Oilweek’s Top 100, Sponsored By KPMG, Reflects An Industry Still Struggling To Find Solid Footing
Canada’s publicly traded oil and gas producers saw a major turnaround in their fortunes in 2017 as higher prices and lower costs resulted in a combined $12.4 billion in net income, compared to a combined loss of around $1.8 billion in 2016.
Revenues were up 33 per cent in 2017 from the previous year, reaching $140.1 billion. Cash from operations climbed to $38.6 billion, up 70 per cent from 2016.
But the recovery was uneven, with the top five largest and integrated operators capturing 92 per cent of total net income, and almost 80 per cent of total revenues.
“At current oil prices many companies can make money — not a lot of money — but they can make money,” says Michael McKerracher, National Industry Leader, Energy, KPMG, which is the sponsor of this year's Oilweek Top 100 report. “But the truly integrated companies can be quite profitable. They have a better system of pipelines in place so market access issues are somewhat minimized and they have the benefit of downstream revenue.”
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To download the Oilweek Top 100 report, sponsored by KPMG, click here.
To download the raw data in Excel spreadsheets, click here.
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