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- A rebound in economic activity and demand for energy products led to rising prices and increased production. In 2021, oil prices reached their highest level since 2015. As a result, the industry looked to recover the losses that were incurred during the COVID -1 9 pandemic.
www150.statcan.gc.ca/n1/daily-quotidien/220927/dq220927d-eng.htmThe Daily — Oil and gas extraction, 2021 - Statistics Canada
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- Crude oil price. The price of crude oil is the most important factor that drives production and investment in the oil and gas extraction sector. Chart 1 presents movements in two of the most relevant crude oil prices for Canada, the WTI and the Western Canadian Select (WCS) from January 2019 to February 2021.
- Production and employment. Chart 2 presents monthly production and employment in the oil and gas extraction industry and in all industries as a whole from January 2019 to April 2021.
- Crude oil and merchandise exports. The global value chain and, therefore, merchandise exports have been greatly affected by the pandemic because of declining demand.
- Capital expenditures. Capital expenditures in oil and gas extraction are highly related to crude oil price. Lower oil prices will drive down the profit level of oil and gas extraction and ultimately discourage investment in the industry, and this will affect its production capacity in the long term.
Dec 9, 2021 · Oil output in Canada, the world's fourth-largest producer, will climb over the next decade and peak at 5.8 million barrels per day in 2032, seven years sooner than previously forecast, the...
- Capital Expenditures Increase
- Balance Sheet
- Contact Information
The rise in demand and prices in 2021 fostered confidence in the oil and gas extraction industry, and consequently, encouraged investment opportunities. Total capital expenditures increased 20.4%, from $21.4 billion in 2020 to $25.8 billion in 2021. Investment in the oil sands sector rose to $9.0 billion in 2021, an increase of 23.5% from 2020. Sim...
In 2021, Canada's oil and gas extraction companies reported total assets of $452.9 billion, up 2.6% from 2020. Total capital assets increased 1.2% in 2021 to $380.0 billion as the industry reversed the write-offs incurred in 2020. Following a 12.1% decrease in 2020, total liabilities (the sum of current liabilities, long term debt, and other liabil...
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Mar 7, 2024 · Canadian exports of crude oil and equivalent products also reached a record high in 2023. Steadily rising since 2021, crude oil exports totalled 230.0 million cubic metres, up 3.2% from 2022. As more Canadian crude oil was exported, stocks diminished throughout 2023.
Dec 26, 2020 · The Canadian oil and gas sector is unlikely to see another merger of such size in 2021, but analysts believe consolidation will continue in the months ahead. After the merger between Cenovus...
Sep 7, 2021 · Oil extraction rose 8.2% to 5.7 million cubic metres in June, driven largely by heavy crude oil (+19.3%) production. Light and medium crude oil (+3.7%) production also increased.
Canada’s Energy Futures 2021 Fact Sheet: Overview. The Canada’s Energy Future series explores how possible energy futures might unfold for Canadians over the long term. Canada’s Energy Future 2021: Energy Supply and Demand Projections to 2050 (EF2021) is our latest long-term energy outlook.
