In 2023, Canada's natural gas distribution and transport pipeline industry posted decreases to operating revenues and expenses. Following a record high in 2022, prices for marketable natural gas experienced a decrease of 28.8% in 2023, contributing to the decline in revenue. However, production in 2023 saw its third consecutive year-over-year gain and reached its highest level. According to supply and disposition of natural gas data, marketable natural gas production rose 2.9% to 7.8 million terajoules in 2023.
Revenue and expenses
Total operating revenues of Canadian natural gas distribution and transport pipeline companies decreased 3.6% from $20.6 billion in 2022 to $19.8 billion in 2023. Total operating expenses decreased 3.6% to $15.0 billion in 2023, compared with a 23.5% increase in 2022. As a result, net revenue from operations was $4.8 billion in 2023, a decline of 3.5% from 2022.
According to Canadian monthly natural gas transmission statistics, exports of natural gas to the United States dropped 2.3% to 3.2 million terajoules in 2023, due in large part to an expansion in production capacity coupled with weaker demand in the United States.
Balance sheet
In 2023, Canadian natural gas companies reported $91.1 billion in total assets, up 0.7% compared with the previous year. Fixed assets contributed to this growth, increasing 2.2% from $60.9 billion in 2022 to $62.2 billion in 2023. Total investments were also higher in 2023 at $14.2 billion, increasing 1.8% from the previous year.
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Note to readers
The Annual Natural Gas Financial Survey collects financial data on natural gas pipeline transportation and distribution systems operating in Canada. The survey collects income, expense and balance sheet information from Canadian companies primarily engaged in natural gas distribution (North American Industry Classification System code 221210) and pipeline transportation of natural gas (North American Industry Classification System code 486210).
Transportation pipelines include gathering pipelines and transmission pipelines. Gathering pipelines collect natural gas from fields and plants. The gathered gas is then fed into large transmission pipelines that deliver either to distribution systems or to industrial consumers, such as oil and gas producers or power plants. In Canada, transportation systems originate in the major gas-producing regions of British Columbia and Alberta.
Distribution systems are pipeline networks that deliver gas directly to residential, commercial and industrial consumers.
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 2180.
Previous release: Natural Gas Financial Survey, 2022.
Contact information
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