Domestic Energy on Rise as Canada's PM Brokers Aussie Trade

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Written by Daniel Graeber for IIR Energy Intelligence (Sugar Land, Texas)

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Summary

Energy producers Canadian Natural Resources and Athabasca Oil boast of gains last year as the nation's prime minister talks minerals and climate trade during his first official visit to Australia.

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Strong Conventional Energy at Home

Canadian energy companies are reporting success, with Scott Stauth, the president of Canadian Natural Resources, saying last year was the best in its operational history.

The company said Thursday it was trimming its capital spending forecast to US$2.3 billion, compared to full-year 2025 levels closer to US$4.8 billion. But at the same time, the company increased its production guidance by about 1.5% at the low end, to about 1.615 million barrels of oil equivalent per day (Boe/d).

The company reported net earnings of US$3.87 billion during the fourth quarter, compared with US$832 million during the same period in 2024.

Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Plant Database can learn more about Canadian Natural Resources in a detailed corporate profile.

For its part, Athabasca Oil Corporation put total capital spending last year at about US$235 million. That was trimmed to about US$226 million for 2026, though production guidance remained static. Net income plummeted from US$193 million in the fourth quarter of 2024 to US$34 million for the same period last year, though the company offered no explanation for the decline.

Athabasca said its annual production for 2025 averaged 39,375 Boe/d, representing a 7% increase from prior-year levels. The company said it planned for a production range of between 37,000 and 39,000 Boe/d.

Expansions to its flagship Leismer project are moving ahead, with production gains expected throughout the year from new wells coming online during the second half of 2026.

"In conjunction with the planned facility additions that will be completed during the turnaround in May, these well pairs will drive strong production momentum exiting the year and progressive growth up to 40,000 BBL/d in late 2027," the company said.

Subscribers have access to a detailed profile of Leismer operations.

More oil could support trade efforts, with diversity strategies ranging from further oil exports outside North America to liquefied natural gas (LNG). The LNG Canada facility is the only one in North America delivering from the Pacific Coast. The Trans Mountain Pipeline, the only one that terminates on the Pacific, can carry about 890,000 barrels per day (BBL/d), and Canadian leaders are pressing for more options.

Canada, however, is the top foreign supplier of crude oil to the U.S. market, delivering about 4 million BBL/d across the border.

By the Numbers

• $1.5 billion in Australian critical mineral efforts
• $800 million in Aussie stockpiling efforts

Carney Makes First Official Visit to Australia for Trade

With Canadian energy companies touting their production gains during the fourth quarter, the nation's prime minister reached out to Australia to discuss clean energy and critical minerals.

Prime Minister Mark Carney met in the Australian capital Canberra with his counterpart, Anthony Albanese, for his first official visit to the nation. Since taking office last year, Carney has reached out to international counterparts to advance trade opportunities amid declining bilateral relations with the U.S., Canada's largest trading partner.

"The leaders reaffirmed the strong bilateral relationship between Canada and Australia, and identified key sectors to expand trade and cooperation, including in energy, critical minerals, defense and artificial intelligence," a joint statement read.

Both sides on Thursday signed a clean-energy partnership that aimed to jointly drive down emissions while building up secure and sustainable clean-energy supply chains.

"Leaders committed to pursuing common positions on key critical minerals issues, working together to shape emerging markets in ways that reflect our shared commitment to fair and open trade, and high environmental and labor standards," they added.

The Australian government in January said it was moving forward on an US$800 million plan to buy and stockpile strategic critical minerals essential for clean-energy and high-technology manufacturing, part of its own trade diversification effort to break the reliance on China.

Australia has the second-largest cache of rare earth reserves but has very little in the way of domestic processing. NiCo Resoures Limited has one of the larger operations in Australia with its Wingellina nickel and cobalt processing facility, with a total investment value of US$1.5 billion.

Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Project and Plant databases can learn more about Wingellina--including capacities, investment values and necessary equipment--in a detailed plant profile.

Full-on trade cooperation could be complicated by the long-distance routes between both nations, though Australia recently delivered a batch of liquefied natural gas to Canada's eastern shores.

Key Takeaways

• Canada's Carney makes debut Aussie visit for trade
• Conventional energy gains noted at home

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About IIR News Intelligence
IIR News Intelligence is a trusted source of news for the industrial process and energy markets, powered by Industrial Info Resources' Global Market Intelligence (GMI).

About Industrial Info Resources
Industrial Info Resources (IIR News Intelligence) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 250,000 current and future projects worth $30.2 trillion (USD).