Upstream Canada’s 2022 guidance review Report

Insight 17 February 2022

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Report summary

28 Canadian-focused companies have reported 2022 guidance. Those companies combine to guide for a midpoint capital investment of Cdn$20.49 bn (US$16.14 bn), a 24% increase from 2021. Midpoint production guidance is 5,480 kboe/d, a 370 kboe/d or 7% increase from 2021. There are meaningful Canadian sector messages within the global guidance tracking that requires deeper drilling. From those with granular reporting, we’ve pulled out oil sands spending and production separate from non-oil sands. We also use our M&A tracking to add perspective on how the companies reporting guidance have changed. The actual investment increase is less than 24% once you factor in recent consolidation. We break up some of the companies into three categories for deeper study oil sands, large gas producers, and fast growers.