Oil Pipeline Financial Survey, 2022
Released: 2024-01-04
The Canadian energy sector saw an increase in demand for energy products in 2022. The war in Ukraine contributed to global energy uncertainty, which drove up international demand for Canadian energy. Economies also continued to rebound following the COVID-19 pandemic, which resulted in operating revenues and expenses to continue to rise in 2022.
Revenue and expenses
Total operating revenues of Canadian oil pipeline companies rose 20.9% to $17.9 billion in 2022, following an 11.4% increase in 2021. This was driven by increased economic activity and demand for energy products. Similarly, total operating expenses increased 21.5% to $10.2 billion in 2022, compared with a 17.2% rise in 2021. As a result, net revenue from operations totalled $7.7 billion in 2022, up 20.0% year over year. Net income after taxes was $5.8 billion (+58.4%).
The annual average price of crude oil was up 49.0% compared with 2021, according to the crude oil and bitumen price index. Based on supply and disposition of crude oil and equivalent data, Canadian production of crude oil rose by 2.3% in 2022. In addition, exports of crude oil and equivalent products were up 2.2% in 2022, following a 3.0% increase in 2021.
Balance sheet
Pipeline companies reported total assets of $74.8 billion in 2022, 1.3% higher than in 2021 ($73.9 billion). Net fixed assets edged up 0.1% to $50.5 billion in 2022, while current assets rose 13.9% to $8.5 billion.
Total investment was down 1.2% to $15.1 billion in 2022.
Total current liabilities were $12.0 billion in 2022, down 0.4% compared with the previous year. Total long-term debt increased 1.8% to $23.2 billion and contributing surplus rose 2.8% to $1.8 billion in 2022. These collectively contributed to the total liabilities, capital stock and surplus of $74.8 billion in 2022, an increase of 1.3% from 2021.
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Note to readers
The Oil Pipeline Financial Survey is a census that collects data on the financial, employment and operating activities of gathering pipelines and transmission pipelines operating in Canada.
Gathering pipelines are regional systems that collect oil from fields and plants and deliver it to terminals and processing facilities, including refineries.
Trunk lines collect oil from terminals and deliver it to destinations, sometimes thousands of kilometres away.
The gathering pipelines in Canada are concentrated in major oil-producing regions (i.e., Alberta and Saskatchewan).
Canadian transmission pipelines deliver oil from the producing regions to major markets, primarily the United States and Eastern Canada.
Data are subject to revisions. Oil pipeline financial data are revised on an annual basis to reflect new information provided by respondent data.
Data are available upon request.
Contact information
For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).
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