Not sure how commonly this is understood.This summer the BC summer supreme court ruled that the province violated the treaty rights of the Blueberry River First Nation by allowing Forestry and Natural gas on it's land without consultation (on the effects to their ability to hunt, fish and forage).
This is huge in two major ways: BC has suspended all land sales and more importantly the issuing of new drilling permits until it updates its process. The Blueberry first nation land claim and treaty rights contain almost the entirety of the Montney formation in BC. For people not familiar, the liquids rich north Montney (overpressurized section) is almost entirely in BC.
While this is bad for the Canadian O&G industry, as it is precedent setting. It will probably greatly slow the timing for issuing individual well permits and increase costs long term.
Short term this will increase the value of lands that Peyto has in the Deep basin, being entirely within Alberta and connected to the NGTL. More opportunistically, if this is extended in duration, should allow Peyto to grow into new egress coming online during a period of high prices and take marketshare permanently.
Blueberry River is also applying for an injunction to suspend the process of the NEBC connector, which will further bottleneck growth out of the Montney by limiting egress for liquids and NGLs longer term.
I think Peyto will successfully be able to fill all their infrastructure. I doubt the BC Government will appeal to the federal court, as the current government could care less about the long term damage this precedent sets and the PR impact of reconciliation. If they don't however, then it gives each of the hundreds of bands a veto on almost every project going forward in the province.
I think this partially explains the outperformance of players without BC montney assets.