Financial Services Operators

Aging U.S. shale elevates Canada’s role in North American energy supply

byJon Haubert

CALGARY, Alberta (Sep. 22, 2026) — Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the leading energy data analytics platform, is releasing its annual North American Inventory report, an analysis of remaining oil and gas drilling inventory that finds U.S. crude oil production is likely to grow, then peak in the early 2030s as low-cost resource becomes more limited, while Canada is positioned to play a growing role in sustaining continental supply.

EIR’s outlook is one of maturation rather than collapse. North American oil production is expected to remain roughly flat over the next decade, with the Permian remaining the anchor of continental drilling activity well into the 2040s. At the same time, the economics of maintaining supply become more challenging, with the marginal cost of U.S. oil supply rising from about $70/bbl WTI today to roughly $90/bbl by 2035, as measured on a PV-50 basis.

That shift increases the importance of Canada. The analysis estimates the U.S. has a 17-year low-cost oil resource life index at current production rates, compared with nearly 53 years in Canada. Canadian oil production is forecast to increase 1.5 MMbbl/d to 7.0 MMbbl/d by 2035, while U.S. oil production declines from 13.7 MMbbl/d in 2026 to 12.7 MMbbl/d.

Canada’s resource depth, however, does not automatically translate into production growth. Realizing that potential will require additional oil and gas pipelines, LNG export capacity, and a substantial rotation of capital toward upstream development. The report notes that several crude oil takeaway projects announced or advanced over the past 12 months represent about 3 MMbbl/d of potential incremental export capacity from the Western Canada Sedimentary Basin.

“U.S. shale is aging, not broken. The Permian remains a cornerstone of North American supply, but the combination of tighter low-cost drilling inventory and rising marginal costs means the continent will increasingly need Canada’s deeper resource base. Canada is home to vast resources, but converting that opportunity into supply growth will require capital, infrastructure and the ability to get projects built,” said Dane Gregoris, managing director of Oil and Gas Research at EIR.

Key takeaways:

  • EIR expects U.S. crude oil production to peak in the early 2030s before entering a managed decline.
  • The marginal cost of U.S. oil supply rises from about $70/bbl WTI today to roughly $90/bbl by 2035 on a PV-50 basis as development moves further down the resource base.
  • The U.S. oil resource life index is 17 years at current production rates versus nearly 53 years in Canada using a sub-$50/bbl WTI PV-10 breakeven threshold.
  • EIR forecasts Canadian oil production reaching 7.0 MMbbl/d by 2035, up roughly 1.5 MMbbl/d, as U.S. oil production declines from 13.7 MMbbl/d in 2026 to 12.7 MMbbl/d by 2035.
graph-of-canadas-share-of-north-american-oil-supply-through-2050

EIR’s analysis pulls from a variety of products including Enverus ONE™.

You must be an Enverus Intelligence® subscriber to access this report.

Full copies of EIR research reports cannot be distributed to members of the media. Journalists interested in learning more about this analysis are encouraged to use the Request Media Interview button below to schedule a time to meet with one of our expert analysts, who can provide context, insight, and deeper discussion of the findings.

About Enverus Intelligence® Research
Enverus Intelligence ® | Research, Inc. (EIR) is a subsidiary of Enverus that publishes energy-sector research focused on the oil, natural gas, power and renewable industries. EIR publishes reports including asset and company valuations, resource assessments, technical evaluations and macro-economic forecasts; and helps make intelligent connections for energy industry participants, service companies and capital providers worldwide. Enverus is the most trusted, energy-dedicated SaaS company, with a platform built to create value from generative AI, offering real-time access to analytics, insights and benchmark cost and revenue data sourced from our partnerships to 95% of U.S. energy producers, and more than 40,000 suppliers. Learn more at Enverus.com.

Picture of Jon Haubert

Jon Haubert

Jon Haubert is the communications director at Enverus. Members of the media should use our Request Media Interview option on the Enverus Newsroom page to schedule an interview with one of our expert analysts.

Related News

EQT Builds an Appalachian Super Producer with $13.8B Range Buy
Newsroom
Analyst Takes, Financial Services+1
  • Operators
ByAndrew Dittmar

EQT’s nearly $14 billion acquisition of Range Resources creates America’s largest natural gas producer, combining scale, premium inventory and infrastructure to compete in an increasingly complex North American gas market.

EIR’s model shows powered-land can rise more than 20-fold in value as data center sites reach energization
Newsroom
Financial Services, Power & Renewables
ByJon Haubert

Explore Enverus Intelligence® Research’s six-stage powered-land valuation framework, including how utility power commitments and development risks shape site value as projects advance toward energization.

Transmission upgrade timelines vary more than 3x across owners
Newsroom
Financial Services, Power & Renewables
ByJon Haubert

Enverus Intelligence® Research finds transmission upgrade timelines vary more than threefold by owner across four U.S. power markets, highlighting delivery risks for large-load projects.

U.S. power grid set for 1,080 GW generation expansion by 2050
Newsroom
Financial Services, Renewable Developers
ByJon Haubert

Enverus Intelligence® Research projects 1,080 GW of new U.S. power capacity through 2050, led by 376 GW of battery storage as grid reliability shapes the energy mix.

Established operators lead ERCOT large-load queue
Newsroom
Financial Services, Power & Renewables
ByJon Haubert

Enverus Intelligence® Research finds that 81% of identified hyperscaler capacity is classified as ERCOT base-load, compared with 31% for new entrants, highlighting differences in transmission readiness.

Anadarko Basin offers leading economics as inventory expands
Newsroom
Financial Services, Operators
ByJon Haubert

Enverus Intelligence® Research finds the Anadarko Basin leads major Lower 48 plays on full-cycle economics at $60/bbl, with expanding inventory, growing private-operator participation and production expected to rise through 2030.

Oil sands M&A returns with Cenovus’ Athabasca purchase
Newsroom
Analyst Takes, Financial Services+1
  • Operators
ByMichael Berger

Cenovus Energy's acquisition of Athabasca Oil marks a major oil sands M&A transaction. Analysis from Enverus Intelligence® Research highlights rising asset valuations, limited acquisition targets and the growing premium placed on long-life Canadian oil sands resource.

Barnett-Woodford holds largest undeveloped oil resource in the Midland Basin
Newsroom
Financial Services, Operators
ByJon Haubert

Enverus Intelligence® Research identifies the Midland Barnett-Woodford as the Lower 48’s largest oil-directed expansion opportunity, with more than 6,400 locations and approximately 3 Bbbl of undeveloped recoverable oil resource.

Montney liquids scarcity grows as Canadian natural gas supply expands
Newsroom
Financial Services, Operators
ByJon Haubert

Enverus Intelligence® Research estimates high-liquids regions hold about 30 years of inventory versus roughly 90 years in lean-gas areas as associated supply adds pressure to AECO.

Find Out How Enverus Can Help Your Business
Subscribe to the Energy Blog

A weekly update on the latest “no-fluff” insight and analysis of the energy industry.

Let’s get started!

We’ll follow up right away to show you a quick product tour.

Let’s get started!

We’ll follow up right away to show you a quick product tour.

Get Started

Sign up for our Blog

Ready to Subscribe?

Ready to Get Started?