IP International Petroleum (IPCO) — Stock Analysis 2026 [3.0] International Petroleum is an E&P producer in the oil and gas sector: it produced 44.9 Mboe/d in 2025 from Canada, Malaysia and France, two-thirds of it crude oil and the rest Canadian gas. The thesis in one line: a … Last Update Oct 19, 2026 · 51 min read · Oil and GasNatural GasCompany Analysis
MR Matador Resources (MTDR) — Stock Analysis 2026 [3.1] Matador Resources is an E&P producer in the oil and gas sector: a Dallas-based operator that produced 207,070 boe/d in 2025, 98% of it from the Delaware Basin, with 667.0 mmboe of SEC proved reserves and a 51% stake in … Last Update Oct 16, 2026 · 49 min read · Oil and GasNatural GasCompany Analysis
FR Freehold Royalties (FRU) — Stock Analysis 2026 [3.4] Freehold Royalties drills no wells, yet it is paid a royalty on oil and gas from more than 21,000 producing wells run by over 380 operators in Canada and the United States, and in 2025 it kept C$43.94 of every C$51.07 it … Last Update Oct 15, 2026 · 46 min read · Oil and GasNatural GasCompany Analysis
EX ExxonMobil (XOM) — Stock Analysis 2026 [4.1] ExxonMobil is the largest Western investor-owned oil company: 4,736 thousand barrels of oil equivalent a day in 2025, plus refining, chemicals and lubricants run as three more segments. The thesis in one line: a strong, … Last Update Oct 15, 2026 Free · full valuation · 66 min read · Oil and GasNatural GasCompany Analysis
BE Birchcliff Energy (BIR) — Stock Analysis 2026 [3.1] Birchcliff Energy is an E&P producer in the natural-gas sector: a 100%-operated Alberta Montney company producing about 80,000 boe/d, with 946.0 mmboe of proved plus probable reserves — 32.4 years at its 2025 rate. The … Last Update Oct 10, 2026 · 50 min read · Natural GasOil and GasCompany Analysis
NE NextDecade (NEXT) — Stock Analysis 2026 [3.5] NextDecade stock is a claim on Rio Grande LNG, a 30 MTPA export plant rising on the Brownsville Ship Channel — but a claim on slices of it, not on the plant. Construction keeps beating plan: Trains 1 and 2 were 74% … Last Update Oct 12, 2026 · 40 min read · Natural GasOil and GasCompany Analysis
The Oil & Gas Value Chain: Oil Sands (2026) Alberta’s oil sands are the third way the world produces oil, and the strangest one: no exploration risk to take, no decline curve to outrun, and a barrel so viscous it cannot enter a pipeline without help. This guide is … Published Sep 19, 2026 · 42 min read · Oil and GasUpstreamGuide
The Oil & Gas Value Chain, Part 4: Oilfield Services (2026) Every barrel that Part 1 of this series produces, Part 2 moves and Part 3 refines came out of a well drilled on a rig somebody else owns, lined with pipe somebody else rolled and fractured by a pump fleet somebody else … Published Sep 15, 2026 · 58 min read · Oil and GasOilfield ServicesGuide
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 · 48 min read · Natural GasOil and GasCompany Analysis
GAS US 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 Oct 12, 2026 · 57 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 · 43 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 · 40 min read · Oil and GasNatural GasCompany Analysis
OIL US Large-Cap 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 Oct 12, 2026 · 54 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 · 36 min read · Oil and GasNatural GasCompany Analysis
OP Occidental Petroleum (OXY) — Stock Analysis 2026 [3.7] Occidental is the oil-weighted US producer that spent eighteen months repairing its Anadarko-era balance sheet: the US$9.7 billion sale of OxyChem to Berkshire Hathaway, closed on 2 January 2026, and a strong first half … Last Update Oct 19, 2026 · 46 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 · 36 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 · 33 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 · 35 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 · 48 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 · 62 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 · 61 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 · 56 min read · Natural GasOil and GasCompany Analysis
EE Expand Energy (EXE) — Stock Analysis 2026 [4.0] Expand Energy is the largest gas producer in its US peer set, at 7.18 Bcfe a day in 2025 from three operated basins. The thesis in one line: a low-cost, low-leverage gas business whose 9.9-year proved book is worth far … Last Update Oct 18, 2026 · 41 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 · 39 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 · 58 min read · Natural GasOil and GasCompany Analysis
The Oil & Gas Value Chain, Part 1: Upstream (2026) Every barrel of crude and every cubic foot of gas the world burns begins in the same place: a hole in the ground, drilled on a geologist’s bet, into a rock that has held hydrocarbons for tens of millions of years. … Published Aug 26, 2026 · 132 min read · Oil and GasUpstreamGuide
PE Peyto Exploration (PEY) — Stock Analysis 2026 [3.9] Peyto Exploration is an E&P producer in the natural-gas sector: an Alberta Deep Basin company that produced 134,055 boe/d in 2025, 88% of it natural gas, through gas plants it owns. The thesis in one line: the … Last Update Oct 18, 2026 · 47 min read · Natural GasOil and GasCompany Analysis
CH Chevron (CVX) — Stock Analysis 2026 [3.4] Chevron is the second-largest producer among the Western oil majors, enlarged in July 2025 by the Hess acquisition, which added the Bakken and a share of Guyana’s Stabroek block. The thesis: a quality integrated business … Last Update Aug 23, 2026 · 42 min read · Oil and GasNatural GasCompany Analysis
The Oil & Gas Value Chain: World Oil & Gas Basins (2026) Every exploration-and-production (E&P) company you can buy is, underneath the ticker, a portfolio of acreage in oil and gas basins — and the basin decides almost everything that matters: whether the barrels come out as … Published Aug 21, 2026 · 79 min read · Oil and GasUpstreamGuide
The Oil & Gas Value Chain, Part 3: Downstream (2026) Every gallon of gasoline, every tank of jet fuel and most of the plastic in the room around you began as a barrel of crude that was useless until a refinery took it apart and put it back together. Downstream is the last … Published Aug 18, 2026 · 91 min read · Oil and GasDownstreamGuide
OIL Canadian Mid-Cap Oil Producers Compared (2026) Five Canadian mid-cap 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 Oct 12, 2026 · 41 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 · 37 min read · Oil and GasCompany Analysis
HE Headwater Exploration (HWX) — Stock Analysis 2026 [3.7] Editor’s note, 20 October 2026: on 8 September 2026 Headwater and Tamarack Valley announced an all-stock strategic combination under a definitive arrangement agreement (Headwater news release). This analysis predates the … Last Update Oct 20, 2026 · 45 min read · OilOil and GasCompany Analysis
BE Baytex Energy (BTE) — Stock Analysis 2026 [3.4] Baytex Energy is a Calgary oil producer that sold its US Eagle Ford business in December 2025 for CA$3.0 bn of net proceeds and now runs only Canadian heavy and light oil, with CA$566.3 m of net cash. The thesis in one … Last Update Oct 20, 2026 · 46 min read · OilOil and GasCompany Analysis
TV Tamarack Valley (TVE) — Stock Analysis 2026 [3.7] Editor’s note, 21 October 2026: on 8 September 2026 Tamarack Valley and Headwater Exploration announced an all-stock strategic combination under a definitive arrangement agreement (Headwater news release). This analysis … Last Update Oct 21, 2026 · 49 min read · OilOil 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 Producers 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 Oct 12, 2026 · 48 min read · Oil and GasSector Analysis
IO Imperial Oil (IMO) — Stock Analysis 2026 [3.8] Imperial Oil is ExxonMobil’s 69.6%-owned Canadian affiliate: three oil-sands assets — Kearl, Cold Lake and a 25% share of Syncrude — that produced 438 kboe/d before royalties in 2025, feeding three refineries with 434 … Last Update Oct 19, 2026 · 44 min read · Oil and GasNatural GasCompany Analysis
SE Suncor Energy (SU) — Stock Analysis 2026 [3.9] Suncor Energy is Canada’s original oil-sands company and its most integrated one: it mines and upgrades bitumen, pumps offshore crude off Newfoundland, runs five refineries and sells the fuel through 1,732 Petro-Canada … Last Update Oct 18, 2026 · 51 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 [3.5] Permian Resources is an E&P producer in the oil and gas sector: an operator that produced 392,633 boe/d in 2025, all of it from the Delaware Basin of West Texas and Southeast New Mexico, on 1,116.3 mmboe of SEC proved … Last Update Oct 21, 2026 · 47 min read · Oil and GasNatural GasCompany Analysis
TE Topaz Energy (TPZ) — Stock Analysis 2026 [3.7] Topaz Energy drills no wells and runs no plants, yet it takes 3% of the natural gas and 2.5% of the oil from the core lands of Tourmaline Oil, the producer that created it, collects fees on about 268 mmcf/d of net … Last Update Oct 15, 2026 · 65 min read · Oil and GasNatural GasCompany Analysis
The Oil & Gas Value Chain, Part 2: Midstream (2026) Every barrel and every cubic foot the world consumes passes through a machine almost nobody looks at: three million miles of American pipe, a few hundred processing plants, a handful of salt caverns and a fleet of … Published Jul 30, 2026 · 83 min read · Oil and GasMidstreamGuide
Natural Gas — A Complete Market Guide (2026) Natural gas is the swing fuel of the power grid — it heats homes, fires industry and, in much of the world, sets the price of the marginal megawatt-hour. Unlike oil it has no single world price: the natural gas market is … Published Jul 19, 2026 · 88 min read · Oil and GasNatural GasGuideCommodity Guide
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 · 115 min read · Oil and GasGuideCommodity Guide
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 · 33 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 · 36 min read · Oil and GasNatural GasCompany Analysis
OP Occidental Petroleum (OXY) — Stock Analysis 2026 [3.7] Occidental is the oil-weighted US producer that spent eighteen months repairing its Anadarko-era balance sheet: the US$9.7 billion sale of OxyChem to Berkshire Hathaway, closed on 2 January 2026, and a strong first half … Last Update Oct 19, 2026 · 46 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 · 36 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 · 62 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 · 61 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 · 56 min read · Natural GasOil and GasCompany Analysis
EE Expand Energy (EXE) — Stock Analysis 2026 [4.0] Expand Energy is the largest gas producer in its US peer set, at 7.18 Bcfe a day in 2025 from three operated basins. The thesis in one line: a low-cost, low-leverage gas business whose 9.9-year proved book is worth far … Last Update Oct 18, 2026 · 41 min read · Natural GasOil and 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 · 58 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 · 39 min read · Oil and GasNatural GasCompany Analysis
The Oil & Gas Value Chain, Part 1: Upstream (2026) Every barrel of crude and every cubic foot of gas the world burns begins in the same place: a hole in the ground, drilled on a geologist’s bet, into a rock that has held hydrocarbons for tens of millions of years. … Published Aug 26, 2026 · 132 min read · Oil and GasUpstreamGuide
PE Peyto Exploration (PEY) — Stock Analysis 2026 [3.9] Peyto Exploration is an E&P producer in the natural-gas sector: an Alberta Deep Basin company that produced 134,055 boe/d in 2025, 88% of it natural gas, through gas plants it owns. The thesis in one line: the … Last Update Oct 18, 2026 · 47 min read · Natural GasOil and GasCompany Analysis
CH Chevron (CVX) — Stock Analysis 2026 [3.4] Chevron is the second-largest producer among the Western oil majors, enlarged in July 2025 by the Hess acquisition, which added the Bakken and a share of Guyana’s Stabroek block. The thesis: a quality integrated business … Last Update Aug 23, 2026 · 42 min read · Oil and GasNatural GasCompany Analysis
The Oil & Gas Value Chain: World Oil & Gas Basins (2026) Every exploration-and-production (E&P) company you can buy is, underneath the ticker, a portfolio of acreage in oil and gas basins — and the basin decides almost everything that matters: whether the barrels come out as … Published Aug 21, 2026 · 79 min read · Oil and GasUpstreamGuide
The Oil & Gas Value Chain, Part 3: Downstream (2026) Every gallon of gasoline, every tank of jet fuel and most of the plastic in the room around you began as a barrel of crude that was useless until a refinery took it apart and put it back together. Downstream is the last … Published Aug 18, 2026 · 91 min read · Oil and GasDownstreamGuide
