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Western Canada Heavy Oil Outlook 2025: Momentum Returns with TMX Tailwinds

Oil Gas Leads

Operator Strategies Reflect Growth and Efficiency Here’s a snapshot of what leading heavy oil players are planning in 2025: Company 2025 Production (bbl/d) 2025 CapEx (C$B) Strategic Focus Cenovus Energy 615–635K ~2.7–2.8 Optimization + brownfield growth CNRL 810–835K ~2.8 Maximize volumes, minimal downtime Suncor Energy 765–785K ~6.2

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DJ Basin Update: Low-Cost Production, Rising Gas Ratios, and Strategic Shifts Amid Regulatory Pressure

Oil Gas Leads

The Denver-Julesburg (DJ) Basin continues to stand out as one of the most consolidated and cost-effective oil and gas plays in the U.S. While it lacks the scale of the Permian or Eagle Ford, the DJ offers operators attractive breakeven costs, strong midstream infrastructure, and a strategic position for gas-weighted growth.

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Permian Basin Drives 80% of U.S. Tight Oil Boom Since 2010

Oil Gas Leads

Over the past 15 years, the Permian Basin has transformed the landscape of U.S. 2020: Both Permian and non-Permian output dropped sharply due to WTI < $50/bbl and COVID-19. crude oil production. Onshore Oil Production Trends (20102024) Metric 2010 2024 % Change Total Onshore L48 Production 3.4 million b/d 2.1 million b/d 8.9

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Permian Basin Well Permits Decline — AI Forecast Confirms Downward Trend

Oil Gas Leads

The Permian Basin, the beating heart of U.S. In early 2024, WTI crude prices averaged $77$80/bbl , whereas by Q2 2025, prices have softened to $60$70/bbl. shale oil production, is experiencing a notable contraction in drilling permit activity this spring.

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Ring Energy Expands in Andrews County Again as Chord Energy Transfers Facility to Ring

Oil Gas Leads

As Chord Energy refocuses on the Williston Basin, Ring consolidates CBP assets to drive low-cost, margin-rich growth. These regulatory transfers aren’t just formalities theyre indicators of whos doubling down and whos cashing out in the Permian Basin. Competitive breakevens sub-$40/bbl support cash flow. Chord Energy).

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2024 Canadian Oil & Gas Production Snapshot

Oil Gas Leads

102,012 bbl/d (bitumen) SOR of 2.39 147,819 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. . ~580,000 BOE/d Includes 210,000 b/d oil and condensate Tourmaline Oil Corp. Vermilion Energy Inc.

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SM Energy Slows the Drill Bit in 2025: What the Data Tells Us About Permian Rig Reductions

Oil Gas Leads

In a strategic move aligned with shifting commodity price dynamics, SM Energy is proactively reducing its rig count in the Permian Basin through 2025. The company started the year with 9 active rigs , scaled back to 7 rigs by the end of Q1 , and plans to operate just 6 rigs for the remainder of the year.

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