The oil and gas sector closed 2025 amid sharp swings, as ample supply and uneven demand weighed on prices across energy markets.
Crude benchmarks trended lower through the year, with rising output from non-OPEC producers, led by record US production, and higher OPEC+ quotas creating a persistent supply overhang.
After starting 2025 above US$70 per barrel, both Brent and WTI fell more than 20 percent, sliding toward four-year lows as inventories swelled and demand growth softened, particularly in China.
Natural gas followed a different, but equally volatile, path. Prices weakened through the summer on comfortable storage levels, before rebounding late in the year as colder weather lifted heating demand.
While short-term weather shocks pushed prices higher, the broader outlook remains shaped by storage dynamics, production strength and shifting forecasts into 2026, setting a complex backdrop for oil and gas equities heading into the year ahead.
Against that backdrop, the five top-performing oil and gas stocks on the TSX and TSXV have seen share price growth. All year-to-date performance and share price data was obtained on December 22, 2025, using TradingView’s stock screener. Oil and gas companies with market caps above C$10 million at that time were considered.
1. Cavvy Energy (TSX:CVVY)
Year-to-date gain: 227.27 percent
Market cap: C$258.65 million
Share price: C$0.90
Cavvy Energy is a Canadian energy company based in Calgary, Alberta, with operations in Alberta and British Columbia. The company operates as a upstream producer and midstream custom processor, and produces natural gas, condensate and gas liquids, and sulfur.
In a November 7 press release, the company underscored a strong operational and financial performance in the third quarter of 2025, producing 23,956 barrels of oil equivalent per day and generating C$30.6 million in net operating income.
According to CEO and President Darcy Reding, the results were supported by a 14 percent increase in third-party processing volumes over the prior quarter, while hedging gains helped cushion the impact of a weak summer gas market for AECO natural gas spot prices.
The company also strengthened its forward outlook by securing a structured pricing agreement for 2026 sulfur sales, providing downside protection while maintaining exposure to higher prices.
Shares of Cavvy Energy rose to a year-to-date high of C$0.96 on November 20.
Cavvy Energy’s 2026 guidance projects steady production of 22,000 to 24,500 barrels of oil equivalent per day (boe/d) and a significant 25 percent increase in net operating income compared with 2025, underpinned by strong sulfur and third-party processing revenues.
The Calgary-based producer plans to aggressively reduce long-term debt by up to C$50 million using its free cash flow, targeting year-end 2026 debt of C$110 million to C$125 million, while maintaining disciplined capital spending of C$35 million to C$40 million.
2. Falcon Oil & Gas (TSXV:FO)
Year-to-date gain: 150 percent
Market cap: C$221.83 million
Share price: C$0.20
Headquartered in Ireland, Falcon Oil & Gas is an international oil and gas company that specializes in the exploration and development of unconventional oil and gas assets, with interests in assets in Australia, South Africa and Hungary.
On January 24, Falcon issued its first corporate update of 2025, announcing the launch of a well stimulation campaign as part of the Shenandoah South pilot project the Beetaloo Sub-basin, located in the Northern Territory of Australia.
The company has a 22.5 interest in the Beetaloo joint venture, with Tamboran Resources (NYSE:TBN,ASX:TBN) owning the remaining 77.5 percent.
On September 30, Falcon announced it had entered into a definitive agreement to be wholly acquired by joint venture partner Tamboran. The combination will create a company with roughly 2.9 million net prospective acres across Australia’s Beetaloo Basin and a projected market cap of US$500 million.
The deal is expected to close in the first quarter of 2026.
In mid-October, Falcon reported Tamboran completed its three-well batch drilling campaign in the Beetaloo Sub-basin, with all wells drilled, cased and suspended ahead of stimulation.
Shares of Falcon reached a year-to-date high of C$0.215 on December 5, coinciding with an uptick in oil benchmark values.
On December 15, Falcon reported progress at its Shenandoah South project in Australia after Tamboran completed the stimulation program at the SS2-1H well.
The campaign included 58 stimulation stages across a roughly 3,050 meter horizontal section in the Amungee Member B Shale, with high injection rates and an optimized design that is expected to reduce costs in future programs.
Initial flow testing is planned for Q1 2026, with three additional wells set for stimulation in H1 2026 ahead of gas sales, targeting the contracted 40 million cubic feet per day under the Northern Territory Gas Sales Agreement.
3. Crown Point Energy (TSXV:CWV)
Year-to-date gain: 142.11 percent
Market cap: C$16.77 million
Share price: C$0.23
Crown Point Energy is an oil and gas exploration and development company headquartered in Argentina. The company has operations in four producing basins in the country: the Golfo San Jorge basin in Santa Cruz, the Austral basin in Tierra del Fuego, and the Neuquén and Cuyo basins in Mendoza.
In August, Crown Point Energy reported its financial and operating results for its Q2 and H1 2025 periods, with average Q2 production of 4,083 boe/d and quarterly sales revenue from that production of US$22.2 million. The update highlighted continued growth and strategic investment in its Argentine concessions.
Additionally, the company provided an update on its agreements with Tecpetrol, YPF and Pampa Energía, through which it plans to acquire a 95 percent total interest in the El Tordillo, La Tapera and Puesto Quiroga concessions in Chubut.
A late September press release provided a 2024 reserve update for the Chubut concessions.
The Pampa Energía deal has since closed, resulting in Crown Point Energy acquiring an initial 35.6706 percent interest in the three concessions. The Tecpetrol and YPF asset deals are still in progress.
Shares of Crown Point Energy rallied to a year-to-date high of C$0.24 twice in 2025, first on February 12 and again on November 2.
4. Spartan Delta (TSX:SDE)
Year-to-date gain: 105.44 percent
Market cap: C$1.41 billion
Share price: C$7.17
Spartan Delta is a Canadian oil and gas company focused on sustainable value creation through disciplined operations and financial performance. The company operates a portfolio of production and development assets in Alberta’s Deep Basin and Duvernay, with an emphasis on generating free funds flow through responsible exploration and development.
Spartan continues to advance its organic drilling program while pursuing operational efficiencies, asset optimization and consolidation opportunities.
In a November announcement, Spartan highlighted robust operational and financial results for Q3 2025, with production of 43,193 boe/d, up 17 percent from the same quarter last year and 12 percent from Q2 2025, with crude oil production surging 272 percent year-over-year.
The company generated C$82.7 million in oil and gas sales and C$50.4 million in adjusted funds flow, despite historically low Albertan benchmark gas prices in September. Spartan executed a C$105.1 million capital program, primarily focused on drilling and completions, and has net debt of C$178.9 million.
To manage price volatility, the company has hedged 98,880 gigajoules per day of natural gas at C$2.35 per gigajoule and 3,149 barrels of crude oil at C$97.77 per barrel for Q4 2025.
A rally in benchmark crude prices in December added tailwinds to Spartan’s shares which registered a year-to-date high of C$7.80 on December 4.
5. Eco (Atlantic) Oil & Gas (TSXV:EOG)
Year-to-date gain: 97.44 percent
Market cap: C$116.64 million
Share price: C$0.385
Eco Atlantic is a publicly traded oil and gas exploration company focused on the Atlantic Margin. The company holds offshore exploration licenses in Guyana, Namibia and South Africa, targeting low-carbon intensity oil and gas resources in stable emerging markets near existing infrastructure.
Eco operates the 1,354 square kilometer offshore Orinduik Block in Guyana, oversees four offshore licenses in Namibia’s Walvis Basin covering 22,894 square-kilometers, and holds interests in South Africa’s Orange Basin totaling approximately 37,510 square kilometers.
In November, Eco reported steady progress across its offshore portfolio for fiscal Q2 2026, maintaining a strong balance sheet with US$2.1 million in cash and no debt, alongside total assets of US$18.9 million.
In South Africa, the company advanced work on Block 1 CBK, completing seismic data acquisition and a renaming of the block in honor of late co-founder Colin Brent Kinley. Additionally, its partner continued Block 3B/4B preparations ahead of planned exploration drilling, and identified the Nayla prospect.
In Namibia, Eco secured a one-year license extension for exploration across its four PELs and farmed out its working interest in PEL 98 to Namibian company Lamda Energy, with additional farm-out opportunities under review.
Offshore Guyana, the company remained engaged in a farm-out process for the Orinduik Block and is evaluating appraisal of the Jethro-1 and Joe-1 heavy oil discoveries.
On December 4, Eco Atlantic announced it entered a strategic partnership with Navitas Petroleum, through which the latter company can acquire exclusive options to farm into the Orinduik Block in Guyana and Block 1 CBK in South Africa.
Navitas will carry Eco’s share of exploration and potential development costs, including appraisal of existing heavy oil discoveries, with repayment tied to future production proceeds.
The news of the agreement led shares of Eco to soar from its December open of C$0.145, and they registered a year-to-date high of C$0.48 on December 17, 2025.
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
