Top 10 Canadian Oil & Gas Companies by Revenue

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Enbridge is the largest Canadian oil and gas company by trailing 12-month (TTM) revenue in the ranking above. Four integrated and production-focused companies follow it closely: Suncor Energy, Cenovus Energy, Canadian Natural Resources and Imperial Oil. After those five, revenue drops sharply to the infrastructure names: TC Energy, AltaGas and Gibson Energy. Every company on the list is headquartered in Calgary, Alberta, the center of Canada’s oil and gas industry.

How the Ranking Works

The table ranks companies by trailing 12-month revenue, which is the sum of the last four reported quarters. That window captures a full year of commodity prices without waiting for an annual report.

Figures for these companies can differ between sources for three reasons:

• Currency. Canadian companies report in Canadian dollars. Aggregators may convert to U.S. dollars, and the conversion alone changes the headline number.
• Reporting window. A TTM figure ending one quarter later replaces three months of data, and oil and gas revenue moves with crude and natural gas prices.
• Data cutoff. Some lists use calendar-year 2024 revenue, others use the latest TTM figure.

Data compiled in Canadian dollars for the 12 months to September 30, 2025, for instance, also had Enbridge first, at CA$64.23 billion, but placed Cenovus ahead of Suncor and Imperial Oil ahead of Canadian Natural Resources. The leader is the same; the middle of the list rearranges.

The Companies on the List

1. Enbridge (ENB)

Founded in 1949, Enbridge is an energy infrastructure company rather than a producer. It runs a network of crude oil, liquids and natural gas pipelines and owns regulated natural gas distribution utilities that deliver gas to homes and businesses. It also invests in renewable power and transmission assets. A utility that sells gas to end customers records that gas as revenue, which helps explain why a pipeline operator tops a revenue ranking.

2. Suncor Energy (SU)

Suncor traces its roots to 1917. It is an integrated energy company whose base plant is in the Athabasca oil sands in northern Alberta. Its operations cover exploration, acquisition, development, production, refining, transportation and marketing of crude oil. Suncor also owns the Petro-Canada retail fuel brand, so its revenue includes refined products sold at the pump.

3. Cenovus Energy (CVE)

Cenovus was established in 2009 and became a much larger integrated company after combining with Husky Energy in 2021, which brought it retail and refining assets. It develops, produces and markets crude oil, natural gas liquids and natural gas in Canada, the U.S. and the Asia Pacific region. It also refines crude oil and transports and sells refined petroleum and chemical products.

4. Canadian Natural Resources (CNQ)

Incorporated in 1973, Canadian Natural Resources is primarily an exploration and production company. Its output spans synthetic crude oil, light and medium crude oil, bitumen, primary heavy crude oil and Pelican Lake heavy crude oil, and it markets its crude oil, natural gas and natural gas liquids. Synthetic crude comes from upgrading oil sands bitumen into a lighter product that refineries can process more easily.

5. Imperial Oil (IMO)

Imperial Oil, incorporated in 1880, is the oldest company in the group and is a subsidiary of ExxonMobil. It is integrated across exploration, production, refining, transportation and sales of crude oil and natural gas products, and it manufactures and markets petrochemicals. Its distribution system moves products to market by rail and pipeline, and its fuels are sold in Canada under the Esso brand.

6. TC Energy (TRP)

TC Energy was incorporated in 1951. It builds and operates natural gas pipelines that carry gas from supply basins to local distribution companies, power plants, industrial facilities and other customers. It also owns regulated natural gas storage and power generation facilities. In 2020 it bought Pioneer Pipeline for US$255 million. Because TC Energy earns largely by transporting gas it does not own, its revenue is much smaller than its asset base suggests.

7. AltaGas (ALA.TO)

AltaGas, incorporated in 1994, runs two businesses. Its utilities segment serves four U.S. jurisdictions: the District of Columbia, Maryland, Virginia and Michigan, and it holds interests in natural gas storage. Its midstream segment provides hydrocarbon handling, including storage, rail logistics, pipelines and transportation services, and it includes three gas-fired cogeneration plants.

8. Gibson Energy (GEI.TO)

Gibson Energy dates to 1953. It is an integrated service provider to the oil and gas industry, handling transportation, storage, blending, processing, marketing and distribution of crude oil, condensate, natural gas liquids, water, oilfield waste and refined products. It owns a network of terminals, pipelines and storage tanks. Its marketing arm buys and resells product, which lifts revenue well above what its market cap would suggest.

Rounding Out a Top 10

Lists that extend to ten typically add two more Calgary-based infrastructure firms:

• Secure Waste Infrastructure (SES). Incorporated in 2007, Secure recovers oil from waste and moves it through crude oil gathering pipelines, terminals and storage facilities across Western Canada, North Dakota and Oklahoma. For the 12 months to September 30, 2025, it reported revenue of CA$10.2 billion.
• Pembina Pipeline (PBA). Incorporated in 1954, Pembina operates conventional and oil sands pipelines, stores oil, and gathers and processes natural gas. It also runs infrastructure for natural gas, condensate and NGLs, cavern storage, and related pipeline and rail terminal facilities. Its TTM revenue to September 30, 2025, was CA$8.01 billion.

Upstream, Midstream and Downstream

The industry is usually described in three segments, and most companies on the list fit one or more of them:

• Upstream companies explore for, extract and produce oil and gas. Canadian Natural Resources is the clearest upstream name on the list.
• Midstream companies move, store and process oil and gas between the wellhead and the refinery or end user. Enbridge, TC Energy, Pembina, Gibson, Secure and AltaGas’s midstream segment fall here.
• Downstream companies refine crude oil and natural gas into products such as gasoline, diesel, jet fuel and petrochemicals, then market and distribute them to consumers and businesses.

Integrated companies operate in more than one segment. Suncor, Cenovus and Imperial Oil all produce crude, refine it and sell refined products, including diesel. Those three are the refinery stocks on the list. Canadian Natural Resources upgrades bitumen into synthetic crude but is described as an exploration and production company, not a fuel refiner and retailer.

Segment matters for revenue. A refiner selling gasoline records the full price of every litre as revenue. A pipeline records only its transportation tolls. That is the main reason the integrated producers cluster near the top and fee-based pipelines sit lower, regardless of company size.

Revenue Is Not Profit or Size

A revenue ranking shows how much money flows through a company, not how much it keeps or what investors think it is worth. Two quick checks put the table in context.

Net margin. Net income divided by revenue shows how much of each dollar of sales ends up as profit. Using the Canadian-dollar figures for the 12 months to September 30, 2025:

The fee-based pipeline kept the largest share of revenue, the producer kept a solid share, and the marketing-heavy service provider kept very little. In that period, Canadian Natural Resources earned more net income than Enbridge despite lower revenue.

Price-to-sales. Market cap divided by TTM revenue shows how many dollars investors pay for each dollar of sales. Pipeline operators such as TC Energy trade at several times their revenue, while integrated producers and refiners trade much closer to one times revenue. That is why TC Energy, sixth by revenue, has a larger market cap than some of the producers above it. Investors pay more per dollar of sales for long-term, contracted pipeline income than for commodity-exposed refining revenue.

Canada’s Place in Global Oil

Canada is the world’s fourth-largest oil producer, measured by barrels produced per day, and averaged about 5.76 million barrels per day in 2023. Most of that output comes from Alberta, and most of Alberta’s comes from the oil sands, where bitumen is mined or produced in place by steam-assisted methods and then upgraded or diluted so it can flow through pipelines. Saskatchewan and offshore Newfoundland and Labrador also produce oil, and British Columbia and Alberta hold large natural gas reserves.

That geography explains the concentration in Calgary and the importance of midstream companies. Oil sands production sits far from coastal refineries and export markets, so pipelines, rail terminals and storage are what connect Canadian barrels to buyers in the U.S. and overseas.

FAQs

The Bottom Line

The ranking matters most to investors comparing Calgary-based energy companies, where Enbridge leads on revenue and integrated producers cluster close behind. Revenue shows how much money moves through a business, not what it keeps or what the market pays for it. Checking net margin and price-to-sales alongside revenue gives a clearer picture, especially when weighing contracted pipeline income against commodity-exposed refining sales.