Canadian petroleum companies

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  2. Oil companies of Canada


Petroleum in Canada</br>
This article is part of a series.
1. Early history</br>2. Story of natural gas</br>3. Oil sands and heavy oil</br>4. The frontiers</br>5. Gas liquids</br>
Resources and producers
Oil reserves</br>Petroleum companies
Categories
Oil fields</br>Oil refineries </br>Oil companies
Economy of Canada</br>Energy policy of Canada

Although there are numerous oil companies operating in Canada, the majority of production, refining and marketing is done by fewer than 20 of them.[1] According to the 2010 edition of the global 2000 compiled by Forbes,[2] canoils.com[3] and any other list that emphasizes market capitalization and revenue when sizing up companies, as of December 30, 2010 [4] these are the largest Canadian-based oil and gas companies (they are either based entirely in Canada or majority Canadian owned). However more recent changes, possibly mergers or a stronger showing in the price of oil may mean a few of the oil sands producers are underrepresented (many Canadian companies are increasingly dependent on production from that source, which is hurt severely when oil prices decline below 50 to 60 dollars a barrel since costs per barrel traditionally exceed $28 and non-upgraded bitumen (<10o API) produces about 1.7 fewer barrels per metric ton than West Texas Intermediate oil (according to calculation).[5] A few of the larger companies (like Pacific Rubiales Energy and Penn West Exploration) didn't make the Forbes list because its ranking system takes many different factors into account. Syncrude and Irving Oil are also leaders in the Canadian industry, with Syncrude being the top producer of oil sands crude and Irving Oil operating the largest oil refinery in the country.[6] Also, based on the price paid for a 9% share in Syncrude Canada Ltd by Sinopec the company could be worth as much as US$50 billion.[7] Canadian oil company profits which were down 90% in 2009 as a result of the financial crisis are on pace to reach $8.4 billion in 2010; Helping profits in 2010 is the smaller price gap between West Texas Intermediate oil ($85/bbl) and Western Canadian heavy crude ($65/bbl) with the price of upgraded synthetic oil surpassing WTI when supply falls (before being upgraded to synthetic crude, heavier oil produces fewer barrels of oil per metric ton than lighter oil).[8][9] The two largest (Suncor and CNRL) are 2 of the 7 most valuable Canadian companies (November 2010).[10] All of Canada's fortune 2000 oil and gas companies are headquartered in Calgary, Alberta (including smaller ones 2,412 oil and gas companies are based in Calgary).[11]

Ongoing research and development involving extraction technology and processing methods have slowly chipped away at many of the barriers to bitumen production. Many Canadian oil companies have a lot of exposure to heavy oil through assets in Alberta and so they stand to benefit when research into more efficient and cost effective solutions yields positive results (Petrobank has numerous patents related to extraction technology that at least one major engineering firm considers 17% more efficient than the widely used steam assisted gravity drainage).[12] In the summer of 2010 a research team at Hokkaido University revealed that they had discovered a catalyst that significantly improves the efficiency while lowering costs related to the processing of bitumen.[13] Also among major Canadian producers, interest in new energy technologies is rising, a direct result of both heightened interest in raising the proportion of the oil sands that can be recovered (10% in late 2010, which means 1.6 trillion barrels are at stake) and the growing value of licensing rights. That has resulted in a shift in focus over to patent producing research and development. Cenovus Energy has used its patents as a tool to negotiate deals.[14]

Profiled and ranked is every Canadian oil and gas company with a market cap ranking top 500 worldwide and the eight largest by revenue (Nexen made Forbes list but not the top 500 companies according to market capitalization but it had the highest revenue among all other petroleum companies according to this list, addax petroleum became part of Sinopec). Eight of the ten most profitable companies of the oil and gas sector operating in Canada are represented here.[15]

Market capitalization (December 2010), revenue (2010), profit (2009), production, reserves

Cumulative
Market cap. rank 		Name Market cap. rank
(all companies) 		Market cap.
(bln USD) 		Revenue
(bln Cdn) 		Profit
(mil Cdn) 		Prod (000 bpd) *Proved Reserves
(bill barrels)
1 Suncor 113 60.245 34.35 Increase38.2%[16] 1,146 680[17] 7.2[18]
2 Canadian Natural Resources 147 48.610 14.322 Increase29.3%[19] 1,580 574.73 (*642.3)[20] 2P 6.9 boe (4.51 proved)[21][20]
3 Imperial Oil 238 34.617 24.946 Increase17.2%[22] 1,579[23] 293[23] 2.153 boe[23]
4 Cenovus Energy 350 25.160 13.422 Increase13.8%[24] 648 230[25]*RBC est. 1.2[26]
5 Husky Energy 390 23.028 21.9 Increase22%[27] 1,416 300[28] 0.430 petro &
*0.364 boe nat. gas[29]
6 Talisman Energy 397 22.737 9.834 (2009) 437 430[30] 1
7 Enbridge 422 21.653 15.127Increase21.3%[31] 1,562 NA NA
8 Encana 426 21.527 8.87 decrease20.2%[32] 1,862 585[33] *2.2[33]
9 Nexen NA 10-14
(Nov 2009)[34]		 7.891 (2009) 536 252[35] 0.988[36]

source for market cap,[4], source for 2009 revenue (when used)[37] source for profit [38] Data rounded to nearest million.

  • 642,300 boe/d is a 2010 estimate for Canadian Natural Resources based on indicated production levels of 217,547.7 boe ngas (based on conversion factor of 5658.53 cubic feet:1 boe) and 424,575 bbl/d (67,502.0 m3/d) of oil at the half.
  • proved reserves (doesn't include most bitumen/heaviest oil in reserves, in some cases probable reserves are included)
    • proved and probable reserves include those oil and possibly bitumen reserves estimated to be as much if not more than likely recoverable under most recent conditions, production of which is unrestrained by contingencies,[39] for example under ideal conditions (the right bitumen extraction technology and oil price) Cenovus's reserves could be as high as 137 billion barrels,[40][41] 114 times larger than those presently recognized.
  • After spinning off Cenovus Energy, Encana's production was 95 % natural gas.
  • based on conversion factor of .00018225 from cubic feet of natural gas to barrels of oil equivalent (1/5487).[42]

Suncor Energy

File:Petro Canada West Tower.jpg
suncor energy center

Revenue 30.10 bn MV 51 bn[10]

  • Suncor Energy completed merger with Canada's 11th largest company Petro Canada on August 1, 2009 in a 21 billion dollar deal to form the largest oil and second largest company overall in Canada.[43][44] At the time of the merger it had a market capitalization of $43 billion and held the biggest position in Alberta's oil sands.[45]
  • 680,000 barrels per day (108,000 m3/d) of oil production (532,000 from oil sands and conventional oil in 2008).[17][46]
  • with about $30 billion in revenue, $50 billion market capitalization and immense growth coming from the oil sands as a result of rising oil prices, the new company should rival the 12th and 13th largest oil and gas companies in the world Rusneft and Lukoil.
  • After acquiring Petro Canada, Suncor divested at least $2.8 billion worth of Petro Canada assets.[47]
  • In November 2010 Suncor was Canada's 4th most valuable company.[10]
  • Recently has shown renewed interest in developing patents (including ones for conveyor belts and hand railings), when considered with nine other oil companies patent applications were up 250% between 2005 and 2010 when compared to 2000 to 2004.[14]

Canadian Natural Resources Limited

Revenue 10.142 bn, MV 42.28 bn.

  • 34th ranked oil company in 2009 according to fortune 500, 251 overall.,[48] 7th most valuable Canadian company in November 2010.[10]
  • 2nd largest natural gas producer in Canada.[49]
  • During the third quarter of 2010 upstream oil and natural gas production reached the highest rate among Canadian producers (the rate was not maintained though, production fell back slightly due to planned and unplanned maintenance shutdowns).[10][50]
  • it operates in the North Sea, Western Canada, and West Africa.

EnCana Corporation

File:Bow-june10.JPG
Encana HQ u.constr will be the tallest in W.Canada[51]

Revenue 13.729 bn MV 24.12 bn

EnCana, North America's largest natural gas producer was formed in 2002 when PanCanadian Energy merged with Alberta Energy Company.[52][53][54] It operates in Alberta, British Columbia, Nova Scotia, Colorado, Wyoming, Texas and Louisiana and had the largest reserve base among Canadian producers as recently as 2007.[55] At the end of 2009 Encana created Cenovus Energy when it split its integrated oil and natural gas components.[56]

  • Headquarters under construction. The 774 ft (236 m) tall skyscraper called The Bow[57] will be the tallest office building in Calgary and the tallest built in Canada since 1990.

Husky Energy

File:Husky Gas Station Edmonton Alberta 3831.jpg
Husky gas station located in Edmonton, Alberta

Revenue 15.074 bn MV 25.44 bn Husky Energy was founded in Wyoming by Albertan Glenn Nielson who with 2 partners, bought 2 heavy oil refineries, and used them to establish the Husky Refining Co. in 1938. This was followed by major purchases of oil rich land and gas stations. In 1946 Nielson moved part of the company to Canada where Husky Oil Ltd. was created separate from the parent company. By the late 1970s the company's need for more funding eventually forced Nielson to sell all his stake in the company. Another Albertan, Bob Blair CEO of the pipeline company AGTL (later renamed Nova Corp.) took advantage of the situation gradually increasing his stake in the company until he owned a controlling interest. About a decade later Husky ran into financial problems that were solved when Hong Kong billionaire Li Ka-shing started investing in the company leading to a buy out of Blair's interests in 1991. The 1988 acquisition of Centerra Energy Ltd. made Husky a 10 Canadian oil company. After a turbulent couple decades, Husky reasserted itself as a major Canadian petroleum company in 2000 by purchasing Renaissance Energy Ltd. in a $3.02 billion deal.

Husky Energy has proven petroleum reserves of 430,000,000 barrels (68,000,000 m3) and 2 trillion cubic feet of natural gas. It owns approximately 500 filling stations in Canada as well as property and/or mineral rights to some 6.67 million acres (27,000 km²) in Western Canada.[58]

Enbridge

Revenue 12.466 bn MV 18.98 bn

File:EnbridgeBuildingEdmonton.jpg
Enbridge building in Edmonton, Alberta

Began as a pipeline company called interprovincial pipelines incorporated by Imperial Oil in the 1940s as a result of growth at the Leduc oil fields in Alberta exceeding the capacity of Alberta's refineries to process the oil. In 1950 its pipelines were operational and in 1953 it was a publicly traded company at stock exchanges in Toronto and Montreal. By the late 1950s its main pipeline was almost 2,000 miles (3,200 km) long handling about 200,000 barrels (32,000 m3) of oil per day in certain sections. In the late 1960s refineries in the US and Canada demanded more oil be delivered from Canadian sources, and the solution deemed best by management, and government officials was to build a new line through Chicago. The access expansion gave the company to Chicago helped the company grow rapidly and by the early 1970s throughput reached 900,000 barrels (140,000 m3) of oil. By 1986 imperial oil's ownership of the company was down to 33% and through an exchange of shares imperial oil helped interprovincial acquire another oil company called Hiram Walker while subsequently changing its name to Interhome Energy Inc. Later it was renamed IPL Energy Inc. During the 1990s it acquired a number of other companies (consumers gas, altagas, interest in Chicap pipeline) which delivered natural gas as well but most of the company's business was still in crude oil. The new divisions gave the company greater access to Toronto, Quebec and New York. Its last name change made in 1998 was to Enbridge Inc. a combination of the words energy and bridge.[59]

Currently Enbridge owns the world's longest oil pipeline system (delivers 2,000,000 barrels (320,000 m3) per day), owns Canada's largest natural gas distributing company, and has 1.9 million customers. It is also active in the alternative energy sector, having an interest in wind farms, waste heat recovery plants and photovoltaic projects the largest of which is the Sarnia Solar Project.[60][61]

Cenovus Energy

Revenue 10.14 bn MV 18.42 bn Cenovus Energy Inc. is the former component of Encana that focussed more on integrated oil and not natural gas though natural gas continues to contribute about half of total production (exceeded oil (crude and synthetic combined) as recently as the end of 2009 however a steady fall in output combined with new oil sands production has more recently reduced it).

Talisman Energy

Revenue C$6.488 bn MV 17.49 bn Originally BP Canada, Talisman Energy is a publicly traded Tsx 60 petroleum company that operates in Canada, USA, Columbia, Scotland, Peru, Algeria, Tunisia, UK, Norway, Indonesia, Malaysia, Vietnam, Australia, and Qatar.

  • 420,000 barrels (67,000 m3) of oil per day production.[62]

Nexen

File:Nexen Building.JPG

Revenue 5.838 bn MV 13.86 bn

  • When Nexen was created in 1971 it was a subsidiary of the American company Occidental Petroleum called Canadian Occidental Petroleum. After taking over a number of smaller companies in Canada while increasing their international holdings they became larger and more independent of their parent company that by then held only a minor stake. In 2001 the name was changed to nexen in recognition of that.

In 2008 the company had revenue of US $8–9 billion dollars, market value of US $11.14 billion, and a profit of US $1.68 billion.[63]

  • At the Long Lake project it uses steam assisted gravity drainage to upgrade oil.
  • Operates in Canada, Yemen, Colombia, West Africa and the UK (offshore).
  • Market cap peaked in 2008 at between US$20 and 24 billion (at the time it was reported that oil major Total was prepared to offer US$19.7 billion for the company)[64] but has since fluctuated between $US10 and $US14 billion[34]
    • production : 250,000 barrels (40,000 m3) of oil/day

Syncrude

  • Based on the price paid for a 9% share by Sinopec the company could be worth as much as $US50 billion.[7]
  • Syncrude is the world's largest producer of oil sands crude.
  • Opened in 1978 and started expanding in 1996
  • is a joint venture involving 4 Canadian companies (80.97% owned), 3 American(19.93% owned), and 1 Japanese.[65]
  • #1 single source of oil in Canada[66]

Irving Oil

  • operates the largest refinery in Canada and has 1.3 billion dollars in revenue [6]
  • the family that controls the company includes 3 billionaires Arthur, James, and John E. Irving [67]
  • operates 769 gas stations in Atlantic Canada, New England and Quebec as well as the convenience stores at many of those locations and a chain of family restaurants called big stops.
  • The company has been based in New Brunswick since it was established in 1924.

Addax petroleum

Addax Petroleum (Sinopec) was one of about 60 Canadian companies that made it onto the Forbes Global 2000 2009 list. It was acquired by sinopec of China in June 2009 for C$8.27 billion.

Other Large Oil and Gas Companies

These companies have at least 2 billion dollars in market value (6 of them being near or over $10 billion, the rest are between four and seven billion with the exception of Petrobank, Sherritt and Laricana Energy). In order of size

  • Corporations that were all trusts until 2011 when they converted
    • Canadian Oil Sands (36% interest in Syncrude could be worth as much as $US15 billion, revenue was down to 2.8 billion in 2009 from 4.5 billion in 2008)[7][68]
    • Penn West Exploration (revenue 2.4 billion in 2009 down from 4 billion in 2008)[69]
    • Crescent Point Energy - Oil and gas company with interests in the bakken oil field of Alberta. Revenue 0.8-1 billion annually the last 2 years, averaged 400 million the 2 years prior; production was 41.5% higher in the third quarter of 2010 than the same period in 2009, to 65.548 boe/d (89% crude oil); in July 2010 acquired Shelter Bay Energy (38.1 Mboe of oil reserves) for $1.1 billion.[70] Its market value climbed from $5.5 billion in August 2009 to $7.7 billion in July 2010 then surpassing $10 billion late that year.[71][72][73]
    • ARC Resources (2009 revenue was at the lowest level in 5 years)
    • Baytex Energy - Most of production currently (2010) is heavy oil however many of its projects involve light oil.
    • Pengrowth Energy - 2009 revenue 1.1 billion which is 16% more than what it was in 2006, production grew 26.58% between those years reaching 79,518 boe/d in 2009 (about half from natural gas) though production was highest in 2007 (87,401 boe/d)[74][75]
    • Enerplus (2009 revenue 1.05 billion about half of what it was in 2008)[76]
    • Inter Pipeline Fund - Oversees one of Canada's biggest petroleum and petrochemical transport, pipeline and storage business; transports most of Canada's oil sands bitumen produced by such companies as Shell Canada, Chevron and Encana. Major moves include the 2007 $760 million dollar acquisition of the Corridor pipeline in Alberta, 2008 $1.8 billion expansion of oil sands pipelines, 2004 $540 million purchase of 3 of Canada's largest natural gas treatment plants. Market value was $4 billion in 2008 more than 6 times what it was in 1997.[77]
    • Keyera - midstream company with 18 natural gas liquid processing plants in Alberta.
  • Independent Oil and Gas
    • Pacific Rubiales Energy (deeply rooted in Colombia where it enjoys strategic partnerships with Ecopetrol (state oil company that produces about 63% of all Colombian oil and gas production) and where a major part of the company was started (Petro Rubiales, acquired in 2008 was one of the original developers of the Rubiales Field one of Colombia's largest)). In 2010 it was the 2nd largest independent oil and gas company operating in South America.[78]
    • MEG Energy - Borderline large cap oil sands producer with 5-6 billion barrels of 2P reserves in Christina Lake and Surmont (the 2 projects are 50 km apart).
    • Athabasca Oil Sands Corp
    • Niko Resources Ltd - Oil and Gas company with significant natural gas reserves in India. It is also one of the largest owners of underwater exploration properties in Indonesia (though it has a history that goes back to 1987 it only recently began producing at significant levels).
    • Vermilion Energy, Pembina Pipeline, Petrominerales, Petrobank Energy and Resources, Sherritt International Corporation, ** Laricina Energy Ltd. (Private in-situ oil producer worth $1.2 billion)

Forbes ranking of Canadian companies

115 oil and gas companies made the list. These are the Canadian ones.

Cum. Rank Name Forbes Rank Rank among oil companies Sales (bns USD) Assets (bns USD) Forbes Market Value (bns USD)
1 Suncor 159 21 24.30 65.17 45.59
2 Canadian Natural Resources 275 29 9.67 39.13 37.24
3 Encana 279 30 11.11 33.83 25.35
4 Husky 304 34 14.28 25.08 21.92
5 Enbridge 329 36 11.89 26.87 17.07
6 Cenovus Energy 442 42 10.14 20.55 18.42
7 Talisman Energy 557 48 6.19 22.53 18.71
8 Nexen 611 54 5.54 21.84 11.89

Source Global 2000

Key people

James Miller Williams, John T Ferguson, Richard L. George, Randy Eresman, David P.O'Brien, John C.S. Lau, Li Ka-shing, David D. Daniel, John Manzoni, Philip D. Dolan, Marvin Romanow,

See also

32x28px Companies portal
32x28px Energy portal

References

  1. ↑ "Natural Resources Canada:Canadian Refineries". 2009-01-05. http://nrcan.gc.ca/eneene/sources/infinf/refraf-eng.php.
  2. ↑ "the global 2000 forbes". forbes.com. 2010-04-21. http://www.forbes.com/lists/2010/18/global-2000-10_The-Global-2000_IndName_15.html. Retrieved 2010-04-28.
  3. ↑ "Suncor ousts Encana as Calgary's market cap leader". Calgary Herald. 2010-05-29. http://www2.canada.com/calgaryherald/news/calgarybusiness/story.html?id=69b0a92f-8f7f-42a1-963a-878897b0af02. Retrieved 2010-04-28.
  4. ↑ 4.0 4.1 "FT Global 500 December Prices and market values at 30 December 2010". The Financial Times. http://www.ft.com/ft-500-quarterly. Retrieved 2011-04-27.
  5. ↑ "Solid Economics for Oil Sands". 2004-11-08. http://www.rigzone.com/news/article.asp?a_id=17850.
  6. ↑ 6.0 6.1 "Irving Oil Company Information". indeed. 2009-08-06. http://www.indeed.com/cmp/Irving-Oil. Retrieved 2009-08-11.
  7. ↑ 7.0 7.1 7.2 Willis, Andrew (2010-04-12). "Sinopec pays a hefty sum for Syncrude". The Globe and Mail (Toronto). http://www.theglobeandmail.com/globe-investor/investment-ideas/streetwise/sinopec-pays-a-hefty-sum-for-syncrude/article1531659/.
  8. ↑ "Analysis"Foes fight Canada pipeline to rich Asian market". 2011-02-17. http://www.reuters.com/article/2011/02/17/us-enbridge-gateway-idUSTRE71G4IF20110217.
  9. ↑ "Better times ahead for Canada's oil companies with expected $8.4B profit in 2010". 2010-09-02. http://www.winnipegfreepress.com/business/breakingnews/better-times-ahead-for-canadas-oil-companies-with-expected-84b-profit-in-2010-102058233.html.
  10. ↑ 10.0 10.1 10.2 10.3 10.4 Ebner, David (2010-11-05). "Oil sands giants post big profits". The Globe and Mail (Toronto). http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/oil-sands-giants-post-big-profits/article1785172/.
  11. ↑ "Energy sector not so keen on TSX merger". 2011-03-23. http://www.financialpost.com/Energy+sector+keen+merger/4492680/story.html.
  12. ↑ "Petrobank's THAI Technology Expands Exploitable Bitumen In Place". 2010-03-12. http://www.ntm.nickles.com/issues/story.aspx?aid=1000363947.
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  18. ↑ "suncor to buy petro-Canada". 2009-03-23. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=atQcqpzkbKGc&refer=canada.
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  22. ↑ "Imperial Oil 2010 Annual Report Form". 2011. http://www.imperialoil.ca/Canada-English/Files/2010_AR.pdf.
  23. ↑ 23.0 23.1 23.2 "Imperial Oil SEC 10-K Form 2009 Annual Report". 2010-02-26. http://www.faqs.org/sec-filings/100226/IMPERIAL-OIL-LTD_10-K/#tx89205_4.
  24. ↑ "Cenovus Energy 2010 Financial Report". 2011. http://www.cenovus.com/invest/docs/2010/2010-Annual-Consolidated-Financial-Statements.pdf.
  25. ↑ "RBC Cenovus profile". 2010. http://dir.rbcinvestments.com/getimage.asp?content_id=46371.
  26. ↑ "Cenovus Energy launches operations". 2009-09-01. http://www.euroinvestor.co.uk/print/printnewsstory.aspx?storyid=10764417.
  27. ↑ "Husky Energy 2010 MDA Report". 2011. http://www.huskyenergy.com/downloads/investorrelations/2010/MDA2010.pdf.
  28. ↑ "new husky ceo tasked with turnaround". The Globe and Mail (Toronto). 2010-05-23. http://www.theglobeandmail.com/report-on-business/managing/corporate-strategy/new-husky-ceo-tasked-with-turnaround/article1577958/.
  29. ↑ "new husky ceo tasked with turnaround". 2010. http://companies.jrank.org/pages/2087/Husky-Energy-Inc.html.
  30. ↑ "talisman energy". 2010. http://www.linkedin.com/companies/talisman-energy.
  31. ↑ "Enbridge 2010 Consolidated Financial Statements". 2011. http://ar.enbridge.com/ar2010/financial-statements-notes/.
  32. ↑ "Encana 2010 Annual Report Highlights". 2011. http://www.encana.com/investors/financial/annualreports/2010/pdfs/annual-report-2010-highlights.pdf.
  33. ↑ 33.0 33.1 "encana corporation:dbrs confirms EnCana Long-Term Ratings at A (low), Stable Trends". 2009-11-30. http://www.dbrs.com/research/230782/encana-corporation/dbrs-confirms-encana-long-term-ratings-at-a-low-stable-trends.html.
  34. ↑ 34.0 34.1 "Large-Cap Canadian Energy and Materials Stocks ''Nov 2009''". Getmoneyenergy.com. 2009-11-19. http://www.getmoneyenergy.com/2009/11/large-cap-canadian-energy-materials-stocks/. Retrieved 2010-12-24.
  35. ↑ "Nexen close to breaking even on Long Lake". CBC News. 2010-04-27. http://www.cbc.ca/fp/story/2010/04/27/2955880.html.
  36. ↑ Vanderklippe, Nathan (2009-12-11). "North Sea find validates Nexen strategy". The Globe and Mail (Toronto). http://www.theglobeandmail.com/report-on-business/north-sea-find-validates-nexen-strategy/article1275612/.
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  39. ↑ "Cenovus total bitumen initially-in-place estimated at 137 billion barrels; 56 billion barrels discovered bitumen initially-in-place Oilsands production". 2010-06-16. http://ca.news.finance.yahoo.com/s/16062010/34/biz-f-business-wire-cenovus-total-bitumen-initially-place-estimated-137-billion.html.
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  41. ↑ "Cenovus Upgraded on aggressive new Growth Estimates". 2010-07-15. http://business.financialpost.com/tag/cenovus/.
  42. ↑ "Oil Industry Conversions". http://redstarcanada.com/CONVERSIONS.htm. Retrieved 2010-06-27.
  43. ↑ "suncor, petro canada complete merger". bizjournals. 2009-08-06. http://www.bizjournals.com/denver/stories/2009/08/03/daily65.html. Retrieved 2009-08-11.
  44. ↑ "suncor, a united petro canada and suncor Canada's second biggest company ?". the globe and mail. 2009-07-23. http://network.nationalpost.com/np/blogs/fpmagazinedaily/archive/2009/03/23/a-united-petro-canada-and-suncor-canada-s-second-biggest-company.aspx. Retrieved 2009-08-11.
  45. ↑ "Suncor Petro Canada Deal a go,". globe and mail (Toronto). 2009-08-06. http://www.theglobeandmail.com/report-on-business/suncor-petro-canada-deal-a-go-but-must-sell-104-ontario-gas-stations/article1226711. Retrieved 2009-08-12.
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  48. ↑ "theglobal2000". forbes. 2009-04-08. http://www.forbes.com/lists/2009/18/global-09_The-Global-2000_IndName_15.html.
  49. ↑ "Canadian Natural Reports Profit on Alberta Oil Sands". bloomberg. 2009-08-06. http://www.bloomberg.com/apps/news?pid=20601082&sid=aN6SoOXEyobA. Retrieved 2009-08-11.
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