Who benefits? An investigation of foreign ownership in the oil sands
Monday May 11, 2020

A new investigative report shows revenues from the oil sands are far more likely to line the pockets of foreign investors instead of Canadians.  

Findings reveal that more than 70 per cent of oil sands production is owned by investors and shareholders outside Canada's borders. The report, released by Stand.earth, Environmental Defence and Équiterre reveals that foreign companies and shareholders are benefiting from huge dividends from the oil sands, while Canadians pay higher and subsidies to keep the industry afloat. Rising profit rates for the Big Five oil sands companies—Suncor, CNRL, Cenovus, Imperial Oil and Husky Energy— allowed them to transfer $8 billion to their mostly foreign shareholders in just the first three quarters of 2019. Furthermore, foreign-controlled operational profit doubled from 31.6 to 58.4 per cent between 2012 and 2016, 3.5 times the economy-wide average. 

Read the press release: Who Benefits From the Oil Sands? New report shows a majority of oil sands revenues are funneled to foreign investors