Oil and gas extraction, 2019
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Released: 2020-11-02
Total revenue for the Canadian oil and gas extraction industry rose 4.5% to $131.7 billion in 2019, largely due to higher prices for Canadian crude oil.
Meanwhile, total expenses and deductions were down 2.6% to $133.8 billion, resulting in a net loss of $2.1 billion. In 2018, the same industry posted a loss of $11.3 billion.
Chart 1
Revenue, oil and gas extraction industry
Capital expenditures decrease
Overall, capital expenditures in the oil and gas extraction industry decreased 10.0% to $35.2 billion in 2019, compared with the previous year. The decline was attributable to a 19.8% decrease in spending by the oil sands sector (to $9.3 billion) and a 5.8% drop by the oil and gas extraction sector (conventional).
Chart 2
Capital expenditures
Balance sheet summary
Total assets associated with the oil and gas extraction industry stood at $536.3 billion in 2019, a decline of 3.6% compared with 2018.
In the same period, total liabilities were 4.4% lower, while equity was down 2.5% for the year.
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 operating 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.
Data for 2018 have been revised.
Contact information
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