Insight
Canada upstream in brief
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
What's inside this report?
- Corporate news: What’s caught the team’s attention in the headlines this month
- Deep dive: Expert analysis from our dedicated team on the most exciting developments in the sector – from M&A activity to new exploration to geopolitical developments
- What to watch: What to expect from the Canadian upstream sector over the next few months
Report summary
The Canada upstream in brief provides our expert opinion and analysis of the top upstream stories as they unfold. We have a dedicated team of experienced industry analysts covering all regions of Canadian upstream activity – Oil Sands, Western Canada Sedimentary Basin, Arctic, and offshore East Coast. We primarily focus on: exploration and appraisal drilling, project developments, production, licensing, fiscal and regulatory changes, geopolitics, and corporate and M&A activity.
Table of contents
- Recent insights
- Deal activity
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Bay du Nord – forging ahead with critical FEED contract awards
- Caitlin Shaw, 29 April 2026
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Shell acquires ARC Resources for C$22 billion (US$16 billion)
- Mackenzie Monsour , 27 April 2026
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North Hudson acquires HWN Energy
- Mark Oberstoetter , 14 April 2026
-
Canadian crude differentials post wild swings amid Middle East conflict
- Dylan White , 13 April 2026
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MOU methane deal advances as carbon pricing talks lag
- Cecilia Treviño , 31 March 2026
-
Canadian response to the Middle East conflict
- Jonah Resnick , 17 March 2026
- 3 March 2026
- Mark Oberstoetter , 3 March 2026
-
ICYMI: Americas upstream 2026 outlook webinar
- Lydia Walker and Mackenzie Monsour, 17 February 2026
- Mark Oberstoetter and Cecilia Treviño , 2 February 2026
- Mackenzie Monsour , 27 January 2026
-
IPC reaches first steam at Blackrod
- Jonah Resnick , 20 January 2025
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ICYMI: recent Canada upstream insights
- Mackenzie Monsour , 16 Dec 2025
- Jonah Resnick , 27 November 2025
- Mackenzie Monsour , 25 November 2025
- Mark Oberstoetter , 24 November 2025
- Mackenzie Monsour & Mark Oberstoetter , 18 November 2025
- Mark Oberstoetter , 14 November 2025
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ARC pushes back Attachie Phase II FID
- Mackenzie Monsour , 11 November 2025
- Mark Oberstoetter , 28 October 2025
- Jonah Resnick, 30 September 2025
- 29 more item(s)...
Tables and charts
This report includes the following images and tables:
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HWN Energy Montney leases and wellsOHML production from Clearwater and Lloydminster playsNorman Wells annual cash flows
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Map of Norman Wells field and pipelineOil sands majors: gearing ratioBlackrod and surrounding oil sands leasesMap of nearby Charlie Lake and Montney operators (Wapiti not shown)Zooming in: net debt capacity to 40% gearing2026 capex guidance change by liquids weightingAnnual M&A consideration2025 & 2026 capital and production guidanceQuarterly oil sands production
- 70 more item(s)...
What's included
This report contains:
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