Industry Statistics and Trends
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 5.6 % over the past five years, to reach an estimated $170.3bn in 2024.
Trends and Insights
The pandemic and its aftermath on prices
- The pandemic forced the government to implement safety regulations to prevent the spread of the virus. These regulations forced many nonessential industries to temporarily halt operations or work at a limited capacity.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to decline over the next five years.
Trends and Insights
Commodity prices are subject to fluctuation
- Oil and gas prices dictate the prices companies can charge. Both are set to drop well below post-pandemic levels, resulting in lower revenue.
Biggest companies in the Oil Drilling & Gas Extraction in Canada
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Canadian Natural | 32,280.2 | 7,101.1 | 22.0 | |
Suncor | 29,725.3 | 3,035.0 | 10.2 | |
Imperial Oil | 18,618.4 | 1,546.3 | 8.3 |
To view the market share and analysis for all 4 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Crude oil, Natural gas and Other. Crude oil is the largest segment of the Oil Drilling & Gas Extraction in Canada.
Trends and Insights
Crude oil is still vital to the economy
- Crude oil is a naturally occurring mixture of hydrocarbons found in geological formations and can be refined into many consumer products, including gasoline, diesel and plastics. Canada is one of the four largest crude oil producers in the world.
- More insights available in the full report
Table of Contents
About this industry
Industry definition
Companies in the Canadian Oil Drilling and Gas Extraction industry operate and develop oil and gas field properties. Activities include exploring and producing crude petroleum, mining and extracting oil from oil shale and oil sands, exploring and producing natural gas, recovering sulphur from natural gas and recovering hydrocarbon liquids. Companies may operate oil and gas wells on their own account or for others on a contract or fee basis.
What's included in this industry?
Oil extractionNatural gas extractionExploration of crude oil and natural gasCompanies
Canadian NaturalSuncorImperial OilPurchase this report to view all 4 major companies in this industry.
Related Terms
OIL SANDNATURAL GASOFFSHORE PLATFORMSIndustry Code
NAICS 21111 - Oil Drilling & Gas Extraction in Canada
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Exports offered a massive boon for oil and gas companies. Global supply shortages amid the Russia-Ukraine conflict led to higher prices, bolstering performance.
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
The industrial sector remains the largest end market for oil and gas. Manufacturers operate large amounts of machinery that require significant energy inputs.
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2024
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Alberta has a significant number of oil drillers because of its array of sand deposits. The region has its own regulations regarding drilling for oil.
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each province
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each province in 2024
- Number and share of revenue each province accounts for in 2024
- Number and share of wages each province accounts for in 2024
- Number and share of employees in each province in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
The rise in renewable energy has bolstered external competition. Government policies and environmental concerns continue to support greener initiatives.
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
In 2023, Imperial Oil announced the construction of a new renewable diesel facility. The facility is expected to be finished by 2025 and help improve sustainability efforts t...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Canadian Natural's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Suncor's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Imperial Oil's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for one additional company
Detailed analysis
- Description and key data for Canadian Natural, and factors influencing its performance in the industry
- Description and key data for Suncor, and factors influencing its performance in the industry
- Description and key data for Imperial Oil, and factors influencing its performance in the industry
- Description, key data and performance trends for one additional company
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Oil drillers and gas extractors must comply with several federal and provincial regulations. They must ensure that they have the proper licenses to test and drill on frontier...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Profit is tied to commodity prices and can fluctuate drastically. Low prices during the pandemic forced many oil and gas companies to operate at a loss. As prices spiked late...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Assets (2017-2022)
- Liabilities (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Top Questions Answered
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Oil Drilling & Gas Extraction industry in Canada in 2024?
The market size of the Oil Drilling & Gas Extraction industry in Canada is $170.3bn in 2024.
How many businesses are there in the Oil Drilling & Gas Extraction in Canada industry in 2024?
There are 3,073 businesses in the Oil Drilling & Gas Extraction industry in Canada, which has declined at a CAGR of 5.7 % between 2019 and 2024.
Has the Oil Drilling & Gas Extraction industry in Canada grown or declined over the past 5 years?
The market size of the Oil Drilling & Gas Extraction industry in Canada has been growing at a CAGR of 5.6 % between 2019 and 2024.
What is the forecast growth of the Oil Drilling & Gas Extraction industry in Canada over the next 5 years?
Over the next five years, the Oil Drilling & Gas Extraction industry in Canada is expected to decline.
What are the biggest companies in the Oil Drilling & Gas Extraction market in Canada?
The biggest companies operating in the Oil Drilling & Gas Extraction market in Canada are Canadian Natural, Suncor and Imperial Oil
What does the Oil Drilling & Gas Extraction in Canada include?
Oil extraction and Natural gas extraction are part of the Oil Drilling & Gas Extraction industry.
Which companies have the highest market share in the Oil Drilling & Gas Extraction in Canada?
The company holding the most market share in Canada is Canadian Natural.
How competitive is the Oil Drilling & Gas Extraction industry in Canada?
The level of competition is high and steady in the Oil Drilling & Gas Extraction industry in Canada.
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Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Canada include:
- Statistics Canada
- Industry Canada
- Canadian Business Patterns
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
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