Although there are numerous oil companies operating in Canada, as of 2009, the majority of production, refining and marketing was done by fewer than 20 of them. According to the 2013 edition of Forbes Global 2000, canoils.com and any other list that emphasizes market capitalization and revenue when sizing up companies, as of March 31, 2014 these are the largest Canada-based oil and gas companies (they are either based entirely in Canada or majority Canadian owned).
As of 2009, Syncrude and Irving Oil were leaders in the Canadian industry, with Syncrude being the top producer of oil sands crude and Irving Oil operating the largest oil refinery in the country.
Canadian oil company profits quickly recovered following the 2008 financial crisis; In 2009 they were down 90% but in 2010 they reached $8.4 billion. The price gap between West Texas Intermediate oil ($85/bbl) and Western Canadian Select heavy crude ($65/bbl) with the price of upgraded synthetic oil surpassing WTI when supply falls (before being upgraded to synthetic crude, heavier oil produces fewer barrels of oil per metric ton than lighter oil). As of 2011, there were 2,412 oil and gas companies based in Calgary, Alberta alone.
According to a University of Calgary petroleum geologist, most oil sands companies in 2011 were still using 1980s recovery process technologies. With the price of oil at US$100, there was no incentive for companies to invest in research and innovation to be profitable. By 2001, the first commercial steam-assisted gravity drainage facility was started, and by 2011, there was more oil extracted from the oil sands using in situ steam-assisted gravity drainage (SAGD) than traditional bitumen strip mining extraction with its massive trucks, tailings ponds. By 2005, the petroleum industry in Canada began a major shift as oil producers renewed an interest in research and development projects to improve bitumen extraction technology and processing methods. From 2005 to 2010, ten oil and gas companiesincluding Suncor, Imperial Oil, Nexen, Calfrac and Laricina Energy Ltd.increased the number of patent applications for new technologies to increase the amount of bitumen that can be recovered. According to the industry, in 2011, only 10% of the of crude buried in the oil sands, could be recovered with the 1980s technologies.
Canadian oil and gas companies with a market cap were included in the 2009 Forbes 500 list. In 2011, The Globe and Mail included eight oil and gas companies in their ranking of Canada's 1000 most profitable public companies. By 2013, Suncor and CNRL—Canada's two largest petroleum companies were also among top eleven of the country's most valuable companies.
In 2011, Canadian Natural Resources, overtook Suncor to become Canada's largest producer. Suncor produced 549,000 boe/d in 2012 only slightly higher than in 2011. In 2010, Canadian Natural Resources produced at a gross rate of 655,000 boe/d up from 600,000 boe/d the year before.
Market capitalization (March 31, 2014), revenue (2022), profit (2022), production, reserves
CumulativeMarket cap. rank Name Market cap. rank(all companies) Market cap.(bln USD) Revenue(bln Cdn) Profit(mil Cdn) Production (000 bpd) *Proved Reserves(bill barrels) 1 Suncor 18851.462262.907 55%9,077 110%724.7(2023)562.4 (2013)549.1 (2012)7.2 2 Canadian Natural Resources 23741.868849.530 55%10,937 40%1302.7(2023)671.162 (2013)654.665 (2012)598.526 (2011)2P 13.0 eq.Proved: 4.51 eq. 3 Cenovus Energy 45822.599 Sept'1371.765 51%6,450 14%768.7 (2023)258.8 (2013)230 *RBC est1.9 acq Husky Energy 36129.547324.1815.4% 1,829 9.5%312.0 (2013)301.5 (2012)2P 2.915 (2.429)2.375 oil .540 gas 4 Imperial Oil 25339.533259.670 65% 7,340 300%399(2023)295 (2013)282 (2012)2.153 eq. 5 Enbridge 27037.829953.309 15%2,938 65%nana 6 TransCanada Corp. 33132.214814,97714%785 66%nana 7 ARC Resources 342.0 2023340 2021 8 Pembina Pipeline 9 Ovintiv/Encana na22.692 June'115.858 13.5%236 (2794) '12516.7 (2013)527.8 (2012) 2.2 10 Tourmaline Oil 508.0 2023 acq Talisman Energy na21.162 June'114.486 37.4%(1175) 132 in 2012373 (2013)425.7 (2012) 1.0 11 Crescent Point Energy na17.317 3.526 30.9% 144.876 24%120.288 (2013)98.751 (2012)0.663 12 MEG Energy 13 Keyera 14 Baytex Energy
source for market cap, source for profit. Data rounded to nearest million. By market cap, Crescent Point Energy is the largest Canadian oil company never to make the global 500 list, according to Forbes Encana, Talisman Energy last made the Fortune 500 list in June 2011; Cenovus Energy dropped out December 2013. CNRL 2013 annual production was estimated to be equivalent/d based on indicated production levels of equivalent ngas (based on conversion factor of 5658.53 cubic feet::1 boe) and of oil. proved reserves (doesn't include most bitumen/heaviest oil in reserves, in some cases probable reserves are included) proved and probable reserves include those oil and possibly bitumen reserves estimated to be as much if not more than likely recoverable under most recent conditions, production of which is unrestrained by contingencies, for instance, under ideal conditions (the right bitumen extraction technology and oil price) Cenovus's reserves could be as high as , 114 times larger than those presently recognized. After spinning off Cenovus Energy, Encana's production was 95% natural gas. based on conversion factor of .00018225 from cubic feet of natural gas to barrels of oil equivalent (1/5487).
Other large oil and gas companies These companies have at least 2 billion dollars in market value (6 of them being near or over $10 billion, the rest are between four and seven billion with the exception of Petrobank, Sherritt and Laricina Energy). In order of size Corporations that were all trusts until 2011 when they converted Paramount Resources - Calgary based producer of oil and natural gas. The company operates in three Canadian provinces and two US states. Natural gas accounts for 80% of total production and 77% of total reserves. Canadian Oil Sands - 36% interest in Syncrude could be worth as much as $US15 billion, revenue was $3.703 billion in 2012 up from $3.46 billion in 2010, $4.54 billion in 2008. AltaGas - oil and gas infrastructure company Penn West Petroleum / acq - Revenue was $2.64 billion in 2012, down 12% on the year, down 35% since 2008. For the first nine months of 2011 51.9% of company production came from light and medium oil up from 47.6% the year before (83,675 bpd out of 161,171 boe/d). Crescent Point Energy - Oil and gas company with interests in the bakken oil field of Alberta. Revenue doubled between 2008 and 2010 (averaged $400 million '06-'08, ~$1.0b '08-'10) then doubled again between 2010 and 2012 ($1.2b - $2.2b). annual production was 33.8% higher in 2012 at 98,751 boe/d (90.8% crude oil). production was 41.5% higher in the third quarter of 2010 than the same period in 2009, to equivalent/d (89% crude oil); in July 2010 acquired Shelter Bay Energy ( equivalent of oil reserves) for $1.1 billion. Its market value climbed from $5.5 billion in August 2009 to $7.7 billion in July 2010 then surpassing $10 billion late that year. ARC Resources - Just over $1.0 billion in revenue in 2012, 2011, and 2010 (up 23% versus 2009, about the same as it was in 2007), in 2009 revenue was at its lowest level in 5 years. Baytex Energy - Most of production currently is heavy oil however many of its projects involve light oil. Pengrowth Energy - For years between 2009 and 2012 revenue ranged from $1.1 to $1.2 billion, 16% more than what it was in 2006. Production grew 26.58% between 2006 and 2009 reaching equivalent/d (about half from natural gas) though production was highest in 2007 ( equivalent/d) Enerplus - Has operations and projects in four Canadian provinces (Western Canada) and seven U.S. states. Produced about equivalent/d in 2010 60% of which is natural gas. 2012 revenue was $1.19 billion about the same as 2010, half of what it was in 2008. Inter Pipeline Fund private - Oversees one of Canada's biggest petroleum and petrochemical transport, pipeline and storage business; transports most of Canada's oil sands bitumen produced by such companies as Shell Canada, Chevron and Encana. Major moves include the 2007 $760 million acquisition of the Corridor pipeline in Alberta, 2008 $1.8 billion expansion of oil sands pipelines, 2004 $540 million purchase of 3 of Canada's largest natural gas treatment plants. Market value was $4 billion in 2008 more than 6 times what it was in 1997. Keyera - midstream company with 18 natural gas liquid processing plants in Alberta. Independent Oil and Gas Pacific Rubiales Energy - Deeply rooted in Colombia where it enjoys strategic partnerships with Ecopetrol (state oil company that produces about 63% of all Colombian oil and gas production) and where a major part of the company was started (Petro Rubiales, acquired in 2008 was one of the original developers of the Rubiales Field one of Colombia's largest). It is the 2nd largest independent oil and gas company operating in South America. MEG Energy - Borderline large cap oil sands producer with of 2P reserves in Christina Lake and Surmont (the 2 projects are 50 km apart). Tourmaline Oil - Primarily a natural gas company with operations in Northern BC and central Alberta. In the first half of 2012 88% of daily production was natural gas. In 2012 petroleum reserves were up 69%. On November 30, 2012 Tourmaline acquired Huron Energy Corp for 7.4 million of its own shares (~$200 million). Athabasca Oil Sands Corp Niko Resources Ltd - Oil and Gas company with significant natural gas reserves in India. It is also one of the largest owners of underwater exploration properties in Indonesia (though it has a history that goes back to 1987 it only recently began producing at significant levels). Vermilion Energy, Pembina Pipeline, Petrobank Energy and Resources, Sherritt International Corporation, Laricina Energy (Private in-situ oil producer worth $1.2 billion) Inter Pipeline - major processor of natural gas that handles bulk storage in Canada, the U.S., and Germany. Has considerable access to the Edmonton market through majority stake in the cold lake pipeline system.
Suncor Energy
Revenue 36.82 bn MV 59.927 bn (2011) Suncor Energy completed merger with Canada's 11th largest company Petro Canada on August 1, 2009 in a 21 billion dollar deal to form the largest oil and second largest company overall in Canada. At the time of the merger it had a market capitalization of $43 billion and held the biggest position in Alberta's oil sands. of oil production (532,000 from oil sands and conventional oil in 2008). with about $30 billion in revenue, $50 billion market capitalization and immense growth coming from the oil sands as a result of rising oil prices, the new company should rival the 12th and 13th largest oil and gas companies in the world Rusneft and Lukoil. After acquiring Petro Canada, Suncor divested at least $2.8 billion worth of Petro Canada assets. In November 2010 Suncor was Canada's 4th most valuable company. Recently has shown renewed interest in developing patents (including ones for conveyor belts and hand railings), when considered with nine other oil companies patent applications were up 250% between 2005 and 2010 when compared to 2000 to 2004. In December 2011 oil sands production was at a record high 346,000 bbls/d. Total production steady in 2012 at 549 mbbl/d. 2011 production fell 11.2% to 546 mbbl/d due to the loss of output from Libya. In 2008 production was 680 mbbl/d.
Canadian Natural Resources Limited