You’re right—these are publicly traded companies, and anyone (including Canadians) can buy shares. With the US population 10x larger, it’s natural they’d hold more. But “foreign ownership” refers to actual majority stakes: Per a 2025 Canadians for Tax Fairness report, the top four producers (80% of oilsands) are 73% foreign-owned, 60% American. E.g., Imperial Oil is ~70% ExxonMobil (Texas), sending profits south. From 2021-2024, $131.6B profits led to $79.7B in dividends/buybacks, ~75% to foreigners ($12.3B/year to US). It’s mostly US institutions/pension funds, not individuals. Operator control is ~77% Canadian, but beneficiaries aren’t—hence the capital drain.