Canadian oil firms end 2025 strong despite crude slump

Imperial Oil

31/12/2025 14:56

** Canadian oil producers set to end 2025 on a positive note, with integrated operations, strong refining margins and stable cash flows from long-life reserves cushioning the impact of falling crude prices

** Brent crude futures LCOc1 down over 17% YTD, their steepest annual drop since 2020 and third straight yearly decline

** As of last close, Canadian Natural Resources CNQ.TO up 4.7% YTD; lowers capital spending goal for 2026 to focus on efficiency and disciplined growth

** Cenovus Energy CVE.TO gains 7.2% in 2025; co acquires MEG Energy MEGN.MX and signals higher 2026 production

** Imperial Oil IMO.TO rises 34.5% YTD; announces plans to boost capital spending and lift upstream production in 2026

** Enbridge ENB.TO gains 7.8% in 2025; expects to benefit from new projects coming online next year

** TC Energy TRP.TO jumps 14.9% YTD, Suncor Energy SU.TO up 18.9% in 2025

    ** "Canadian producers remain well-positioned for long-term growth, supported by low-decline, high-quality reserves and easing regulatory overhang," says TPH Energy Research analyst Jeoffrey Lambujon

(Reporting by Sumit Saha in Bengaluru)

((Sumit.Saha@thomsonreuters.com;))