Canadian petroleum companies


Although there are numerous oil companies operating in Canada, the majority of production, refining and marketing is 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. However more recent changes, possibly mergers or a stronger showing in the price of oil could mean a few of the oil sands producers are underrepresented; this is because Canadian companies are increasingly dependent on production from that source, which is hurt severely when oil prices decline below 50 to 60 dollars a barrel since costs per barrel traditionally exceed $28 and non-upgraded bitumen produces 1.7 fewer barrels per metric ton than West Texas Intermediate oil. A few of the larger companies don't show up in the Forbes list because its ranking system takes many different factors into account.
Syncrude and Irving Oil are also 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. Also, based on the price paid for a 9% share in Syncrude Canada Ltd by Sinopec the company could be worth as much as US$50 billion. Canadian oil company profits quickly recovered from the financial crisis; In 2009 they were down 90% but in 2010 they reached $8.4 billion; Helping profits is the smaller price gap between West Texas Intermediate oil and Western Canadian heavy crude with the price of upgraded synthetic oil surpassing WTI when supply falls. The two largest are 2 of the 11 most valuable Canadian companies. 2,412 oil and gas companies are based in Calgary, Alberta alone.
Ongoing research and development involving extraction technology and processing methods are chipping away at many of the barriers to bitumen production. A number of Canadian oil companies have a lot of exposure to heavy oil through assets in Alberta, they stand to benefit when research into more efficient and cost effective solutions yields positive results. In the summer of 2010 a research team at Hokkaido University discovered a catalyst that significantly improves the efficiency while lowering costs related to the processing of bitumen. Major oil producers are showing renewed interest in new technologies, a direct result of both heightened interest in raising the proportion of the oil sands that can be recovered and the growing value of licensing rights. That has resulted in a shift in focus over to patent producing research and development. Cenovus Energy has used its patents as a tool to negotiate deals.
Profiled and ranked is every Canadian oil and gas company with a market cap ranking top 500 worldwide and the eight largest by revenue. Eight of the ten most profitable companies of the oil and gas sector operating in Canada are represented here. 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. 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 (2016), profit (2016), production, reserves

source for market cap, source for profit. Data rounded to nearest million.
Revenue 36.82 bn MV 59.927 bn
Revenue 14.625 bn, MV 48.379 bn
Revenue 9.097 bn MV 21.419 bn
Encana, North America's largest natural gas producer was formed in 2002 when PanCanadian Energy merged with Alberta Energy Company. It operates in Alberta, British Columbia, Nova Scotia, Colorado, Wyoming, Texas and Louisiana and had the largest reserve base among Canadian producers as recently as 2007.
At the end of 2009 Encana created Cenovus Energy when it split its integrated oil and natural gas components.
In February 2012 Encana sold 40% of its 100% interest in the Cutbank Ridge Complex, a natural gas resource in NE British Columbia. The deal is worth $2.9 billion, in 2011 the company made $3.5 billion in deals. The deal came just after another one involving Petro China collapsed.
Revenue 18.261 bn MV 23.648 bn
Husky Energy was founded in Wyoming by Albertan Glenn Nielson who with 2 partners, bought 2 heavy oil refineries, and used them to establish the Husky Refining Co. in 1938. This was followed by major purchases of oil rich land and gas stations. In 1946 Nielson moved part of the company to Canada where Husky Oil Ltd. was created separate from the parent company. By the late 1970s the company's need for more funding eventually forced Nielson to sell all his stake in the company. Another Albertan, Bob Blair CEO of the pipeline company AGTL took advantage of the situation gradually increasing his stake in the company until he owned a controlling interest. About a decade later Husky ran into financial problems that were solved when Hong Kong billionaire Li Ka-shing started investing in the company leading to a buy out of Blair's interests in 1991. The 1988 acquisition of Centerra Energy Ltd. made Husky a top 10 Canadian oil company. After a turbulent couple decades, Husky reasserted itself as a major Canadian petroleum company in 2000 by purchasing Renaissance Energy Ltd. in a $3.02 billion deal.
Husky Energy has proven petroleum reserves of and of natural gas. It owns approximately 500 filling stations in Canada as well as property and/or mineral rights to some 6.67 million acres in Western Canada.
Husky's oil production was exactly the same in 2011 as it was in 2003.

Enbridge

Revenue 15.539 bn MV 21.664 bn
Began as a pipeline company called interprovincial pipelines incorporated by Imperial Oil in the 1940s as a result of growth at the Leduc oil fields in Alberta exceeding the capacity of Alberta's refineries to process the oil. In 1950 its pipelines were operational and in 1953 it was a publicly traded company at stock exchanges in Toronto and Montreal. By the late 1950s its main pipeline was almost long handling about of oil per day in certain sections.
In the late 1960s refineries in the US and Canada demanded more oil be delivered from Canadian sources, and the solution deemed best by management, and government officials was to build a new line through Chicago. The access expansion gave the company to Chicago helped the company grow rapidly and by the early 1970s throughput reached of oil. By 1986 Imperial Oil's ownership of the company was down to 33% and through an exchange of shares Imperial Oil helped interprovincial acquire another oil company called Hiram Walker while subsequently changing its name to Interhome Energy Inc. Later it was renamed IPL Energy Inc. During the 1990s it acquired a number of other companies which delivered natural gas as well but most of the company's business was still in crude oil. The new divisions gave the company greater access to Toronto, Quebec and New York. Its last name change made in 1998 was to Enbridge Inc. a combination of the words energy and bridge.
Currently Enbridge owns the world's longest oil pipeline system, owns Canada's largest natural gas distributing company, and has 1.9 million customers. It is also active in the alternative energy sector, having an interest in wind farms, waste heat recovery plants and photovoltaic projects the largest of which is the Sarnia Solar Project.
Revenue comes from commodity sales, gas distribution sales, transportation and other services.

Cenovus Energy

Revenue 13.621 bn MV 25.049 bn
Cenovus Energy Inc. is the former component of Encana that focused more on integrated oil than natural gas though natural gas continues to contribute about half of total production.
Cenovus Energy owns a 50% interest in two major US refineries operated by Phillips 66, which can act as a natural hedge for the company as commodity prices fluctuate.

Talisman Energy

In 2011 and 2012 Talisman sold off some of its largest assets including 50% of British operations; that resulted in revenue loss.
Originally BP Canada, Talisman Energy is a publicly traded Tsx 60 petroleum company that operates in Canada, USA, Columbia, Scotland, Peru, Algeria, Tunisia, UK, Norway, Indonesia, Malaysia, Vietnam, Australia, and Qatar.
Revenue 5.840 bn MV 11.986 bn
In February 2013 Nexen was taken over by Cnooc in a $15.1 billion deal. At the time, Nexen's 2.5 billion boe reserves would've ranked 8th among Canada's oil companies.
When Nexen was created in 1971 it was a subsidiary of the American company Occidental Petroleum called Canadian Occidental Petroleum. After taking over a number of smaller companies in Canada while increasing their international holdings they became larger and more independent of their parent company that by then held only a minor stake. In 2001 the name was changed to nexen in recognition of that.
In 2012 the company profited $333 million on revenues of $6.7 billion which is down since 2008. On November 29, 2011 Nexen sold 40% of its Horn River, Cordova and Liard basins shale-gas assets in northeast B.C. to Inpex Corp and JGC Corp of Japanese for US$676 million.
At the Long Lake project oil is upgraded by a process known as steam assisted gravity drainage.
Operates in Canada, Yemen, Colombia, West Africa and the UK.
In February 2011 the Usan offshore oil field began producing. It has a capacity of 180,000 barrels per day and Nexen holds a 20% interest in it.
Addax Petroleum was one of about 60 Canadian companies that made it onto the Forbes Global 2000 2009 list. It was acquired by sinopec of China in June 2009 for C$8.27 billion.

Other large oil and gas companies

These companies have at least 2 billion dollars in market value. In order of size
113 oil and gas companies made the list in 2015 10 of which are Canadian.
In 2014 Enbridge and TransCanada re-entered the list after a one-year absence; Pembina Pipeline is also a new addition. Dropping out of the list was Canadian Oil Sands Ltd, Pacific Rubiales Energy in 2015, Penn West Petroleum in 2013, Arc Resources in 2012.
Revenue and profit are from the 12-month period ended March 2015, assets and market capitalization are from March
May 2015
Cum. Rank		NameRank
2013		Rank
2014		Rank
2015		2015 Rank
2014 Rank
2015 rev
2015 Profit
Assets
Market cap
March
1Suncor14214918820 20 34.01,30062.944,900
2Enbridgena34424525 1540 32.260054.242,000
3Canadian Natural Resources28827825727 431 217.13,60053.435,300
4Husky Energy28931539935 35 121.91,10034.521,400
5TransCanada Corp.na39040638 644 9.31,70050.930,700
6Cenovus Energy42752363751 152 1117.867421.414,600
7Encana1166118967754 3084 187.63,40024.69,800
8Crescent Point Energy15321586136286 17103 233.146114.511,100
9Pembina Pipelinena1533154794 7101 5.53479.710,900
10Talisman Energy104314051728105 1095 354.617.38.000
11Canadian Oil Sands Limited11301296nana92 283.98009.610,100
12Pacific Rubiales Energy16411704nana108 234.640011.25,900

Sources
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Key people

, John T Ferguson, Richard L. George, Randy Eresman, David P.O'Brien, John C.S. Lau, Li Ka-shing, David D. Daniel, John Manzoni, Philip D. Dolan, Marvin Romanow,
John Backer