Oil costs weakened in Q3 as international provide outpaced demand and inventories swelled.
Brent crude fell 1.7 % to finish the quarter at US$65.90 per barrel, whereas West Texas Intermediate dropped to US$62.33. Deloitte’s newest power report attributes the decline to rising stockpiles and OPEC+’s early resolution to unwind manufacturing cuts, including 1.37 million barrels per day in October.
The US Power Data Administration famous provide exceeded demand by 1.6 million barrels per day between Could and August, pointing to continued inventory builds forward.
In an e mail interview with the Investing Information Community for the Q3 market replace, Igor Isaev, Physician of Technical Sciences and head of Thoughts Cash’s Analytics Heart, pointed to OPEC+ market management as an element to look at within the months forward.
“OPEC+ self-discipline continues to be considerably unpredictable — its manufacturing indicators have gotten extra tactical somewhat than structural,” Isaev wrote. “However, US shale is adjusting to cost indicators with a give attention to capital restraint as a substitute of simply ramping up quantity. LNG shipments to Europe and Japan are turning into geopolitical instruments, not simply easy business agreements.”
As for the way that would have an effect on power shares, he said, “The benefit will go to these (firms) who can skillfully navigate this complexity, foresee essential turning factors, and make investments their capital with each accuracy and creativity.”
Regardless of the market volatility, the 5 top-performing oil and gasoline shares on the TSX and TSXV have seen share worth progress over Q3 2025. All year-to-date efficiency and share worth information was obtained on October 9, 2025, utilizing TradingView’s inventory screener, and oil and gasoline firms with market caps above C$10 million at the moment have been thought of.
1. Falcon Oil & Fuel (TSXV:FO)
Yr-to-date achieve: 156.25 %
Market cap: C$221.83 million
Share worth: C$0.205
Falcon Oil & Fuel is a world oil and gasoline firm specializing within the exploration and improvement of unconventional oil and gasoline property, with pursuits in property in Australia, South Africa and Hungary.
The corporate has a 22.5 % curiosity within the Beetaloo three way partnership, with Tamboran Sources (NYSE:TBN,ASX:TBN) proudly owning the rest.
On September 30, Falcon introduced it entered right into a definitive settlement to be wholly acquired by three way partnership companion Tamboran. The mixture will create an organization with roughly 2.9 million internet potential acres throughout Australia’s Beetaloo Basin and a projected market cap of US$500 million.
The deal is predicted to shut in Q1 2026.
Falcon’s share worth spiked to a year-to-date excessive of C$0.21 on October 1.
Yr-to-date achieve: 37.78 %
Market cap: C$63.58 billion
Share worth: C$123.56
Calgary-based Imperial Oil is a distinguished Canadian power firm concerned within the exploration, manufacturing, refining and advertising of petroleum merchandise. With a historical past spanning over 140 years, Imperial operates numerous property throughout Canada, together with oil sands, standard crude oil and pure gasoline property.
In early August, Imperial launched its Q2 2025 outcomes, reporting internet earnings of C$949 million, down from C$1.29 billion in Q1, as weaker upstream realizations and downstream margin seize weighed on outcomes.
Regardless of decrease earnings, the corporate posted its strongest Q2 upstream manufacturing in over three many years, averaging 427,000 barrels of oil equal (boe/d), led by document output at Kearl. Refinery capability utilization averaged 87 % amid main turnaround work
Through the quarter, Imperial additionally launched Canada’s largest renewable diesel facility, positioned in Alberta, and returned C$367 million to shareholders via dividends.
Shares of Imperial climbed via a lot of Q2 and Q3, and reached a year-to-date excessive of C$130.94 on September 16.
Yr-to-date achieve: 30.91 %
Market cap: C$3.49 billion
Share worth: C$7.03
Athabasca Oil is concentrated on growing thermal and light-weight oil property inside Alberta’s Western Canadian Sedimentary Basin. The corporate has established a considerable land base with high-quality sources. Its gentle oil operations are managed via its non-public subsidiary, Duvernay Power, wherein the corporate holds a 70 % fairness curiosity.
On July 24, Athabasca Oil reported its Q2 2025 outcomes, highlighted by regular manufacturing and continued shareholder returns. The corporate produced a median of 39,088 boe/d, up 4 % year-over-year. It generated C$127.6 million in adjusted funds stream in the course of the quarter, down from C$165.75 in Q2 2024.
Capital spending totaled C$73 million, largely directed to increasing the corporate’s cornerstone Leismer undertaking.
Moreover, Athabasca has repurchased 24 million shares year-to-date, reinforcing its “dedication to returning all thermal oil free money stream to shareholders in 2025.” Its free money stream from the phase totaled C$66 million in Q2.
A modest uptick in benchmark crude costs supported a inventory bump for Athabasca Oil in the course of the second week of October. Shares reached a year-to-date excessive of C$7.18 on October 8.
Yr-to-date achieve: 28.68 %
Market cap: C$1.81 billion
Share worth: C$18.80
Headquartered in Calgary, Parex Sources is a Colombia-focused oil and gasoline producer with six oil-producing property and one non-operational asset.
Parex’s Q2 outcomes, launched on July 30, highlighted a median output fee of 42,542 boe/d, with July manufacturing rising to 44,450 boe/d. The corporate stated it’s on monitor to fulfill its full-year steering of 43,000 to 47,000 boe/d.
Parex additionally introduced a 3rd quarter dividend of C$0.385 per share.
“As we enter the second half of the yr, robust near-field exploration ends in the Southern Llanos, mixed with the ramp-up in improvement drilling, are anticipated to drive a gentle step-up in manufacturing via year-end,” the corporate said.
On October 1, the corporate shared a manufacturing replace, reporting it averaged 44,000 boe/d in Q3.
Shares of Parex climbed all through the Q3 to a year-to-date excessive of C$19.68 on September 25.
Yr-to-date achieve: 27.4 %
Market cap: C$7.63 billion
Share worth: C$30.50
MEG Power is an power firm solely targeted on in-situ thermal oil manufacturing within the southern Athabasca oil area of Alberta, Canada. Using progressive enhanced oil restoration initiatives, together with steam-assisted gravity drainage extraction strategies, the corporate goals to extend oil restoration responsibly whereas lowering carbon emissions.
In Could, Strathcona Sources (TSX:SCR) made an unsolicited C$4.1 billion supply for MEG, a transfer firm executives at MEG rapidly denounced. In a subsequent press launch shared on June 16, MEG known as the supply “insufficient, opportunistic, and NOT in the most effective pursuits of MEG or its shareholders.”
In mid-September MEG once more urged shareholders to reject a revised supply from Strathcona and as a substitute contemplate an August supply from Cenovus Power (TSX:CVE).
On October 8, MEG introduced that Cenovus elevated its bid to C$8.6 billion, and once more steered shareholders settle for the supply.
Following the elevated bid, Shares of MEG rose to a year-to-date excessive of C$30.50 on October 9.
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Securities Disclosure: I, Georgia Williams, maintain no direct funding curiosity in any firm talked about on this article.
