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Canadian oil firms end 2025 strong despite crude slump

ReutersDec 31, 2025 2:56 PM

Canadian oil producers set to end 2025 on a positive note, with integrated operations, strong refining margins and stable cash flows from long-life reserves cushioning the impact of falling crude prices

Brent crude futures LCOc1 down over 17% YTD, their steepest annual drop since 2020 and third straight yearly decline

As of last close, Canadian Natural Resources CNQ.TO up 4.7% YTD; lowers capital spending goal for 2026 to focus on efficiency and disciplined growth

Cenovus Energy CVE.TO gains 7.2% in 2025; co acquires MEG Energy MEGN.MX and signals higher 2026 production

Imperial Oil IMO.TO rises 34.5% YTD; announces plans to boost capital spending and lift upstream production in 2026

Enbridge ENB.TO gains 7.8% in 2025; expects to benefit from new projects coming online next year

TC Energy TRP.TO jumps 14.9% YTD, Suncor Energy SU.TO up 18.9% in 2025

"Canadian producers remain well-positioned for long-term growth, supported by low-decline, high-quality reserves and easing regulatory overhang," says TPH Energy Research analyst Jeoffrey Lambujon

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