Research primer / Uranium & Nuclear
America needs uranium. Canada has it. Now read the whole fuel cycle.
Nearly a third of the uranium delivered to U.S. reactors in 2025 came from Canada, and only 7% was mined at home.
Real assets & capital discipline
Oil & Gas
Canadian energy through asset quality, market access, reinvestment needs and balance-sheet capacity.
Canada supplied a record 61% of U.S. oil imports by value in 2025 [1], and imports from Canada have exceeded those from OPEC every year since 2014 [2]. The integration is real; so are the differences in price realizations, egress and reinvestment that decide what reaches shareholders.
Research in this theme
Research primer / Infrastructure
What a pipeline dividend is actually made of.
Enbridge paid C$0.97 a share on September 1. Behind it sit a Mainline toll fixed to the end of 2028, rate cases in three U.S.
Research brief / Oil & Gas
A barrel in Alberta is not a barrel in Cushing.
Western Canadian Select sold at a US$14.62 discount to WTI in the quarter ended June 30, 2026, and the reasons are physical: sulfur,…
Relevant company profiles
Crude oil pipelines, gas transmission, gas utilities, renewable power / Operating · regulated and contracted infrastructure
Enbridge
TSXENBNYSEENB
Enbridge is a Calgary-based owner of crude oil pipelines, natural gas transmission and storage, natural gas utilities and a renewable power…
- Adjusted EBITDA (latest quarter)
- C$4,776MQuarter ended Jun 30, 2026
- GAAP earnings attributable to common shareholders (latest quarter)
- C$1.4B · C$0.64/shareQuarter ended Jun 30, 2026
- Distributable cash flow (latest quarter)
- C$2,948MQuarter ended Jun 30, 2026
Figures are in Canadian dollars unless marked US$. Quarterly figures are for the three months ended June 30, 2026 from the July 31, 2026 news release and the Form 6-K exhibit on EDGAR; annual figures are from the February 13, 2026 year-end release. Adjusted EBITDA, adjusted earnings, DCF and Debt-to-EBITDA are management's non-GAAP measures. Pipeline capacities are from the company's July 28, 2026 asset fact sheet. Blank means not yet verified, never zero.
Calgary, Alberta
Read profile
Oil sands, heavy and conventional oil, natural gas / Operating producer
Canadian Natural Resources
TSXCNQNYSECNQ
Canadian Natural describes itself as a senior crude oil and natural gas production company and one of the largest independent producers in the world,…
- Net earnings (latest quarter)
- C$4,503MQuarter ended Jun 30, 2026
- Adjusted funds flow (latest quarter)
- C$6,866MQuarter ended Jun 30, 2026
- Free cash flow (latest quarter)
- C$2,975MQuarter ended Jun 30, 2026
Figures are in Canadian dollars unless marked US$. Quarterly figures are for the three months ended June 30, 2026 from the August 6, 2026 news release and interim report; annual figures are from the March 5, 2026 year-end release. Production is before royalties. Adjusted funds flow, adjusted net earnings and free cash flow are management's non-GAAP measures. Blank means not yet verified, never zero.
Calgary, Alberta
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Natural gas and liquids (Montney, Alberta Deep Basin) / Operating producer
Tourmaline Oil
TSXTOUOTCTRMLF
Tourmaline calls itself Canada's largest and most active natural gas producer, and its stated aim is to produce the lowest-development-cost gas in…
- Production (latest quarter)
- 594,198 boe/dQuarter ended Jun 30, 2026
- Production (fiscal 2025)
- 638,196 boe/dYear ended Dec 31, 2025
- Cash flow (latest quarter)
- C$786.1MQuarter ended Jun 30, 2026
Figures are in Canadian dollars unless marked US$. Quarterly figures are for the three months ended June 30, 2026 from the July 29, 2026 news release; annual figures are from the March 4, 2026 year-end release. Cash flow, free cash flow and operating netback are management's non-GAAP measures as the company defines them. Reserves are company-reported figures from its independent evaluation at December 31, 2025. Blank means not yet verified, never zero.
Calgary, Alberta
Read profile
The record
Desk notes in this theme
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Deal / Oil & Gas
LNG Canada sanctions Phase 2, doubling Kitimat to 28 million tonnes a year
The five-company joint venture led by Shell took the final investment decision on September 28; Ottawa calls it a C$33 billion private investment, the second-largest in Canadian history, and Coastal GasLink will expand to feed it from early 2027.
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Deal / Oil & Gas
Tourmaline sells C$287.5 million of Topaz shares to fund buybacks, lifts dividend 5%
A bought-deal secondary of 10,000,000 Topaz Energy shares at C$28.75 cuts Tourmaline's stake from 12.9% to 6.4%, funds repurchases under the 15.5-million-share issuer bid, and the quarterly dividend goes to C$0.525 from the fourth quarter.
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Policy / Oil & Gas
Bank of Canada holds at 2.25%, citing energy prices and new U.S. tariffs
The policy rate stayed at 2.25% for a second meeting running on September 2; the Bank cited second-quarter GDP growth of 3.3%, inflation near 3% on energy prices and newly announced U.S. tariffs with Canadian counter-measures.
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Results / Oil & Gas
Canadian Natural raises 2026 guidance again on record synthetic crude output
Net earnings of C$4,503 million and adjusted funds flow of C$6,866 million on WTI of US$92.85 let the company cut net debt to C$14,526 million and return about C$4.0 billion; four growth projects stay on hold until the trilateral MOU becomes binding agreements.
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Data / Oil & Gas
U.S. crude imports from Canada fell 4% to 3.9 million b/d in 2025
The value of U.S.-Canada energy trade dropped to an estimated US$137 billion in 2025 on lower oil prices, with crude still 69% of the total; volumes from Canada fell 4%.
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Results / Oil & Gas
Tourmaline realizes C$3.12 a mcf against a C$1.66 AECO in Q2 and defers growth
Second-quarter cash flow of C$786.1 million and free cash flow of C$192.1 million came on production of 594,198 boe/d, held back by storage injections and deferred activity at low Alberta prices; the 2026 budget stays at C$2.55 billion and Phase 2 of the Montney build-out waits a year.
Data & documents
Go to the primary source.
Use the current releases linked below. We do not display live market data, and a source directory is never a verified data snapshot.
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1
Canada responsible for a record 61% of U.S. oil imports in 2025
Share by value, from Census trade data.
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2
Imports made up 17% of U.S. energy supply in 2024, the lowest share in nearly 40 years
Notes that U.S. crude imports from Canada reached record highs in 2024 and have exceeded OPEC imports every year since 2014.