Up to date on December twelfth, 2025 by Bob Ciura
Canadian oil shares have confirmed over the previous decade that they’ll navigate downturns in commodity costs.
Canadian oil shares additionally are likely to pay greater dividends than many U.S.-based oil shares, making them doubtlessly extra interesting for revenue buyers.
Valuations have additionally remained fairly low lately, boosting their respective whole return profiles because of this.
On this article, we’ll check out 9 main Canadian oil shares:
Canadian Pure Assets (CNQ)
Suncor Vitality (SU)
Enbridge, Inc. (ENB)
Imperial Oil (IMO)
InPlay Oil Corp. (IPOOF)
Whitecap Assets (WCPRF)
Paramount Assets (PRMRF)
Tamarack Valley Vitality (TNEYF)
Freehold Royalties Ltd. (FRHLF)
On this article, we’ll rank them so as of highest anticipated annual returns over the subsequent 5 years.
Be aware: Canada imposes a 15% dividend withholding tax on U.S. buyers. In lots of instances, investing in Canadian shares by a U.S. retirement account waives the dividend withholding tax from Canada, however test together with your tax preparer or accountant for extra on this situation.
These prime 9 Canadian Massive Oil shares are shareholder-friendly firms, with engaging dividend payouts. With this in thoughts, we created a full listing of practically 80 vitality shares.
You possibly can obtain a free copy of the vitality shares listing by clicking on the hyperlink under:
Extra info may be discovered within the Positive Evaluation Analysis Database, which ranks shares primarily based on their dividend yield, earnings-per-share progress potential, and adjustments within the valuation a number of.
The shares are listed so as under, with #1 being probably the most engaging for buyers at this time.
Learn on to see which Canadian oil inventory is ranked highest in our Positive Evaluation Analysis Database.
Desk Of Contents
You need to use the next desk of contents to immediately soar to a selected inventory:
The highest 9 Canadian oil shares are ranked primarily based on whole anticipated returns over the subsequent 5 years, from lowest to highest.
Canadian Oil Inventory #9: Paramount Assets (PRMRF)
5-year anticipated returns: -11.3%
Paramount Assets is a Canadian vitality firm. Paramount Assets has an extended historical past. The corporate was based in 1976 and has been publicly-traded since 1978.
Paramount Assets now owns a much smaller oil and fuel manufacturing base targeted on the Kaybob area of Alberta together with the Willesden Inexperienced Duvernay space additionally situated in Alberta.
The corporate introduced its Q3 2025 outcomes on November 4th, 2025. EPS fell to a lack of $0.02, a pointy drop from the 47 cent per share revenue within the prior yr.
A big drop was anticipated given the sale of many of the firm’s property within the interim, that mentioned the autumn into outright loss-making territory was a disappointing shock.
The corporate accomplished the primary part of its Alhambra Plant in July, forward of schedule, and manufacturing volumes ought to ramp up in coming months.
It’s planning on spending roughly C$560 million on growth of oil and fuel properties this yr, primarily targeted on its Willesden Inexperienced Duvernay operations.
This consists of the drilling of roughly 22 wells together with the development of its Alhambra processing plant.
Click on right here to obtain our most up-to-date Positive Evaluation report on PRMRF (preview of web page 1 of three proven under):
Canadian Oil Inventory #8: Tamarack Valley Vitality (TNEYF)
5-year anticipated returns: -7.1%
Tamarack Valley Vitality Ltd. is a Canadian vitality firm. Shares are dual-listed in Canada underneath the ticker “TVE” and the U.S. with the over-the-counter ticker “TNEYF”.
The corporate’s base reporting forex is Canadian {Dollars}, however this report will use U.S. Greenback figures besides when in any other case famous. Tamarack Valley Vitality has lengthy operated oil and fuel property primarily within the province of Alberta.
On October twenty ninth, Tamarack Valley Vitality reported its Q3 2025 outcomes. The corporate misplaced 36 cents per share, however that was pushed by a big write down on an asset held on the market.
The corporate’s normalized earnings, excluding that write down, got here in at 7 cents.
That was down from 11 cents within the prior yr, however was considerably forward of our expectations. Manufacturing jumped 11% year-over-year, serving to offset the decline in oil costs.
Click on right here to obtain our most up-to-date Positive Evaluation report on TNEYF (preview of web page 1 of three proven under):
Canadian Oil Inventory #7: Imperial Oil (IMO)
5-year anticipated returns: -6.6%
Imperial Oil is considered one of Canada’s largest built-in oil companies. The corporate operates by three reporting segments: Upstream, Downstream, and Chemical. Imperial Oil is headquartered in Calgary, Alberta, Canada.
Exxon Mobil (XOM) owns roughly 70% of Imperial Oil’s frequent fairness. Imperial Oil is cross listed on each the Toronto Inventory Change and the New York Inventory Change.
Imperial Oil stories monetary ends in Canadian {dollars}, however the figures proven on this analysis report have been transformed to U.S. {dollars} and discuss with the corporate’s NYSE-listed shares.
In late October, Imperial Oil reported (10/31/25) outcomes for Q3-2025. Manufacturing grew 7% over the prior yr’s quarter, to a 30-year document stage, primarily due to document output at Kearl.
Nevertheless, the typical realized costs of oil and fuel decreased considerably. Consequently, earnings-per-share decreased -7%.
Imperial Oil has raised its dividend by 20% this yr. It additionally expects to develop output this yr and is prone to publish earnings-per-share near these achieved final yr, a virtually 15-year excessive stage.
Click on right here to obtain our most up-to-date Positive Evaluation report on IMO (preview of web page 1 of three proven under):
Canadian Oil Inventory #6: Whitecap Assets (WCPRF)
5-year anticipated returns: -1.4%
Whitecap Assets is a Canadian vitality firm engaged within the acquisition, growth, and manufacturing of oil and pure fuel throughout Western Canada.
Whitecap operates by 4 core areas: Northern Alberta & British Columbia, Central Alberta, Japanese Saskatchewan, and Western Saskatchewan.
It markets its manufacturing domestically and into the U.S., with publicity to benchmark pricing by numerous gross sales channels. It pays dividends on a month-to-month foundation.
On Could twelfth, 2025, Whitecap Assets efficiently accomplished its strategic mixture with Veren, making it Canada’s seventh largest oil and pure fuel producer and fifth largest pure fuel producer.
The merger additionally positioned Whitecap as the biggest landholder in Alberta’s Montney and Duvernay performs and a number one mild oil producer in Saskatchewan. On July ninth, 2025, Whitecap Assets modified its OTC ticker from SPGYF to WCPRF after upgrading to the OTCQX.
On October twenty second, 2025, Whitecap Assets reported its third-quarter outcomes for the interval ending September thirtieth, 2025. For the quarter, income was about $1.20 billion, up from $642 million in Q3 2024.
Funds move got here in at $646 million, whereas capital spending totaled $393 million, leading to $252 million of free funds move. The corporate realized beneficial properties of $34 million on commodity contracts.
Internet revenue was $147 million, or $0.12 per share, in contrast with $197 million, or $0.32 per share, in Q3 2024.
Click on right here to obtain our most up-to-date Positive Evaluation report on WCPRF (preview of web page 1 of three proven under):
Canadian Oil Inventory #5: Suncor Vitality (SU)
5-year anticipated annual returns: 2.0%
Suncor Vitality is likely one of the largest built-in vitality producers in Canada. The corporate is concerned in all of the elements of the vitality worth chain, working in three segments: Exploration & Manufacturing, Refining & Advertising and marketing, and Different.
Suncor is headquartered in Calgary, Alberta, Canada and is cross listed on each the Toronto Inventory Change and the New York Inventory Change.
In early November, Suncor reported (11/4/25) outcomes for the third quarter of 2025. It posted document second-quarter manufacturing and refining volumes.
It grew its manufacturing 5% over final yr’s quarter and posted refinery utilization of 106%. Nevertheless, attributable to decrease oil costs, adjusted working revenue fell -20%.
Suncor raised its steering for manufacturing this yr from 810,000-840,000 to 845,000-885,000 barrels per day and refinery utilization from 93%-97% to 101% 102%.
Click on right here to obtain our most up-to-date Positive Evaluation report on SU (preview of web page 1 of three proven under):
Canadian Oil Inventory #4: Freehold Royalties Ltd. (FRHLF)
5-year anticipated annual returns: 2.8%
Freehold Royalties is a Canadian vitality firm. Shares are dual-listed in Canada underneath the ticker “FRU” and the U.S. with the over-the-counter ticker “FRHLF”. The corporate’s base reporting forex is Canadian {Dollars}, however this report will use U.S. Greenback figures besides when in any other case famous.
Freehold Royalties doesn’t personal upstream oil manufacturing services immediately. Moderately it companions with operators, offering upfront money in return for a minimize of future oil and fuel manufacturing volumes. Freehold at the moment has about 360 royalty companions and has publicity to greater than 7 million gross acres of land throughout the U.S. and Canada.
The corporate’s prime three manufacturing areas are the Midland and Eagle Ford basins within the U.S. together with Canadian heavy oil manufacturing within the province of Alberta.
On November thirteenth, 2025, Freehold Royalties reported its Q3 2025 outcomes. The corporate’s top-line revenues elevated lower than 1% to C$74 million versus the identical quarter of 2024.
This was a very disappointing consequence as the corporate spent considerably on M&A over the previous couple years and brought on a considerable amount of debt with out shifting the needle operationally. Earnings per share of 15 cents rose from 12 cents final yr, however we had anticipated a much bigger improve.
The corporate made a large acquisition of Midland basin royalties in late 2024 that was supposed to assist bolster 2025 earnings, however falling oil costs have offset that power.
Money move per share got here in at 36 cents CAD, which declined by a penny versus the prior yr.
Click on right here to obtain our most up-to-date Positive Evaluation report on FRHLF (preview of web page 1 of three proven under):
Canadian Oil Inventory #3: Canadian Pure Assets (CNQ)
5-year anticipated returns: 4.5%
Canadian Pure Assets is an vitality firm that operates within the acquisition, exploration, growth, manufacturing, advertising and marketing, and sale of crude oil, pure fuel liquids (NGLs), and pure fuel.
It’s headquartered in Calgary, Alberta. All of the figures on this report are in U.S. {dollars}. Along with buying and selling on the New York Inventory Change, CNQ inventory trades on the Toronto Inventory Change.
In early November, Canadian Pure Assets reported (11/6/25) outcomes for the third quarter of 2025. The corporate grew its manufacturing 19% over the prior yr’s quarter, to a brand new all-time excessive, due to acquisitions and natural progress.
Nevertheless, the value of oil decreased. Consequently, the earnings-per-share of Canadian Pure Assets fell -11%.
Click on right here to obtain our most up-to-date Positive Evaluation report on CNQ (preview of web page 1 of three proven under):
Canadian Oil Inventory #2: InPlay Oil Corp. (IPOOF)
5-year anticipated annual returns: 5.9%
InPlay Oil is a Calgary-based oil and fuel exploration and manufacturing firm targeted on growing mild oil and pure fuel property in Alberta, primarily concentrating on the Cardium and Stomach River formations. InPlay Oil combines horizontal drilling, enhanced oil restoration, and infrastructure optimization to maximise effectivity and returns.
Final yr, it averaged 8,712 boe/d in manufacturing, with 58% attributed to crude oil and NGLs, and generated C$68.5 million in adjusted funds move.
InPlay Oil is a Calgary-based oil and fuel exploration and manufacturing firm targeted on growing mild oil and pure fuel property in Alberta, primarily concentrating on the Cardium and Stomach River formations.
InPlay Oil combines horizontal drilling, enhanced oil restoration, and infrastructure optimization to maximise effectivity and returns. Final yr, it averaged 8,712 boe/d in manufacturing, with 58% attributed to crude oil and NGLs, and generated C$68.5 million in adjusted funds move.
On November eleventh, 2025, InPlay Oil reported its Q3 2025 outcomes. The corporate posted whole income of about $56.3 million, a 131% year-over-year improve, pushed by the Pembina asset acquisition and better manufacturing volumes and oil weighting.
Common manufacturing for the quarter was 18,970 boe/d, up sharply from 8,206 boe/d final yr. Adjusted funds move for the quarter was $19.0 million, up from $9.3 million final yr, with diluted AFF/share of about $0.68.
Click on right here to obtain our most up-to-date Positive Evaluation report on IPOOF (preview of web page 1 of three proven under):
Canadian Oil Inventory #1: Enbridge Inc. (ENB)
5-year anticipated annual returns: 7.2%
Enbridge is an oil & fuel firm that operates the next segments: Liquids Pipelines, Fuel Distributions, Vitality Providers, Fuel Transmission & Midstream, and Inexperienced Energy & Transmission. Enbridge purchased Spectra Vitality for $28 billion in 2016 and has turn into one of many largest midstream firms in North America.
Enbridge was based in 1949 and is headquartered in Calgary, Canada.
Enbridge reported its third quarter earnings ends in November. The corporate generated revenues of CAD$14.6 billion through the interval, which was down 2% in comparison with the earlier yr’s quarter, and which pencils out to US$10.5 billion.
In the course of the quarter, Enbridge grew its adjusted EBITDA by 2% yr over yr, to CAD$4.3 billion, up from CAD$4.2 billion through the earlier yr’s quarter.
In the course of the third quarter, Enbridge was capable of generate distributable money flows of CAD$2.6 billion, which equates to US$1.9 billion, or US$0.87 on a per-share foundation.
Whereas distributable money flows in 2024 have been down in US {Dollars}, that was attributable to forex fee actions – outcomes have been greater in Canadian {Dollars}. The identical holds true for Enbridge’s dividend, which was elevated by 3% in Canadian {Dollars}, to CAD$0.9424 in the beginning of the present yr.
Enbridge is forecasting distributable money flows in a variety of CAD$5.50 – CAD$5.90 per share for the present yr. Utilizing present trade charges, this equates to USD$4.08 on the midpoint of the steering vary, which might be up 6% versus 2024.
Click on right here to obtain our most up-to-date Positive Evaluation report on ENB (preview of web page 1 of three proven under):
Ultimate Ideas
Canadian oil shares don’t get practically as a lot protection as the most important U.S. oil shares. Nevertheless, revenue and worth buyers ought to take note of the massive Canadian oil shares.
All 9 Canadian oil shares have dividend yields which might be effectively above many of the U.S. oil shares.
The next articles include shares with very lengthy dividend or company histories, ripe for choice for dividend progress buyers:
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