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In 2022, the Canadian oil and gas extraction industry experienced a 53.6% increase in revenue, reaching $269.9 billion, driven by rising energy demand and prices amid global uncertainties. Total expenses also rose by 47.1%, primarily due to increased royalties and operating costs, resulting in a net income of $63.1 billion. Capital expenditures grew by 43.9% to $37.1 billion, reflecting ongoing investment in the sector.

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7 views3 pages

dq230927c Eng

In 2022, the Canadian oil and gas extraction industry experienced a 53.6% increase in revenue, reaching $269.9 billion, driven by rising energy demand and prices amid global uncertainties. Total expenses also rose by 47.1%, primarily due to increased royalties and operating costs, resulting in a net income of $63.1 billion. Capital expenditures grew by 43.9% to $37.1 billion, reflecting ongoing investment in the sector.

Uploaded by

Amandeep Arora
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Oil and gas extraction, 2022

Released at 8:30 a.m. Eastern time in The Daily, Wednesday, September 27, 2023

The year 2022 saw an increase in demand for energy products, as economies continued to rebound following the
COVID-19 pandemic. Global energy uncertainty, largely attributable to the war in Ukraine, further drove up
international demand for Canadian energy.

In 2022, total revenue for the Canadian oil and gas extraction industry rose 53.6% to $269.9 billion, following
an 87.5% increase in 2021. The 2022 increase was attributable to increased economic activity and increased
demand for energy products.

According to the Raw materials price index, the price of crude oil and bitumen in 2022 increased by 49.0%
from 2021, while the price of natural gas increased by 25.6%. Total production for crude oil rose by 2.3% in 2022,
while total natural gas production increased by 7.3%.

The combination of rising oil and natural gas prices along with increased production volumes contributed to the
overall increase in revenue for the industry.

Chart 1
Revenue, oil and gas extraction industry
millions of dollars

300,000

250,000

200,000

150,000

100,000

50,000

0
2015 2016 2017 2018 2019 2020 2021 2022

Source(s): Table 25-10-0065-01.

Meanwhile, in 2022, total expenses and deductions for the oil and gas extraction industry saw a 47.1% increase.
The primary factors that drove the increase were royalties and operating expenses. Total royalties
in 2022 amounted to $33.8 billion, representing a 128.0% increase from 2021. Similarly, operating expenses
rose 16.3% to $63.3 billion.

In 2022, net income was $63.1 billion, up from $35.1 billion in 2021.
The Daily, Wednesday, September 27, 2023

Capital expenditures increase


The continued rise in demand and prices in 2022 supported growth in the oil and gas extraction industry and
encouraged investment. Total capital expenditures increased by 43.9% to $37.1 billion. Investment in the oil sands
sector increased 32.5% to $11.9 billion. Similarly, investment in the oil and gas extraction sector saw an increase
of 50.0% to $25.2 billion.

Chart 2
Capital expenditures
millions of dollars

35,000

30,000

25,000

20,000

15,000

10,000

5,000

0
2015 2016 2017 2018 2019 2020 2021 2022

Oil and gas extraction Oil sands extraction

Source(s): Table 25-10-0064-01.

Balance sheet
In 2022, Canada's oil and gas extraction companies reported total assets of $489.8 billion, up 8.2% from 2021.
Capital assets increased 2.4% in 2022 to $389.0 billion.

Total liabilities (the sum of current liabilities, long-term debt and other liabilities) decreased slightly by 0.2% to
$275.9 billion in 2022.

Total shareholder's equity rose 21.3% in 2022 due to the overall increase in net income and subsequent retained
earnings for Canadian oil and gas producers.

2 Component of Statistics Canada catalogue no. 11-001-X


The Daily, Wednesday, September 27, 2023

Note to readers
The Annual Oil and Gas Extraction Survey program disseminates its data in tables 25-10-0064-01 (Oil and gas extraction capital
expenditures and expenses) and 25-10-0065-01 (Oil and gas extraction revenues, expenses and balance sheet), starting with
the 2015 reference year.

The oil and gas extraction industry includes establishments engaged primarily in operating oil and gas field properties. This includes
the production and extraction of oil from oil shale and oil sands.

Oil and gas extraction (formerly known as conventional oil and gas extraction) includes establishments engaged primarily in the
production of petroleum or natural gas from wells in which the hydrocarbons will initially flow or can be produced using normal pumping
techniques.

Oil sands extraction (formerly known as non-conventional oil and gas extraction) includes establishments engaged primarily in
producing crude oil from surface shales, oil sands, or reservoirs in which the hydrocarbons are semisolids and conventional production
methods are not possible.

Crude oil and equivalent products include crude oil, crude bitumen, synthetic crude oil and condensate.

Natural gas by-products include ethane, propane, butane and pentanes plus. Elemental sulphur is not included.

Other assets include all assets not reported as either current or capital assets.

Other liabilities include all liabilities not reported as either a current liability or long-term debt.

Equity includes common shares, preferred shares, retained earnings and all other equity.

The Annual Oil and Gas Extraction Survey uses respondent and administrative data.

Data are subject to revisions. Oil and gas extraction data are revised on an annual basis to reflect new information provided by
respondents and updates to administrative data.

Data in this release are not seasonally adjusted.

For more information on energy in Canada, including production, consumption, international trade and much more,
please visit the Canadian Centre for Energy Information website and follow #energynews on social media.

Available tables: 25-10-0064-01 and 25-10-0065-01.

Definitions, data sources and methods: survey number 2178.

For more information, or to enquire about the concepts, methods or data quality of this release, contact us
(toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations
(statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).

Component of Statistics Canada catalogue no. 11-001-X 3

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