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Environment
Robert (Bob) L. Ascah, Research Fellow, The Parkland Institute, University of Alberta

Despite soaring profits, oil companies are not paying enough for their environmental damage

Oil Suncor Alberta Cenovus Imperial Oil Danielle Smith CANADIAN PRESS Imperial
A pumpjack draws out oil and gas from a well head near Calgary in October 2022. There are thousands of inactive oil and gas wells in the province that have not been properly decommissioned. THE CANADIAN PRESS/Jeff McIntosh

At the end of the third quarter reporting season in October, the Big Four oilsands producers continued to report record profit levels. Collectively, Cenovus, CNRL, Imperial Oil and Suncor earned $5.8 billion in the third quarter and $23.1 billion in the first nine months of 2022. The average return on capital during the period was almost 25 per cent.

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