Alberta Oil Production: Top 10 Oil Producers of 2023

Alberta’s energy sector continues to dominate the Canadian oil landscape in 2023. In this special edition of Measurement Monday, we analyze the latest data released by the Alberta Energy Regulator (AER) on Alberta’s top oil producers. These companies remain key players not only in the province, but also in the global energy markets. Let’s explore the major shifts, industry giants, and production trends from this year’s top performers.

Check out last year’s article about Alberta’s Top Producers of 2022 here…

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Highlights of The Top Three Producers

This year has seen Cenovus Energy maintain its stronghold as the leading oil producer in Alberta, producing over 175 million barrels of oil throughout 2023, an impressive number even as production slightly declined from last year. Notably, other producers have also shown fluctuations in their outputs. Canadian Natural Resources Limited secured second place with nearly 148 million barrels of oil produced and Suncor Energy came in third again.

Here’s an overview of Alberta’s top 3 oil producers:

1. Cenovus Energy – Maintaining the Lead in 2023

Cenovus Energy held the top spot for Alberta’s oil producers in 2023, with total production reaching 175,858,576 barrels. This marks a slight reduction from last year’s 180 million barrels, reflecting evolving market conditions and operational shifts. Issues such as the Alberta wildfires contributed to this minor decline.

“In 2023, Cenovus’s total upstream production averaged 778,700 BOE/d, compared with 786,200 BOE/d in 2022, which reflects the impact of wildfire activity in Alberta in the second quarter of 2023 as well as the timing of sustaining well pads in the Oil Sands segment.”

Cenovus announces fourth-quarter and full-year 2023 results

Cenovus remains a leading player with oil sands projects across Alberta and additional assets in North America and offshore. Their commitment to operational efficiency and sustainability has allowed them to remain at the forefront of Alberta’s oil industry.

2. Canadian Natural Resources Limited – Steady at Second Place

Canadian Natural Resources Limited (CNRL) once again ranks second, producing 147,922,276 barrels of oil, up from last year’s 141 million barrels. CNRL’s extensive portfolio, including significant thermal in situ projects and oil sands operations, continues to drive their success. With a diverse range of assets across Alberta, CNRL’s ability to manage long-life, low-decline resources ensures its place as a major player in the global energy market.

3. Suncor Energy – Strong Performance

Suncor Energy rounds out the top three with a total production of 91,759,813 barrels, an increase from their 2022 total of 84 million barrels. They continue to be a cornerstone of Alberta’s energy sector, with its long-established oil sands projects contributing significantly to its overall production. Suncor’s focus on energy transition and sustainability initiatives alongside traditional oil production further strengthens its influence on the market.

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What’s Changed Since Last Year?

While the top 10 producers have largely remained the same, there are some interesting shifts:

• Cenovus Energy remains at the top, but its production has dropped slightly from 180,225,709 barrels in 2022 to 175,858,576 barrels in 2023.
• Canadian Natural Resources Limited and Suncor Energy both saw an increase in production, signaling growth and investment in their Alberta-based assets.
• Athabasca Oil Corporation dropped out of the top 10, replaced by Spur Petroleum, which reflects Spur’s growing role in Alberta’s oil sector.

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Top 10 Companies Dominate Alberta’s Oil Production

In total, the top 10 oil producers in Alberta collectively produced 626,366,855 barrels of oil in 2023. This represents a slight increase from last year’s total of 609 million barrels. With Alberta’s total 2023 oil production coming in at 831,350,876 barrels (see table below…).

The top 10 oil producers account for an impressive 75% of the total production. As the pie chart below illustrates, these leading companies are responsible for the lion’s share of Alberta’s output, while the remaining 25% of production is split among smaller producers operating throughout the province.

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An In-Depth Look at the Full Roster of Alberta’s Oil Producers in 2023

For a detailed overview of Alberta’s oil producers beyond the top 10, we’ve prepared a comprehensive table that showcases each company’s production volumes. This table provides insights into how each producer is contributing to Alberta’s oil industry.

Click the “Company Details” links to explore each company using the Canadian Petroleum Registry! You can use the Canadian Petroleum Registry to discover comprehensive insights for most oil and gas properties across Western Canada.

*Note: Information is compiled using Alberta Energy Regulator’s top producers workbook. Mined bitumen is not included in this data due as per the AER’s disclaimer.

**Information is provided using a variety of public data sources. Every attempt is made to ensure accuracy of this data, but we cannot 100% verify all data points. Use at your own risk.