Aenert news. Energy Companies
Canada is one of the five largest oil producing countries in the world, if we consider production of synthetic crude oil, which is a product of enrichment of oil sands. At the same time, oil sands form the basis of Canada's vast oil reserves, which exceed 160 billion barrels. This significantly increases the operating costs as compared to conventional oil production. In this connection the analysis of indicators of the Canadian oil industry and the financial position of the most significant companies are of practical interest as one of the indicators of the state of the world oil market.

The main products of the Canadian oil industry are Conventional light crude oil, Upgraded Bitumen, and Heavy Crude Oil. At the same time, it is Upgraded Bitumen and Heavy Crude Oil that prevail in this list. According to Statistics Canada, in the third quarter of this year, production of crude oil and equivalent in Canada amounted to 413,253,320 barrels (4,491,884 b/d) or 0.5% more than in the previous quarter and almost 9% more than in the same quarter quarter a year earlier.
Below are the financial and operating results of Canada's three largest companies specializing in the production and processing of mostly oil sands - Suncor Energy Inc., Genovus Energy Inc., and Imperial Oil Limited.

Suncor Energy Inc.

Suncor Energy is the world's largest bitumen production and processing company. Its main facilities are based in the Athabasca Region in the Fort McMurray area. The company produces both by mining methods and In-Situ (SAGD). Suncor Energy is consistently ranked among the top 100 largest public companies by Forbes Global.
During Q3 2023, Suncor Energy delivered total upstream production of 690,500 barrels of oil equivalent per day (boe/d). Total oil sands production amounted to 646.1 boe/d versus 679.1 boe/d in the previous quarter and 646.0 boe/d a year earlier.

Suncor Energy. Revenue, net income and share price


Source: Suncor Energy Inc.

Revenue and Other Income was at $12,636 million, and Net Earnings amounted to $1,544 million. In the same quarter last year, the company had a loss of $609 million.

Over the past four quarters, Suncor Energy has confidently maintained positive financial and operating dynamics. The company's share price shows significant growth, which over the last three years has amounted to more than 200%.



Basic infrastructure facilities of the fossil fuel sector in Canada: unconventional resources

Cenovus Energy Inc.

Cenovus Energy was formed in 2009 after the separation of Encana Corporation. The company is headquartered in Calgary, Alberta. Cenovus Energy mainly produces oil through Steam-assisted gravity drainage in the Fort McMurray area. As of the end of 2022, the company has three oil projects - Foster Creek, Christina Lake, and Sunrise - with Foster Creek and Christina Lake being the most productive.

In the third quarter of 2023, Cenovus Energy produced 652,400 bbls/d of Oil & NGLs, which is 7% higher than the previous quarter and 3% higher than last year. Total Upstream production was 797,000 boe/d, up 2% from 2022 Q3.

Cenovus Energy. Revenue, net income and share price



Source: Cenovus Energy Inc.

Cenovus Energy also showed remarkable growth in its financial performance. Total Revenue was $14,600 million, up from $12,200 million in the second quarter of 2023. Net Income reached $1,864 million - the best result over the past five quarters.

The exchange responded to the company's satisfactory performance by repeatedly increasing the company's share price, which over the past three years has increased from approximately $7 to $28 per share.

Imperial Oil Limited

Imperial Oil is another of the leaders in bituminous oil production and refining. About 70% of the company is owned by ExxonMobil, the largest U.S. oil company. In addition to bituminous oil production and refining activities, Imperial Oil is active in natural gas production and petrochemicals production.

In the third quarter of this year, Imperial Oil also showed good production and financial results. Heavy oil production amounted to 295 thousand barrels per day, or 9% more than a year earlier. True, the volume of Refinery throughput decreased slightly, which, combined with a decrease in the cost of Synthetic crude oil in 2023 Q3, affected financial results.

Imperial Oil. Revenue, net income and share price



Source: Imperial Oil Limited

Total Revenue was recorded at $13,873 million, compared to $115,224 million a year earlier. Net Income amounted to $13,873 million, or more than 20% less than in 2022 Q3. As in the two previous cases, the company's share price is showing strong growth.

The information presented allows us to positively assess the state of the oil and gas industry in Canada. Previously, we made a similar conclusion regarding oil production and refining in the United States, where record figures were achieved. This indicates serious competition for OPEC countries from North American producers and demonstrates the high stability of global oil production.

By the Editorial Board