Canada's energy sector continued to see increased demand for energy products in 2023. Ongoing and emerging geopolitical conflicts in Eastern Europe and the Middle East continued to impact production, consumption, and prices of refined petroleum products.
Revenue and expenses
Total operating revenues of Canadian oil pipeline companies declined 6.2% to $16.8 billion in 2023, following a 20.9% increase in 2022. Similarly, total operating expenses decreased 3.2% to $9.9 billion in 2023, compared with a 21.5% rise in 2022. As a result, net revenue from operations totalled $6.9 billion in 2023, down 10.3% year over year. Net income after taxes was $4.9 billion (-14.8%).
According to the crude oil and bitumen price index, the annual average price of crude oil was down 15.9% in 2023 compared with 2022, when prices soared 49.0% from 2021. Based on supply and disposition of crude oil and equivalent data, Canadian production of crude oil rose by 1.4% in 2023, while exports of crude oil and equivalent products increased 2.7%.
Balance sheet
Pipeline companies reported total assets of $74.8 billion in 2023, essentially unchanged compared with 2022 (-0.1%). Net fixed assets decreased 0.6% to $50.2 billion in 2023, while current assets rose 5.9% to $9.0 billion.
Total investment was down 1.2% to $14.9 billion in 2023.
Total current liabilities were $12.0 billion in 2023, down 0.4% compared with the previous year. Total long-term debt decreased 0.4% to $23.1 billion while retained earnings rose 2.0% to $7.3 billion in 2023. These collectively contributed to the total liabilities, capital stock and surplus of $74.8 billion in 2023, down slightly (-0.1%) from 2022.
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Note to readers
The Oil Pipeline Financial Survey is a census that collects data on the financial, employment and operating activities of gathering pipelines and transmission pipelines operating in Canada.
Gathering pipelines are regional systems that collect oil from fields and plants and deliver it to terminals and processing facilities, including refineries.
Trunk lines collect oil from terminals and deliver it to destinations, sometimes thousands of kilometres away.
The gathering pipelines in Canada are concentrated in major oil-producing regions (i.e., Alberta and Saskatchewan).
Canadian transmission pipelines deliver oil from the producing regions to major markets, primarily the United States and Eastern Canada.
There is no seasonal adjustment. Data from previous years may be revised based on updated information.
Data are available upon request.
Reference
Definitions, data sources and methods: survey number 2179.
Previous release: Oil Pipeline Financial Survey, 2022
Contact information
For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).