Canada was home to the world's fifth-largest energy production industry in 2018 (latest information), according to the U.S. Energy Information Administration. Globally, it is the fourth-largest producer and sixth-largest exporter of natural gas.

Private and public companies of all sizes engage in natural gas production across the Canadian landscape; however, only a small group of firms deliver an average output of more than 300 million cubic feet per day. While some of these firms are integrated oil and gas companies with extensive operations in upstream and downstream industries, others focus on upstream exploration and production.

In 2020, many of the companies that make up Canada's oil and gas industry saw revenues in the billions. Below are some of the largest companies in Canada whose business involves natural gas. Investors looking to gain exposure to the Canadian energy market could consider some of the large corporations below as a way to diversify their portfolio.

Of course, like all energy companies, these entities are subject to price volatility in the energy market, global supply and demand risk, changing political regulations in the countries where their basins are located, and geological risks. These are all items to consider before making an investment decision.

Key Takeaways

  • In 2018, Canada was home to the world's fifth-largest energy production industry.
  • Canada ranks globally as the fourth-largest producer and sixth-largest exporter of natural gas.
  • Canada's largest companies that are involved in natural gas include Enbridge, Canadian Natural Resources Ltd, Suncor Energy, Imperial Oil, Cenovus Energy, Tourmaline Oil, and Ovintiv.

1. Enbridge, Inc.

Enbridge (ENB) is an oil and gas infrastructure company focused on the transportation of crude oil and hydrocarbons through pipelines. The company also focuses on renewable energy. It is one of the largest companies in Canada, with high revenues and a market capitalization of 78.60 billion U.S. dollars as of June 4, 2021.

2. Canadian Natural Resources Limited

Canadian Natural Resources Limited (CNQ) ranks among the largest oil and gas exploration and production companies in the world. In addition to its North American natural gas and crude oil operations, the firm produces crude oil in the North Sea and offshore African waters. On June 4, 2021, Canadian Natural Resources had a market capitalization of 43.87 billion U.S. dollars.

3. Suncor Energy, Inc.

Suncor Energy, Inc. (SU) is an integrated oil and gas company and a significant producer of bitumen. Natural gas extraction is only one part of the firm's business. It has a market capitalization of 37.87 billion U.S. dollars as of June 4, 2021.

4. Imperial Oil

Imperial Oil Ltd. (IMO) is an integrated oil and gas giant. In addition to crude oil, the company also produces natural gas. Although it is a Canadian company, Imperial Oil is 69.6% owned by Exxon Mobil (XOM). Imperial Oil was formed in 1880. The company had a market capitalization of about 29.93 billion U.S. dollars on June 4, 2021.

5. Cenovus Energy, Inc.

Cenovus Energy, Inc. (CVE) is an integrated oil and gas company with large conventional crude oil, oil sands, and natural gas operations in Canada and refining operations in the United States. Cenovus Energy's average daily natural gas production declined in recent years. This trend began with its decision to focus capital investment on crude oil resources. The company had a market capitalization of about 18.48 billion U.S. dollars as of June 4, 2021.

6. Tourmaline Oil Corporation

Tourmaline Oil Corp. (TOU) operates primarily as a crude oil and natural gas exploration and production firm. The company was established in 2008 and experienced high growth as production activities ramped up. Like many other firms on this list, Tourmaline is based in Calgary and operates mostly in Western Canada. Tourmaline Oil had a market value of 8.94 billion U.S. dollars as of June 4, 2021.

7. Ovintiv, Inc.

Ovintiv (OVV) is a hydrocarbon and exploration company with offices in both Canada and the U.S. Ovinitiv began in the 1800s, making it one of the oldest gas and oil companies. The company focuses significantly on technology, primarily horizontal drilling, and operates two basins in the U.S. and one in Canada. The company had a market capitalization of 7.97 billion U.S. dollars as of June 4, 2021.