While I don’t favour long-term investors trying to time the oil market, I also wouldn’t avoid Canadian energy stocks simply because crude has already reached US$100. Brent crude’s latest surge reflects serious supply concerns as fighting involving the U.S., Iran, and Houthi forces intensifies and disruptions around the Strait of Hormuz continue.
Canadian producers are clear beneficiaries of higher realized oil prices, and their shares have responded accordingly. Still, I don’t think that means the opportunity has disappeared. The strongest producers could remain compelling investments even without assuming oil stays above US$100.
In this article, I’ll explain why some energy stocks could still be worth buying, as improving fundamentals make them more than just a blind bet on another surge in crude prices.
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Cenovus Energy stock
If you want to own a Canadian oil stock already converting stronger crude prices into rising cash flow, Cenovus Energy (TSX: CVE) could definitely be worth considering.
This Calgary-based integrated energy producer has oil and natural gas operations in Canada and the Asia-Pacific region, along with refining assets in Canada and the United States.
After witnessing an impressive 107% gain over the last year, CVE stock now trades at $45.79 per share with a market cap of $84 billion. At the current price, it offers a 2% dividend yield.
In the second quarter, Cenovus generated $17.4 billion in total revenue, up about 40% sequentially. Higher benchmark oil prices and strong operating performance helped lift its upstream and downstream businesses. As a result, the energy producer’s adjusted funds flow climbed about 48% sequentially to nearly $5 billion.
More importantly, Cenovus continues to advance projects at Christina Lake, Foster Creek, and West White Rose, strengthening its long-term growth outlook.
So, have Cenovus investors already priced in US$100 crude after its massive rally? Perhaps to some extent, but the company is entering this stronger oil environment with rising production, improving cost expectations, and a much healthier balance sheet.
Ongoing expansion projects could give the company an additional path to growth beyond movements in commodity prices. That gives investors more than just a bet on crude moving higher and makes Cenovus an attractive Canadian oil stock to consider even at current levels.
Imperial Oil stock
Another strong Canadian oil stock long-term investors can buy now in this elevated crude environment is Imperial Oil (TSX: IMO). As a major crude oil producer and Canada’s largest petroleum refiner, its operations span upstream production, refining, and chemicals.
Following a 53% rally so far in 2026, IMO stock currently trades at $180.84 per share with a market cap of $87 billion and a 2% annualized dividend yield.
Imperial’s second-quarter net profit jumped about 131% year-over-year (YoY) to $2.2 billion. Higher commodity prices were the biggest driver behind that growth, although planned turnaround activities partly offset those gains.
Operationally, the company’s upstream production averaged 414,000 gross oil-equivalent barrels per day, down about 3% YoY, mainly because of lower volumes at Kearl and Syncrude. Still, its Cold Lake production improved to 149,000 barrels per day from 145,000 a year ago. With its heaviest planned turnaround quarter now behind it, the company expects stronger volumes and overall performance in the second half of 2026.
With Imperial also planning to accelerate share repurchases, investors could continue benefiting even if oil simply holds near elevated levels.
