ATB Capital Markets Hosts 2025 Energy Fall Investor Conferences in New York City

ATB Capital Markets hosted its Fall 2025 Energy Institutional Investor Conference in New York City on September 25, 2025. The event featured 16 of Canada's leading oil and gas producers, providing a platform for discussions on growth, consolidation, capital returns, and the industry's outlook.

"What continues to stand out about this conference is the breadth of perspectives we can bring together. This year, the discussions underscored the importance of convening industry leaders to navigate market realities, policy shifts, and the evolving investment landscape," said Darren Eurich, CEO of ATB Capital Markets. "The insights shared offered a clear view of how the sector and issuers are positioning themselves for what comes next. ATB Capital Markets remains committed to fostering that dialogue, helping clients navigate this shift, pursue growth, and build resilience."

Key discussions included:

• Consolidation and M&A: Mergers and acquisitions were a key theme, as the consolidation cycle of the past 24 months continues to drive scale and competitiveness, and create shareholder value across the Canadian energy sector.
• Clearwater Expansion: Clearwater is increasingly seen as a major growth opportunity, with operators investing beyond traditional multilateral drilling into waterfloods and polymer pilots. Companies are also expanding inventories by testing adjacent formations such as the Grand Rapids and Wabiskaw.
• Canadian Gas Outlook Optimism: Multiple companies prudently elected to preserve economic value by shutting in gas production during the summer and early fall due to falling spot prices. These shut-ins are expected to subside as LNG Canada gains further operational momentum and heavy seasonal gas transmission maintenance concludes. AECO spot prices are forecasted to recover to more than C$2/GJ in Q4/25 and to above C$2.50/GJ in 2026.
• Improving Capital Efficiency and Returns: Companies remain focused on improving capital efficiency while balancing reinvestment through dividends and share buybacks. This reflects the sector's growing maturity and financial discipline compared to previous cycles.
• Changing Political Climate and Infrastructure Outlook: Canada's shifting political landscape was a central topic in all discussions, with investors emphasising its potential impact on the approval and timing of major infrastructure projects.

"This year's discussions reinforced the resilience of the Canadian energy industry as it adapts to near-term challenges and continues to pursue new growth opportunities," said Patrick O'Rourke, Managing Director of Institutional Research, Exploration & Production. "Beyond the company-level focus on resource quality, consolidation, and efficiency, we see an industry navigating shifting market realities, rising global supply risks, and evolving policy dynamics. Gas-led demand expansion, innovation in formations like the Clearwater, and disciplined capital allocation are all evidence of how the sector in Canada is positioning itself to remain competitive and relevant in a changing global energy landscape."