Updated on April 8th, 2026 by Bob Ciura
Canadian oil stocks have proven over the past decade that they can navigate downturns in commodity prices.
Canadian oil stocks also tend to pay higher dividends than many U.S.-based oil stocks, making them potentially more appealing for income investors.
Valuations have also remained quite low recently, boosting their respective total return profiles as a result.
In this article, we’ll take a look at 8 major Canadian oil stocks:
- Canadian Natural Resources (CNQ)
- Suncor Energy (SU)
- Enbridge, Inc. (ENB)
- Imperial Oil (IMO)
- InPlay Oil Corp. (IPOOF)
- Whitecap Resources (WCPRF)
- Paramount Resources (PRMRF)
- Cardinal Energy (CRLFF)
In this article, we will rank them in order of highest expected annual returns over the next five years.
Note: Canada imposes a 15% dividend withholding tax on U.S. investors. In many cases, investing in Canadian stocks through a U.S. retirement account waives the dividend withholding tax from Canada, but check with your tax preparer or accountant for more on this issue.
These top 8 Canadian Big Oil stocks are shareholder-friendly companies, with attractive dividend payouts. With this in mind, we created a full list of nearly 80 energy stocks.
You can download a free copy of the energy stocks list by clicking on the link below:
More information can be found in the Sure Analysis Research Database, which ranks stocks based on their dividend yield, earnings-per-share growth potential, and changes in the valuation multiple.
The stocks are listed in order below, with #1 being the most attractive for investors today.
Read on to see which Canadian oil stock is ranked highest in our Sure Analysis Research Database.
Table Of Contents
You can use the following table of contents to instantly jump to a specific stock:
- Canadian Oil Stock #8: Paramount Resources (PRMRF)
- Canadian Oil Stock #7: Whitecap Resources (WCPRF)
- Canadian Oil Stock #6: Imperial Oil (IMO)
- Canadian Oil Stock #5: Suncor Energy (SU)
- Canadian Oil Stock #4: Canadian Natural Resources (CNQ)
- Canadian Oil Stock #3: InPlay Oil Corp. (IPOOF)
- Canadian Oil Stock #2: Enbridge Inc. (ENB)
- Canadian Oil Stock #1: Cardinal Energy (CRLFF)
The top 8 Canadian oil stocks are ranked based on total expected returns over the next five years, from lowest to highest.
Canadian Oil Stock #8: Paramount Resources (PRMRF)
- 5-year expected returns: -11.0%
Paramount Resources is a Canadian energy company. Paramount Resources has a long history. The company was founded in 1976 and has been publicly-traded since 1978.
Paramount Resources now owns a far smaller oil and gas production base focused on the Kaybob region of Alberta along with the Willesden Green Duvernay area also located in Alberta.
The company announced its Q4 2025 results on March 3rd, 2026. EPS fell to a loss of CAD 0.01, a sharp drop from the CAD 59 cent per share profit in the prior year.
A large drop was expected given the sale of most of the company’s assets in the interim, that said, the company’s outright losses in Q3 and Q4 were a disappointing surprise.
The company completed the first phase of its Alhambra Plant in July, ahead of schedule, and production volumes should ramp up in coming months, though the company’s turnaround is taking longer than expected.
2025 EPS was inflated by one-time gains from the asset sale; the company was barely profitable otherwise.
Click here to download our most recent Sure Analysis report on PRMRF (preview of page 1 of 3 shown below):
Canadian Oil Stock #7: Whitecap Resources (WCPRF)
- 5-year expected returns: -5.9%
Whitecap Resources is a Canadian energy company engaged in the acquisition, development, and production of oil and natural gas across Western Canada.
Whitecap operates through four core regions: Northern Alberta & British Columbia, Central Alberta, Eastern Saskatchewan, and Western Saskatchewan.
It markets its production domestically and into the U.S., with exposure to benchmark pricing through various sales channels. It pays dividends on a monthly basis.
On May 12th, 2025, Whitecap Resources successfully completed its strategic combination with Veren, making it Canada’s seventh largest oil and natural gas producer and fifth largest natural gas producer.
The merger also positioned Whitecap as the largest landholder in Alberta’s Montney and Duvernay plays and a leading light oil producer in Saskatchewan. On July 9th, 2025, Whitecap Resources changed its OTC ticker from SPGYF to WCPRF after upgrading to the OTCQX.
On February 23rd, 2026, Whitecap Resources reported its Q4 and full-year results for the period ending December 31st, 2025. For the quarter, revenue was about $1.20 billion, up from $662 million in Q4 2024.
Funds flow came in at $635 million, while capital spending totaled $501 million, resulting in $134 million of free funds flow. The company realized gains of $45 million on commodity contracts.
Net income was $221 million, or $0.18 per share, compared with $167 million, or $0.29 per share, in Q4 2024. For FY2025, EPS was $0.72.
Click here to download our most recent Sure Analysis report on WCPRF (preview of page 1 of 3 shown below):
Canadian Oil Stock #6: Imperial Oil (IMO)
- 5-year expected returns: -6.5%
Imperial Oil is one of Canada’s largest integrated oil businesses. The company operates through three reporting segments: Upstream, Downstream, and Chemical. Imperial Oil is headquartered in Calgary, Alberta, Canada.
Exxon Mobil (XOM) owns approximately 70% of Imperial Oil’s common equity. Imperial Oil is cross listed on both the Toronto Stock Exchange and the New York Stock Exchange.
Imperial Oil reports financial results in Canadian dollars, but the figures shown in this research report have been converted to U.S. dollars and refer to the company’s NYSE-listed shares.
In late January, Imperial Oil reported (1/30/25) results for Q4-2025. Production decreased -8% over the prior year’s quarter due to exceptionally adverse weather at Kearl in October.
In addition, the average realized prices of oil and gas decreased. Consequently, earnings-per-share decreased -17%. On the bright side, the operational issues at Kearl have been resolved, with output recovering strongly in December.
Imperial Oil provided guidance for 7% production growth at Kearl in 2026, to 300,000 barrels per day. It also raised its dividend by 20%.
Click here to download our most recent Sure Analysis report on IMO (preview of page 1 of 3 shown below):
Canadian Oil Stock #5: Suncor Energy (SU)
- 5-year expected annual returns: -2.5%
Suncor Energy is one of the largest integrated energy producers in Canada. The company is involved in all the aspects of the energy value chain, operating in three segments: Exploration & Production, Refining & Marketing, and Other.
Suncor is headquartered in Calgary, Alberta, Canada and is cross listed on both the Toronto Stock Exchange and the New York Stock Exchange.
In early February, Suncor reported (2/3/26) results for the fourth quarter of 2025. It posted record quarterly production and refining volumes. It grew its production 4% over the prior year’s quarter and posted refinery utilization of 108%.
However, due to lower oil prices, adjusted operating income fell -12%. Suncor provided lackluster guidance for 2026, expecting production of 840,000-870,000 barrels per day (vs. 860,000 barrels per day in 2025) and refinery utilization of 97%-102%.
Click here to download our most recent Sure Analysis report on SU (preview of page 1 of 3 shown below):
Canadian Oil Stock #4: Canadian Natural Resources (CNQ)
- 5-year expected returns: -0.9%
Canadian Natural Resources is an energy company that operates in the acquisition, exploration, development, production, marketing, and sale of crude oil, natural gas liquids (NGLs), and natural gas.
It is headquartered in Calgary, Alberta. All the figures in this report are in U.S. dollars. In addition to trading on the New York Stock Exchange, CNQ stock trades on the Toronto Stock Exchange.
In early March, Canadian Natural Resources reported (3/5/26) results for the fourth quarter of 2025. The company grew its production 13% over the prior year’s quarter, to a new all-time high, thanks to acquisitions and organic growth.
However, the price of oil decreased. As a result, the earnings-per-share of Canadian Natural Resources fell -12%. Canadian Natural Resources just raised its quarterly dividend by 6% and has now grown its dividend (in CAD) for 27 consecutive years, at a compound annual growth rate of 20%.
Management provided guidance for average production of 1,615-1,665 barrels per day in 2026, implying 4.5% growth at the mid-point.
Click here to download our most recent Sure Analysis report on CNQ (preview of page 1 of 3 shown below):
Canadian Oil Stock #3: InPlay Oil Corp. (IPOOF)
- 5-year expected annual returns: 3.9%
InPlay Oil is a Calgary-based oil and gas exploration and production company focused on developing light oil and natural gas assets in Alberta, primarily targeting the Cardium and Belly River formations. InPlay Oil combines horizontal drilling, enhanced oil recovery, and infrastructure optimization to maximize efficiency and returns.
Last year, it averaged 8,712 boe/d in production, with 58% attributed to crude oil and NGLs, and generated C$68.5 million in adjusted funds flow.
InPlay Oil is a Calgary-based oil and gas exploration and production company focused on developing light oil and natural gas assets in Alberta, primarily targeting the Cardium and Belly River formations.
InPlay Oil combines horizontal drilling, enhanced oil recovery, and infrastructure optimization to maximize efficiency and returns. Last year, it averaged 8,712 boe/d in production, with 58% attributed to crude oil and NGLs, and generated C$68.5 million in adjusted funds flow.
On November 11th, 2025, InPlay Oil reported its Q3 2025 results. The company posted total revenue of about $56.3 million, a 131% year-over-year increase, driven by the Pembina asset acquisition and higher production volumes and oil weighting.
Average production for the quarter was 18,970 boe/d, up sharply from 8,206 boe/d last year. Adjusted funds flow for the quarter was $19.0 million, up from $9.3 million last year, with diluted AFF/share of about $0.68.
Click here to download our most recent Sure Analysis report on IPOOF (preview of page 1 of 3 shown below):
Canadian Oil Stock #2: Enbridge Inc. (ENB)
- 5-year expected annual returns: 5.4%
Enbridge is an oil & gas company that operates the following segments: Liquids Pipelines, Gas Distributions, Energy Services, Gas Transmission & Midstream, and Green Power & Transmission.
Enbridge was founded in 1949 and is headquartered in Calgary, Canada.
Enbridge reported its fourth quarter earnings results in February. The company generated revenues of CAD$17.2 billion during the period, which was up 6% compared to the previous year’s quarter, and which pencils out to US$12.5 billion.
During the quarter, Enbridge managed to grow its adjusted EBITDA by 2% year over year, to CAD$5.2 billion, up from CAD$5.1 billion during the previous year’s quarter.
During the fourth quarter, Enbridge was able to generate distributable cash flows of CAD$3.2 billion, which equates to US$2.3 billion, or US$1.06 on a per-share basis. Distributable cash flows rose by 4% in 2025.
Click here to download our most recent Sure Analysis report on ENB (preview of page 1 of 3 shown below):
Canadian Oil Stock #1: Cardinal Energy (CRLFF)
- 5-year expected returns: 10.6%
Cardinal Energy is a Canadian oil and gas producer operating primarily in Alberta and Saskatchewan, with a strong focus on conventional light and medium oil.
Its operations are centered on mature, low-decline fields where enhanced oil recovery methods, like waterflooding and CO₂ injection, are actively used to maintain stable production.
The company manages a large inventory of vertical and horizontal wells tied into company-owned infrastructure, which supports efficient field operations and cost control.
With over 90% of production weighted to oil and NGLs, Cardinal’s day-to-day operations are heavily oil-driven, with ongoing maintenance, recompletions, and targeted infill drilling forming the backbone of its development activity.
On March 12th, 2026, Cardinal Energy posted its Q4 and year-end results for the period ending December 31st, 2025. Net revenue for the quarter was $79.6 million, down 12% from the same period in 2024, as record production volumes were offset by notable lower realized commodity prices.
Production averaged 23,514 boe/d, a 7% year-over-year increase, with crude oil and NGLs making up roughly 91% of the total mix.
Adjusted funds flow was about $34.0 million, reflecting weaker global pricing partially offset by the early arrival of first oil from the Reford thermal project.
Diluted EPS for the quarter was a loss of $0.13, compared to earnings of $0.12 in the prior year period. For the full year, the company reported a final EPS of $0.09.
Click here to download our most recent Sure Analysis report on CRLFF (preview of page 1 of 3 shown below):
Final Thoughts
Canadian oil stocks do not get nearly as much coverage as the major U.S. oil stocks. However, income and value investors should pay attention to the big Canadian oil stocks.
All 9 Canadian oil stocks have dividend yields that are well above most of the U.S. oil stocks.
The following articles contain stocks with very long dividend or corporate histories, ripe for selection for dividend growth investors:
- The Blue Chip Stocks List: stocks that qualify as Dividend Achievers, Dividend Aristocrats, and/or Dividend Kings
- The High Dividend Stocks List: stocks that appeal to investors interested in the highest yields of 5% or more.
- The Monthly Dividend Stocks List: stocks that pay dividends every month, for 12 dividend payments per year.
- The Dividend Champions List: stocks that have increased their dividends for 25+ consecutive years.
Note: Not all Dividend Champions are Dividend Aristocrats because Dividend Aristocrats have additional requirements like being in The S&P 500. - The Best DRIP Stocks: The top 15 Dividend Aristocrats with no-fee dividend reinvestment plans.
- The Complete List of Russell 2000 Stocks