The Canadian oil and gas industry constitutes three significant operations: upstream, midstream, and downstream segments. The upstream companies focus on the exploration and production of crude oil and natural gas. The activities involved are exploration for oil below the ground and the drilling of wells to access these reserves. In some instances, companies mine for crude bitumen, a sticky, condensed form of crude oil, while others use the in-situ recovery method. This technique involves injecting steam and chemicals into the ground to extract the bitumen from the sand and pump it to the surface. Both these methods, however, are more costly compared to traditional well-extraction methods which result in a higher break-even price for oil-sand producers.
Midstream sector involves companies that store and transport oil and gas, while the downstream sector includes companies that refine and sell finished petroleum products.
Ten major Canadian oil and gas companies notable for their trailing 12 months (TTM) revenue include publicly traded companies Cenovus Energy, Suncor Energy Inc., Imperial Oil, Enbridge Inc., Canadian Natural Resources, Parkland Corporation, TC Energy Corp, Gibson Energy, Pembina Pipeline Corporation, and ARC Resources Ltd.
Cenovus Energy, headquartered in Calgary, Canada, and established in 2009, is an integrated oil and natural gas company. They specialize in developing, producing, and marketing crude oil, natural gas liquids, and natural gas. Imperial Oil, a subsidiary of ExxonMobil, is another key player engaged in the exploration, refining, transportation, and selling of crude oil and natural gas products. Additionally, they manufacture and market various petrochemicals.
Enbridge Inc., an energy infrastructure company, operates a network of crude oil and natural gas pipelines and invests in renewable energy assets. Parkland Corporation, a leading energy supplier, engages in the marketing and distribution of various petroleum products, while TC Energy Corp, an energy infrastructure company, builds and operates a network of natural gas pipelines.
All these companies contribute to making Canada the fourth-largest oil-producing country globally. The largest of Canada's oil and gas companies by TTM revenue is Cenovus Energy. Such companies work across all three stages of the industry supply chain, namely upstream, midstream, and downstream. Some of them integrate more than one stage in their business operation.