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Politics : Canadian Political Free-for-All
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From: GPS Info4/23/2025 4:34:05 PM
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Canadian Oil and Gas Metrics (2025e)
January 2025

$177 billion Revenue
$64 billion OPEX
$42 billion CAPEX

Summary of the Economic Impact of Canadian Oil and Gas
  • Conditions for the Canadian upstream oil and gas industry have been challenging since the 2014/2015 downturn; however, the situation has drastically improved post-COVID with the commodity price recovery and improved pipeline takeaway capacity, which have resulted in record-high revenue levels in 2022 and 2023.
  • Annual revenue for 2025 is now estimated lower at $177 billion (relative to 2024) due to weaker oil and gas prices. CAPEX spending is expected to be similar to 2024, with the equivalent of 60% of industry revenue, or $106 billion, estimated to be spent on operating expenditures (OPEX) and capital expenditures (CAPEX) combined; this is mostly spent in Canada.
  • The industry’s improved health has transferred to the bottom line of provincial governments. The industry paid a record $34 billion in oil and gas royalties to provincial governments in 2022. In 2024 and 2025, over $20 billion is expected in each year.
  • Over the past few years, cost inflation has erased some of the industry’s previous gains in reducing operating costs. Managing these costs continues to be an area of focus.
  • The economic impact of Canada's upstream oil and gas sector is significant. In 2023, the sector comprised over 3% of Canada’s total GDP. The Oil and Gas Extraction sub-industry is the largest goods-producing industry in Canada. It is 27% bigger than the next largest sub-industry— Engineering and Other Construction Activities—and 30% bigger than the Residential Building Construction industry.
  • When direct, indirect, and induced jobs are considered, the oil and gas sector employs about 900,000 people in Canada. These are well-paying jobs; the average direct oil and gas worker's total compensation is roughly 2X higher than the Canadian average for goods-producing industries.
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