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Alberta’s Oil & Gas Sector Tops TSX’s Top 30 List

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Alberta energy companies feature prominently in the Toronto Stock Exchange‘s latest list of top performers.

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Companies based in the province accounted for half of the listings on the latest TSX30, an annual ranking of the top 30 stocks by dividend-adjusted share price over a three-year period, which was released on Thursday.

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Of these 15 Alberta companies, 14 are in the oil and gas sector.

TSX CEO Loui Anastasopoulos said these Alberta energy companies account for about 63% of market capitalization – the value of publicly traded companies – on the 2022 edition of the TSX30.

“It’s nice to see energy taking a starring role in this year’s list for the first time,” he told Postmedia.

Representation of oil and gas companies on the annual list has been sparse since the program launched in 2019, but as of Thursday, the top 10 included Alberta companies Obsidian Energy Ltd., Crew Energy Inc., Advantage Energy Ltd., Paramount Resources Ltd. and Tourmaline Oil Corp.

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At No. 13, Calgary-headquartered Birchcliff Energy Ltd. made a sharp ascent from the “depths of despair” in March 2020, the early days of the COVID-19 pandemic when the stock price the company’s stock fell to around 60 cents. This year, the stock has reached around $12, chairman and chief operating officer Chris Carlsen told Postmedia.

Although the inclusion on the list is exciting, it is also a reminder of the challenges faced over the past three years, he added.

Share prices in the sector had been hit due to low oil prices in the decade before the pandemic, and fell further in early 2020 with reduced demand.

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“I really think about the resilience and strength of our people in Calgary and on the pitch,” Carlsen said. “As well as the management team, our board of directors and some of our major shareholders for this support during all these different times to get from where we were to where we are today.”

Oil prices have since rebounded and reached as high as US$120 a barrel in June, in part due to a general lifting of COVID-19 restrictions as well as the war between Russia and Ukraine.

As with just over a third of the top 30 companies announced on Thursday, Birchcliff is a “graduate” of the TSX Venture Exchange, an exchange that lists start-ups as they incubate, grow and leapfrog. on the TSX market, Anastasopoulos said. .

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“I think it speaks to the credibility of this two-tiered ecosystem and how it nurtures, grows and transitions companies to the big board,” he said.

Mining companies also had a notable presence on the last TSX30, half of which are headquartered in British Columbia

Anastasopoulos was quick to note that nationally, the list also points to a successful year for local businesses.

“Obviously the focus is on Alberta, but 90% of the list this year are Canadian companies, which I think demonstrates the strength of Canadian capital markets as a platform for growth,” did he declare.

— With files from The Canadian Press

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@hamdiissawi

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