Top 10 Biggest Oil & Gas Companies in Canada (2024)

Canada is known to have one of the world’s largest oil and gas reserves. The country is home to several top-tier oil and gas companies that are continuously making significant contributions to the global energy market. In this article, we will be looking at the top 10 biggest Canadian oil and gas companies.


As in other regions, the oil and gas industry in Canada is generally divided into three sections: upstream, midstream, and downstream. Exploration and production (E&P) of crude oil and natural gas by upstream companies. This entails seeking for oil reserves underground and drilling wells to access them.

In certain instances, such as in the Canadian oil sands, companies mine for crude bitumen, a dense, viscous form of crude oil, or use in-situ recovery processes that inject steam and chemicals deep below the ground to separate the bitumen from the sand and send it to the surface. Both methods are comparatively expensive in comparison with standard well-extraction methods, rendering the break-even oil price for oil-sand producers significantly higher than for more conventional producers.

Midstream companies store and transport oil and gas, whereas downstream companies refine and export petroleum products. The oil and gas industry is a crucial sector of the Canadian economy, accounting for a significant portion of the country’s GDP. Canada is the fourth-largest producer of oil in the world, and the top producer of natural gas outside of the United States. With the increasing demand for energy, the country’s oil and gas industry has become an essential part of the global energy market. Here are the top 10 biggest oil and gas companies in Canada.


Company Name Market Capitalization (as of April 2023)
Suncor Energy Inc. $49 billion
Canadian Natural Resources Limited $41 billion
Imperial Oil Limited $29 billion
Cenovus Energy Inc. $20 billion
Husky Energy Inc. $17 billion
Crescent Point Energy Corp. $11 billion
Encana Corporation $11 billion
Pembina Pipeline Corporation $11 billion
Tourmaline Oil Corp. $10 billion
ARC Resources Ltd. $6 billion


Suncor Energy is the largest Canadian oil and gas company, with a market capitalization of over $40 billion (Canadian Dollars). The company operates in both the upstream and downstream sectors of the industry, including exploration, production, refining, and marketing. Suncor Energy is the primary producer of synthetic crude oil from the oil sands in Alberta and has significant operations in offshore drilling. Suncor Energy was established in 1917, and its headquarters is in Calgary. This oil company works to develop petroleum resource basins. Oil Sands, Exploration and Production, Refining and Marketing, and Corporate and Eliminations are its four operating segments. The Oil Sands sector manages properties in northeast Alberta’s Athabasca oil sands. Offshore operations off the east coasts of Canada and the United Kingdom make up the Exploration and Production segment. The Refining and Marketing division concentrates on two main operations: the operations for refining and supply and marketing,  as well as the infrastructure for the marketing, supply, and risk management of refined goods, crude oil, natural gas, electricity, and byproducts. Activities not specifically attributable to another operating segment are included in the Corporate and Eliminations category.


Canadian Natural Resources Limited is another major player in the Canadian oil and gas industry, with a market capitalization of $41 billion. The company has operations in Western Canada, the North Sea, and offshore Africa. Canadian Natural Resources is primarily focused on the exploration, development, and production of crude oil, natural gas, and natural gas liquids. The company’s headquarters are in Calgary, Canada, and it was established on November 7, 1973. The oil and gas production company Canadian Natural Resources Ltd. is majorly involved in the acquisition, development, marketing, and production of crude oil and natural gas. Oil Sands Mining & Upgrading, Midstream & Refining, and Exploration & Production make up its three operating segments. Bitumen mining and upgrading operations are used by the Oil Sands Mining & Upgrading industry to create synthetic crude oil. The Midstream & Refining division concentrates on keeping pipeline investments and operations running smoothly. Operations in North America, mostly in Western Canada, the United Kingdom’s share of the North Sea, and Côte d’Ivoire and South Africa in Africa make up the Exploration & Production section.


Imperial Oil Limited is a subsidiary of ExxonMobil and has a market capitalization of $29 billion. The company is primarily focused on the upstream sector of the oil and gas industry, including exploration, production, and development. Imperial Oil Limited is also involved in the refining and marketing of petroleum products. Crude oil and natural gas are the products that Imperial Oil Ltd. explores, produces, and sells. The company’s headquarters is located in Calgary, Canada, and it was established on September 8th, 1880. It does operations through the Upstream, Downstream, Chemical, Corporate, and Other business segments. Crude oil, natural gas, synthetic oil, and bitumen exploration and production are all part of the upstream sector. The conversion of crude oil into petroleum products is the main goal of the downstream sector. The Chemical section produces and sells chemicals and chemical products with a hydrocarbon basis. Assets and liabilities that are not explicitly related to business segments are included in the Corporate and Other category.


Cenovus Energy is a Canadian oil and gas company with a market capitalization of over $20 billion. The company is primarily focused on the production of oil and natural gas from the oil sands in Alberta. Cenovus Energy also has significant operations in conventional oil and gas production. Founded in 2009, Cenovus Energy corporate office is located in Calgary, Canada. In Canada, the United States, and the Asia-Pacific area, Cenovus, this integrated oil and natural gas corporation, develops, produces, and markets crude oil, natural gas, and natural gas liquids. Additionally, it transports, sells, and refines crude oil as well as chemical and petroleum products.


Husky Energy is another top oil and gas company in Canada with a market capitalization of over $17 billion. The company operates in both the upstream and downstream sectors of the industry, including exploration, production, refining, and marketing. Husky Energy has significant operations in Western Canada, offshore East Coast, and the Asia Pacific region. It is an energy provider that markets and distributes a range of petroleum goods, including fuels like gasoline, diesel, propane, lubricants, and heating oil. A variety of business, industrial, and residential customers can purchase items from Husky Energy Inc., which also provides and supports a network of retail gas stations. Transportation fuels are manufactured by its Supply section. Fuels, crude oil, and liquid petroleum gases are all transported, stored, and sold by it as well. Additionally, the Supply division produces and markets jet fuel to airplanes.


According to the number of barrels produced each day, Canada is ranked as the fourth largest oil producer in the world. Participation in the three key phases of the industry supply chain is made possible by Canadian oil and gas firms. (upstream, midstream, and downstream). Companies in the upstream sector look for and mine crude oil and natural gas. Midstream companies store and transport it. Following refinement, the downstream companies are the ones who market and sell finished petroleum products to consumers.

Mfonobong Daniel

Daniel is an Editor on Nigerian Infopedia who craves for writing, researching and also watching soccer.

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