Up to date on August twenty second, 2025 by Bob Ciura
Canadian oil shares have confirmed over the previous decade that they’ll navigate downturns in commodity costs.
Canadian oil shares additionally are inclined to pay greater dividends than many U.S.-based oil shares, making them probably extra interesting for earnings traders.
Valuations have additionally remained fairly low just lately, boosting their respective complete return profiles consequently.
On this article, we’ll check out 9 main Canadian oil shares:
Canadian Pure Sources (CNQ)
Suncor Power (SU)
Enbridge, Inc. (ENB)
Imperial Oil (IMO)
InPlay Oil Corp. (IPOOF)
Whitecap Sources (SPGYF)
Paramount Sources (PRMRF)
Tamarack Valley Power (TNEYF)
Freehold Royalties Ltd. (FRHLF)
On this article, we are going to rank them so as of highest anticipated annual returns over the subsequent 5 years.
Be aware: Canada imposes a 15% dividend withholding tax on U.S. traders. In lots of circumstances, investing in Canadian shares by means of a U.S. retirement account waives the dividend withholding tax from Canada, however verify along with your tax preparer or accountant for extra on this concern.
These high 9 Canadian Massive Oil shares are shareholder-friendly corporations, with engaging dividend payouts. With this in thoughts, we created a full record of practically 80 power shares.
You possibly can obtain a free copy of the power shares record by clicking on the hyperlink beneath:
Extra info could be discovered within the Certain Evaluation Analysis Database, which ranks shares primarily based on their dividend yield, earnings-per-share progress potential, and modifications within the valuation a number of.
The shares are listed so as beneath, with #1 being probably the most engaging for traders at present.
Learn on to see which Canadian oil inventory is ranked highest in our Certain Evaluation Analysis Database.
Desk Of Contents
You should utilize the next desk of contents to immediately leap to a selected inventory:
The highest 9 Canadian oil shares are ranked primarily based on complete anticipated returns over the subsequent 5 years, from lowest to highest.
Canadian Oil Inventory #9: Imperial Oil (IMO)
5-year anticipated returns: -6.9%
Imperial Oil is certainly one of Canada’s largest built-in oil companies. The corporate operates by means of three reporting segments: Upstream, Downstream, and Chemical. Imperial Oil is headquartered in Calgary, Alberta, Canada.
Exxon Mobil (XOM) owns roughly 70% of Imperial Oil’s frequent fairness. Imperial Oil is cross listed on each the Toronto Inventory Alternate and the New York Inventory Alternate.
Imperial Oil reviews monetary leads to Canadian {dollars}, however the figures proven on this analysis report have been transformed to U.S. {dollars} and discuss with the corporate’s NYSE-listed shares.
In early August, Imperial Oil reported (8/1/25) outcomes for Q2-2025. Manufacturing grew 6% over the prior 12 months’s quarter, to a 30-year second-quarter document. Nevertheless, the typical realized costs of oil and fuel decreased considerably.
Consequently, earnings-per-share decreased -12%. Imperial Oil has raised its dividend by 20% this 12 months. It additionally expects to develop output this 12 months and thus it’s prone to publish earnings-per-share near these achieved final 12 months, a virtually 15-year excessive stage.
Click on right here to obtain our most up-to-date Certain Evaluation report on IMO (preview of web page 1 of three proven beneath):
Canadian Oil Inventory #8: Tamarack Valley Power (TNEYF)
5-year anticipated returns: -6.7%
Tamarack Valley Power Ltd. is a Canadian power firm. Shares are dual-listed in Canada beneath the ticker “TVE” and the U.S. with the over-the-counter ticker “TNEYF”.
The corporate’s base reporting forex is Canadian {Dollars}, however this report will use U.S. Greenback figures besides when in any other case famous. Tamarack Valley Power has lengthy operated oil and fuel belongings primarily within the province of Alberta.
On July thirtieth, Tamarack Valley Power reported its Q2 2025 outcomes. Earnings per share of 12 cents have been unchanged from what the agency reported for a similar interval of 2024. The corporate reported 70,260 complete barrels of power a day in manufacturing for Q2, up 10% year-over-year.
This acquire was offset by a lot weaker power costs, nevertheless, as the corporate realized 17% decrease common costs on heavy oil and 22% decrease on mild oil.
Tamarack Valley Power overextended its stability sheet in the course of the early 2010s oil increase. This led to large draw back for Tamarack Valley’s shares within the late 2010s as the corporate needed to dilute its traders to make it by means of the droop.
The corporate’s newer M&A has been pretty profitable, build up the corporate’s manufacturing base tremendously and producing advantages of scale.
Click on right here to obtain our most up-to-date Certain Evaluation report on TNEYF (preview of web page 1 of three proven beneath):
Canadian Oil Inventory #7: Paramount Sources (PRMRF)
5-year anticipated returns: -3.6%
Paramount Sources is a Canadian power firm. Paramount Sources has a protracted historical past. The corporate was based in 1976 and has been publicly-traded since 1978.
Paramount Sources now owns a much smaller oil and fuel manufacturing base targeted on the Kaybob area of Alberta together with the Willesden Inexperienced Duvernay space additionally positioned in Alberta.
The corporate introduced its Q2 2025 outcomes on July thirtieth, 2025. EPS of $0.02 plunged from $0.42 within the prior 12 months, however a big drop was anticipated given the sale of many of the firm’s belongings within the interim. That stated, the two cent revenue missed expectations, and falling oil costs definitely should not serving to issues.
Nevertheless, we aren’t slicing our full-year EPS information regardless of the poor Q2 outcomes. That’s as a result of the corporate accomplished the primary section of its Alhambra Plant in July, forward of schedule, and manufacturing volumes ought to ramp up within the again half of 2025.
Paramount Sources has had a extremely uneven observe document. It had massive losses within the mid-2010s related to the decline in power costs. After years of losses, nevertheless, the agency had a powerful run of worth creation between 2021 and 2024 which culminated within the profitable asset sale to Ovintiv and large particular dividend.
On account of that transaction, Paramount Sources’ future earnings outlook has fallen sharply. We’re modeling 60 cents of EPS for this 12 months, adopted by strong 8%/12 months progress going ahead. We mannequin robust progress, regardless of falling oil costs, because of the firm’s bold growth plans.
It’s planning on spending roughly C$560 million on growth of oil and fuel properties this 12 months, primarily targeted on its Willesden Inexperienced Duvernay operations. This contains the drilling of roughly 22 wells together with the development of its Alhambra processing plant.
Click on right here to obtain our most up-to-date Certain Evaluation report on PRMRF (preview of web page 1 of three proven beneath):
Canadian Oil Inventory #6: Whitecap Sources (WCPRF)
5-year anticipated returns: -0.2%
Whitecap Sources is a Canadian power firm engaged within the acquisition, growth, and manufacturing of oil and pure fuel throughout Western Canada. Whitecap operates by means of 4 core areas: Northern Alberta & British Columbia, Central Alberta, Japanese Saskatchewan, and Western Saskatchewan.
It markets its manufacturing domestically and into the U.S., with publicity to benchmark pricing by means of numerous gross sales channels. It pays dividends on a month-to-month foundation. It reviews its financials in CAD. All figures on this report have been transformed to USD until in any other case famous.
On Might twelfth, 2025, Whitecap Sources efficiently accomplished its strategic mixture with Veren, making it Canada’s seventh largest oil and pure fuel producer and fifth largest pure fuel producer. The merger additionally positioned Whitecap as the biggest landholder in Alberta’s Montney and Duvernay performs and a number one mild oil producer in Saskatchewan. On July ninth, 2025, Whitecap Sources modified its OTC ticker from SPGYF to WCPRF after upgrading to the OTCQX.
On July twenty third, 2025, Whitecap Sources reported its second-quarter outcomes for the interval ending June thirtieth, 2025. For the quarter, income was about $997 million, a rise from $716 million in Q2 2024. Web income after royalties got here in at $921 million.
The change was drive by greater commodity volumes and realized features of $31.5 million on commodity contracts, though unrealized features of $123.2 million have been additionally acknowledged within the quarterly launch.
Working earnings earlier than taxes was about $302 million, up from $206 million final 12 months. Web earnings was $227.7 million, or $0.33 per share, versus $178.5 million, or $0.41 per share, in Q2 2024.
Click on right here to obtain our most up-to-date Certain Evaluation report on WCPRF (preview of web page 1 of three proven beneath):
Canadian Oil Inventory #5: Suncor Power (SU)
5-year anticipated annual returns: 2.7%
Suncor Power is among the largest built-in power producers in Canada. The corporate is concerned in all of the facets of the power worth chain, working in three segments: Exploration & Manufacturing, Refining & Advertising, and Different.
Suncor is headquartered in Calgary, Alberta, Canada and is cross listed on each the Toronto Inventory Alternate and the New York Inventory Alternate. Suncor reviews monetary leads to Canadian {dollars}. Nevertheless, the figures listed on this analysis report are in USD.
In early August, Suncor reported (8/5/25) outcomes for the second quarter of 2025. It posted document second-quarter manufacturing and refining volumes.
It grew its manufacturing 3% over final 12 months’s quarter and posted refinery utilization of 95%. Nevertheless, because of decrease costs of oil and fuel, adjusted earnings-per-share fell -44%.
Suncor reiterated its steering for primarily flat manufacturing this 12 months and a lower in refinery utilization from 100% to 93%-97% because of upkeep.
Click on right here to obtain our most up-to-date Certain Evaluation report on SU (preview of web page 1 of three proven beneath):
Canadian Oil Inventory #4: Canadian Pure Sources (CNQ)
5-year anticipated returns: 5.0%
Canadian Pure Sources is an power firm that operates within the acquisition, exploration, growth, manufacturing, advertising, and sale of crude oil, pure fuel liquids (NGLs), and pure fuel.
It’s headquartered in Calgary, Alberta. All of the figures on this report are in U.S. {dollars}. Along with buying and selling on the New York Inventory Alternate, CNQ inventory trades on the Toronto Inventory Alternate.
You possibly can obtain a full record of all TSX 60 shares beneath:
In early August, Canadian Pure Sources reported (8/7/25) monetary outcomes for the second quarter of fiscal 2025. The corporate grew its manufacturing 11% over the prior 12 months’s quarter, regardless of the execution of upkeep.
Nevertheless, the value of oil decreased. Consequently, the earnings-per-share of Canadian Pure Sources declined -19%.
Canadian Pure Sources has raised its quarterly dividend by 4% this 12 months and thus it has grown its dividend (in CAD) for 26 consecutive years, at a compound annual progress charge of 20%.
That is an admirable accomplishment for a corporation that belongs to the extremely cyclical power sector. The corporate reiterated that its dividend is roofed by money flows due to its low-cost reserves. Administration expects 12% manufacturing progress this 12 months.
Click on right here to obtain our most up-to-date Certain Evaluation report on CNQ (preview of web page 1 of three proven beneath):
Canadian Oil Inventory #3: Freehold Royalties Ltd. (FRHLF)
5-year anticipated annual returns: 6.0%
Freehold Royalties is a Canadian power firm. Shares are dual-listed in Canada beneath the ticker “FRU” and the U.S. with the over-the-counter ticker “FRHLF”. The corporate’s base reporting forex is Canadian {Dollars}, however this report will use U.S. Greenback figures besides when in any other case famous.
Freehold Royalties doesn’t personal upstream oil manufacturing services instantly. Moderately it companions with operators, offering upfront money in return for a minimize of future oil and fuel manufacturing volumes. Freehold presently has about 360 royalty companions and has publicity to greater than 7 million gross acres of land throughout the U.S. and Canada.
The corporate’s high three manufacturing areas are the Midland and Eagle Ford basins within the U.S. together with Canadian heavy oil manufacturing within the province of Alberta.
On July thirtieth , 2025, Freehold Royalties reported its Q2 2025 outcomes. The corporate’s top-line revenues slumped 7% to C$78 million in the identical quarter of 2024. This was a very disappointing end result as the corporate had spent considerably on M&A over the previous 12 months, which helped trigger the corporate’s web debt to leap from C$101 million on the finish of 2023 to C$282 million on the finish of 2024.
Regardless of share dilution and better curiosity prices, revenues have dropped and earnings declined even sooner, falling to simply 4 cents per share CAD in Q2 2025 in comparison with 26 cents in the identical interval of final 12 months. The corporate made a large acquisition of Midland basin royalties in December that was supposed to assist bolster 2025 earnings, however falling oil costs greater than offset that energy.
The one silver lining is that the corporate’s money movement per share got here in at 35 cents CAD, which declined by a extra modest 5 cents versus the prior 12 months. Regardless, profitability is down and the corporate’s already tenuous dividend protection is now even weaker.
Click on right here to obtain our most up-to-date Certain Evaluation report on FRHLF (preview of web page 1 of three proven beneath):
Canadian Oil Inventory #2: Enbridge Inc. (ENB)
5-year anticipated annual returns: 6.6%
Enbridge is an oil & fuel firm that operates the next segments: Liquids Pipelines, Gasoline Distributions, Power Companies, Gasoline Transmission & Midstream, and Inexperienced Energy & Transmission. Enbridge purchased Spectra Power for $28 billion in 2016 and has turn out to be one of many largest midstream corporations in North America.
Enbridge was based in 1949 and is headquartered in Calgary, Canada.
Enbridge reported its first quarter earnings leads to Might. The corporate generated revenues of CAD$13.3 billion in the course of the interval, which was up by 64% in comparison with the earlier 12 months’s quarter, and which pencils out to US$9.7 billion.
Throughout the quarter, Enbridge grew its adjusted EBITDA by 18% 12 months over 12 months. Distributable money flows got here to US$2.8 billion, or US$1.28 on a per-share foundation.
Enbridge is forecasting distributable money flows in a variety of CAD$5.50 – CAD$5.90 per share for the present 12 months. Utilizing present alternate charges, this equates to USD$4.17 on the midpoint of the steering vary, which might be up 9% versus 2024.
Click on right here to obtain our most up-to-date Certain Evaluation report on ENB (preview of web page 1 of three proven beneath):
Canadian Oil Inventory #1: InPlay Oil Corp. (IPOOF)
5-year anticipated annual returns: 6.9%
InPlay Oil is a Calgary-based oil and fuel exploration and manufacturing firm targeted on growing mild oil and pure fuel belongings in Alberta, primarily focusing on the Cardium and Stomach River formations. InPlay Oil combines horizontal drilling, enhanced oil restoration, and infrastructure optimization to maximise effectivity and returns.
Final 12 months, it averaged 8,712 boe/d in manufacturing, with 58% attributed to crude oil and NGLs, and generated C$68.5 million in adjusted funds movement.
On Might 14th, 2025, InPlay Oil reported its Q1 outcomes for the interval ending March thirty first, 2025. The corporate posted complete income of about $23.9 million, a 25% year-over-year decline. This drop was because of decrease commodity costs, particularly pure fuel, and a dip in manufacturing volumes and oil weighting.
Common manufacturing for the quarter was 8,027 boe/d, down 8% from 8,723 boe/d final 12 months. Adjusted funds movement was $9.2 million, down 30% from the prior 12 months, with diluted AFF/share at $0.09, in comparison with $0.13 final 12 months. For this 12 months, we anticipate AFF/share $0.75.
Click on right here to obtain our most up-to-date Certain Evaluation report on IPOOF (preview of web page 1 of three proven beneath):
Last Ideas
Canadian oil shares don’t get practically as a lot protection as the main U.S. oil shares. Nevertheless, earnings and worth traders ought to take note of the massive Canadian oil shares.
All 9 Canadian oil shares have dividend yields which are effectively above many of the U.S. oil shares.
The next articles comprise shares with very lengthy dividend or company histories, ripe for choice for dividend progress traders:
Thanks for studying this text. Please ship any suggestions, corrections, or inquiries to assist@suredividend.com.
