Top 10 Canadian Oil & Gas Giants in 2025: Revenue Insights and Market Highlights

Leading the Canadian oil and gas sector, Cenovus Energy, Suncor, and Imperial Oil dominate the top 10 list in 2024.

Canada's oil and gas industry is segmented into three pivotal sectors: upstream, midstream, and downstream. Upstream entities focus on the exploration and extraction of crude oil and natural gas reserves. This includes drilling operations and, particularly in the Canadian oil sands, employing advanced techniques such as mining crude bitumen or utilizing in-situ recovery methods that inject steam and chemicals to separate bitumen from sand.

These oil sands extraction methods carry higher costs than conventional drilling, resulting in a higher break-even price for producers. Midstream companies specialize in the transportation and storage of oil and gas, while downstream firms refine crude products and handle their distribution and sales.

Below is a detailed overview of the 10 largest publicly traded Canadian oil and gas companies by trailing 12-month (TTM) revenue as of August 29, 2024, with data sourced from TradingView.

Key Highlights

• Canada’s oil and gas industry is divided into upstream, midstream, and downstream segments.
• Upstream companies are responsible for exploration and production.
• Midstream firms manage storage and transportation.
• Downstream businesses focus on refining and marketing petroleum products.
• Cenovus Energy, Suncor Energy, and Imperial Oil lead the industry by revenue.

#1 Cenovus Energy Inc. (CVE) - CA$55.99 Billion Revenue (TTM) in 2024

• Net Income (TTM): CA$4.78 billion
• Market Capitalization: CA$47.44 billion
• 1-Year Total Return: -3.62%
• Listed on: Toronto Stock Exchange

Founded in 2009 and headquartered in Calgary, Cenovus Energy is a fully integrated oil and natural gas company operating across Canada, the U.S., and Asia Pacific. It engages in exploration, production, refining, and marketing of crude oil, natural gas liquids, and natural gas, along with transportation and sale of refined petroleum and chemical products.

#2 Suncor Energy Inc. (SU) - CA$50.73 Billion Revenue (TTM) in 2024

• Net Income (TTM): CA$7.54 billion
• Market Capitalization: CA$70.19 billion
• 1-Year Total Return: 19.66%
• Listed on: Toronto Stock Exchange

Established in 1917, Suncor Energy, based in Calgary, is an integrated energy company primarily focused on the Athabasca oil sands. Its operations encompass exploration, development, production, refining, transportation, and marketing of crude oil.

#3 Imperial Oil Ltd. (IMO) - CA$49.96 Billion Revenue (TTM) in 2024

• Net Income (TTM): CA$5.29 billion
• Market Capitalization: CA$54.60 billion
• 1-Year Total Return: 33.82%
• Listed on: Toronto Stock Exchange

Founded in 1880 and headquartered in Calgary, Imperial Oil is a fully integrated oil and gas company involved in exploration, production, refining, transportation, and marketing. The company also produces petrochemicals and operates extensive distribution networks. It is a subsidiary of ExxonMobil.

#4 Enbridge Inc. (ENB) - CA$43.44 Billion Revenue (TTM) in 2024

• Net Income (TTM): CA$5.89 billion
• Market Capitalization: CA$116.19 billion
• 1-Year Total Return: 11.75%
• Listed on: Toronto Stock Exchange

Founded in 1949, Calgary-based Enbridge is a leading energy infrastructure company operating a vast network of pipelines for crude oil, liquids, and natural gas. It also invests in renewable energy and transmission assets.

#5 Canadian Natural Resources Ltd. (CNQ) - CA$36.74 Billion Revenue (TTM) in 2024

• Net Income (TTM): CA$7.67 billion
• Market Capitalization: CA$104.47 billion
• 1-Year Total Return: 14.08%
• Listed on: Toronto Stock Exchange

Incorporated in 1973 and based in Calgary, Canadian Natural Resources is a major producer of synthetic crude, light and medium crude oil, bitumen, and heavy crude oil. The company markets and sells crude oil, natural gas, and natural gas liquids.

Canada’s Oil Production in 2023

Canada produced an average of 5.76 million barrels of oil per day in 2023, ranking it as the world’s fourth-largest oil producer.

#6 Parkland Corporation (PKIUF) - CA$30.92 Billion Revenue (TTM) in 2024

• Net Income (TTM): CA$381 million
• Market Capitalization: CA$6.28 billion
• 1-Year Total Return: -2.28%
• Listed on: Toronto Stock Exchange

Formerly Parkland Fuel Corp., this Calgary-based company founded in 1977 supplies and distributes petroleum products such as gasoline, diesel, propane, lubricants, and heating oil. It supports a retail gas station network and serves commercial, industrial, and residential sectors.

#7 TC Energy Corp. (TRP) - CA$15.67 Billion Revenue (TTM) in 2024

• Net Income (TTM): CA$3.53 billion
• Market Capitalization: CA$63.98 billion
• 1-Year Total Return: 25.75%
• Listed on: Toronto Stock Exchange

Founded in 1951 and headquartered in Calgary, TC Energy operates natural gas pipelines, storage, and power generation facilities. In 2020, it acquired Pioneer Pipeline for US$255 million.

#8 Gibson Energy Inc. (GEI) - CA$12.56 Billion Revenue (TTM) in 2024

• Net Income (TTM): CA$177.75 million
• Market Capitalization: CA$3.58 billion
• 1-Year Total Return: 9.23%
• Listed on: Toronto Stock Exchange

Established in 1950 and based in Calgary, Gibson Energy provides integrated services including transportation, storage, blending, processing, and marketing of crude oil, condensate, natural gas liquids, and refined products.

#9 Pembina Pipeline Corp. (PBA) - CA$8.18 Billion Revenue (TTM) in 2024

• Net Income (TTM): CA$1.95 billion
• Market Capitalization: CA$31.32 billion
• 1-Year Total Return: 28.34%
• Listed on: Toronto Stock Exchange

Incorporated in 1954 and headquartered in Calgary, Pembina Pipeline offers midstream services including pipeline transportation, storage, and processing of oil and natural gas products.

#10 ARC Resources Ltd. (ARX) - CA$5.25 Billion Revenue (TTM) in 2024

• Net Income (TTM): CA$1.17 billion
• Market Capitalization: CA$14.96 billion
• 1-Year Total Return: 21.73%
• Listed on: Toronto Stock Exchange

Founded in 1996 and based in Calgary, ARC Resources operates primarily in Alberta and northeast British Columbia, focusing on exploration, development, and production of crude oil and natural gas with an emphasis on low-cost, low-emission energy solutions.

Which Company Tops Canadian Oil & Gas Revenue in 2024?

Cenovus Energy holds the position as the largest Canadian oil and gas company by trailing 12-month revenue, reporting CA$55.99 billion as of August 29, 2024.

Understanding Upstream Oil & Gas Operations

Upstream companies are at the forefront of the oil and gas supply chain, focusing on locating, drilling, and extracting crude oil and natural gas reserves.

Role of Downstream Oil & Gas Companies

Downstream firms refine crude oil and natural gas into usable energy products and manage their marketing and distribution to consumers and businesses.

Final Thoughts

As the world's fourth-largest oil producer, Canada’s oil and gas sector is a vital part of the global energy market. The top companies span the entire industry spectrum—from upstream exploration to downstream refining and marketing—with Cenovus Energy leading the pack in revenue for 2024.

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