CALGARY, Alberta, May 25, 2026, 14:04 MDT
- Athabasca Oil traded at C$11.34 on Monday, falling from Friday’s close of C$11.96.
- WTI crude lost over 6%, dragging Canadian energy stocks down. The TSX still set a record.
- The selloff puts pressure on a 2026 equity pitch that leans on oil-led cash flow, Leismer expansion and share buybacks.
Athabasca Oil Corp. shares lost around 5% Monday, lagging the Canadian market as oil prices fell hard. The stock on the TSX last traded at C$11.34, down from C$11.96 at Friday’s close. It moved in a range from C$11.335 to C$11.710 during the session.
Athabasca shares have traded up on strong oil prices and bets on its liquids-heavy assets and the Leismer and Duvernay projects. Now WTI is at $90.31, falling 6.51%, and Brent is at $93.65, off 6.55%.
This wasn’t a Canadian market holiday. The Toronto Stock Exchange has regular hours from 9:30 a.m. to 4 p.m. EDT, Monday to Friday. TMX shows U.S. Memorial Day on May 25, 2026 as a separate U.S. holiday. U.S.-dollar issues get special settlement on that date.
Canada’s S&P/TSX composite pushed to a record high earlier Monday, Reuters said, with miners leading the gains. Energy was the weak spot, down 2.1% after U.S. oil dropped. “Even a non-zero chance the conflict ends is enough to push stocks higher and oil lower,” Brian Madden, chief investment officer at First Avenue Investment Counsel, told Reuters. Reuters
Athabasca wasn’t the only stock under pressure. Cenovus Energy slid 4.45% late in the Toronto session. Google Finance showed Whitecap Resources off 3.66% and Tamarack Valley Energy down 4.93% among other Canadian energy names.
Athabasca’s most recent major update is still its first-quarter earnings from May 6. The company bumped up its 2026 adjusted funds flow outlook to C$550 million to C$575 million, pointing to stronger oil prices at the time. The metric measures cash flow before certain accounting and working-capital adjustments.
Athabasca Oil said in the same release that average first-quarter production came in at 40,242 boe/d, which counts oil, gas and liquids as oil-barrel equivalents. The company posted C$128 million in adjusted funds flow, C$102 million in cash from operations, and C$20 million in free cash flow from thermal oil—the money left after capex for that unit.
Athabasca is still counting on Leismer and Duvernay for growth. The company said it expects 12 new Leismer well pairs to start steaming in the back half of the year following the May facility turnaround. Duvernay wells that started up in April had an average 21-day IP of 1,635 boe/d per well.
Athabasca is leaning on capital returns to back the stock. The company said it planned to send 100% of free cash flow to shareholders via buybacks in 2026 and reported buying back C$40 million so far this year. On May 7, shareholders voted to keep all current board members at the annual meeting.
But swings in oil can help or hurt. Athabasca said a $1-per-barrel change in WTI or Western Canadian Select heavy oil shifts 2027 adjusted funds flow by about C$19 million and C$24 million, respectively. That gives the company upside if prices climb, but lays out the risk if the Monday drop gets worse.
Right now, the stock looks more like a quick play on Canadian crude than a standalone story. That helped during the oil run. It didn’t help on Monday.
