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The Canadian oil and gas industry
Canada’s oil and gas industry, as in other regions, is generally divided into three main segments: upstream, midstream, and downstream. Upstream companies are engaged in the exploration and production (E&P) of crude oil and natural gas. This includes searching for oil underground and drilling wells to access those reserves.
In some cases, such as in Canada’s oil sands, companies mine raw bitumen, a dense, viscous form of crude oil, or use in-situ recovery processes that inject steam and chemicals deep underground to separate the bitumen from the ground. sand and pump it to the surface. Both methods are relatively expensive compared to traditional well extraction methods, making the break-even price of oil much higher for oil sands producers than for more traditional producers.
Midstream companies are engaged in the storage and transportation of oil and gas, while downstream companies refine and sell finished petroleum products.
Here are the 10 largest Canadian oil and gas companies, as measured by 12-month revenue lagging (TTM). This list is limited to companies listed in the US or Canada, either directly or through ADRs. All figures are as of December 22, 2022, courtesy of YCharts.
Key learning points
- The Canadian oil and gas industry has upstream, midstream and downstream segments.
- Upstream companies explore for and produce crude oil and natural gas.
- Midstream companies store and transport oil and gas.
- Downstream companies refine and sell petroleum products.
- Cenovus Energy, Suncor Energy and Imperial Oil are the top three Canadian oil and gas companies as measured by TTM revenues.
- Revenue (TTM): CA$71.37 billion
- Net Income (TTM): CA$5.26 billion
- Market Capitalization: CA$47.95 Billion
- Total return over 1 year: 75.82%
- Stock Exchange: Toronto Stock Exchange
Cenovus Energy was founded in 2009. The company is headquartered in Calgary, Canada. Cenovus is an integrated oil and natural gas company engaged in the development, production and marketing of crude oil, natural gas liquids and natural gas in Canada, the US and the Asia-Pacific region. It also refines crude oil and transports and sells refined petroleum and chemical products.
- Revenue (TTM): CA$57.72 billion
- Net Income (TTM): CA$7.89 billion
- Market Capitalization: CA$56.29 Billion
- Total return over 1 year: 44.06%
- Stock Exchange: Toronto Stock Exchange
Suncor Energy Inc. was founded in 1917 and is headquartered in Calgary, Canada. It is an integrated energy company focused on developing oil basins in Canada’s Athabasca oil sands. The company is engaged in the exploration, acquisition, development, production, refining, transportation and marketing of crude oil.
- Revenue (TTM): CA$55.17 billion
- Net Income (TTM): CA$6.42 billion
- Market Capitalization: CA$38.67 Billion
- Total return over 1 year: 53.48%
- Stock Exchange: Toronto Stock Exchange
Imperial Oil was founded in 1880 and is headquartered in Calgary, Canada. It is an integrated company engaged in the exploration of crude oil and natural gas. It is also involved in the production, refining, transportation and sale of crude oil and natural gas products. The distribution system brings the petroleum products to the market by tanker, truck, rail and pipeline.
In addition, the company produces and sells various petrochemical products. Imperial Oil is a subsidiary of ExxonMobil.
- Revenue (TTM): CA$52.41 billion
- Net Income (TTM): CA$5.92 billion
- Market Capitalization: CA$106.16 Billion
- Total return over 1 year: 16.87%
- Stock Exchange: Toronto Stock Exchange
Enbridge Inc. was founded in 1949. Its headquarters are located in Calgary, Canada. Enbridge is an energy infrastructure company that provides energy transportation, distribution and related services. The company operates a network of crude oil, liquid and natural gas pipelines, as well as regulated natural gas distribution companies. Enbridge also invests in renewable energy assets and transmission facilities.
- Revenue (TTM): CA$48.71 billion
- Net Income (TTM): CA$11.95 billion
- Market Capitalization: CA$81.19 Billion
- Total return over 1 year: 56.19%
- Stock Exchange: Toronto Stock Exchange
Canadian Natural Resources was founded in 1973 and is headquartered in Calgary, Canada. It is an oil and gas exploration and production company. It produces synthetic crude, light and intermediate crude, bitumen, primary heavy crude and heavy crude from Pelican Lake. It also markets and sells its crude oil, natural gas and natural gas liquids.
5.56 million
The average barrels of oil produced in Canada each day in 2021. Canada is the fourth largest oil producing country in the world.
- Revenue (TTM): CA$29.54 billion
- Net Income (TTM): CA$333 million
- Market Capitalization: CA$44.45 Billion
- Total return over 1 year: -12.40%
- Stock Exchange: Toronto Stock Exchange
Parkland Corporation, formerly known as Parkland Fuel Corp., was founded in 1977 and is headquartered in Calgary, Canada. It is an energy supplier engaged in the marketing and distribution of a variety of petroleum products, including gasoline, diesel, propane, lubricants, fuel oil and more.
Parkland supplies and supports a network of retail service stations and offers its products to a range of commercial, industrial and residential customers. The Supply segment produces transportation fuels. It also transports, stores and sells fuels, crude oil and liquefied petroleum gases. In addition, the Supply segment produces and sells jet fuel to airlines.
- Revenue (TTM): CA$14.52 billion
- Net Income (TTM): CA$3.32 billion
- Market Capitalization: CA$54.05 Billion
- Total return over 1 year: -2.94%
- Stock Exchange: Toronto Stock Exchange
TC Energy Corp was founded in 1951 and is headquartered in Calgary, Canada. It is an energy infrastructure company that builds and operates a network of natural gas pipelines that transport natural gas from supply basins to local distribution companies, power plants, industrial facilities and other customers. The company also owns regulated natural gas storage facilities and power generation facilities.
TC Energy bought energy services and equipment company Pioneer Pipeline in 2020 for $255 million.
- Revenue (TTM): CA$11.47 billion
- Net Income (TTM): CA$2.81 billion
- Market Capitalization: CA$24.85 Billion
- Total return over 1 year: 25.87%
- Stock Exchange: Toronto Stock Exchange
Pembina Pipeline Corporation was founded in 1954 and is headquartered in Calgary, Canada. It provides transmission and midstream services for the energy industry.
The company operates conventional and oil sands pipelines, stores oil, and collects and processes natural gas. It provides infrastructure for natural gas, condensate and natural gas liquids (NGLs), cavern storage, as well as related pipeline and rail terminal facilities.
- Revenue (TTM): CA$10.66 billion
- Net Income (TTM): CA$203.27 million
- Market Capitalization: CA$3.37 Billion
- Total return over 1 year: 11.71%
- Stock Exchange: Toronto Stock Exchange
Gibson Energy was founded in 1950 and is headquartered in Calgary, Canada. It is an integrated service provider to the oil and gas industry. The company is engaged in the transportation, storage, blending, processing, marketing and distribution of crude oil, condensate, natural gas liquids, water, oil field tailings and refined products. The company has a network of terminals, pipelines and storage tanks.
- Revenue (TTM): CA$9.32 billion
- Net Income (TTM): CA$2.24 billion
- Market Capitalization: CA$11.32 Billion
- Total return over 1 year: 67.65%
- Stock Exchange: Toronto Stock Exchange
Founded in 1996, ARC Resources Ltd. is headquartered in Calgary, Canada. It operates in Alberta and northeastern British Columbia. The company researches, develops, produces and transports crude oil, natural gas and natural gas liquids. ARC focuses on residential, commercial and industrial energy consumption. It prides itself on cheap energy with low emissions.
Which Canadian oil and gas company is the largest by revenue?
Cenovus Energy is the largest, with $71.37 billion (in Canadian dollars).
What does it mean to be an upstream oil and gas company?
Upstream refers to part of the industry supply chain. Upstream companies are active early in the chain. They explore, extract and produce oil and gas.
What are Downstream Oil and Gas Companies?
These companies not only focus on refining petroleum and natural gas into energy products for consumers and businesses. They also manage the marketing and distribution of those products.
It comes down to
Canada is the fourth largest oil producing country in the world measured by barrels produced in a day. Canadian oil and gas companies participate in the three main stages of the industry’s supply chain (upstream, midstream and downstream). Some integrate more than one phase into their business. Upstream companies explore and extract crude oil and natural gas. Midstream companies store it and move it. Downstream companies refine and sell finished petroleum products to customers.
The top 10 oil and gas companies in Canada are Cenovus Energy, Suncor Energy, Imperial Oil, Enbridge, Canadian Natural Resources, Parkland Corp., TC Energy, Pembina Pipeline Corp., Gibson Energy, and ARC Resources.
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