Released May 12, 2025 | SUGAR LAND
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Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--Despite a souring bilateral relationship, U.S. federal data show Canada was among the leading oil exporters to show a year-on-year increase in deliveries.
Much of the U.S. refining sector is tailored to run heavier types of crude oil rather than the light, sweet grade found in shale basins. Nearly all the top 10 crude oil exporters to the U.S. economy produce heavier crudes.
With a highly interconnected midstream network across North America, Canada delivers the most oil to the U.S. economy by far. Over the seven-day period ending May 2, federal data show Canada delivered an average of 3.8 million barrels of oil per day (BBL/d) to the U.S., up nearly 5% from year ago levels and 17% higher than in 2023.
Only Ecuador, which accounts for 2% of total U.S. deliveries, saw a greater increase than Canada, though deliveries are only around 140,000 BBL/d. Libyan data can be discounted, as deliveries highly volatile due to conflicts and various force majeure declarations.
The increase in Canadian deliveries to the U.S. comes amid bilateral tensions. U.S. President Donald Trump had threatened to impose tariffs on Canadian oil imports, jarring both the political and economic climates in North America. During a first term in office that ended in 2020, Trump brokered a free-trade deal with his North American partners.
A tense Washington meeting between Trump and Canadian Prime Minister Mark Carney ended with Carney standing firm against the U.S. president's suggestion that Canada join the United States as the 51st state.
Those tensions, however, have not appeared in quarterly earnings reports as Canadian energy companies show up their U.S. rivals with quarterly revenue improvements.
"We don't expect tariffs to have a material impact on our current operations or deployment of capital," said Greg Ebel, the president and chief executive officer of Enbridge Incorporated (NYSE:ENB) (Calgary, Alberta). "We have secured approximately $3 billion (US$2.2 billion) of capital so far this year and increased our secured backlog to $28 billion (US$20 billion), all of which is focused on accretive, low-risk projects which extend our growth outlook through the end of the decade."
Enbridge reported adjusted first quarter earnings of US$1.6 billion, compared to US$1.4 billion during the same period last year. Ebel recently added his name to a list of energy company representatives calling on the Canadian government to establish the nation as an energy superpower.
Not to be outdone, Suncor Energy Incorporated (NYSE:SU) (Calgary) said its performance was lifted by record-setting production, refinery throughput and sales of refined petroleum products during the first quarter.
"Our strong first quarter financial and operating performance maintained the momentum established in 2024, as we remain laser focused on continuing to deliver safe, reliable, and cost-effective operations," President and CEO Rich Kruger said Friday. "Our results demonstrate this commitment, as represented by record performance across both the upstream and downstream."
Net earnings increased from US$1.15 billion during the first quarter of 2024 to US$1.21 billion during the three-month period ending March 31.
Industrial Info Resources (IIR) 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) platform 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 200,000 current and future projects worth $17.8 trillion (USD).
Much of the U.S. refining sector is tailored to run heavier types of crude oil rather than the light, sweet grade found in shale basins. Nearly all the top 10 crude oil exporters to the U.S. economy produce heavier crudes.
With a highly interconnected midstream network across North America, Canada delivers the most oil to the U.S. economy by far. Over the seven-day period ending May 2, federal data show Canada delivered an average of 3.8 million barrels of oil per day (BBL/d) to the U.S., up nearly 5% from year ago levels and 17% higher than in 2023.
Only Ecuador, which accounts for 2% of total U.S. deliveries, saw a greater increase than Canada, though deliveries are only around 140,000 BBL/d. Libyan data can be discounted, as deliveries highly volatile due to conflicts and various force majeure declarations.
The increase in Canadian deliveries to the U.S. comes amid bilateral tensions. U.S. President Donald Trump had threatened to impose tariffs on Canadian oil imports, jarring both the political and economic climates in North America. During a first term in office that ended in 2020, Trump brokered a free-trade deal with his North American partners.
A tense Washington meeting between Trump and Canadian Prime Minister Mark Carney ended with Carney standing firm against the U.S. president's suggestion that Canada join the United States as the 51st state.
Those tensions, however, have not appeared in quarterly earnings reports as Canadian energy companies show up their U.S. rivals with quarterly revenue improvements.
"We don't expect tariffs to have a material impact on our current operations or deployment of capital," said Greg Ebel, the president and chief executive officer of Enbridge Incorporated (NYSE:ENB) (Calgary, Alberta). "We have secured approximately $3 billion (US$2.2 billion) of capital so far this year and increased our secured backlog to $28 billion (US$20 billion), all of which is focused on accretive, low-risk projects which extend our growth outlook through the end of the decade."
Enbridge reported adjusted first quarter earnings of US$1.6 billion, compared to US$1.4 billion during the same period last year. Ebel recently added his name to a list of energy company representatives calling on the Canadian government to establish the nation as an energy superpower.
Not to be outdone, Suncor Energy Incorporated (NYSE:SU) (Calgary) said its performance was lifted by record-setting production, refinery throughput and sales of refined petroleum products during the first quarter.
"Our strong first quarter financial and operating performance maintained the momentum established in 2024, as we remain laser focused on continuing to deliver safe, reliable, and cost-effective operations," President and CEO Rich Kruger said Friday. "Our results demonstrate this commitment, as represented by record performance across both the upstream and downstream."
Net earnings increased from US$1.15 billion during the first quarter of 2024 to US$1.21 billion during the three-month period ending March 31.
Industrial Info Resources (IIR) 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) platform 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 200,000 current and future projects worth $17.8 trillion (USD).
