Four oilsands companies dominate production but most profits flow to foreign shareholders
Analysis shows Canadian Natural, Cenovus, Imperial Oil and Suncor paid out $80 billion to shareholders from 2021–2024; three-quarters went to foreign owners.
The day's top stories, food & events — every morning at 7. Unsubscribe anytime.
Canada's oilsands are controlled by companies that are largely foreign-owned and funnelling most profits out of the country, according to analysis by Canadians for Tax Fairness and the Alberta Federation of Labour.
Four companies — Canadian Natural Resources, Cenovus, Imperial Oil and Suncor — account for more than 80 per cent of oilsands production. None are majority-owned by Canadians. The companies are close to three-quarters foreign-owned, with approximately 60 per cent of shares held by Americans.
Between 2021 and 2024, the big four distributed almost $80 billion to shareholders. Nearly three-quarters of that $80 billion went to foreign owners, with more than $6 out of every $10 distributed going to U.S. shareholders.
Foreign and concentrated ownership of Canada's largest oilsands companies has grown substantially over the past decade, the analysis found.
By the numbers
How much did Canada's four largest oilsands companies pay shareholders from 2021 to 2024?
Canadian Natural Resources, Cenovus, Imperial Oil and Suncor distributed almost $80 billion to shareholders between 2021 and 2024.
What share of that $80 billion went to foreign shareholders?
Nearly three-quarters of the $80 billion went to foreign owners, with more than $6 out of every $10 distributed going to U.S. shareholders.
What percentage of oilsands production do these four companies control?
Canadian Natural Resources, Cenovus, Imperial Oil and Suncor account for more than 80 per cent of oilsands production.
How much of these four companies is foreign-owned?
The companies are close to three-quarters foreign-owned, with approximately 60 per cent of shares held by Americans.
