Petroleum In Canada
Canada is home to the third largest oil reserve in the world, making petroleum an important economic activity for the country. Additionally, Canada is the fourth largest exporter of oil and the world's fifth largest producer. In 2015, for example, 21,951,950 cubic feet of crude oil were produced daily. In order to process such large quantities of oil, Canada has a large number of petroleum companies operating within its borders. Less than 20 of these companies, however, are responsible for the majority of petroleum production, refining, and marketing. This article takes a closer look at some of the largest petroleum companies in Canada.
The Largest Petroleum Companies In Canada
1. Suncor Energy
Suncor Energy became the largest petroleum company in Canada after it merged with Petro Canada in August of 2009. Today, it has a market capitalization valued at $51.46 billion. In 2010, Suncor was named the 4th most valuable company in the country. Its headquarters are located in Calgary, Alberta and it specializes in producing synthetic crude from oil sands. This company produces an average of 680,000 barrels of oil and 346,000 barrels of oil sands every day. Suncor has also increased its activity in terms of developing patents, reporting a 250% increase between 2005 and 2010 compared to 2000 to 2004.
2. Canadian Natural Resources
Canadian Natural Resources is the second largest petroleum company in Canada with a market capitalization value of $41.86 billion, making it the 7th most valuable company in the country. This oil and gas exploration, development, and production company is also Canada’s second largest producer of natural gas. Its headquarters are located in Calgary, Alberta and it has field operations located in Western Canada (93% of oil production), the North Sea (4%), and West Africa (3%). In 2011, Canadian Natural Resources produced an average of 598,526 barrels per day. The majority of its product sales are comprised of oil sales (90%).
3. Imperial Oil
The third largest petroleum company in Canada is Imperial Oil, which was originally founded in 1880 in the city of London, Ontario. Today, this organization is headquartered in Calgary, Alberta and has a market capitalization value of $39.53 billion. Since December of 2012, ExxonMobil has owned 69.6% of this company. In turn, Imperial Oil owns 25% of Syncrude, one of the largest oil sands corporations in the world. The majority of its production occurs in the Norman Wells oil field of the Northwest Territories and the Alberta Oil sands area. In addition to producing oil, this company also produces petrochemicals and manages retail stores. Some of its convenience stores include: Tiger Express, Esso service stations, and On the Run.
Enbridge is the fourth largest petroleum company in Canada. It got its start in interprovincial pipelines in the 1940s. Today, it has several functions including energy transportation, distribution, and generation. This organization manages some of the longest crude oil and liquid hydrocarbons transportation systems in the world, as well as the longest natural gas distribution system in Canada. It has a market capitalization value of $37.82 billion. It has continued to grow since its opening and in the early 2000’s, Enbridge began several large projects, including the Northern Gateway Pipelines and the Alberta Clipper Pipeline. Additionally, it acquired the Sarnia Photovoltaic Power Plant in 2009, when it was still the largest in the world.
The chart published below offers a more detailed list of the largest petroleum companies located in Canada.