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Canada oil sands: record earnings in Q2 2026
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Oil sands achieved its sixth ever highest quarter of production and highest corproate net earnings following volatile and spiking oil prices around the Middle East conflict. Earnings will be primarily directed to increased share repurchaes in the second half of 2026. Alberta's government submitted the West Coast Oil Pipeline project to the Major Projects Office on 2 July, with Trans Mountain named as lead proponent and Pembina Pipeline holding a 10% economic stake. South Bow secured 20-year binding commitments from nine customers for 465 kb/d on the Prairie Connector, while Trans Mountain progresses the first phase of optimisations on the existing Pacific access route. Not all projects advanced: Enbridge postponed Phase 2 of its 250 kb/d Mainline Optimisation project. Suncor and ConocoPhillips both announced CEO transitions during the quarter. We highlight the pricing, production, operating cost and corporate trends across the oil sands sector.
Table of contents
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Fundamentals
- Benchmark crude prices
- Mining output totals 1.61 million b/d
- In situ production drops to 1.67 million b/d
- Operating costs
- Financials
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Topical
- Greenfire consolidates with C$1.3 billion Connacher deal
- Pipeline expansions and newbuilds make headlines
- Trilateral dealings: Alberta and Federal MOU now working with industry
- CEO transitions at Suncor and ConocoPhillips
Tables and charts
This report includes the following images and tables:
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Reported net earningsCorporate cash distribution since 2021Benchmark prices
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Western Canada Select annual rangesBitumen realisationsMining project productionIn situ projects producing >40 kb/dIn situ projects producing <40 kb/dOperating cost trends
What's included
This report contains:
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