by 100 to 300 percent. The company subsequently closed a brokered financing round, raising C$19.4 million.

Imperial Oil: Canada’s Energy Giant Delivers Decade-High Performance

Imperial Oil (TSX:IMO) achieved an 18.62 percent year-to-date gain despite its massive C$48.47 billion market cap, with shares trading at C$90.34. The Calgary-headquartered energy company operates across exploration, production, refining, and petroleum product marketing, maintaining a portfolio spanning oil sands, conventional crude, and natural gas across Canadian assets.

February’s 2023 Q4 results announcement highlighted upstream production of 452,000 barrels of oil equivalent per day—marking its highest level in over three decades. The company simultaneously pioneered industry-first solvent-assisted SAGD steam injection deployment at Cold Lake Grand Rapids. Downstream operations performed robustly, with refinery capacity utilization reaching 94 percent following the completion of Sarnia’s largest planned maintenance turnaround.

Q2 2024 results demonstrated continued strength, with quarterly net income of C$1.13 billion and operating cash flow of C$1.63 billion (C$1.51 billion excluding working capital). Upstream production reached 404,000 gross barrels of oil equivalent per day—the highest Q2 production in over 30 years. The Kearl project achieved its best-ever second quarter output of 255,000 gross barrels per day, with Imperial’s share representing 181,000 barrels per day, while Cold Lake delivered 147,000 barrels per day. The company achieved first oil at its Grand Rapids project and renewed its annual share repurchase authorization for up to 5 percent of outstanding common shares.

In November, Imperial announced a quarterly dividend of C$0.60 per share, payable in January 2025, maintaining consistency with prior distributions. Shares climbed to a year-high of C$108.03 on November 21. The company’s December 2025 guidance emphasized momentum building, with CEO Brad Corson noting that planned operations would deliver stronger performance through higher volumes and reduced unit cash costs at both Kearl and Cold Lake, supplemented by a lighter refinery maintenance schedule and the start-up of the Strathcona Renewable Diesel initiative.

Athabasca Oil: Focused Strategy Drives Shareholder-Friendly Returns

Athabasca Oil (TSX:ATH) posted a 15.68 percent year-to-date gain with a market cap of C$2.55 billion and share price of C$4.87. The company concentrates on developing thermal and light oil assets within Alberta’s Western Canadian Sedimentary Basin, leveraging a substantial high-quality resource base and managing light oil operations through its 70 percent-held Duvernay Energy subsidiary.

July’s Q2 results release reported average quarterly production of 37,621 barrels of oil equivalent per day, prompting an upward revision of annual production guidance to 36,000 to 37,000 barrels per day. The period delivered record adjusted funds flow of C$166 million and operating cash flow of C$135 million. Q3 results released in late October revealed even stronger momentum, with average production reaching 38,909 barrels of oil equivalent per day—an 8 percent year-on-year increase. Adjusted funds flow hit C$164 million, representing a 25 percent per-share increase. Shares reached a year-high of C$5.66 in August.

December’s 2025 budget announcement signaled the company’s shareholder-focused trajectory, committing 100 percent of free cash flow to buyback initiatives while investing approximately C$335 million in capital programs targeting 37,500 to 39,500 barrels of oil equivalent per day average production, with an anticipated exit rate of around 41,000 barrels per day.

What Canadian Oil Stocks Tell Us About Energy Sector Dynamics

The five leading canadian oil stocks that powered returns in 2024 shared common threads: operational excellence, strategic capital allocation, and disciplined production management. From Sintana’s exploration breakthroughs in Africa to Arrow’s production acceleration in Colombia, from Condor’s LNG expansion ambitions to Imperial’s operational records and Athabasca’s cash generation focus, each company demonstrated how execution and market positioning drive shareholder value in global energy markets. As the sector enters 2025, investor attention will remain fixed on whether these canadian oil stocks can sustain momentum amid evolving market conditions.