Oil production in Alberta set an annual record in 2022 as prices for crude were at their highest levels in more than a decade.
For all of last year, oil companies operating in Alberta produced a record 3.73 million barrels of crude oil per day, according to data from ATB Financial.
That beat the previous oil production record set in 2021, and nearly doubled the amount of oil produced in Alberta back in 2010.
On an annual basis, conventional oil production rose by 12% in 2022 while oil sands production rose 2% compared to a year earlier.
During December 2022, oil output in Alberta rose 4.4% compared to the same month in 2021.
Oil production in Alberta is expected to increase by an additional 500,000 barrels per day later this year once the Trans Mountain Pipeline expansion is completed.
The record production in Alberta comes as leading oil and natural gas companies report record earnings. The five largest oil companies in the world reported combined profits for 2022 of $196.3 billion U.S., which is more than the economic output of most countries.
