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As of 2009, Syncrude and Irving Oil were leaders in the Canadian industry, with Syncrude being the top producer of oil sands crude and Irving Oil operating the largest oil refinery in the country. [5] Canadian oil company profits quickly recovered following the 2008 financial crisis; In 2009 they were down 90% but in 2010 they reached $8.4 billion.
Syncrude Canada Ltd. is one of the world's largest producers of synthetic crude oil from oil sands and the largest single source producer in Canada.It is located just outside Fort McMurray in the Athabasca Oil Sands, and has a nameplate capacity of 350,000 barrels per day (56,000 m 3 /d) of oil, equivalent to about 13% of Canada's consumption. [1]
The company was founded in 2001, and is one of the largest independent oil and gas producers in Canada, having a significant presence in the Western Canadian Sedimentary Basin. [1] In 2024, the company changed its name to Veren and is listed on the Toronto Stock Exchange and the New York Stock Exchange under the ticker symbol VRN. [2]
Western Canadian Select (WCS) is a heavy sour blend of crude oil [1] that is one of North America's largest heavy crude oil streams [2] and, historically, its cheapest. [3] It was established in December 2004 as a new heavy oil stream by EnCana (now Cenovus), Canadian Natural Resources, Petro-Canada (now Suncor) and Talisman Energy (now Repsol Oil & Gas Canada). [4]
The recent differential between the price Canadian oil sand producers fetch compared to the West Texas Intermediate (WTI) benchmark of the U.S. has been close to record levels. That differential ...
It specializes in production of synthetic crude from oil sands. In the 2020 Forbes Global 2000, Suncor Energy was ranked as the 48th-largest public company in the world. [4] Suncor was created by Sun Oil in 1979 by the merger of its Canadian conventional and heavy oil companies, the Sun Oil Company and Great Canadian Oil Sands.
Cenovus forecast a 4.4% increase in 2025 crude output, targeting 805,000 to 845,000 barrels of oil equivalent per day, primarily driven by the start-up of the Narrows Lake oil sands project.
Bituminous sands are a major source of unconventional oil, although only Canada has a large-scale commercial oil sands industry. In 2006, bitumen production in Canada averaged 1.25 Mbbl/d (200,000 m 3 /d) through 81 oil sands projects. 44% of Canadian oil production in 2007 was from oil sands. [49]