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About Us

Athabasca Oil Corporation ("AOC") is a liquids-weighted intermediate producer with exposure to Canada’s premier resource plays (Oil Sands, Duvernay). AOC’s strategy is focused on maximizing cash flow per share growth through investing in high margin projects and executing on return of capital initiatives. The Company has long term growth optionality across a deep inventory of high-quality Thermal Oil projects and flexible Duvernay development opportunities. This balanced portfolio provides shareholders with differentiated exposure to liquids weighted production and significant long reserve life assets.

Our strategy is guided by:


Thermal Oil

Predictable, Low Decline Production with Compelling Growth Projects


Duvernay Energy Corporation

Self-funded, Liquids Rich Development


Financial Sustainability

Low Leverage, Flexible Capital, Prudent Risk Management


Our strategy is intended to ensure both Light Oil and Thermal Oil are financially robust and competitive, with exceptional future growth opportunities. Our strategic emphasis is to maximize shareholder returns by achieving top tier margins across the business and generating free cash flow into the future.

AOC's common shares trade on the Toronto Stock Exchange under the symbol ATH.

Why Own Athabasca?

Predictable, Low Decline Thermal Oil Business

  • Predicable, low decline projects
  • Efficient brownfield SAGD development
  • >1 billion boe 2P reserves underpins long reserve life


  • Athabasca and Cenovus combine Duvernay assets
  • Unparalleled exposure to Kaybob Duvernay oil window
  • ~500 gross estimated well locations

De-risked Business With Flexible Capital

  • Strong netbacks
  • Large inventory in the Duvernay; ~850 gross locations

Strong Financial Capacity

  • Net cash position
  • Competitive cost structure with tax free horizon ($2.6 billion of tax pools)

Managing for strong free cash flow

  • $1.2 Billion Free Cash Flow (2024-26)
  • 100% of FCF returned to shareholders through buybacks

Integrated Sustainability

  • Strong governance; Board oversight of ESG
  • Carbon Plan in place; committed to reducing emissions; CCUS project ready

Financial forecasts based 2024 average annual price of US$80 WTI, US$15 WCS heavy differential, C$3 AECO, and $0.73 C$/US$ FX with Q1 2024 actualized. 2025+ pricing US$85 WTI, US$12.50 WCS diff, C$3 AECO, 0.75 US$/C$ FX.