Suncor Energy Centre
Canadian oilsands outperform U.S. peers, says Enverus report
FORT McMURRAY — Canadian oilsands companies are outperforming their U.S. counterparts, supported by strong inventories, improved access to global markets and renewed investor confidence, according to a new report from Enverus Intelligence Research.
The analysis found oilsands equities have risen roughly 40 per cent more than major U.S. independent producers since early 2024. Companies are trading at a premium based on enterprise value to earnings, driven by shrinking U.S. shale reserves and the completion of the Trans Mountain pipeline expansion, which has narrowed price discounts for Canadian crude.
The report also cites recent merger and acquisition activity, including bids involving Cenovus Energy and Strathcona Resources, as signs of renewed strength in the sector. Analysts say long-life reserves, lower costs and improved balance sheets are allowing oilsands producers to weather market volatility more effectively than in past price cycles.
Oilsands operators now hold more than twice the duration of high-quality drilling inventory compared with U.S. shale producers, giving them a long-term production advantage. Access to tidewater markets has further improved profitability and investor sentiment.
Alberta Energy and Minerals Minister Brian Jean, who represents Fort McMurray-Lac la Biche, said the findings underscore the global demand for Canadian energy.
“Alberta is built on oil and gas and the industry will continue to fuel our economy for decades to come. There is a greater need for energy security globally than at any point in the last 50 years and the demand for our responsibly produced, dictator-free energy is growing,” said Jean.
He added that while Canada holds some of the world’s largest oil and gas reserves, including those surrounding Fort McMurray, growth depends on expanding export infrastructure.
“If we have any hope of putting the oil sands to work to turn us into an energy superpower, we need more pipelines to tidewater, especially Canada’s northwest coast. We need the federal government to repeal the bad Trudeau-era laws that were designed to keep our oil in the ground,” he said.
Jean said seizing this opportunity could create hundreds of thousands of jobs, attract tens of billions in private investment and strengthen partnerships with Indigenous communities.
According to Enverus, the sector’s durability and efficiency gains are prompting investors to revalue oilsands assets, with some companies now trading at or above their U.S. peers on a net asset value basis. Analysts say the oilsands remain a cornerstone of Canada’s energy economy, even as global oil prices face pressure heading into 2026.
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