October 2026
Largest Energy Production Public Companies in Canada
Benchmark revenue and EBITDA valuation multiples for public comps like
Canadian Natural Resources, Suncor Energy, Imperial Oil, Cenovus Energy and Cameco.
 | Canadian Natural Resources is the largest producer of oil and the second-largest producer of natural gas in Canada. It is principally involved in extracting heavy oils, natural gas, and bitumen through its drilling and mining operations. Bitumen from mining operations is upgraded into synthetic crude oil. Commodities produced are primarily exported to the US via pipeline. The company also has smaller offshore production operations in the North Sea and Africa. | $54 | +69% | $112B | $122B | 3.9x | 7.9x | ||
| Suncor Energy Inc is an integrated energy company. The company's operations include oil sands development, production and upgrading, offshore oil production, petroleum refining in Canada and the U.S., and the company's Petro-Canada retail and wholesale distribution networks. The company is developing petroleum resources while advancing the transition to a low-emissions future through investment in power, and renewable fuels. It also conducts energy trading activities focused principally on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. The company's operating segments include Oil Sands, Exploration & Production, Refining & Marketing (R&M), and Corporate & eliminations. Geographically, the company generates a majority of its revenue from Canada. | $78 | +94% | $92B | $98B | 2.6x | 8.9x | ||
| Imperial Oil Ltd is an integrated oil company active in all phases of the petroleum industry in Canada, including the exploration for, and production and sale of, crude oil, natural gas, petroleum products, and petrochemicals. It also pursues lower-emission business opportunities, including carbon capture and storage, hydrogen, lower-emission fuels, and lithium. The company's reportable segments are Upstream, Downstream, and Chemical. Maximum revenue for the company is generated from its Downstream segment, which refines crude oil into petroleum products and distributes and market these products. The Upstream segment explores and produces crude oil, its equivalents, and natural gas, and the Chemical segment manufactures and markets hydrocarbon-based chemicals and chemical products. | $135 | +49% | $65B | $66B | 2.1x | 13.7x | ||
| Cenovus Energy Inc is a Canadian integrated energy group. The group's upstream operations include oil sands projects in northern Alberta; thermal and conventional crude oil, natural gas, and natural gas liquids (NGLs) projects across Western Canada; crude oil production offshore Newfoundland and Labrador; and natural gas and NGLs production offshore China and Indonesia. Its downstream operations include upgrading and refining operations in Canada and the U.S., and commercial fuel operations across Canada. The group's reportable segments are: Oil Sands, Conventional, Offshore, Canadian Refining, U.S Refining, and Corporate and Eliminations. Maximum revenue is generated from its Oil Sands segment. Geographically, the group derives maximum revenue from the U.S., followed by Canada and China. | $33 | +96% | $61B | $67B | 1.8x | 9.3x | ||
| Cameco Corp is a provider of uranium needed to generate clean, reliable baseload electricity around the globe and is one of those uranium producers. It has three reportable segments: Uranium, Fuel Services, and Westinghouse, deriving maximum revenue from the Westinghouse segment. The Uranium segment involves the exploration for, mining, milling, purchase, and sale of uranium concentrate, while the Fuel Services segment involves the refining, conversion, and fabrication of uranium concentrate and the purchase and sale of conversion services. Westinghouse Electric Company provides products and services to nuclear reactors, including outage and maintenance services, engineering support, instrumentation and controls equipment, plant modification, and components and parts. | $81 | -21% | $35B | $35B | 14.2x | 43.0x | ||
| Tourmaline Oil is a Canadian natural gas producer with an integrated midstream gathering and processing operation. Its primary product is natural gas, but also produces natural gas liquids, condensates, and oil. As a result of multiple acquisitions, it has become the largest natural gas producer in Canada. | $47 | +6% | $18B | $19B | 4.3x | 7.9x | ||
| Whitecap Resources Inc is engaged in the business of acquiring, developing, and holding interests in petroleum and natural gas properties and assets. The company acquires assets with discovered petroleum initially in place and low current recovery factors. Light oil is the primary byproduct of Whitecap's Canadian assets. | $14 | +92% | $17B | $19B | 4.6x | 8.6x | ||
| AltaGas Ltd owns and operates a diversified basket of energy infrastructure businesses. Business is conducted through given segments: Midstream, Utilities, and Corporate/other. Midstream business consists of export facilities and locates processing, fractionation, and logistics infrastructure, as well as hydrocarbon storage in North America that connects North American producers from wellhead to offshore export and domestic markets. The utility business is offered through its regulated natural gas utilities - Washington Gas and SEMCO. The business generates revenue from customers in both Canada and the United States, with the majority coming from Canadian customers. | $39 | +34% | $12B | $21B | 2.3x | 14.5x | ||
| Brookfield Renewable is a globally diversified, multitechnology owner and operator of clean energy assets. The company's portfolio consists of hydroelectric, wind, solar, and storage facilities in North America, South America, Europe, and Asia and totals over 40 gigawatts of installed capacity. Brookfield Renewable invests in assets directly, as well as with institutional partners, joint venture partners, and through other arrangements. The company offers two separate listings for investors: Brookfield Renewable Partners and Brookfield Renewable Corp. | $28 | -8% | $8.4B | $76B | 11.8x | 15.8x | ||
| Capital Power Corp is a North American power producer whose principal activities are developing, acquiring, and operating power plants. Through its subsidiary, Capital Power owns and operates a portfolio of natural gas, coal, wind, solar, and solid fuel energy generating facilities. These are located throughout Western and Central Canada and the U.S. Capital Power's natural gas and coal facilities, specifically its Genesee and Shepard sites, account for its electric capacity and cash flow production. The company generates the vast majority of its revenue from sale of electricity and natural gas. The company's customers include a variety of industrial and commercial consumers, independent transmission system operators, and government-owned entities. | $44 | -12% | $7B | $12B | 4.5x | 16.2x | ||
| Strathcona Resources Ltd is an energy company, it is a consolidator and developer of oil and gas assets. It has three segments: Cold Lake, which includes the development and production of bitumen in the Cold Lake region of Northern Alberta; Lloydminster Thermal, which includes the development and production of heavy oil through thermal steam-assisted gravity drainage methods in Southwest Saskatchewan; and Lloydminster Conventional, which includes the development and production of heavy oil through both conventional and enhanced oil recovery initiatives in Southeast Alberta and Southwest Saskatchewan. | $32 | +20% | $6.8B | $8.2B | 2.8x | 9.1x | ||
| Tamarack Valley Energy Ltd is engaged in the exploration, development, and production of oil and natural gas. Its target is the drilling and acquisition of repeatable and predictable long-life resource plays in the Western Canadian Sedimentary Basin. Its oil & gas properties include Cardium Oil, Viking Oil, and Penny Barons Oil. | $11 | +137% | $5B | $4.9B | 4.2x | 12.3x | ||
| Athabasca Oil Corp is an exploration and production company developing Thermal Oil and Light Oil resources in the Western Canadian Sedimentary Basin located in Alberta, Canada. It operates through two segments: Athabasca (Thermal Oil), focused on bitumen production from oil sands in the Athabasca region of Northern Alberta, and Duvernay Energy, focused on the production of light and medium crude oil, tight oil, natural gas, shale gas, and natural gas liquids in the Greater Kaybob area near Fox Creek, Alberta. The majority of its revenue is derived from petroleum, natural gas, and midstream sales through the Athabasca segment. | $9 | +74% | $4.1B | $4.2B | 4.3x | 12.6x | ||
| TransAlta Corp is an independent power producer based in Alberta, Canada. The company operates a diverse electrical power generation assets in Canada, the United States, and Western Australia. The company has reportable segments namely, Hydro, Wind & Solar, Gas, Energy Transition segment and Corporate Segment. The company generates the majority of its revenue from the gas segment. | $13 | -26% | $4.1B | $7.6B | 4.5x | 15.8x | ||
| Northland Power develops, constructs, and operates sustainable infrastructure assets across a range of clean and green technologies, such as wind (offshore and onshore), solar, and supplying energy through a regulated utility. Offshore wind is expected to remain the company's largest segment over the long term. Northland’s growth opportunities are global and span North America, Europe, Latin America, and Asia. | $16 | -15% | $4.1B | $8.6B | 5.0x | 14.8x | ||
| Baytex Energy Corp is an oil and gas company. Geographically, the group operates in Canada and the United States. The company derives a majority of revenue from Canada. Its Canada segment includes the exploration, development, and production of crude oil and natural gas in Western Canada. | $5 | +123% | $3.8B | $3.4B | ||||
| Peyto Exploration & Development Corp is a Canadian energy company involved in the development and production of oil and natural gas. It conducts exploration, development, and production activities in Canada. Substantial revenue is generated from Natural gas and natural gas liquid sales. | $18 | +24% | $3.7B | $4.4B | ||||
| Paramount Resources Ltd is an independent, publicly traded Canadian energy company that explores for and develops both conventional and unconventional petroleum and natural gas, including longer-term strategic exploration and pre-development plays. The Company's principal properties are located in Alberta and British Columbia. | $24 | +49% | $3.6B | $3.2B | ||||
| Headwater Exploration Inc is a Canadian resource company engaged in the exploration for and development and production of petroleum and natural gas in Canada. The company has high quality oil production, reserves, and lands in the prolific Clearwater play in the Marten Hills, Greater Peavine and Greater Nipisi areas of Alberta as well as low decline natural gas production and reserves in the McCully Field near Sussex, New Brunswick. Its core operating areas are Clearwater fairway, Alberta and McCully Field, New Brunswick. | $11 | +101% | $2.5B | $2.5B | ||||
| Rockpoint Gas Storage Inc independent operator of natural gas storage facilities in North America. The business has a single reportable segment, natural gas storage. | $17 | -9% | $2.2B | $3.5B | ||||
| Spartan Delta Corp is an oil and gas exploration and production company. The company is engaged in the exploration, development, and production of crude oil and natural gas properties in western Canada. The company operates and focuses its activities in west central Alberta, the Deep Basin and in the West Shale Basin Duvernay. It is a differentiated energy company whose ESG-focused culture is centered on generating sustainable free cash flow through oil and gas exploration and development. | $10 | +132% | $2.1B | $2.3B | ||||
| Vermilion Energy Inc is an international oil and gas-producing company. The company engages in full-cycle exploration and production programs that focus on the acquisition, exploration, and development of liquids-rich natural gas in Canada and conventional natural gas in Europe while optimizing low-decline oil assets. Its operating segments are: Canada, France, Netherlands, Germany, Ireland, Australia, and CEE, each representing the oil and gas exploration operations at its assets located in these regions. The company mainly derives revenue from the production and sale of petroleum and natural gas. The majority of its revenue is generated from Canada, where the company's operations are mainly focused on the Deep Basin trend in the West Pembina region of Alberta and on the Mica property. | $14 | +81% | $2.1B | $3B | ||||
| Greenfire Resources Ltd explores, acquires, develops and produces oil and gas in the Canadian energy sector and internationally. Greenfire currently has two producing oil sand assets, Hangingstone Expansion and Hangingstone Demo. The Company has one reportable operating segment which is made up of its oil sands operations based on geographic location : Athabasca oil sands region of Alberta, Canada, nature of the products sold and integration of facilities and operations. | $7 | +46% | $1.6B | $1.6B | ||||
| Birchcliff Energy Ltd is an intermediate oil and natural gas company based in Calgary, Alberta, with operations focused on the exploration and development of the Montney Resource Play in Alberta. The company has a 100% working interest in its Pouce Coupe Gas Plant and two oil batteries, as well as various working interests in numerous other gas plants, oil batteries, compressors, facilities and infrastructure. Birchcliff operates the Gordondale Gas Plant owned by Altagas, with 100% of its throughput consisting of Birchcliff's production. | $5 | +2% | $1.3B | $1.7B | ||||
| Advantage Energy Ltd is a Canadian energy company engaged in the extraction of natural gas and liquid resources. The company holds over 145,000 net acres of liquids-rich lands throughout Canada. Advantage Energy Ltd focuses on creating low-cost, low-emission Canadian energy for the world. The company sells crude and medium crude oil as well as conventional natural gas and liquid natural gas. Advantage Energy Ltd plans to grow by utilizing areas with high rate of return targets due to the presence of existing infrastructure capability. | $8 | -5% | $1.3B | $1.9B | ||||
| DREAM Unlimited is a Toronto-based Canadian real estate developer, owner and asset manager listed on the Toronto Stock Exchange (TSX: DRM). Founded by Michael Cooper in the mid-1990s, it develops land and housing in master-planned communities in Western Canada, mainly in Saskatchewan and Alberta, builds office and residential projects in Toronto and holds a portfolio of income-producing properties across Canada. Its asset management business manages Dream Office REIT, Dream Industrial REIT and Dream Impact Trust together with private funds and partnerships, and reported $28 billion of assets under management at June 30, 2026. The company earns revenue from lot and home sales, rental income and asset management fees, and says it has completed $47 billion of real estate transactions since inception. In 2021 it owned 11.2 million square feet of commercial space including 26,018 residential rental units. Its major projects include the Quayside site on Toronto's waterfront, approved by Waterfront Toronto in December 2022 for development with Great Gulf, and the Brightwater community in Mississauga. Recent deals include logistics joint ventures between CPP Investments and Dream Industrial in December 2025 and a $147 million acquisition of UK multi-let industrial business Chancerygate announced in July 2026. | $12 | -9% | $507M | $1.9B | ||||
| Frontera Energy Corp is a Canadian-based company engaged in the exploration, development, and production of crude oil and natural gas reserves in South America. It operates in three reportable segments such as Colombia which includes all upstream business activities of exploration and production in Colombia, Guyana Includes all offshore business activities of exploration in Guyana. and Infrastructure Colombia Includes the Companies investment in certain infrastructure, midstream and other assets, including storage, port, the reverse osmosis water treatment facility (SAARA), the palm oil plantation, other facilities in Colombia and the Companies investment in pipelines. The majority of its revenue is generated from the Colombia segment. | $6 | +50% | $426M | $532M | ||||
| Pulsar Helium Inc is a helium exploration and development company. Its flagship asset is the Topaz Project in Minnesota, United States. | $1 | +41% | $175M | $171M | ||||
| Dream Impact Trust is an open-ended trust dedicated to impact investing, and its underlying portfolio is comprised of real estate assets. The Trust's activities are organized into two operating segments: recurring income and development. The recurring income segment consists of a portfolio of multi-family rental assets and commercial real estate income properties in the Greater Toronto Area and Ottawa/Gatineau, along with a utility asset. The development segment consists of investments in residential and mixed-use developments. | $1 | -11% | $19M | $157M | ||||
| ReVolve Renewable Power Corp develops, owns, and operates renewable energy projects across the USA, Canada, and Mexico. The company operates through three business segments: utility-scale renewable energy generation focused on wind, solar, hydro, and battery storage; behind-the-meter distributed electricity generation, including rooftop solar, battery storage, and energy efficiency projects at customer premises; and corporate activities. Its operations span utility-scale projects in the USA, both utility-scale and distributed generation projects in Mexico, and utility-scale and corporate activities in Canada and other regions. The company also holds a majority interest in Box Springs Wind Corporation. | $0 | +11% | $13M | $18M | ||||
| Median | $14 | +38% | $3.9B | $4.3B | 4.3x | 9.4x |
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