The Canadian energy sector saw an increase in demand for energy products in 2022. The war in Ukraine contributed to global energy uncertainty, which drove up international demand for Canadian energy. Economies also continued to rebound following the COVID-19 pandemic, which resulted in operating revenues and expenses to continue to rise in 2022, according to a report by Statistics Canada.
Jijo Johnny
“Total operating revenues of Canadian oil pipeline companies rose 20.9% to $17.9 billion in 2022, following an 11.4% increase in 2021. This was driven by increased economic activity and demand for energy products. Similarly, total operating expenses increased 21.5% to $10.2 billion in 2022, compared with a 17.2% rise in 2021. As a result, net revenue from operations totalled $7.7 billion in 2022, up 20.0% year over year. Net income after taxes was $5.8 billion (+58.4%),” said the federal agency.
“The annual average price of crude oil was up 49.0% compared with 2021, according to the crude oil and bitumen price index. Based on supply and disposition of crude oil and equivalent data, Canadian production of crude oil rose by 2.3% in 2022. In addition, exports of crude oil and equivalent products were up 2.2% in 2022, following a 3.0% increase in 2021.”
The report said pipeline companies reported total assets of $74.8 billion in 2022, 1.3% higher than in 2021 ($73.9 billion). Net fixed assets edged up 0.1% to $50.5 billion in 2022, while current assets rose 13.9% to $8.5 billion. Total investment was down 1.2% to $15.1 billion in 2022.
“Total current liabilities were $12.0 billion in 2022, down 0.4% compared with the previous year. Total long-term debt increased 1.8% to $23.2 billion and contributing surplus rose 2.8% to $1.8 billion in 2022. These collectively contributed to the total liabilities, capital stock and surplus of $74.8 billion in 2022, an increase of 1.3% from 2021,” it said.
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list
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