Natural Gas Financial Survey, 2023

In 2023, Canada's natural gas distribution and transport pipeline industry posted decreases to operating revenues and expenses. Following a record high in 2022, prices for marketable natural gas experienced a decrease of 28.8% in 2023, contributing to the decline in revenue. However, production in 2023 saw its third consecutive year-over-year gain and reached its highest level. According to supply and disposition of natural gas data, marketable natural gas production rose 2.9% to 7.8 million terajoules in 2023.

Revenue and expenses

Total operating revenues of Canadian natural gas distribution and transport pipeline companies decreased 3.6% from $20.6 billion in 2022 to $19.8 billion in 2023. Total operating expenses decreased 3.6% to $15.0 billion in 2023, compared with a 23.5% increase in 2022. As a result, net revenue from operations was $4.8 billion in 2023, a decline of 3.5% from 2022.

According to Canadian monthly natural gas transmission statistics, exports of natural gas to the United States dropped 2.3% to 3.2 million terajoules in 2023, due in large part to an expansion in production capacity coupled with weaker demand in the United States.

Balance sheet

In 2023, Canadian natural gas companies reported $91.1 billion in total assets, up 0.7% compared with the previous year. Fixed assets contributed to this growth, increasing 2.2% from $60.9 billion in 2022 to $62.2 billion in 2023. Total investments were also higher in 2023 at $14.2 billion, increasing 1.8% from the previous year.

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