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Canadian oil stocks have proven over the past decade that they can navigate downturns in commodity prices.

Many dividend investors are familiar with the Big Oil stocks that are based in the United States. But there are also many quality oil stocks in Canada that pay high dividends.

Big Oil stocks in Canada are shareholder-friendly companies, with attractive dividend payouts. With this in mind, we created a full list of nearly 80 energy stocks.

Canadian Natural Resources (CNQ)

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.

In early May, Canadian Natural Resources reported (5/8/25) financial results for the first quarter of fiscal 2025. The company grew its production 19% over the prior year’s quarter, to a new all-time high. In addition, the price of natural gas significantly increased. As a result, the earnings-per-share of Canadian Natural Resources surged 70%.

Canadian Natural Resources has raised its quarterly dividend by 4% this year and thus it has grown its dividend (in CAD) for 26 consecutive years, at a compound annual growth rate of 20%.

This is an admirable accomplishment for a company that belongs to the highly cyclical energy sector. The company reiterated that its dividend is covered by cash flows thanks to its low-cost reserves. Management expects 12% production growth this year.

Suncor Energy (SU)

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. Suncor reports financial results in Canadian dollars. However, the figures listed in this research report are in USD.

In early May, Suncor reported (5/6/25) results for the first quarter of 2025. It posted record first-quarter production and refining volumes. It grew its production 2% over last year’s quarter and posted refinery utilization of 104%. However, due to lower prices of oil and gas, adjusted earnings-per-share dipped -7%.

Suncor reiterated its guidance for essentially flat production this year and a decrease in refinery utilization from 100% to 93%-97% due to maintenance. Given also the recent decline in oil prices, we have lowered our forecast for earnings-per-share in 2025 from $3.20 to $3.00.

The company has benefited from above average oil prices in recent years thanks to deep production cuts of OPEC and Russia but the cartel has begun to restore its output and hence oil prices have plunged. The effect of lower oil prices is likely to be offset by production growth and an increase in refinery utilization, after extensive maintenance this year.

Enbridge Inc. (ENB)

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 bought Spectra Energy for $28 billion in 2016 and has become one of the largest midstream companies in North America.

Enbridge was founded in 1949 and is headquartered in Calgary, Canada.

Enbridge reported its fourth quarter earnings results on February 14. The company generated revenues of CAD$16.2 billion during the period, which was up by 36% compared to the previous year’s quarter, and which pencils out to US$11.2 billion.

During fiscal 2024, Enbridge grew its adjusted EBITDA by 13% year over year, to CAD$18.6 billion, up from CAD$16.5 billion during the previous year’s quarter.

During fiscal 2024, Enbridge was able to generate distributable cash flows of CAD$12.0 billion, which equates to US$8.3 billion, or US$3.84 on a per-share basis.

Enbridge is forecasting distributable cash flows in a range of CAD$5.50 – CAD$5.90 per share for the current year. Using current exchange rates, this equates to USD$3.95 at the midpoint of the guidance range, which would be up 3% versus 2024.

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