TO Tourmaline Oil (TOU) — Stock Analysis 2026 [3.6] Tourmaline Oil is Canada’s largest natural gas producer: 630,000 barrels of oil equivalent a day of guided 2026 output from two stacked-pay basins, and a marketing book that sells Alberta gas into Chicago, California, … Last Update Sep 15, 2026 · 88 min read · Natural GasOil and GasCompany Analysis
GAS US Upstream Natural Gas Producers Compared (2026) Five US producers pull most of the Lower 48’s gas out of two sedimentary basins, and they have made five different bets about how to get paid for it. EQT owns the pipe it ships through; Expand holds under ten years of … Last Update Sep 17, 2026 · 66 min read · Natural GasOil and GasSector Analysis
SR Strathcona Resources (SCR) — Stock Analysis 2026 [3.9] Strathcona Resources is a Calgary-based, Waterous Energy Fund-controlled heavy oil producer that spent 2025 turning itself into something rare in Canadian energy: a pure-play, long-life thermal and heavy oil company, … Last Update Sep 9, 2026 · 81 min read · Oil and GasNatural GasCompany Analysis
CE Cenovus Energy (CVE) — Stock Analysis 2026 [3.6] Cenovus Energy spent 2025 doing two things at once: buying scale and shedding complexity. The thesis in one line: a US$7.1-billion, mostly-share acquisition of MEG Energy added more than 36.5 million barrels a year of … Last Update Sep 9, 2026 · 75 min read · Oil and GasNatural GasCompany Analysis
OIL US Large-Cap Upstream Oil Producers Compared (2026) Five of the largest independent oil producers in the United States, five different answers to how a barrel gets paid for. EOG carries an A-tier balance sheet and sixteen years of premium inventory, and has just bought … Last Update Sep 10, 2026 · 57 min read · Oil and GasNatural GasSector Analysis
OV Ovintiv (OVV) — Stock Analysis 2026 [3.6] Ovintiv spent two years reshaping itself from a sprawling, four-basin generalist into a focused, two-play North American oil producer. It bought oil-rich Montney acreage in Alberta from Paramount Resources and NuVista … Last Update Sep 16, 2026 · 73 min read · Oil and GasNatural GasCompany Analysis
OP Occidental Petroleum (OXY) — Stock Analysis 2026 [3.7] Occidental spent 2025 and the first half of 2026 doing the one thing the market had waited six years to see: cutting the Anadarko-era debt down to size. The US$9.7 billion sale of OxyChem to Berkshire Hathaway (closed 2 … Last Update Sep 9, 2026 · 84 min read · Oil and GasNatural GasCompany Analysis
ER EOG Resources (EOG) — Stock Analysis 2026 [4.7] For a quarter of a century EOG Resources has been the company other US shale operators are measured against — the disciplined, low-cost, technically-driven independent that pioneered the “premium” drilling hurdle and … Last Update Sep 7, 2026 · 72 min read · Oil and GasNatural GasCompany Analysis
DE Diamondback Energy (FANG) — Stock Analysis 2026 [4.2] Diamondback spent two years turning itself into the Permian’s last great consolidator. With the ~US$26 billion Endeavor Energy Resources merger in September 2024 and the ~US$4 billion Double Eagle bolt-on in April 2025, … Last Update Sep 16, 2026 · 73 min read · Oil and GasNatural GasCompany Analysis
DE Devon Energy (DVN) — Stock Analysis 2026 [4.1] Devon Energy has become one of the largest independents in US shale. Its all-stock merger of equals with Coterra Energy — closed in May 2026 — pairs Devon’s oil-rich, four-basin base with Coterra’s premier Marcellus gas … Last Update Sep 16, 2026 · 78 min read · Oil and GasNatural GasCompany Analysis
CN Canadian Natural Resources (CNQ) — Stock Analysis 2026 [4.5] Canadian Natural Resources is the largest independent oil and gas producer in Canada and one of the few companies anywhere that mines bitumen, drills conventional oil and gas, runs thermal steam projects, and upgrades … Last Update Sep 7, 2026 · 86 min read · Oil and GasNatural GasCompany Analysis
AR Antero Resources (AR) — Stock Analysis 2026 [3.7] Antero Resources sells the richest barrel-equivalent in Appalachia and pays the highest toll to get it to market. In FY2025 it realised US$3.99 per thousand cubic feet equivalent — 45% more than its nearest dry-gas … Last Update Sep 6, 2026 · 100 min read · Natural GasOil and GasCompany Analysis
CR CNX Resources (CNX) — Stock Analysis 2026 [3.7] CNX Resources is the quiet, unfashionable end of Appalachian gas: no dividend, 390 employees, almost no liquids, and a business built on owning four million acres of Pennsylvania, West Virginia, Ohio and Virginia … Last Update Sep 6, 2026 · 97 min read · Natural GasOil and GasCompany Analysis
RR Range Resources (RRC) — Stock Analysis 2026 [4.5] Range Resources owns twenty-two years of proved reserves and is in no hurry to produce them. That single fact explains almost everything: why its free-cash-flow yield screens as the thinnest in the basin, why management … Last Update Sep 9, 2026 · 91 min read · Natural GasOil and GasCompany Analysis
EE Expand Energy (EXE) — Stock Analysis 2026 [4.2] Expand Energy is the largest independent natural gas producer in the United States, and it is the company in this series where the valuation asks the reader to believe something specific and checkable: that Henry Hub … Last Update Sep 6, 2026 · 88 min read · Natural GasOil and GasCompany Analysis
WR Whitecap Resources (WCP) — Stock Analysis 2026 [3.9] Whitecap spent 2025 turning itself into one of Canada’s largest oil and gas producers in a single stroke, and Q2 2026 was the quarter that proved the deal out. The ~C$15 billion all-share combination with Veren (the … Last Update Sep 2, 2026 · 72 min read · Oil and GasNatural GasCompany Analysis
EC EQT Corporation (EQT) — Stock Analysis 2026 [4.3] EQT is the only large-scale natural gas producer in the United States that owns the pipes its own gas flows through, and in 2025 that stopped being a slogan and started showing up in the accounts: transportation and … Last Update Sep 4, 2026 · 95 min read · Natural GasOil and GasCompany Analysis
CH Chevron (CVX) — Stock Analysis 2026 [3.8] Chevron is the second-largest US oil major and, after the hard-fought Hess acquisition finally closed in July 2025, a company whose growth engine looks a lot like ExxonMobil’s — a low-cost Permian position, a stake in … Last Update Aug 23, 2026 · 45 min read · Oil and GasNatural GasCompany Analysis
EX ExxonMobil (XOM) — Stock Analysis 2026 [4.3] ExxonMobil is the largest Western investor-owned oil company, and after a decade of portfolio surgery it is also the industry’s clearest growth story: two of the best assets discovered this century — the Permian shale … Last Update Aug 23, 2026 · 49 min read · Oil and GasNatural GasCompany Analysis
OIL Canadian-Listed Oil Producers Compared (2026) Five Canadian-listed oil producers, and five different answers to the same question — how do you make money from a heavy-oil-tilted barrel? Strathcona buries the barrel in a 51-year thermal reserve life; Tamarack and … Last Update Aug 14, 2026 · 45 min read · Oil and GasSector Analysis
PR Parex Resources (PXT) — Stock Analysis 2026 [3.2] Parex Resources is the cheapest name in this coverage and the one whose price is almost entirely a jurisdiction story. The thesis in one line: a ~16.4 mmboe/yr, Brent-linked Colombian oil producer with a deep 2P reserve … Last Update Aug 14, 2026 · 39 min read · Oil and GasCompany Analysis
HE Headwater Exploration (HWX) — Stock Analysis 2026 [4.2] Headwater Exploration is the purest, best-run expression of the Clearwater heavy-oil play — a debt-free growth story built by the same management team that created and sold Raging River Exploration. The thesis in one … Last Update Aug 14, 2026 · 37 min read · Oil and GasCompany Analysis
BE Baytex Energy (BTE) — Stock Analysis 2026 [3.7] Baytex Energy is a Calgary intermediate that spent 2025 doing something rare in oil and gas — shrinking to get stronger. The thesis in one line: after selling its U.S. Eagle Ford business for US$2.2 billion and using the … Last Update Aug 14, 2026 · 41 min read · Oil and GasCompany Analysis
TV Tamarack Valley (TVE) — Stock Analysis 2026 [4.0] Tamarack Valley Energy is a Calgary intermediate that spent the last three years turning itself into a pure-play on two of the highest-return oil plays in Western Canada — the Clearwater heavy-oil fairway and the Charlie … Last Update Aug 14, 2026 · 40 min read · Oil and GasCompany Analysis
GAS Lowest-Cost US Gas Producers (2026) The lowest-cost US gas producers are the ones that keep the most of every dollar of gas they sell — and the cheapest way to compare them on one number is total cash cost per mcfe: everything it costs to get a unit of gas … Published Aug 14, 2026 · 11 min read · Natural GasOil and GasRanking
OIL Canadian Oil Sands Majors Compared (2026) Four companies pull most of Canada’s oil out of the same Alberta bitumen and have made four different bets on how to get paid for it. Canadian Natural holds the longest reserve life and the cheapest barrel of asset in … Last Update Aug 17, 2026 · 49 min read · Oil and GasSector Analysis
IO Imperial Oil (IMO) — Stock Analysis 2026 [4.1] Imperial Oil is the Canadian arm of ExxonMobil dressed as a standalone stock: a fully integrated oil-sands producer and refiner that turns long-life bitumen into fuel and returns almost every spare dollar to … Last Update Aug 11, 2026 · 41 min read · Oil and GasCompany Analysis
SE Suncor Energy (SU) — Stock Analysis 2026 [4.2] Suncor Energy is Canada’s original oil-sands company and its most fully integrated one — it mines and upgrades bitumen, drills offshore oil, runs four refineries, and sells the fuel through the country’s largest retail … Last Update Aug 11, 2026 · 43 min read · Oil and GasCompany Analysis
IP International Petroleum (IPCO) — Stock Analysis 2026 [3.9] International Petroleum is a Lundin-family-controlled international oil and gas producer that has spent the last three years quietly building a transformational SAGD project while retiring more than a quarter of its own … Last Update Aug 7, 2026 · 47 min read · Oil and GasCompany Analysis
AC APA Corporation (APA) — Stock Analysis 2026 [3.0] APA Corporation is the international value name of the US large-cap E&P group — the former Apache, remade as a leaner, cash-focused producer spanning the Permian Basin, Egypt’s Western Desert and a North Sea it is … Last Update Aug 7, 2026 · 31 min read · Oil and GasNatural GasCompany Analysis
PR Permian Resources (PR) — Stock Analysis 2026 [4.1] In under four years Permian Resources turned a 2022 merger of two mid-cap operators into the second-largest pure-play in the Permian Basin and the largest pure-play in the Delaware — roughly 0.39 million barrels of oil … Last Update Aug 7, 2026 · 33 min read · Oil and GasNatural GasCompany Analysis
TE Topaz Energy (TPZ) — Stock Analysis 2026 [4.2] Topaz Energy doesn’t drill a single well, yet in 2025 it collected royalty and processing income on 9 million gross acres of Western Canadian gas and oil land, kept 91 cents of every revenue dollar as free cash flow, and … Last Update Aug 2, 2026 · 50 min read · Natural GasOil and GasCompany Analysis
AO Athabasca Oil (ATH) — Stock Analysis 2026 [4.0] Athabasca Oil is a Calgary-based thermal and light oil producer that has spent the past three years quietly running one of the more disciplined capital-return programs in Canadian energy: a fully diluted share count down … Last Update Jul 31, 2026 · 34 min read · Oil and GasCompany Analysis
BE Birchcliff Energy (BIR) — Stock Analysis 2026 [3.2] Birchcliff Energy is the smallest company in this blog’s gas-producer series and the only one trading at half the discounted value of its own proved reserves. The thesis in one line: a 100%-owned Alberta Montney … Last Update Jul 31, 2026 · 43 min read · Natural GasOil and GasCompany Analysis
MR Matador Resources (MTDR) — Stock Analysis 2026 [3.9] Matador Resources is a Dallas-based, founder-led independent that has spent two decades converting a $270,000 friends-and-family stake into one of the Delaware Basin’s more capital-disciplined mid-cap drillers, with a … Last Update Jul 31, 2026 · 36 min read · Oil and GasNatural GasCompany Analysis
NE NextDecade (NEXT) — Stock Analysis 2026 [3.5] This NextDecade stock analysis covers a company that is not yet a company in the usual sense: it is a 264-million-share claim on a construction site. NextDecade Corporation (NASDAQ: NEXT) is building the five-train, ~30 … Last Update Jul 31, 2026 · 51 min read · Natural GasOil and GasCompany Analysis
Natural Gas — A Complete Market Guide (2026) Natural gas is the world’s fastest-growing fossil fuel and the swing fuel of the power grid — it heats homes, fires industry, and increasingly sets the marginal price of electricity. Unlike oil, gas has no single global … Published Jul 19, 2026 · 44 min read · Oil and GasNatural GasGuide
Oil — A Complete Market Guide (2026) Oil is the single largest traded commodity on earth and still the backbone of the global energy system — and in the mid-2020s it is a market pulled in two directions at once, between OPEC+ quota discipline and record US … Published Jun 14, 2026 · 64 min read · Oil and GasGuide
TO Tourmaline Oil (TOU) — Stock Analysis 2026 [3.6] Tourmaline Oil is Canada’s largest natural gas producer: 630,000 barrels of oil equivalent a day of guided 2026 output from two stacked-pay basins, and a marketing book that sells Alberta gas into Chicago, California, … Last Update Sep 15, 2026 · 88 min read · Natural GasOil and GasCompany Analysis
GAS US Upstream Natural Gas Producers Compared (2026) Five US producers pull most of the Lower 48’s gas out of two sedimentary basins, and they have made five different bets about how to get paid for it. EQT owns the pipe it ships through; Expand holds under ten years of … Last Update Sep 17, 2026 · 66 min read · Natural GasOil and GasSector Analysis
SR Strathcona Resources (SCR) — Stock Analysis 2026 [3.9] Strathcona Resources is a Calgary-based, Waterous Energy Fund-controlled heavy oil producer that spent 2025 turning itself into something rare in Canadian energy: a pure-play, long-life thermal and heavy oil company, … Last Update Sep 9, 2026 · 81 min read · Oil and GasNatural GasCompany Analysis
CE Cenovus Energy (CVE) — Stock Analysis 2026 [3.6] Cenovus Energy spent 2025 doing two things at once: buying scale and shedding complexity. The thesis in one line: a US$7.1-billion, mostly-share acquisition of MEG Energy added more than 36.5 million barrels a year of … Last Update Sep 9, 2026 · 75 min read · Oil and GasNatural GasCompany Analysis
OIL US Large-Cap Upstream Oil Producers Compared (2026) Five of the largest independent oil producers in the United States, five different answers to how a barrel gets paid for. EOG carries an A-tier balance sheet and sixteen years of premium inventory, and has just bought … Last Update Sep 10, 2026 · 57 min read · Oil and GasNatural GasSector Analysis
CN Canadian Natural Resources (CNQ) — Stock Analysis 2026 [4.5] Canadian Natural Resources is the largest independent oil and gas producer in Canada and one of the few companies anywhere that mines bitumen, drills conventional oil and gas, runs thermal steam projects, and upgrades … Last Update Sep 7, 2026 · 86 min read · Oil and GasNatural GasCompany Analysis
DE Devon Energy (DVN) — Stock Analysis 2026 [4.1] Devon Energy has become one of the largest independents in US shale. Its all-stock merger of equals with Coterra Energy — closed in May 2026 — pairs Devon’s oil-rich, four-basin base with Coterra’s premier Marcellus gas … Last Update Sep 16, 2026 · 78 min read · Oil and GasNatural GasCompany Analysis
DE Diamondback Energy (FANG) — Stock Analysis 2026 [4.2] Diamondback spent two years turning itself into the Permian’s last great consolidator. With the ~US$26 billion Endeavor Energy Resources merger in September 2024 and the ~US$4 billion Double Eagle bolt-on in April 2025, … Last Update Sep 16, 2026 · 73 min read · Oil and GasNatural GasCompany Analysis
ER EOG Resources (EOG) — Stock Analysis 2026 [4.7] For a quarter of a century EOG Resources has been the company other US shale operators are measured against — the disciplined, low-cost, technically-driven independent that pioneered the “premium” drilling hurdle and … Last Update Sep 7, 2026 · 72 min read · Oil and GasNatural GasCompany Analysis
OP Occidental Petroleum (OXY) — Stock Analysis 2026 [3.7] Occidental spent 2025 and the first half of 2026 doing the one thing the market had waited six years to see: cutting the Anadarko-era debt down to size. The US$9.7 billion sale of OxyChem to Berkshire Hathaway (closed 2 … Last Update Sep 9, 2026 · 84 min read · Oil and GasNatural GasCompany Analysis
OV Ovintiv (OVV) — Stock Analysis 2026 [3.6] Ovintiv spent two years reshaping itself from a sprawling, four-basin generalist into a focused, two-play North American oil producer. It bought oil-rich Montney acreage in Alberta from Paramount Resources and NuVista … Last Update Sep 16, 2026 · 73 min read · Oil and GasNatural GasCompany Analysis
AR Antero Resources (AR) — Stock Analysis 2026 [3.7] Antero Resources sells the richest barrel-equivalent in Appalachia and pays the highest toll to get it to market. In FY2025 it realised US$3.99 per thousand cubic feet equivalent — 45% more than its nearest dry-gas … Last Update Sep 6, 2026 · 100 min read · Natural GasOil and GasCompany Analysis
CR CNX Resources (CNX) — Stock Analysis 2026 [3.7] CNX Resources is the quiet, unfashionable end of Appalachian gas: no dividend, 390 employees, almost no liquids, and a business built on owning four million acres of Pennsylvania, West Virginia, Ohio and Virginia … Last Update Sep 6, 2026 · 97 min read · Natural GasOil and GasCompany Analysis
RR Range Resources (RRC) — Stock Analysis 2026 [4.5] Range Resources owns twenty-two years of proved reserves and is in no hurry to produce them. That single fact explains almost everything: why its free-cash-flow yield screens as the thinnest in the basin, why management … Last Update Sep 9, 2026 · 91 min read · Natural GasOil and GasCompany Analysis
EE Expand Energy (EXE) — Stock Analysis 2026 [4.2] Expand Energy is the largest independent natural gas producer in the United States, and it is the company in this series where the valuation asks the reader to believe something specific and checkable: that Henry Hub … Last Update Sep 6, 2026 · 88 min read · Natural GasOil and GasCompany Analysis
